Banking and Finance in Hong Kong: What do you need to know?

An octopus card is key to navigating Hong Kong, so obtaining one should be a priority upon arriving in the city. It can be easily purchased at any Mass Transit Railway or MTR station. While it is more commonly as a transportation payment method for the train or buses, an octopus card can be used for more than that. It is one of the more popular payment options in the city, widely used in shops and restaurants. It can even facilitate immediate fund transfers between users and vendors without going through a bank by binding the octopus card to a debit or credit account. Hong Kong residents even use their octopus cards to pay for utility and mobile phone bills by visiting a 7-11. Octopus cards can be personalized, enabling functions for certain users. While there are more common functions such as elderly or student discounts, more unique features have been gradually built into octopus cards as well. For example, newer housing estates have allowed residents to register their octopus cards as a form of building entry authorization, eliminating the need for residents to carry a separate entry card or key fob to enter their homes.