Opening Private Bank Accounts in Hong Kong & Singapore: A Guide for High-Net-Worth Individuals (2025)
For high-net-worth individuals (HNWIs) seeking premium banking services in Asia, Hong Kong and Singapore offer world-class options—but with different requirements. Here’s a detailed comparison to help you navigate the process.
Hong Kong Private Banking: Key Insights
1. Minimum Requirements
HKD 1,000,000 (USD 128,000) minimum deposit for most tier one banks.
Physical presence is usually required, though select banks may waive this for low-risk clients.
Strict compliance checks, particularly for high-risk nationalities or industries.
2. Remote Opening?
Generally no, but exceptions may be possible for:
Ultra-high-net-worth clients (USD 5M+).
Referrals from private wealth managers.
Low-risk jurisdictions (e.g., Western Europe, North America)
3. Strengths of Hong Kong Banking
Multi-currency accounts (HKD, USD, RMB, EUR).
Proximity to China for business and investment opportunities.
Robust wealth management services.
Singapore Private Banking: The Flexible Alternative
1. Minimum Requirements
USD 200,000 (some premier tiers may accept lower deposits).
Remote account opening is possible with proper documentation.
Enhanced due diligence on fund sources and financial history.
2. Remote Approval Tips
Work with a trusted introducer.
Provide identification and proof of address.
Prepare a detailed wealth declaration (source of funds, investment history, bank statements).
3. Strengths of Singapore Banking
Political and economic stability.
Strong private banking ecosystem for family offices and investments.
Remote-friendly onboarding for qualified applicants.
Which Is Right for You?
✔ Choose Hong Kong if:
You need access to China markets or multi-currency flexibility.
You can visit in person for signing.
✔ Choose Singapore if:
Remote setup is a priority.
You prefer a stable, long-term wealth hub.
How We Can Help
At Phare, we specialize in securing premium banking solutions for HNWIs. Our services include:
Bank matching to align your profile with the right institution.
Document pre-screening to avoid delays or rejections.
Introducer access for remote Singapore applications.