Finance is one of the biggest driving forces in Hong Kong’s busy economy. So much for the big picture – but what about money in daily life? All expats need a bank account, advice on living expenses, and a trustworthy currency exchange. This part of our Hong Kong guide covers such matters in detail.
Regardless of where you relocate, be it to Hong Kong, New York, or Sydney, you will have to keep track of your personal finances. Although expat jobs in Hong Kong usually pay fairly well and local taxes are low, you still need to cope with rather high living expenses. Expat life in Hong Kong is often a comfortable affair, sometimes a luxurious one, but such comfort does come at a price. The cost of living in Hong Kong is definitely above average: Depending on your personal standards, it may even be among the highest worldwide. Thus, it is worth planning your budget in advance. Or try to negotiate with your employer to cover some of your costs. You should take the expensive property prices into account. Also, if you have kids, be aware that international schools in Hong Kong are anything but cheap. Last but certainly not least, look into getting a good private healthcare plan well before you leave.