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Another HSBC Rant

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  1. #21

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    Dec 2018
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    1,281
    Quote Originally Posted by bdw:
    Well I'm sure I'm not the only person on the planet to storm out of a HSBC branch totally pissed off and driven to madness . I don't know why I subject myself to this torture, I just thought the global view feature would be a nice thing to have, and they seem to have a promo now with no commission on buy trades till Dec 31st so a good time to transfer from SC to HSBC now, or so I thought
    I guess we all need a bank to hate (DBS and their non-existent on line access is my #1 pet peeve - I'm looking forward to severing that relationship as soon as I've paid off a few mortgages - followed by BOCHK's long long long waiting times for counter service).

  2. #22

    Join Date
    Feb 2006
    Posts
    763

    No need to go into complexities of tax arrangements in another jurisdiction. If asked why you're opening an account for your wife, say you want to make sure she has her own account, and you're there to help make things easier for her.

    Do you even need to tell them you're transfering shares, since after all, she's going to get cash and then buy them all back?

    If they find out the source of funds is from you, say that you want to give your wife money that she can call her own and has autonomy over, to make sure she knows she's ok no matter what happens. If challenged on why not joint account, repeat. And say you think it's important in a marriage the wife has assets in her own name that she has sole control over.

    traineeinvestor, bdw and Andy SNK like this.

  3. #23

    Join Date
    Jul 2012
    Posts
    811
    Quote Originally Posted by Paxbritannia:
    Always keep things simple with the banks and don't volunteer too much information, otherwise you risk causing confusion.
    At the risk of digressing,

    (Disclaimer: I am British Born Ethnic Chinese).

    You have to realise that a LOT of HK. Chinese people can only process a bite of information at once, a certain department (and even our line managers) on whom which my colleagues and I greatly depend and contact almost daily need all of our information in chunks (Chinese/ English) and I don't work for a bank. You can't explain things the same way you would to any other person in your home countries. Even if you think that what you are saying to them is perfectly pared down to the bare bone essentials, there is every chance that even in Cantonese it's overloading them with information. This particular department is very surly and rude about the fact that they are essentially simpletons.

    Please contrast the following examples:

    Most people:

    " I have guests here at XYZ. Hotel who would like to join our AM. ABC. tour tomorrow please, 2 adults 1 child, can you please tell me when they will return to this hotel tomorrow night."

    Department in question: (requires chunking)

    "I am calling from XYZ. Hotel."
    "I have three guests."
    "2 adults 1 child"
    "The child is XXX years old."
    "They wish to join the ABC tour tomorrow."
    "It's the morning ABC. tour"
    "Can you please tell me what time they will return to the hotel tomorrow?"
    "They don't want to get back too late."
    Cue surly and rude questions about my ability to remember the return times for over 7 different hotels.
    Cue phone being slammed down.
    AsianXpat0 likes this.

  4. #24

    Join Date
    Oct 2010
    Posts
    20,229
    Quote Originally Posted by bdw:
    Warning this is another rant about HSBC. But I am so pissed off at the moment and need to let off some steam.

    Most of my banking is with Standard Chartered, but I thought I would open a Premier account with HSBC mainly because they have this 'global view' function that is of interest to me, I am moving to Australia in a few months, also I want to open the account in my wifes name, she can get an HSBC AU account easier, I would sell HK$1m of HK shares I hold with Standard Chartered now and my wife would buy again with HSBC in her name and this is how we would maintain the minimum relationship balance to avoid any fees. Also since my salary higher than hers, we both will become Australian tax residents soon, means its better the shares we hold in HK are in her name and not mine, we both would have to pay Australian tax on any dividends and capital gains, but she would pay at a lower tax bracket than me.

    I told everything above to the HSBC lady in branch this morning. She went away, came back 15 minutes later, said sorry it doesnt meet ethical standards and told me to leave. I said what? She said I am trying to avoid Australian tax. I said no its a normal thing for married couples in Australia to apportion their assets equally to save on tax but I am not avoiding anything. She went away for another 15 minutes and came back and again rejected me on the grounds I am trying to avoid taxes.

    I got pissed off with her. I asked who she was talking to for 30 minutes and are they experts in Australian taxes? Why they are accusing me of unethical behaviour when it is perfectly legal and normal way for married couples to handle their finances when they are Australian tax residents. My finanical advisor in Australia advised me to set up our finances in this way. In Australia it's beneficial for the lower salary earner to hold more of the family assets. Anyway, she works for a bloody HK bank and I don't expect her to know all these things but at the same time I don't expect her to accuse me of unethical behaviour she knows nothing about.

    I got her name and number in writing, I said i am really annoyed with her and whoever she was talking to on the phone and being accused of unethical behaviour. I told her I am going to complain to someone (geoexpat.com ). She wet her pants and told me to sit down and she would ask someone else. She ran off somewhere and I waited for a few more minutes but got really tired of this so I just walked out the door without waiting for her to come back.

