2016 - Opening Corporate Accounts - Who, What, Where?

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  1. #1

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    2016 - Opening Corporate Accounts - Who, What, Where?

    Quote Originally Posted by shri:
    What do you expect your bank to do for you? If the answer is simple then the chances are any bank should be fine.

    What is it that HSBC cannot do for you?

    If the answer involves high flying expectations then you may have a problem.

    Our home mortgage is with BOC and that was honestly a painless and easy process. We have a simple savings and checking account with them and there isnt a single thing that has gone wrong there.

    Same with HSBC, simple atm and checking account. No problems.

    Same with SC simple atm and checking account no problems.

    Credit card with Amex, Citi, Bea and SC. Simple transactions and no special requirements.

    The pain points usually involve opening new accounts with banks that have been hit hard by sanctions which has resulted in them over complying with laws.
    Hong Kong Chamber of Commerce are hosting a seminar soon to touch on this, the CE of HSBC is the main talker.

    https://www.chamber.org.hk/en/events...SN&language=en

    Open to members only, i'll be going, i'll provide some feedback here if i remember.

  2. #2

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    Don't worry about remembering. I'll remind you.

    Would be interesting to see how if/how he deals with the issue of inexperience and system flaws in their document handling. Have heard from several people that HSBC keeps asking them for the same document several times...


  3. #3

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    Quote Originally Posted by shri:
    Don't worry about remembering. I'll remind you.

    Would be interesting to see how if/how he deals with the issue of inexperience and system flaws in their document handling. Have heard from several people that HSBC keeps asking them for the same document several times...
    Well you didnt remind me but I remembered.

    Complete waste of time, didn't tell us anything we didn't already know basically blaming tighter compliance and how they have to be more risk averse due to the regulations.

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    Quote Originally Posted by Trebor:
    Well you didnt remind me but I remembered.

    Complete waste of time, didn't tell us anything we didn't already know basically blaming tighter compliance and how they have to be more risk averse due to the regulations.
    Was going to, but someone else who was at the event told me it was a bit of a time waste in terms of new information / procedures. Same as what you just posted.

    Happened to be in a conversation with our accountant and he was saying that it is infact easier to send clients to Singapore to open accounts with DBS (offshored / BVI companies) than bother with HK banks. DBS in HK flat out refuses to open accounts if you have any signs of BVI / anonymised locations, in your beneficiary list...

  5. #5

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    Quote Originally Posted by shri:
    Was going to, but someone else who was at the event told me it was a bit of a time waste in terms of new information / procedures. Same as what you just posted.

    Happened to be in a conversation with our accountant and he was saying that it is infact easier to send clients to Singapore to open accounts with DBS (offshored / BVI companies) than bother with HK banks. DBS in HK flat out refuses to open accounts if you have any signs of BVI / anonymised locations, in your beneficiary list...
    Some Singapore banks are shutting up shop for HK based companies also, OCBC being one.

  6. #6

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    Quote Originally Posted by Trebor:
    Some Singapore banks are shutting up shop for HK based companies also, OCBC being one.
    May be OCBC is handing its local corp banking business to OCBC Wing Hang? Not sure of the rest.

  7. #7

    Banks only find reasons to protect them and explain to you it is not the problem of them. I understand that banks still want to do businesses, but now they need to comply with many regulations.