Urgent - Bringing money to HK

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  1. #1

    Join Date
    Jul 2006
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    227

    Urgent - Bringing money to HK

    I need to bring about $10,000-$15,000 USD into HK. We are leaving for HK tonight and would like to use this money to open a new bank account in HK even though we dont have a permanent address yet.

    I've done a few searches, but with a dreadfully slow internet connection at my in-laws, I've received few results. What we would like to know is:

    1) Should we bring cash and exchange/deposit in new acct?
    2) Should we order traveler's checks and exchange/deposit in new acct?
    3) Should we leave our money where it is and wire funds into our new bank once they open it? (will they even open account without a few thousand dollars? -esp if we dont have an address yet).
    4) Any better options?

    Regarding exchange fees, I've seen a few mentions of something like chungking mansion? (I'm sure I got that wrong, but hopefully you know what I mean anyway). Who are they and where are they located? Do they have a website? Are they indeed the best option for this kind of exchange?

    Thanks!


  2. #2

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    Jul 2006
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    Bring in 15K USD in cash and change it for HKD cash at Chungking Mansion.???
    Please tell me that you are not serious.???

    Open an account in HK when you get there and wire it in later.


  3. #3

    Join Date
    May 2005
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    4,279

    TT will cost you ofcourse. If you want to take the risk of carrying cash with you I would consider bringing it over and open your account with the USD, most banks provide multicurrency accounts, but if they require some HKD then change a little like say HKD500.


  4. #4

    Join Date
    Apr 2003
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    12,385

    Travellers checks are a good option.

    Don't carry US$10K in cash .. it will trigger all sorts of checks at both the local and overseas ends.

    Last edited by KnowItAll; 14-12-2006 at 09:16 AM.

  5. #5

    Join Date
    Oct 2006
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    Park Island
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    The cap for each person is 10K, and since you did use the word "we" I assume your party has more than one person? With 15K split between two or more people, you are fine legally...

    Safety issue is a different topic, and we can't help you assess that situation without knowing when and where you're going from and to.


  6. #6

    Join Date
    Jul 2006
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    227

    Thanks for the advice. Just arrived in HK (took a detour to the Middle East for a few weeks) and decided to wire most of the cash. Now I'm trying to figure out how to wire money (the Swift code vs Routing no. issue).

    On a side note, we tried to open an account at Hang Seng but they wouldn't accept slightly faded US bills! On top of that, it was crowded and service was poor. We decided to give HSBC a try and we were very impressed. It took about 30 min to open (at Hang Seng, we spent over an hour with no results). They didn't require an employment letter (unlike Hang Seng, HSBC took our word regarding the salary). There was no line, and the service was exceptional. BTW, this was at the branch in the Hutchison building near Central.


  7. #7

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    Nov 2005
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    just for fact, hang seng bank is owned by HSBC. 8-)
    and most ppl find hang seng bank service better as they serve more of the lower crowd. i guess you really had a big account .. 8-P


  8. #8

    Join Date
    Feb 2006
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    Yuen Long
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    I actually find HSBC frustrating as it seems to have lines for the ATM and lines for the counters etc. Mind you I deal mainly in Mong Kok and Cheung Sha Wan, but still. Open more branches!