Personal retail bank account recommendations? NOT HSBC, lowest fees?

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  1. #1

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    Personal retail bank account recommendations? NOT HSBC, lowest fees?

    Sorry for if I'm posting a redundant thread. I just arrived in HK and I need to open a basic bank account. I am absolutely horrified at all the fees the HK banks charge, as if it's not good enough for them to simply hold your money! I do not want an HSBC account - I had one in the UK and I don't like their online banking system among other reasons.

    What bank has the lowest fees and perhaps minimum bank balance? Which has a simple online banking service and functions reasonable efficiently and well? Is there something similar to a credit union here? I will need to maybe have a few monthly standing orders or make regular transfers to other HK banks. Perhaps also an occasional overseas transfer.

    Someone recommended Chong Hing Bank. Any commends or other recommendations?


  2. #2

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    SCB Easy banking is mostly free providing you have at least HK$10 000 in your account. See http://www.standardchartered.com.hk/...sy-banking/en/

    Also, having a "payroll" account - having your salary paid into your bank account - often means fees are waived.

    Last edited by drumbrake; 07-11-2012 at 02:09 PM.

  3. #3

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    Quote Originally Posted by Elegiaque:
    I do not want an HSBC account - I had one in the UK and I don't like their online banking system among other reasons.
    I have HSBC accounts in 4 different countries and I can tell you that their online banking system is different in all 4 (HK, UK, Canada, Jersey).
    Feel free to choose a different bank but the excuse you are picking is not really valid.

  4. #4

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    Check out Hang Seng Bank's ATM Savings account.

    No minimum balance, no monthly fee and they provide you with an ATM card and e-banking. Note that they charge for counter service.

    http://bank.hangseng.com/1/2/persona...urrent#hkd_acc

    Last edited by lionrock88; 07-11-2012 at 05:31 PM.

  5. #5

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    Quote Originally Posted by lionrock88:
    Check out Hang Seng Bank's ATM Savings account.

    No minimum balance, no monthly fee and they provide you with an ATM card and e-banking. Note that they charge for counter service.

    http://bank.hangseng.com/1/2/persona...urrent#hkd_acc
    As far as my research goes that is the only account in HK without fees and minimum balance. But you have to pay 20 HK$ if you need a counter transaction. (Online banking and ATM deposit/withdrawal/transfer is free).

  6. #6

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    Thank you for these tips and information! I bugged Hang Seng quite a bit today to get a 37-page print out of their banking services fees. I will have a careful look through it tonight.