Good bank accounts for Brits.

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  1. #1

    Join Date
    Aug 2012
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    Good bank accounts for Brits.

    Hi Guys,
    I am moving to HK in about a month and am wondering about ease of transferring money. I am hoping to get an account in HK which would allow me to move money between the UK and HK, hopefully without exorbitant fees and difficulty. Is this possible at all? Which banks, UK and HK are reccommended? I'm not a premier account or anything, just normal banking.
    Thanks,
    Feixue


  2. #2

    Join Date
    Aug 2006
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    34

    Citibank has a way to move money UK>HK for free as long as you have an account both ends. They also do multicurrency account and with a citicard you can get cash out of a Citibank ATM worldwide for free - thats the reason I have my account with them


  3. #3

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    I do not believe that is the case unless you are a member of Citigold, which is the equivalent of HSBC Premiere. On our recent trip across Asia my wife was hit with many fees on her Citibank account.


  4. #4

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    Open HSBC accounts in both places and then do transfers via internet banking. Unless you're doing a lot of petty transfers, the fees will not amount to much (% wise).


  5. #5

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    Thanks guys, I'm doing the hsbc double up, when I can finally get my arse in gear to open an account!

    Sent from my GT-S5360 using GeoClicks Mobile


  6. #6

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    I vaguely recall being told by HSBC that there are no charges for international transfers for Premier accounts. I could be wrong- I never tested this as I closed down my Premier account when they pissed me off with repeated incompetence and weedling 'relationship manager' calls to sell me unwanted crap.

    I just did a transfer between countries and different banks, and the transfer charge was HKD150, so unless you are going to be transferring smallish amounts on a regular basis I wouldn't choose a bank based on free international transfers.

    Just make sure that you have a competent UK bank (I would not class Citi UK as competent), and choose a HK bank based on convenience.

    Last edited by jgl; 17-10-2012 at 01:49 PM.

  7. #7

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    jgl, are you sure it wasn't 150HKD at this end and another charge in GBP at the other end? I seem to remember getting that when I transferred to the UK.


  8. #8

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    Quote Originally Posted by justjoe86:
    jgl, are you sure it wasn't 150HKD at this end and another charge in GBP at the other end? I seem to remember getting that when I transferred to the UK.
    Plus a random amount on the way if correspondence banks get involved.

  9. #9

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    Quote Originally Posted by jgl:
    I vaguely recall being told by HSBC that there are no charges for international transfers for Premier accounts. I could be wrong-
    There are no charges for Premier accounts transferring funds between the accounts of the same owner. The name(s) on the accounts must be the same and then you can transfer as many times as you like at no cost.

  10. #10

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    Quote Originally Posted by justjoe86:
    jgl, are you sure it wasn't 150HKD at this end and another charge in GBP at the other end? I seem to remember getting that when I transferred to the UK.
    I wasn't aware that charges might apply to both ends (last time I checked was a couple of years ago, HSBC HK -> First Direct UK). I just did a HK-OZ transfer (neither end involving HSBC) so I'll check whether there is a charge at that Oz end.

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