    Probably this was my mistake telling her too much at the beginning. I think I'll just ask my wife to go herself and open the account, just say she's moving to Australia and wants the global view/share trading account/AU bank account and don't say any more than this. Surely this should be fine, but who knows with this bank they really know how to piss people off.
    Someone needs to this this lady the different between tax avoidance and tax evasion. What you were planning is perfectly legal, sensible and reasonable tax/estate planning - done legitimately by hundreds of thousands of couples in jurisdictions with simialr laws - the UK is another.

    I would have got seriously upset and demanded to see her supervisor and escalated this up the chain. It's one thing to refuse you service, it's another thing to declare you a tax cheat and refuse you service. All kinds of ugly, from a position of sheer ignorance too.
    bdw and AsianXpat0 like this.

  5. #25

    Join Date
    Oct 2010
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    20,229

    The point is he shouldn't need to know the ons and outs of how to best achieve his goals - a decent company should be client focused and deliver the same endpoint regardless of how he gets in contact - local branch, main branch, phone, RM whatever.

    This should hold true at every level, not just "Premier"


  6. #26

    Join Date
    Dec 2010
    Posts
    3,427

    @bdw

    So I opened an account at a Chinese bank this morning and I basically declined everything to keep it simple. Took about 35 minutes.
    one line staff to do most of the data collection and entry and two additional verification checks from more senior staff.
    I walked out with HK current and savings account plus a multi currency account.

    I provided
    HKID hardcopy and
    address proof hardcopy and EVERYTHING ELSE was whatever i said

    phone number whatever i said
    email address whatever i said
    income whatever i said
    why open account whatever i said
    how much money going in and out each month whatever i said, etc.

    They offered to do things like open me up at a higher tier, open account in China etc. I declined everything said - let's just open the account today and can add on other stuff if required in the future.

    bdw likes this.

  7. #27
    bdw
    bdw is online now

    Join Date
    Feb 2009
    Posts
    5,887
    Quote Originally Posted by chichow:
    @bdw

    So I opened an account at a Chinese bank this morning and I basically declined everything to keep it simple. Took about 35 minutes.
    one line staff to do most of the data collection and entry and two additional verification checks from more senior staff.
    I walked out with HK current and savings account plus a multi currency account.

    I provided
    HKID hardcopy and
    address proof hardcopy and EVERYTHING ELSE was whatever i said

    phone number whatever i said
    email address whatever i said
    income whatever i said
    why open account whatever i said
    how much money going in and out each month whatever i said, etc.

    They offered to do things like open me up at a higher tier, open account in China etc. I declined everything said - let's just open the account today and can add on other stuff if required in the future.
    Thanks, yeah I will get my wife to go and do something similar. But I want the premier level, share trading account, open an account with HSBC Australia at the same time, and the global view function that goes along with it. So I might get a few more questions along the way but try to keep it simple

    Just for background, I have some AUD investments in HK now paying me small AUD dividends every month. I want to send AUD to AUD in my Australian bank account. I use instarem to transfer HKD to AUD which is great, but it cannot do AUD to AUD. So my end goal is to get this global view function from HSBC to make small AUD transfers and get the funds into my local Aus bank account without so many TT fees etc. Putting in my wifes name just another tactic for family tax/estate purposes as TheBrit pointed out. But I would just do everything with Standard Chartered if they had something like the global view function.

  8. #28

    Join Date
    Dec 2010
    Posts
    3,427
    Basically I just try to get into the door with the account being opened and then do subsequent stuff

    the way I read your post was: BDW wants to establish a family relationship with HSBC here in HK and in AUS at a premiere level.

    what I was not clear on my post was: being explicit in saying Keep it Simple (KISS) with the muppets and I find generally that the central call in staff is more experience than small branch front line staff.

    in my post I did say that I declined to open up an account for me at the same time in China.

    #$#$#$#$#$#$#$#$#$#

    so for you

    you go and open up your HSBC HK account
    your wife go and open up her HK account.
    once open you fund the accounts with 1M t
    hen at that point just work over the phone to upgrade to premiere
    then once premier go and have them open up the AUS account. etc,

  9. #29

    Join Date
    Feb 2019
    Posts
    261

    @traineeinvestor I thought DBS' online access is pretty good and I am loving their new mobile banking app.

    What's the deficiencies you have come across?


  10. #30

    Join Date
    Feb 2019
    Posts
    261
    Quote Originally Posted by bdw:
    Just for background, I have some AUD investments in HK now paying me small AUD dividends every month. I want to send AUD to AUD in my Australian bank account. I use instarem to transfer HKD to AUD which is great, but it cannot do AUD to AUD. So my end goal is to get this global view function from HSBC to make small AUD transfers and get the funds into my local Aus bank account without so many TT fees etc. Putting in my wifes name just another tactic for family tax/estate purposes as TheBrit pointed out. But I would just do everything with Standard Chartered if they had something like the global view function.
    Global View and Global Transfer @ HSBC is overrated in my opinion...that said, is Global Transfer from AUD to AUD free of cost with HSBC?

    One option you may want to consider - check if they have a Multi-Currency Debit Card issued in Hong Kong for your customer level and then you can spend your dividend of HSBC HK AUD account when you go home.

    https://www.hsbc.com.hk/jade/twelve-...cy-debit-card/

    I tried to look but the HSBC HK website doesn't seem to have a search function
    bdw likes this.

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