DBS Bank is one of the best banks in Hong Kong and Singapore. Opening an account here is not always an easy task. The bank willingly cooperates with Hong Kong residents and citizens. It can also accept residents of developed countries (European Union, North America, Asian tigers). But this bank quite often refuses to open an account for citizens of other countries.
But as the number of requests for financial services in Hong Kong from our customers and readers has steadily increased, we have been actively working with our partners in this jurisdiction. And our efforts have brought success. With our expert assistance, almost anyone can now open a personal account with DBS Bank, a reputable financial institution in Hong Kong.
Bank account with DBS – basic info
The presentation of such a solid and respected institution is not an easy task. A detailed description of this bank and its capabilities will require many pages, which will make the material unsuitable for practical use. Therefore, we decided to provide only the most important facts about DBS Bank in Hong Kong. If this information is not enough, please contact our experts for an extended consultation.
Main features of DBS Bank in Hong Kong:
- DBS Bank is the largest bank in Southeast Asia by capital. It has been operating in Hong Kong since 1999.
- There are services for individuals and legal entities.
- Extremely high reliability level.
- Top credit ratings – AA- / Aa1.
- DBS Bank in Hong Kong is a subsidiary of The Development Bank of Singapore.
- DBS Bank operates not only in Hong Kong but also in 17 other countries.
- Its customer base in Hong Kong is 1 million people, and in Singapore – 4 million.
- Developed Internet banking capabilities.
- Low fees.
- High speed of transactions.
- Responsive technical support.
- Working with PayPal.
- Attractive deposit offers (deposit term – from 1 day to 12 months).
- Opening an account of any type gives the client a free DBS Octopus ATM Card.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
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Personal bank account in Hong Kong (DBS Bank)
As we have said, opening an account for non-residents in this bank is very difficult but still possible. There will be quite a lot of issues, but our experts will solve most of them. You will be involved only when the personal presence or any action is absolutely necessary.
Highlights on personal accounts with DBS Bank in Hong Kong:
- HKD Savings and Current Accounts: easy transfer of funds between accounts, outgoing and incoming transactions, free checkbook, small income.
- DBS Accounts: access to securities trading platforms, advanced market monitoring tools, insurance services, instant transfer of funds to other banks with DBS iBanking or DBS mBanking (there are exceptions), and automatic payments.
- Multi-Currency Savings Accounts: currency conversion earnings, receiving cash transfers in foreign currency, interest on the balance.
Minimum amounts (please note if you want to open a deposit account with DBS Bank in Hong Kong):
| Deposit type | Opening an account with DBS iBanking or DBS mBanking | Opening an account in a branch |
| Deposit for 24 hours | No requirements | HKD 500,000 or equivalent |
| Deposit for a week | No requirements | HKD 100,000 or equivalent |
| Overnight deposit | No requirements | HKD 500,000 or equivalent |
| Deposit for 1-2 weeks | HKD 1,000 or equivalent | HKD 100,000 or equivalent |
| Deposit for 1-12 months | HKD 1,000 or equivalent | HKD 30,000 or equivalent |
Average interest rates on deposits at DBS Bank in Hong Kong (if the account was opened in accordance with all the rules and the account type was correctly chosen):
| Account/deposit currency | 1 day | 1 month | 6 months | 12 months |
| AUD | 0.05% | 1.0% | 1.1% | 1.2% |
| USD | 0.01% | 0.01% | 0.1% | 0.2% |
| SGD | 0.001% | 0.01% | 0.1% | 0.1% |
| SEK | 0.001% | 0.001% | 0.001% | 0.001% |
| NZD | 0.05% | 0.3% | 0.45% | 1.05% |
| NOK | 0.5% | 0.8% | 0.8% | 0.8% |
| JPY | 0.0001% | 0.01% | 0.01% | 0.01% |
| HKD | 0.001% | 0.01% | 0.05% | 0.15% |
| GBP | 0.001% | 0.01% | 0.2% | 0.3% |
| DKK | 0.001% | 0.001% | 0.001% | 0.001% |
| CNY | 0.0% | 0.45% | 0.5% | 0.55% |
| CAD | 0.001% | 0.01% | 0.15% | 0.25% |
Most popular DBS Bank Hong Kong services
DBS Bank offers enhanced opportunities for clients connected with China. Therefore, if you often visit this country or work with Chinese companies, opening an account with DBS Bank will provide an additional level of comfort. Few banks in Hong Kong and even Southeast Asia offer such conditions to customers.
DBS Bank Hong Kong services for CNY account management:
- If you open a savings account: interest income, cash withdrawals in Hong Kong and China mainland.
- If you open a deposit account: decent interest rates, choice of the deposit term.
- Currency conversion (CNY to HKD or any other currency): via Internet banking at any branch.
- Funds transfers in CNY: no direction, account, or bank restrictions.
