
- Add Maria Enrich as a friend on Facebook to get updates on upcoming workshops and other useful information (for migrant domestic workers only)
- Like Enrich HK on Facebook
- Like Enrich – Bahasa Indonesia on Facebook (for Bahasa Indonesia speakers)
1. SALARIES, RIGHTS AND PROTECTION
▶ How much is the minimum wage and food allowance for domestic migrant workers?
▶ Am I entitled to overtime pay and days off?
▶ What can I do if I am being harassed or abused at work?
2. MANAGING MONEY AND OPENING A HONG KONG BANK ACCOUNT
Citibank HSBC Standard Chartered Bank of China Hang Seng BEA▶ What are the requirements if I want to open a bank account here in Hong Kong?
Name of Bank/Requirments
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
▶ I have several siblings and family members dependent on my salary, how can I save?
▶ What is the best way to manage my salary?
▶ How can I save money?
3. LOANS AND BORROWING MONEY
▶ What is the difference between a loan agency and a bank?
- Banks receive and process deposits and withdrawals. They safeguard your money for you. Banks also give out loans. Loan agencies only give out loans and will require you to make repayments to your loan. Loan agencies usually charge higher interest rates than banks, so be careful to not get confused with the use of the term “bank” to refer to loan agencies.
- Many loan agencies offer and ‘lure’ migrants to taking out loan, be very careful. If you do not need to borrow, don’t.
▶ If I really need to borrow money, where can I go?
- 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.
4. INVESTING
▶ I want my earnings to grow. Where should I invest my money?
- 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
5. REMITTANCE AND PHONE SUBSCRIPTION
▶ Where is the best place to remit money for my family back home?
- Exchange rate: shop around and check for the best possible exchange rate you can get for your hard earned money.
- Cable charge/fee: check for the lowest charge per remittance, and if possible remit only once a month to save on this cost.
- 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.
- Security: Ensure that you remit money through proper and secured channels to avoid losing the money along the way.
▶ Will it be better to have a phone subscription or use “pay as you go” or “top up cards” to pay for your phone?
-
Going for subscription:
- 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;
- The rate charged for calls and SMS in and outside of Hong Kong;
- Any extra charge if you go beyond your data plan, as well as the provided free call minutes and text messages;
- Length of contract period, and how much it will cost if you will have to cut your contract short.
- Rate of call per minute as well as text messages, especially for communicating outside Hong Kong;
- Administration fee costs if there are any;
See also: