Managing finances and banking in Macau
Macau is one of China's most developed regions and a big financial centre. Thus, when residing in Macau, banking should not be a problem. Read on to find out about different banks as well as how to open and manage your bank account in Macau as well as conduct daily financial operations.
Banks in Macau
Although Macau is not quite on the same level as Hong Kong when it comes to banking and finance, it's a financial centre in its own right with 27 licensed banks, four of which have their headquarters in Macau. The city is Asia's number one gambling centre with large amounts of money flowing through the region on a daily basis. Some of the banks incorporated in Macau include OCBC Wing Hang Bank Limited, Banco Delta Asia Limited, China Construction Bank (Macau) Corporation Limited and others. Banks that have branches in Macau include Bank of China Limited, Standard Chartered Bank, Hang Seng Bank Limited and more.
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When choosing to open a bank account you may want to consider: the size of the bank; whether English speaking services are offered; availability of online banking services; and whether the bank has branches in your home country.
Open a bank account in Macau
Opening an account in Macau is quite easy. After you have chosen your bank, all you need to do is come to the branch of the selected bank with the following documents:
- Passport or other ID
- Proof of address issued within the past three months
When opening an account, let the bank personnel know whether you want mobile banking and internet banking. It is highly recommended that you do open both, as it makes financial transactions, paying for utilities and online shopping much easier.
If you want to open a business account in Macau, you will need to bring along the following papers:
- Certificate of company incorporation
- Latest business registration certificate
- Articles of association
- Tax declaration from the Department of Financial Services
- ID documents of directors and other authorised personnel
Daily operations
You can use cash, credit and debit cards in Macau, as well as various mobile payment systems.
Withdrawing money in the city is not a problem at all. With its many casinos and the demand for quick cash on hand, Macau has become the second densest ATM hotspot in the world. In 2017, many ATMs in the city were equipped with facial recognition and you may be required to go through this extra step upon entering your PIN.
Mobile payments are becoming increasingly popular, especially since the introduction of MacauPay in June 2017. MacauPay is a mobile app that lets you scan QR codes at point of sale machines in various merchants across the city. In order to use MacauPay, you will need to confirm your identity by scanning your ID document and a MacauPay account can be linked to any local bank account.
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