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New to HK and opening a bank account

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  1. #1

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    New to HK and opening a bank account

    Hi,

    I'll be moving to HK in the next few weeks. I've been looking online at bank accounts, but I am unsure which is the best to select. My company recommends HSBC, but their reviews don't seem too good.

    I only really want a basic account. Something to have my salary paid into, and to use a debit card to buy things and use ATM machines. International transfer fees aren't too important, as usually you can save money using another transfer service.

    HK bank websites are nothing like British bank websites. Their offers seem far more varied and confusing, and don't clearly exaplin any costs. Rewards also seem to play a big part in their offer. I'd rather have a free account, but an account with a small fee is OK.

    Does anyone have any recommendations? I have my passport, proof of address in the UK, HK contract etc.

    Thanks


  2. #2

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    HSBC is not the best on line Bank. Some posters have recommended Standard Chartered Bank & Bank of East Asia.
    For basic account, I suggest open a Saving account with ATM cash card. No debit card.

    Quote Originally Posted by TeachHK:
    Hi,

    I'll be moving to HK in the next few weeks. I've been looking online at bank accounts, but I am unsure which is the best to select. My company recommends HSBC, but their reviews don't seem too good.

    I only really want a basic account. Something to have my salary paid into, and to use a debit card to buy things and use ATM machines. International transfer fees aren't too important, as usually you can save money using another transfer service.

    HK bank websites are nothing like British bank websites. Their offers seem far more varied and confusing, and don't clearly exaplin any costs. Rewards also seem to play a big part in their offer. I'd rather have a free account, but an account with a small fee is OK.

    Does anyone have any recommendations? I have my passport, proof of address in the UK, HK contract etc.

    Thanks

  3. #3

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    I will be an incoming student this coming Fall 2014. I came in 2 weeks before the start of the academic year (1-Sept.) to arranged all requirements in opening an HSBC - Personal Integrated Bank Account. I already been issued a student ID. Then, went to 3 HSBC branches near to my university. The first 2 small branches I went to were less accommodating than the big branch. In the last branch, they accepted my passport, national IDs, acceptance letter & student ID. The others such as housing contract with my landlord (proof of address), mobile number & HKID are to follow. Has anyone experienced other difficulties in opening a bank account in HK? Your assistance in much appreciated.


  4. #4

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    Quote Originally Posted by jlewis40:
    I will be an incoming student this coming Fall 2014. I came in 2 weeks before the start of the academic year (1-Sept.) to arranged all requirements in opening an HSBC - Personal Integrated Bank Account. I already been issued a student ID. Then, went to 3 HSBC branches near to my university. The first 2 small branches I went to were less accommodating than the big branch. In the last branch, they accepted my passport, national IDs, acceptance letter & student ID. The others such as housing contract with my landlord (proof of address), mobile number & HKID are to follow. Has anyone experienced other difficulties in opening a bank account in HK? Your assistance in much appreciated.
    There is no requirement to open an account at HSBC. There are many other banks in Hong Kong.
    I expect that there are banks on the university campus which should be more accommodating about opening student accounts.
    bookblogger and Watercooler like this.

  5. #5

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    Quote Originally Posted by drumbrake:
    There is no requirement to open an account at HSBC. There are many other banks in Hong Kong.
    I expect that there are banks on the university campus which should be more accommodating about opening student accounts.
    I opened an HSBC account because my source of funds comes from the same bank back home. At the university, Hang Seng Bank offers opening an account for free without a maintaining balance. Other reasons I choose the bank are.

    1) Easiness of telegraphic transfer
    2) Better exchange rates
    3) Plenty of ATMs

  6. #6

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    Hang Seng is my recommendation, they are usually alright with expats (well, not any harder than other banks here anyway). They are owned by HSBC but operates independently as their own bank, So telegraphic transfer should not be an issue. They also have more ATMs at the MTR stations around town. But if you insist on HSBC, ok.

    Last edited by Watercooler; 11-08-2014 at 11:52 AM.

  7. #7

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    Quote Originally Posted by jlewis40:
    I opened an HSBC account because my source of funds comes from the same bank back home. At the university, Hang Seng Bank offers opening an account for free without a maintaining balance. Other reasons I choose the bank are.

    1) Easiness of telegraphic transfer
    2) Better exchange rates
    3) Plenty of ATMs
    Im sorry to say, but you are wrong on every one of your points. Firstly, unless you are HSBC Premier, the source of funds makes no difference and you pay the same fees whether you are transferring HSBC to HSBC as you would any other bank to HSBC. Also the ease of telegraphic transfer is not an issue. I use Standard Chartered and I initiate them online without visiting a bank. But the first time need to fill out some paperwork, its the same with HSBC.

