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New arrival in HK - bank advice please

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  1. #41

    Join Date
    Sep 2006
    Posts
    69
    Quote Originally Posted by HK_Katherine:
    AVOID HSBC like the plague. Irrespective of whether they are good in your home country. They are shit here.
    I agree with this. I have an account in my home country. HSBC refused to open my account in HK when I first got here even though I had my employment contract and my paper ID. Needed address proof (which I didn't have as I was living in a hotel). I would recommend Citibank. They understand what expats need. Got it opened very quickly on the proviso that I updated my address (used the office) as soon as I signed a lease + provided a scan of my proper HKID.

  2. #42

    Join Date
    Aug 2020
    Posts
    59
    Quote Originally Posted by mucaari:
    I’m waiting for Mox. WeLab and ZA Bank in the end are controlled by Chinese (state-owned) companies. I don’t think it’s in the interest of HK that SOEs gain more control of the market.
    At Mox, the biggest shareholder is SCB, but they also have Chinese minority investors.
    Couple of things to clarify:

    - Yes, ZA is Chinese state owned/ controlled. No qualms here.
    - WeLab has always advertised that it is a Hong Kong-based start up, and it is - it was founded by local Hongkongers who used to work at Standard Chartered Bank. I have no idea where you think the Chinese state influence comes in, although they do have funding from Alibaba entrepreneurs fund. But it is just one of many investors in WeLab, and start up funding is different from control.
    - Mox is 65.1% owned by SCB, 25% owned by Richard Li and only 9.9% owned by CTrip. However, I'd say this 9.9% is probably more than whatever % of Chinese company/ govt owns in WeLab.

    So I would say WeLab and Mox are the only non-Chinese start up VB's out there.

  3. #43

    Join Date
    Jan 2018
    Posts
    894
    AVOID HSBC like the plague. Irrespective of whether they are good in your home country. They are shit here.
    Their processes are clunky - I've had my own issues with them - but I still like like them.
    Don't think they are better in other countries - HK is where they are best - and in most other countries they have fewer services on offer.

    These are reviews of their US retail bank - mostly 1* - a lot of very unhappy customers who had their accounts frozen for no good reason and having a hard time paying their bills:
    https://www.consumeraffairs.com/finance/hsbc.html

  4. #44

    Join Date
    Sep 2020
    Posts
    1

    Hi all,

    Can someone give me some advice. I have recently moved to HK. Had an appointment this morning with HSBC to open an account.

    I showed them my employment contract and visa (HKID appointment is in 2 weeks)

    After 2 hours I got rejected with no explanation as to why? My credit rating is good in the UK and Australia but didn’t think global credit rating affected account opening in other countries anyway?

    My employer has now suggested Standard Charter bank?

    Just wondering what I did wrong?

    Thank you


  5. #45

    Join Date
    Jul 2016
    Posts
    26

    Try again with paper HKID, which you'll get after your appointment in 2 weeks.

    HK_Katherine likes this.

  6. #46

    Join Date
    May 2020
    Posts
    195

    Fun experience at HSBC today being told they don't have appointment slots for days and a temporary HKID wasn't sufficient anyway.

    I will be going to Citi tomorrow morning or Monday...


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