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Offshore / International Bank accounts

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  1. #41

    Join Date
    Feb 2006
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    829
    Quote Originally Posted by john_1122:
    I went to Standard Chartered this morning, and this is my disappointing report: They said that all they can do in HK is to open a Singapore savings account, no investment account. So I can't actually buy stocks in Singapore. Apparently they don't have any information about SC Singapore, and don't know whether I need to go to Singapore to open an investment account, or if I can do it online.

    I couldn't find out with a web search, so I called the Singapore number for investments (+65-62425333) but was on hold for 30 minutes, then someone picked up the phone and didn't say anything. So I called back, and after 20 minutes the call was disconnected. I might have finished my skype credit.

    I am not sure I want to bank with such a bank. Does anybody know whether one can open an investment account online, once one has a priority account (in Singapore). Or does anybody know a number where someone actually answers the phone (or this does not exist with banks)?
    I have opened an SCB account in Singapore. I went in person, armed with my HK SCB Priority statements, proof of identity and address, and they opened one for me. Helpful and efficient. It then took ages and ages to set up a link between the HK and SG SCB accounts, but it happened eventually.

    My 2 cents on cross border retail banking:

    In terms of intra country transfers, HSBC is the most smooth, with the greatest range of currencies and across the widest scope of countries.

    Citi works ok between HK/SG/US, but you can only transfer a very limited number of currencies for free.

    SCB was the most difficult to get functional in terms of ease of cross border transfers, and still isn't working very smoothly. Although as standalone banks, SCB HK and SCB SG individually had the best service and nicest staff.

    OCBC SG + their HK bank didn't work at all well.

    Not sure what I'm going to do for free transfers, when HSBC sells its USA retail business.... possibly use Transferwise to transfer money into the bank account of whatever institutional buys their USA business, but it'll be a total pain.
    shri and drumbrake like this.

  2. #42

    Join Date
    Jun 2006
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    Mid-Levels
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    I don't think HSBC is going to fail but it will have to start complying with requests from the Chinese Government to freeze funds of people once the national security legislation kicks in.


  3. #43

    Join Date
    Dec 2009
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    311
    Original Post Deleted
    yes should be

  4. #44

    Join Date
    May 2012
    Posts
    1,186
    Quote Originally Posted by TheRoadAhead:
    Either way you don’t own the shares, the bank or broker does.
    T I L

    ..any link for my further education?

  5. #45

    Join Date
    May 2019
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    783
    Original Post Deleted
    Sorry. Didn't reply to this. What I meant was that each country only protects its own shares at its own institutions. So that 500k USD protection with IB only applies to US listed stocks and ETFs, not any UK or EU listed/domiciled securities. Basically if your brokerage goes bust, governments are only protecting local investments, not foriegn ones.

    Likewise if you were in the UK, investing with Hargreaves and Lansdowne, and they went bust, the UK gov are only protecting shares you hold listed in the UK. That's my understanding anyway.

  6. #46

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by TheRoadAhead:
    would they be thru HSBC expat ?
    Yes. I believe so. As you'd be with invest direct, their UK group. UK gov would protect you up to 80k or whatever it is.

  7. #47
    Quote Originally Posted by Kowloon72:
    Yes. I believe so. As you'd be with invest direct, their UK group. UK gov would protect you up to 80k or whatever it is.
    so what would be the same for IB HK?

  8. #48

    Join Date
    Dec 2009
    Posts
    311
    Quote Originally Posted by Kowloon72:
    Sorry. Didn't reply to this. What I meant was that each country only protects its own shares at its own institutions. So that 500k USD protection with IB only applies to US listed stocks and ETFs, not any UK or EU listed/domiciled securities. Basically if your brokerage goes bust, governments are only protecting local investments, not foriegn ones.

    Likewise if you were in the UK, investing with Hargreaves and Lansdowne, and they went bust, the UK gov are only protecting shares you hold listed in the UK. That's my understanding anyway.
    US stocks/etfs held with IB HK wouldn’t get 500k usd protection

    500k HKD protection by hk govt applied to HK brokerage positions on hk, sh and sz exchange only
    https://www.hkicc.org.hk/investor/fund_limit_e.htm
    TheRoadAhead likes this.

  9. #49

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by foxwendal:
    US stocks/etfs held with IB HK wouldn’t get 500k usd protection

    500k HKD protection by hk govt applied to HK brokerage positions on hk, sh and sz exchange only
    https://www.hkicc.org.hk/investor/fund_limit_e.htm
    I was referring to the SIPC protection. I think IB have something on their site clarifying that HK investors are protected by it, and I emailed SIPC myself who confirmed TDAmeritrade and Charles Schwab investors in HK were protected. This was about a year ago though, I started a thread about it.

    Edit: Yes see Chichow's reply to theroadahead on page 2
    foxwendal likes this.

  10. #50

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by TheRoadAhead:
    so what would be the same for IB HK?
    Chicow already quoted you with the relevant link. Page 2 I think.

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