Banking, Preference?

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  1. #1

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    Banking, Preference?

    Does anyone have any recommendations on "the best" or a better bank to establish an account with upon moving to HK?

    Is the 'debit' visa as popular (or available) in HK as it is in the US?


  2. #2

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    HSBC has one of the largest networks and best online banking system.

    Needless to say if your North American bank has a branch in Hong Kong, you might want to use them also.

    HSBC used to have a debit Visa, but it failed. You can use your ATM card at most locations using a service called EPS.

    http://www.eps.com.hk/

    You can also pay bills at over 1500 merchants using your phone or browser using

    http://www.ppshk.com/

    Finally the Octopus stored value card can be used for a large number micropayments (< $100 HK) at places like 7-11 etc.

    http://www.octopuscards.com/eng/index.jsp

    You'll find Hong Kong to be far more advanced than the United States or Europe when it comes to finding easy ways to take your money.


  3. #3
    tex
    tex is offline

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    HSBC is THE bank of choice here. before you come, i recommend opening an account with them there in the 50 nifty. then you can easily send money to US account from hong kong account, and vice versa. also, they can send your statements to your address in hong kong because they get it whereas (in our experience) some US banks "can't" send statements overseas. also, if you're planning on investing, set up an investment account with them before you leave because it is a major hassle doing it here.

  4. #4

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    Quote Originally Posted by tex
    set up an investment account with them before you leave because it is a major hassle doing it here.
    Just to clarify for the general readership... this is the situation specifically for US citizens because of the attempts by the US IRS to impose their reach worldwide. Citizens of every other country will find no difficulty at all in setting up an investment account with HSBC HK.

  5. #5

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    Quote Originally Posted by tex
    HSBC is THE bank of choice here. before you come, i recommend opening an account with them there in the 50 nifty. then you can easily send money to US account from hong kong account, and vice versa.
    Maybe you have had a different experience but I have been told that HSBC in the States and in HK are technically two different entities and dealing between the two is like dealing between any two different banks in the two regions, with all the wiring costs that come with that.

  6. #6

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    Just like Citibank US and Citibank HK accounts are separate completely


  7. #7

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    It depends how important you are to them. If you qualify for HSBC Premier in both places (the criterion is over HK$1M with HSBC in HK, not sure for the US) then they do claim to make everything a lot easier internationally.

    See: http://www.premier.hsbc.com/index.htm

    However, given that OP has said elsewhere that they are looking for accommodation at HK$5-6K per month I doubt this is relevant.


  8. #8

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    It's funny I saw this thread, I just tried to open an (HSBC) account here in the US and they wouldn't do it. Said I had to wait till I got to HK, that they were completely seperate. Oh well.

    And another thing - I just saw that you're in Seattle. I'm in Seattle too. How soon are you moving to HK?

    Last edited by victoria; 03-12-2004 at 01:46 PM.

  9. #9

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    I have a Citibank HK and a Citibank USA account. My US account is part of their private banking group and as such I can wire money to the HK account without a fee.

    Citibank.com does not, however, have an easy way to transfer money between US and HK accounts, which kind of sucks.

    I've also noticed that several stores have special HSBC card offers--buy with an HSBC card and get a discount.


  10. #10

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    Quote Originally Posted by victoria
    It's funny I saw this thread, I just tried to open an (HSBC) account here in the US and they wouldn't do it. Said I had to wait till I got to HK, that they were completely seperate. Oh well.

    And another thing - I just saw that you're in Seattle. I'm in Seattle too. How soon are you moving to HK?
    19 days from today ;-)

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