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Sick of HSBC - what alternatives?

  1. #21

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    Quote Originally Posted by timonoj
    Yeah...HSBC does. Or at least did, last time I checked. If it's online transaction to another bank in the same country (HK), it charges you a fee. If you do it by cheque, then it won't. And that's how I've been going every goddamn month to deposit a goddamn cheque to my landlord's bank.
    HSBC used to do that indeed but if I’m not mistaken they don’t charge anymore, not 100% sure as don’t do many transfers from HSBC but I think it’s free now.
    timonoj likes this.

  2. #22

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    Quote Originally Posted by timonoj
    Yeah...HSBC does. Or at least did, last time I checked. If it's online transaction to another bank in the same country (HK), it charges you a fee. If you do it by cheque, then it won't. And that's how I've been going every goddamn month to deposit a goddamn cheque to my landlord's bank.
    I just looked it up and no more fees from HSBC for local HKD transfers.

    Interbank transfer in Hong Kong dollars
    The standard rate at a branch is HK$200, but if you use HSBC Internet Banking or HSBC Mobile Banking, the tariff is waived.

    https://www.hsbc.com.hk/content/dam/...0801-guide.pdf
    traineeinvestor and timonoj like this.

  3. #23

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    HSBC does not charge fees for online transfers from an account in Hong Kong to another bank in Hong Kong.


  4. #24

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    Thanks guys. I realize now I think the reason for the damn cheque book was that even if HSBC no longer charged to transfer money online, BOC charged for receiving money from another bank. They sneakily deducted something like 50HKD out of the final amount transferred as charge.


  5. #25
    bdw
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    Quote Originally Posted by traineeinvestor
    HSBC does not charge fees for online transfers from an account in Hong Kong to another bank in Hong Kong.
    They definitely used to charge $35 for a slow (few days) transfer and even more for an express transfer up until very recently. As @timonoj points out, they were encouraging paper cheques over internet banking. It's great to see that FPS has finally forced these bastards into the age of the internet

    Standard Chartered's traditional slow service has always been free. But just recently it has become instant. So I can send money from my SCB account to my HSBC account, entering old fashioned bank account numbers, and it arrives in my HSBC account instantly now. I did this the other day because FPS is limited to $10k, I need to do quite a bit more than this so rather than do many days in a row I just did it the old fashioned way.

    SCB internet banking, old fashioned transfer, only allows input of 20 characters in the Payee Name box. My name is more than 20, I just input my first and last name and omitted the middle name. It still arrived safely in my HSBC account. So name matching is not compulsory at least in my experience. If I didn't have to do over $10k, I would have just entered my phone number and then no need to enter any name, bank account, etc at all.

    HSBC internet banking old fashioned transfers allows you to input up to 35 characters in the Payee name. Someone above mentioned they are switching to HSBC because of this. But I'm not sure this is really a good reason to switch banks, unless they have had a million other problems with their bank and this is just a "last straw"
    shri and vyral_143 like this.

  6. #26

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    Quote Originally Posted by Sith
    I just looked it up and no more fees from HSBC for local HKD transfers.
    The fee for local transfers settling in T+2 (aka ETransfers) had been waived 2-3 years ago already.
    The fee for local transfers settling in real time (aka RTGS) has been waived a few weeks before FPS kicked in last year.
    Sith and shri like this.

  7. #27

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    fee waived for sending. do they waive fees for receiving ?


  8. #28

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    You open HKD accounts, get one or two atm cards with different large banks, and foreign currency accounts with other banks, that's about it.You don't have to stick to famous banks for credit cards, there are many banks and credit companies in HK.


  9. #29
    bdw
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    Quote Originally Posted by freeier
    fee waived for sending. do they waive fees for receiving ?
    Yes, the large sum of money I sent locally from my SC account to my HSBC account, using SC internet banking, old fashioned way entering my HSBC bank details (not FPS) was received in my HSBC account INSTANTLY and with no fees pocketed by either side.

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