Given that Hong Kong is one of the world's most prominent financial centres, expats are unlikely to have trouble managing their finances in the wealth-driven Pearl of the Orient.

Managing your banking, money, and taxes in Hong Kong is easy thanks to the region's safe, secure, and straightforward financial systems. The region is also highly popular owing to its low taxes, making it easier for expats to save the dollars they work such long hours for.

Money in Hong Kong

The currency in Hong Kong is the Hong Kong Dollar, which is subdivided into 100 cents. It is abbreviated as HKD or HK$.

The Hong Kong dollar is available in the following denominations:

  • Notes: 10 HKD, 20 HKD, 50 HKD, 100 HKD, 500 HKD, and 1,000 HKD
  • Coins: 10 cents, 20 cents, 50 cents, 1 HKD, 2 HKD, 5 HKD, and 10 HKD

Banking in Hong Kong

Hong Kong is home to many major international banks as well as numerous local institutions. Whether it is better for an expat to bank with an international bank or a local bank depends largely on individual circumstances, since both options have their pros and cons.

Nearly all banks have internet banking facilities and offer credit cards. Although proficiency improves in areas with large expat populations, most bank branches have employees who can communicate in English.

Opening a bank account in Hong Kong

ATM machine

It's easy to open a bank account in Hong Kong. The minimum amount necessary to open an account varies depending on the service provider and type of account being opened.

Those who already have an account with an international bank, such as Citibank or HSBC, often find it convenient to open a local version of their account once they arrive in Hong Kong. Among other things, transferring money becomes less of a hassle and more economical.

Other expats, especially those who don't have a bank from their home country represented in Hong Kong, may prefer to explore local options.

New arrivals looking to open an account should consult the institution of their choosing to determine what documentation will be needed to facilitate the process. Generally, most banks will require proof of address and proof of their passport or Hong Kong ID. 


There are plenty of ATMs throughout Hong Kong, most of which accept international cards. ATM fees at local banks tend to cost less than their international counterparts.

Credit cards

Credit cards are widely accepted throughout Hong Kong, although cash remains the more common means of payment for smaller purchases in local shops. 

Taxes in Hong Kong

Budgeting and taxes

Hong Kong is well known for having extremely low income-tax rates. It has completely done away with sales tax, capital gains tax, and VAT. Families with children are entitled to special allowances, and even wealthy single foreigners won't pay more than 17 percent in taxes. This is an important point to factor in when evaluating one's remuneration package.

Taxes in Hong Kong work differently for expats than in most other countries. In general, citizenship or residency doesn't influence the amount of tax that has to be paid. An added advantage is that salary taxes are only focused on income derived from business within Hong Kong, whereas income and assets from overseas are not liable to be taxed.

Expats should also investigate if their home country has a double-taxation agreement with Hong Kong. If so, their income is only taxable in Hong Kong or their home country, but not both. 

If at all uncertain, it's best to confirm these details with an authorised tax advisor, preferably one that knows the ins and outs of expat tax issues.

Expat Health Insurance

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Moving your family abroad can be intimidating, but learning about medical options such as family health insurance early on can help you settle successfully.

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