Credit Cards and Bank Accounts Needed?

Reply
  1. #1

    Join Date
    Jul 2006
    Posts
    227

    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.


  2. #2

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,569

    atm fees may be refundable to you... but you'll be losing on exchange with every transaction, won't you?


  3. #3

    Join Date
    Jul 2006
    Posts
    227

    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.

  4. #4

    Join Date
    Apr 2003
    Posts
    12,384

    Does Chase have 24/7 customer service for your credit card?


  5. #5

    Join Date
    Mar 2006
    Location
    Pokfulam
    Posts
    204
    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!

  6. #6

    Join Date
    Jul 2006
    Posts
    227

    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.


  7. #7

    Join Date
    Apr 2005
    Location
    Sai Kung
    Posts
    8,569

    that was what i thought...