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Credit Cards and Bank Accounts Needed?

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  1. 15-09-2006, 02:12 PM #1
    Submariner
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    Credit Cards and Bank Accounts Needed?

    Do I need to open credit card and bank accounts when I move to HK?

    1) I currently have a Chase Visa card. Do I need an HK credit card? From what I understand, Mastercard charges international fees while Visa does not. If this is accurate, why would I need a new credit card in HK?

    2) I currently have a checking account with Charles Schwab. ATM fees are fully refunded, so is there a need for me to open a bank account in HK?

    I've read so many threads about the various banks and cards and was just wondering if I might be able to skip all the hassle. Or if there was an advantage of opening local accounts that I'm not seeing.

    Advice much appreciated.

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  3. 15-09-2006, 02:14 PM #2
    carang
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    atm fees may be refundable to you... but you'll be losing on exchange with every transaction, won't you?

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  4. 15-09-2006, 02:28 PM #3
    Submariner
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    I'm not sure. Employer will be direct depositing into the Schwab Account and since we're on a local package, I assume it will be in HKD. I wouldn't have to pay the exchange in that case, right?

    PS. Direct Deposit is available in HK, right? (just checking)

    Last edited by Submariner; 15-09-2006 at 02:30 PM.
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  5. 15-09-2006, 03:07 PM #4
    KnowItAll
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    Does Chase have 24/7 customer service for your credit card?

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  6. 15-09-2006, 03:55 PM #5
    applefan
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    Quote Originally Posted by Submariner:
    I'm not sure. Employer will be direct depositing into the Schwab Account and since we're on a local package, I assume it will be in HKD. I wouldn't have to pay the exchange in that case, right?

    PS. Direct Deposit is available in HK, right? (just checking)
    Is your Schwab account a USD account in the US or is it an account in HK? If it's a US one and your employer direct deposits HKD paycheck, it gets converted into USD. If you then take money out in HKD, it gets converted yet again from USD to HKD. You're getting hit twice!
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  7. 16-09-2006, 12:30 AM #6
    Submariner
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    Yes, Chase offers 24/7 service, but now that you mention it, I'd have to make an international call everytime I needed service.

    Yes, our Schwab account is a USD account. Looks like I may have to open a local account after all, whether it be with Schwab or another bank.

    Thanks for pointing that out.

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  8. 16-09-2006, 08:55 AM #7
    carang
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    that was what i thought...

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