DBS Bank Hong Kong account management services:
- checking balance and transaction history
- fast transfers
- automatic payments
- currency exchange
- payment of bills
- working with deposits
DBS Bank Hong Kong investment services:
- securities trading
- trade tracking
- market information in real time
subscriptions to specialized info sources
DBS Bank Hong Kong credit and debit cards:
- DBS Black Card – travel benefits
- DBS Eminent Card – discounts on spending abroad and online purchases
- DBS COMPASS VISA – attractive offers from VISA and sponsors
- DBS Credit Card
- Manulife Credit Card – exclusive security privileges
- CABLE Power VISA
- DBS Pay Less VISA – with 2% cashback
- DBS VISA Business Card
- DG Privilege Card – 10% off purchases at the DG Lifestyle Store
- Extravaganza Card
- First Edible Nest Card – discounts and privileges at First Edible Nest
DBS Bank Hong Kong loans and mortgages:
- Personal Instalment Loan: up to HKD 800,000 or 8 salaries, 0.05% per month rate, up to 60 months.
- Debt Consolidation Loan: up to HKD 1,200,000 or 12 salaries, 0.04% per month rate, up to 72 months.
- Cashline Revolving Loan: favorable short-term loan.
- Express Loan: up to 200,000 thousand HKD or four salaries, choice of the loan term.
- Mortgage: up to 90% property cost, up to 30 years.
DBS Bank Hong Kong insurance programs:
- many insurance options
- compensation – from HKD 20,000 to HKD 5,000,000 depending on chosen program
- 24/7 hotline
- payouts anywhere in the world
DBS Bank Hong Kong private banking:
- own concierge service available 24/7
- exclusive airport services (for example, access to airport VIP lounges or a personal assistant services)
- limousine rental
- investment seminars
- banking privileges
Procedure of opening bank account in DBS Bank Hong Kong
We describe a standard step-by-step procedure. If your order requires additional steps or unforeseen difficulties arise, the budget for opening a personal bank account with DBS Bank in Hong Kong will need revision. Therefore, please listen to our experts’ recommendations and try to avoid unnecessary activities.
Steps for clients who want to open an account with DBS Bank in Hong Kong:
- Filing an application. The easiest way to do this is by e-mail (info@qwealthreport.com), but other communication channels are available.
- Client’s case discussion. Our experts have to clearly understand what you want. We will discuss your goals and choose the best way to achieve them. You will be able to choose additional services, calculate the risks and roughly determine the budget. If there are points that will significantly complicate your order, we will discuss this and offer alternative options.
- Payment. If we can complete the task and you are satisfied with our conditions, we issue an invoice (payment options). The standard price for opening a personal account in Hong Kong with DBS Bank is USD 1500. But we want to warn you that it may change (see above).
A package of required documents for opening a personal account with DBS Bank in Hong Kong (the list is approximate, the bank may request additional documents, originals or notarized copies are required, and the language is English only):
- Identity documents. They will be different for residents of Hong Kong, China, Macau, and other jurisdictions (details on request to our experts).
- A document indicating your name and confirming the residence address (if you want to open an account with DBS Bank in Hong Kong with an investment opportunity). There are many options: utility bill, bank statement, rental agreement, etc.
Additional documents and information about a potential client that may be required:
- Detailed employment information.
- Proof of student status (if applicable).
- Personal account in DBS Bank Hong Kong purpose.
- Reasons for opening an account exactly with DBS Bank.
- Initial and current income sources.
- Estimated financial activity level.
- Source of funds used to open an account with DBS Bank in Hong Kong.
- Types of banking services you plan to use.
- Citizenship/actual residency/tax residency jurisdiction.
- Tax identification number.
- All residential addresses for the last year.
Our other services in Hong Kong:
- Set Up a Singapore Company with a Hong Kong Account Remotely
- British Virgin Islands Company plus Account in HK
- Company Registration in Hong Kong + Bank Account in Switzerland
- Accounting Services in Hong Kong
- Incorporate a Company in Hong Kong and Open an Account with Caye International Bank (Belize)
An individual consultation will help you clarify all the necessary information, select additional services, and discuss promising projects. We can provide expert assistance in all aspects of doing business, protecting or diversifying assets, and obtaining a residence permit, permanent residence, or citizenship. We remind you of our email for quick communication: info@qwealthreport.com.
How to open a personal account in Hong Kong?
Firstly, for this, you will need to visit Hong Kong. At the interview, a bank employee will definitely ask you about the reasons for opening an account in this jurisdiction. For example, this reason might be doing business in Hong Kong. Thanks to many years of cooperation with various Hong Kong banks, we know all the nuances and can assess your chances of opening an account in advance. We will also help you prepare the documents, arrange a meeting with a bank employee, and advise on all issues.
Why do I need a Hong Kong personal bank account?
In addition to the need to receive funds and make payments in Hong Kong, such a bank account will help protect assets from an economic crisis in your country of residence, devaluation, theft, etc. Also, a multi-currency account with DBS Bank will open up new opportunities, including investments in new assets.
