Just like any other country, cash remains as the most common means of transaction in Hong Kong as well. Hence, Hong Kong notes are kept in denomination of 2, 5, 10, 20, 50, 100, 500, 1000, 5000, and 10,000. But for non-cash payments, you will have to open an account in Hong Kong and it is highly essential to avail the non-cash payment option especially after incorporating a company in Hong Kong. That is the reason why in this article we have come up with all the non-cash payment options that you can avail from Hong Kong bank.
Non-Cash Payment Options Offered by Banks
With the rise in use of technology and Internet facilities, everyone wants to do transactions on their smartphones. Mobile payment methods are certainly transforming the purchasing habits of people in Hong Kong. With online payment methods, people do not need to carry their wallet and the risk of theft is now decreased.
Hong Kong bank offers the General Interbank Recurring Order (GIRO) option which is an automated electronic payment method. With the help of GIRO, it becomes possible to make recurring payments for any approved bill from your account.
Banks in Hong Kong also offers the option of Debit card and credit card. Debits cards in Hong Kong are generally pin-based and signature-based. With the help of debit cards, customers can make the payment or withdraw cash from ATMs or EFTPOS. Visa Electron card and Debit Master card are the main two options offered by Hong Kong banks for signature-based debit cards. Credit cards are offered by most of the major banks in Hong Kong. For availing it, you need an employment pass that remains valid for at least 12 months and your annual salary must be at least $ 30000 for a Visa card and $48000 for a gold card.
Hence, for making the online payment possible, you must approach any Hong Kong Banks to open an offshore account. Once you have an account, you get access to these facilities of online payment options.