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Another HSBC Rant

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  1. #61

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    Quote Originally Posted by rkenia852

    I just went over to Hang Seng to buy some gold coins and was told I had to open an account at Hang Seng to do so. Makes no sense to me!
    part of AML... happening quite often in banks that deals with non wired stuffs...

  2. #62

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    [QUOTE=freeier;3670200]part of AML... happening quite often in banks that deals with non wired stuffs...[/QUOTE

    Sure; if the payment is in cash. But if I can make the payment through EPS or Credit Card, someone else has done the KYC and AML is not Hang Seng's problem.

    What stops me from going to Chow Tai Fook and purchasing gold coins there?


  3. #63

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    Quote Originally Posted by rkenia852

    Sure; if the payment is in cash. But if I can make the payment through EPS or Credit Card, someone else has done the KYC and AML is not Hang Seng's problem.

    What stops me from going to Chow Tai Fook and purchasing gold coins there?
    don't think they will sell you gold coins by credit card or EPS, has to be cash or direct transfer from their account (because of cost at the back of such payment)...

    don't ask me why, and many guys always complain that why this bank do this and that bank can do that can why not consistent..etc..
    the way compliance and AML works, each bank will define what it is that is required within their processes and implement them accordingly.. if their process is safe over the years, good for all, but if some loophole occurs and something blows up, then the bank will have to take the hit and get penalized.. so conservative banks will adopt conservative processes and aggressive ones will be like cowboys...
    shri and traineeinvestor like this.

  4. #64
    bdw
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    Alright guys, just to update, thanks to people on this forum I discovered Citibank have the same global view/global transfer function as HSBC, they have a presence in Australia (unlike Standard Chartered) so I thought I will give them a shot instead. If you do their new customer account opening using their mobile app you get up to $10k rebate, so on a Sunday (yesterday) I installed the Citi app on my phone, signed up for a new account, took a photo of my HKID and address proof, had to take a mug shot selfie, had to write my signature on a white piece of paper and take a picture of it, then wait 10 minutes and BOOM!! I have a brand new citibank priority account. F*cking awesome all online on a Sunday without leaving my home or having to go into central as some people were saying is a good idea when dealing with HSBC.

    After creating the basic Citi priority account, there is another section in the app to setup the FPS, transer in some money from my Standard Charted account and then if you transfer in more than $1m you get another $2500 rebate, or more than $500k and you get $1200 rebate

    After this, use the app again to create an investment securities account and they give you another $500 rebate. Buy $200k of stocks and another $1500 rebate, Then I can start buying stocks with no buy commission for the next few months.

    Next I have to figure out how to create a Citi Australia bank account and get the global view thingy working.

    Oh also they have 3% HKD fixed deposit as a welcome offer so might do some of this as well.

    Really happy I got my wife setup on Citibank on a Sunday and can now start buying shares, I can start selling what I have with Standard Chartered and need to complete before I become Austalian tax resident in a few months. Really f*ck HSBC for kicking me out of their Premier center last week and they are good for nothing as far as I am concerned (except for their HSBC Visa Signature credit card which gives me 5.6% cashback on overseas transactions, I'll keep that )

    shri, jrkob, Andy SNK and 1 others like this.

  5. #65

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    @bdw - I think you need to contact Citibank's International division.

    https://www.citibank.com.hk/en/inter...TLOurAdvantage

    bdw likes this.

  6. #66
    bdw
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    Quote Originally Posted by shri
    @bdw - I think you need to contact Citibank's International division.

    https://www.citibank.com.hk/en/inter...TLOurAdvantage
    The higher level Citigold requires $1.5m relationship balance. The middle range Priority requires only $500k (and no fees anymore if you fall below). They both say they offer the free global view/global transfer which is the main thing I am chasing. So will figure this out next, whether I just keep the priority or upgrade to the Citigold. Apparently if I upgrade to Gold I can get another $5k in rebates

    What I'm quite impressed with is how I've been able to do everything from home without having to speak to anyone at Citibank so far. HKID, address proof, signature, photo, etc all done in the mobile app. Now I need to setup the Aus account I might need to finally make a phone call to figure out how to do it.

  7. #67

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    I suspect you have a placeholder account. Will need human interaction / verification for it to be fully activated.


  8. #68

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    Quote Originally Posted by shri
    I suspect you have a placeholder account. Will need human interaction / verification for it to be fully activated.
    Yeah this doesn't sound like how HK works at all. Unless Citi is special and do everything offshore, which is highly unlikely. I do hope it's true though, in which case I would consider the switch as well as have heard good things, but just love how SC and HSBC have centers so close to me.

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