For Domestic Workers

• According to Hong Kong Labour Department, the minimum wage for foreign domestic workers is $4,410 HKD.
• Under no circumstances are employers and migrant workers allowed to agree to pay anything below this minimum wage.
• If an employer insists on paying less than the minimum wage you can contact the Hong Kong Labour Department.
• If your employer does not provide you with reasonable food, you are entitled to a food allowance as stated in section 5(b) of your standard employment contract. Domestic workers are entitled to a food allowance amounting to HK$1,053 per month if the employer does not provide food.
• Please read your contract carefully before signing to make sure that you will be paid the correct amount of salary.

 

Different banks have different requirements from clients who want to open new accounts. And, true that it is ideal for you to open a separate bank account for yourself here in Hong Kong. This way your employer can directly deposit your salary.  If you intend to open one, express and discuss this with employer as you may need some documents from them such as proof of address and contract too. Below is the table of requirements and information about some local Hong Kong banks.

Name of Bank/Requirments	Citibank	HSBC	Standard Chartered	Bank of China	Hang Seng	BEA
Documents to support address	Both HK and home country address need to be verified an utility bill, bank statement or similar document	Address in the Original Employment Contract is acceptable	HK address needs to be verified by an utility bill, bank statement or similar document	Address in the Original Employment Contract is acceptable	Address in the Original Employment Contract is acceptable	Address in the Original Employment Contract is acceptable
Original Employment contract	No	Yes	No	Yes	Yes	Yes
Passport or HKID	Either	Both	Both	Both	Both	Both
Minimum Monthly Balance Requirement	HKD10000 otherwise HKD100 charge	HKD5000 otherwise HKD 50 charge	HKD10000 otherwise charges apply	No Minimum	No Minimum	HKD5000 otherwise charges apply
Over the Counter Withdrawal fee	No fee	No fee	No fee	HKD20	HKD20	No fee
Other information		The initial deposit is HKD2000.The letter from the Philippines/ Indonesian or other country consulate endorsing the domestic helpers status must also be produced.				Annual ATM card fee of HKD50

Identify and understand what you need the money for, make sure it is something very important and that you are able to meet your repayment obligations.

• It is best to talk to your employer about taking out a salary advance if they are willing and can afford it and arrange payment terms with them rather than taking out a loan with friends which might cause you to end up borrowing more than what you need and paying a very high interest rate.
• If you need to borrow from a loan agency, make sure that you go to a legitimate loan agency and that interest rates are reasonable.
• Remember to NEVER USE YOUR PASSPORT AS A COLLATERAL.
• MAKE SURE YOU HAVE ENOUGH MONEY TO PAY FOR YOUR MONTHLY REPAYMENT DUES TO AVOID HIGH INTEREST RATE SURCHARGES AND PENALTIES and avoid re-loaning unless the interest rates of the new loan are much lower.

• KNOW THAT INVESTING INVOLVES DIFFERENT RISK LEVELS. The higher the interest the higher the risk. If the interest rate offered sounds too good to be true, it probably is.
• There is no one best investment for everyone. You have to understand your risk appetite (the level of risk you can and are willing to take) before you invest and know the purpose why you are investing, is it for the short term, medium term or long term).
• Do not attempt to borrow money or take out a loan for investment purposes. Money for investments should be any extra money you may have that you do not need to use in the short term.
• Make sure you fully understand the investment opportunity and the associated risk before deciding to make any investment (Risk = the chances of losing your money to an investment) Read our article on Investment Red Flags 

To understand more about basic concepts on investments, attend Enrich’s Growing Your Money workshop

There are several things to consider when deciding where to remit money for your family members back home:  

1. Exchange rate: shop around and check for the best possible exchange rate you can get for your hard earned money.
2. Cable charge/fee: check for the lowest charge per remittance, and if possible remit only once a month to save on this cost.
3. Accessibility: You may need to check how much it will cost you to remit money in certain areas if you need to travel far, calculate how much difference it will make when you factor in transportation expenses and other related costs. The same applies for your family members who will receive the money.
4. Security: Ensure that you remit money through proper and secured channels to avoid losing the money along the way.

Good question, many migrants spend a lot of money on communication costs. It is because they are not very conscious about the amount they are spending, and some migrants even maintain several phone units. Thus, when deciding about how to pay for your phone, consider the following:

Going for subscription: 
1. The monthly subscription charge and other related costs especially if you will consider getting a data plan to maximize free sms and calls through wifi services;
2. The rate charged for calls and SMS in and outside of Hong Kong;
3. Any extra charge if you go beyond your data plan, as well as the provided free call minutes and text messages;
4. Length of contract period, and how much it will cost if you will have to cut your contract short.
Pay as you Go topping up via recharge vouchers:
1. Rate of call per minute as well as text messages, especially for communicating outside Hong Kong;
2. Administration fee costs if there are any;

Best to ask yourself what will be most efficient and cost effective in terms of securing your phone via plan or top up. But, whatever it is you decide, you have to maintain discipline in using it to ensure that you do not spend too much money on it. Also, make sure to use your phone for personal concerns during break time or after work hours. Avoid using and exchanging messages while at work, especially when taking care of a child.