Like Tree85Likes

Another HSBC Rant

Reply
Page 8 of 9 FirstFirst ... 5 6 7 8 9 LastLast
  1. #71

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    5,832

    @z754103, I am an occasional user of the free global transfer function (Citi isn't my main bank), but my personal experience is that it worked. No hidden fee, that I noticed... Just be careful from which entity of the Citi group you transfer to. Not all are considered "intra-group".

    z754103 likes this.

  2. #72

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,569
    Quote Originally Posted by jrkob
    @z754103, I am an occasional user of the free global transfer function (Citi isn't my main bank), but my personal experience is that it worked. No hidden fee, that I noticed... Just be careful from which entity of the Citi group you transfer to. Not all are considered "intra-group".
    Confirmed. USD IB to Citi HK (even though IB use Citi in US and HK) isn't treated as intra group. Get charged USD12 for inward remittance (while to HSBC HK you get charged USD10 in remittance from IB for USD transfers).
    z754103 likes this.

  3. #73

    Join Date
    Sep 2015
    Posts
    104

    [QUOTE=rkenia852;3670223]

    Quote Originally Posted by freeier
    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?
    What will stop you:
    they don’t have proper internationally recognised uses investment grade gold coins (krugerrands, panda. Britannia, American Eagle, philharmonic) or proper internationally (LBMA approved refineries) recognised gold bars such as argor heraeus, metalor, pano, RCM etc.

    Don’t buy good there! (Apart from non investment grade stuff like jewellery )

  4. #74

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    5,832
    Quote Originally Posted by pin
    Confirmed. USD IB to Citi HK (even though IB use Citi in US and HK) isn't treated as intra group. Get charged USD12 for inward remittance (while to HSBC HK you get charged USD10 in remittance from IB for USD transfers).
    My post was baiting for your reponse :-)
    shri likes this.

  5. #75

    Join Date
    Dec 2010
    Posts
    3,040
    Quote Originally Posted by z754103
    Has anyone used the free global transfer function successfully with Priority? Any catches or hidden fees I should be aware of? I am thinking of opening account to use free global transfer overseas (and back!) and don't 100% trust HK banks to disclose all the catches , written in a way normal humans can reasonably understand.

    Thanks for sharing your perspective!
    It's two different things

    one is Citi to Citi which is the free global transfer and you don't need priority service to do this. So you can have a basic account in the USA and transfer for free to a basic account in HK. The priority or gold restrictions only come into play if you need to have a certain level in a certain country e.g. in the UK I believe for retail customers you pretty much have to be citigold.

    The other scenario is what Pin mentioned. And I think that just depends on any bank that you inter transfer to. Does the bank you are sending money from charge you (so in IB's case generally one per month free) and then does the bank that is accepting the money - do they charge you anything.

  6. #76

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    3,875
    Quote Originally Posted by Hkemail888

    What will stop you:
    they don’t have proper internationally recognised uses investment grade gold coins (krugerrands, panda. Britannia, American Eagle, philharmonic) or proper internationally (LBMA approved refineries) recognised gold bars such as argor heraeus, metalor, pano, RCM etc.

    Don’t buy good there! (Apart from non investment grade stuff like jewellery )
    Why is that attributed to me....

    But anyway, ZTF and ZXX will likely allow you to pay in credit card for their 'investment like gold'... cos they probably charging huge premium on them. I have not stepped into the hk retail jewelry chains before so no idea how they charge, but in Singapore I once got a quote of a gold maple at 50% premium to gold spot... the sales were giving me some craps like, the spot gold price (which is retail recommended price, generally actual spot + 20%) plus workmanship of $XXX(common for jewelry) ...

  7. #77

    Join Date
    Nov 2005
    Location
    Cramped island
    Posts
    3,875

    Think all these global transfer also depends on the currency..
    even though you have inter company transfer (e.g. for me i generally use DBS for SG<-->HK), if i want to transfer in HKD, they would likely charge me some money because their transfer agent for HKD is not themselves.. But if transferred in SGD I get to transfer from HK to SG free of charge...


  8. #78
    bdw
    bdw is offline

    Join Date
    Feb 2009
    Posts
    5,628
    Quote Originally Posted by jrkob
    @bdw, may I know how your Citi Australia account opening out of Citi HK is going ? Thank you.
    (you know why I'm looking into this)
    haha I'm having lots of fun with Citibank trying to get my wife setup with the priority thingy and finally having some success! But not yet at the stage of opening an Australian Citi account from HK.

    The Citi HK (remote account opening) mobile app is a joke, waited 2 weeks for this and got rejected, The guy on the phone said "Yeah we know our app sucks and has technical problems so just go to a branch". Went to the branch on Pedder street last Friday, got trapped inside for a few hours while riot cops were outside teargassing the streets, bank tellers and cops wouldn't let us leave the branch and we were the only customers in there, so good news we had plenty of time to setup the account and got some customer service for a change

    Now have all the accounts setup, should get around $5k in cashback sometime in the future. Got the securities service working and bought a few HK shares yesterday when stocks went down a bit, strange they charge me a brokerage fee when I am supposed to have 2-3 months free brokerage as a promotion, called them and ask and they have no idea and will research and get back to me. I find their front line to be just as clueless as HSBC and SC but hopefully issues will get sorted out.

    Interestingly just got the ATM card in the mail yesterday and its a Mastercard debit card. So those asking about debit cards in the past might want to consider opening a citibank account.

    My next step @jrkob is to figure out how to open a Citibank Aus account for my wife and then link it up to this HK account and get the free global view thing happening . Will let you know!
    jgl likes this.

  9. #79

    Join Date
    Dec 2002
    Location
    ???
    Posts
    29,239
    strange they charge me a brokerage fee when I am supposed to have 2-3 months free brokerage as a promotion, called them and ask and they have no idea and will research and get back to me
    If it is a promotion - with some terms and conditions, the brokerage fee is usually rebated at the end of the promotional period. Check the fine print on the promotion.

  10. #80
    bdw
    bdw is offline

    Join Date
    Feb 2009
    Posts
    5,628
    Quote Originally Posted by shri
    If it is a promotion - with some terms and conditions, the brokerage fee is usually rebated at the end of the promotional period. Check the fine print on the promotion.
    This is my assumption too. But I asked the guy who setup my account. He doesnt know and needs to go away and check. I thought would be a simple answer.

Reply
Page 8 of 9 FirstFirst ... 5 6 7 8 9 LastLast