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Why are HK banks so horrendous????

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  1. #1

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    Why are HK banks so horrendous????

    I am curious. In Switzerland you can go into any bank, open an account, and buy shares and bonds from any country in the world (or almost). In HK you can only buy shares and bonds from HK. Is there any other country in the world where this is the case? This is bloody horrendous!

    Edit:

    Seriously, this is supposed to be some financial, trade, commerce centre or something, but they are a banking system which is a fucking joke.

    I am really upset. I wasted hours today with a stupid stupid bank, which is supposed to be international or something, but they say that stupid regulations forces them to do this or that shit, which just complicates the lives of their customers. Halloooo?? Even asking for a question one needs to fill in 15 forms before getting an answer!

    Last edited by Liked; 10-06-2015 at 05:51 PM.

  2. #2

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    Yes, I guess it's not the fault of the demented banks if they live in the 12th century, it's the fault of the demented horrible government regulators.

    I think they do it to force HK people to buy shares traded in HK, rather than to "protect its residents").


  3. #3

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    Original Post Deleted
    The staff I've interacted with at Hang Seng clearly take no pleasure in making their customers' lives any easier. They don't respond to questions, don't return emails, don't provide information. All they do is look super carefully at signatures. The only reason I haven't switched is because it seems that all banks have a similarly low level of service. And I'm not looking to do complicated stuff, just trying to figure out the best way to send money to the States, and can't get reliable answers.
    Char Siu King and Open Casket like this.

  4. #4

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    I went to a few banks to ask what countries I can buy shares in, if I open an account. Their replies was along the lines of "if you open an account I tell you". Uh? So you want me to open an account first, and then I find out if I actually want the account or not???

    I have the impression banks (and their staff) here don't do anything to attract or retain customers. Which is odd, since there are so many.

    Last edited by Liked; 11-06-2015 at 10:27 AM.

  5. #5

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    As with everything, I found in this town that if you:
    - are polite
    - take time to explain
    - remain polite
    - joke a little
    - take some more time
    etc etc

    You can go a long way.

    The other way is to go balistic (that works too).

    Anything in between is a fail.

    rathunt, Stu79, shri and 7 others like this.

  6. #6

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    Original Post Deleted
    , I am in the process of opening an account with DBS Vickers (it takes a few weeks!! )

    In Switzerland, one has to pay 20-25% taxes on all the profits from shares and bonds and everything else. This amount is automatically withdrawn by the bank, and is then returned, if one pays taxes in Switzerland. But it's difficult for me to pay taxes in Switzerland (a lot of forms to fill in, and since I am not Swiss and not a resident, I don't even know if I can).

    I am now looking for an online broker, which allows me to buy in Australia, Europe and USA. Any tip? I am checking the other thread as well:

    https://hongkong.geoexpat.com/forum/...ad15781-5.html

  7. #7

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    Liked - A number of people have recommended Interactive Brokers over the years.

    Have also not used etrade in well over a decade .. may be worth looking at them?

    Etrade:
    Residents of Asia Pacific
    Telephone: +852 3191 3000


  8. #8

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    I am looking into Saxo now. I am not so much interested in US stocks, more European and Australians. I read that IB's platform is very complicated, and etrade only does USA (I just called to confirm).

    Now that the US dollar is very expensive, I would rather change my HK$ and buy in other countries (now, or in 6 months, once the interest rates rise). I have 0 faith in the US political class, and I think in the medium and long term there is only one way for the US: in the gutter.

    I would prefer not to use HSBC. I think they are a rip off (but that's just my personal opinion).

    Last edited by Liked; 11-06-2015 at 12:05 PM.

  9. #9

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    Original Post Deleted
    They all do. All-all-stock exchanges I am not so sure, but you can, for example, buy bonds issued by the Bolivian government (just an example).

  10. #10

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    Quote Originally Posted by Liked:
    I am looking into Saxo now. I am not so much interested in US stocks, more European and Australians. I read that IB's platform is very complicated, and etrade only does USA (I just called to confirm).

    Now that the US dollar is very expensive, I would rather change my HK$ and buy in other countries (now, or in 6 months, once the interest rates rise). I have 0 faith in the US political class, and I think in the medium and long term there is only one way for the US: in the gutter.

    I would prefer not to use HSBC. I think they are a rip off (but that's just my personal opinion).
    HSBC doesnt allow you access to US stocks ( because of the tax reporting and anti money laundering crap I suppose ) they'll point blank say NO. So forget about the HSBC Ftards.

    I am with Interactive Brokers, their TWS platform is simple enough to use on either your PC, or their smartphone app. If cant understand it, you probably shouldn't be trading stocks in the first place...

    I quite like the mobile app, as I can trade while I am out having a coffee, etc. I can trade between any exchange I wish, ASX, Nikkei, HKex, NASDAQ no problem. Plus with exchanging money, I get the real rate, none of that nasty bank rate BS.

    To be blunt, there is no guarantee that IB will grant you acess to their trading platform, as it is subject to their approval, the application is quite a detailed process ( the ins and outs of a rats bum ) and quite thorough. They also don't like folks that trade once in a blue moon, they prefer day traders.
    If you are investing upwards of 500K HKD, and plan to do around 10 - 20 trades a month min, they should approve you...
    Make sure you subscribe to the live data streams, which are optional, but makes all the difference.

    Hong Kong E trade was oversubscribed last time I checked, they werent accepting any new applications and their fees are full of shit anyway, very much aimed at the rank amateur, personally I'd give em a wide berth.
    Last edited by Skyhook; 11-06-2015 at 01:08 PM.

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