    Also HSBC exchange rates are the worst amongst all the banks. For example, GBP, today they are offering buy 12.914 and sell 13.097. Hang Seng are better at 12.967/13.042 (smaller spread). BEA are even better again at 12.98/13.03. Many other banks like Citic, Chong Hing, etc all similar to BEA. Public Bank is the absolute best today offering 12.992/13.025. So anyone who thinks HSBC hss good exchange rates is completely and absolutely wrong and has been fooled by their marketing bullshit and thinks just because they are a well known international brand they must be good. Its completely the opposite and HSBC offer the worst exchange rates in HK.

    Since exchange rates fluctuate daily its quite hard for most normal people to difference but it's their. But now with new tools such as "HK FX Rates" android app that quoted me the above, I hope more people will wake up to this and HSBC cut out their bullshit and start being more competitive.

    Also, HSBC has the FEWEST number of ATM's in Hong Kong. They are part of their own separate network with Hang Seng. So HSBC/Hang Seng combined go it alone in Hong Kong and they still have a lot of ATM's and its not really an issue, but the fact is they have the fewest number compared to the alternatives. The alternative is the JETCO network which every other bank is a member of. So I can use any ATM in Hong Kong EXCEPT HSBC/Hang Seng. Again, HSBC's marketing bullshit machine seems to turn people into robots and there is some fake perception that they are more convenient which is complete rubbish.

    There are a million other things wrong with HSBC, such as charging $30 for making local online payments using internet banking (but not charging for cheques so therefore promoting cheques), or their limited overseas network (forcing UnionPay on people, charging fees even for premier customers, etc). Really they are a poor choice for a bank but unfortunately people automatically sign up with them like robots and then later on they are too lazy to change and just complain about them.

  8. #8

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    Quote Originally Posted by bdw:
    Im sorry to say, but you are wrong on every one of your points. Firstly, unless you are HSBC Premier, the source of funds makes no difference and you pay the same fees whether you are transferring HSBC to HSBC as you would any other bank to HSBC. Also the ease of telegraphic transfer is not an issue. I use Standard Chartered and I initiate them online without visiting a bank. But the first time need to fill out some paperwork, its the same with HSBC.

    Also HSBC exchange rates are the worst amongst all the banks. For example, GBP, today they are offering buy 12.914 and sell 13.097. Hang Seng are better at 12.967/13.042 (smaller spread). BEA are even better again at 12.98/13.03. Many other banks like Citic, Chong Hing, etc all similar to BEA. Public Bank is the absolute best today offering 12.992/13.025. So anyone who thinks HSBC hss good exchange rates is completely and absolutely wrong and has been fooled by their marketing bullshit and thinks just because they are a well known international brand they must be good. Its completely the opposite and HSBC offer the worst exchange rates in HK.

    Since exchange rates fluctuate daily its quite hard for most normal people to difference but it's their. But now with new tools such as "HK FX Rates" android app that quoted me the above, I hope more people will wake up to this and HSBC cut out their bullshit and start being more competitive.

    Also, HSBC has the FEWEST number of ATM's in Hong Kong. They are part of their own separate network with Hang Seng. So HSBC/Hang Seng combined go it alone in Hong Kong and they still have a lot of ATM's and its not really an issue, but the fact is they have the fewest number compared to the alternatives. The alternative is the JETCO network which every other bank is a member of. So I can use any ATM in Hong Kong EXCEPT HSBC/Hang Seng. Again, HSBC's marketing bullshit machine seems to turn people into robots and there is some fake perception that they are more convenient which is complete rubbish.

    There are a million other things wrong with HSBC, such as charging $30 for making local online payments using internet banking (but not charging for cheques so therefore promoting cheques), or their limited overseas network (forcing UnionPay on people, charging fees even for premier customers, etc). Really they are a poor choice for a bank but unfortunately people automatically sign up with them like robots and then later on they are too lazy to change and just complain about them.
    Limited overseas network? Really?!! You can get a plus card you know...don't have to stick with unionpay.


    Sent from my iPhone using GeoClicks

  9. #9

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    Thank you for posting what you know in this thread. I will consider the information and make use of it. Can anyone help on a crash course on FOREX trading? (USD, HKD, GBP, JPY, etc)


  10. #10

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    Quote Originally Posted by statman:
    Limited overseas network? Really?!! You can get a plus card you know...don't have to stick with unionpay.


    Sent from my iPhone using GeoClicks
    Sorry I did not elaborate this point well because my email was already long enough . But what I want to say, and correct me if I am wrong because its been a while since I researched this point, but HSBC Premier customers are charged ATM fees for withdrawals overseas unless you withdrawal from a HSBC ATM. So yes you can get a Plus card but you are hit with fees unless you are lucky enough to find a HSBC machine (if you are even in a country that has HSBC in the first place).

    Standard chartered Priority Banking is better in this regard, because I can withdrawal from any ATM overseas from any bank anywhere in the world that takes the Plus card and there are no fees.

    Almost everything that HSBC has, the other banks have too and they do it better.

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