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New arrival in HK - bank advice please

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  1. #1

    Join Date
    Aug 2020
    Posts
    26

    New arrival in HK - bank advice please

    Hello,

    I've just moved to HK for work so need to get set up with a bank.

    Any recommendations would be greatly appreciated.

    What I'm looking for
    * English speaking customer service that I can call if I need help/changes etc
    * Two accounts - 1 current account for salary, cash withdrawals, paying bills etc and 1 savings account. Want to easily move money between the two online.

    That's it really! There's so many options it's a bit hard to know where to start, so any recommendations really would be great.

    Thank you!


  2. #2

    Join Date
    Jun 2010
    Location
    Tri-State
    Posts
    11,644

    HSBC and Charter can do what you require. Open your accounts in one of bigger branches for your best chance of getting decent service . . . however, expect spectacularly bad customer service. There have many keystrokes pounded in anger about the HK banking experience on GXP. Good luck.

    MABinPengChau and Kiwi_Guy like this.

  3. #3

    Join Date
    Feb 2019
    Posts
    210

    Hi,

    welcome to HK.

    For point 1 HSBC will speak English fine but good luck getting customer service over the phone other than “please visit your nearest branch”. For some reason they can’t do most things without seeing you.

    For #2, if you’re not a US citizen then I’d recommend ZA bank for savings. For balances up to $0.5m it’s 1% interest, which is the best I’ve seen for instant access. Even the time deposits at HSBC right now are only around 0.75% for premium customers and that’s with a 3 month lock up! With ZA it’s easy enough to transfer online to any brick and mortar bank current account instantly.

    good luck!

    Kiwi_Guy likes this.

  4. #4

    Join Date
    Jan 2015
    Posts
    258

    Citibank were the easiest to deal with when I first moved. Not many branches but the online banking is good and the messaging customer service function works well.

    Kiwi_Guy likes this.

  5. #5

    I've used HSBC for over 30 years and have never had an issue with them (although I might wish their fees were lower). The extent of the branch network is a plus.

    BOCHK is fine to deal with but I've run into language issues occasionally and waiting times have, on occasion, been longer than I would like.

    The worst banking service I've ever encountered is DBS which should be avoided unless you enjoy beating your head against a brick wall of incompetence.

    Last edited by traineeinvestor; 14-08-2020 at 03:20 PM.
    AliT and Kiwi_Guy like this.

  6. #6

    Join Date
    Feb 2009
    Posts
    8,280

    No! Don't walk into a branch. Apply on mobile app and get some freebies. Standard Chartered, Citibank. probably others allow you to open bank account in their mobile apps, take a selfie, take a photo of your HKID, write your signature down on a blank piece of paper and take a photo of that in the app too. All done without setting foot in a branch.

    eg Citibank open a Citi Priority account on mobile device to get $3500 cash back, add a stock trading account and get another $500, apply for the credit card as well and get another $700 cashback.

    Standard Chartered, I'm not bothered to search now but I think their basic banking plan is offering $800 cash back if you sign up before Sept 30th, then they offer an exta $200 (total $1000 cash back) if you apply via mobile app.

    After you've got a basic setup, don't forget you'll need at least 6 different credit cards to enjoy all the cashback and point offers in HK, eg one that offers maximum points for overseas spending, supermarkets, dining, etc. I know if you are coming from NZ you are probably going to be overwhelmed by all the marketing bullshit that goes on HK, but sorry thats just the way it works here so make sure you get a wallet with plenty of credit card slots

    https://www.citibank.com.hk/english/...id=C3PONP1B1X1

    Last edited by shri; 14-08-2020 at 05:08 PM.

  7. #7

    Join Date
    Jan 2016
    Posts
    732
    Quote Originally Posted by bdw:
    No! Don't walk into a branch. Apply on mobile app and get some freebies. Standard Chartered, Citibank. probably others allow you to open bank account in their mobile apps, take a selfie, take a photo of your HKID, write your signature down on a blank piece of paper and take a photo of that in the app too. All done without setting foot in a branch.

    eg Citibank open a Citi Priority account on mobile device to get $3500 cash back, add a stock trading account and get another $500, apply for the credit card as well and get another $700 cashback.

    Standard Chartered, I'm not bothered to search now but I think their basic banking plan is offering $800 cash back if you sign up before Sept 30th, then they offer an exta $200 (total $1000 cash back) if you apply via mobile app.

    After you've got a basic setup, don't forget you'll need at least 6 different credit cards to enjoy all the cashback and point offers in HK, eg one that offers maximum points for overseas spending, supermarkets, dining, etc. I know if you are coming from NZ you are probably going to be overwhelmed by all the marketing bullshit that goes on HK, but sorry thats just the way it works here so make sure you get a wallet with plenty of credit card slots

    https://www.citibank.com.hk/english/...id=C3PONP1B1X1
    so city bank endorses lesbian relationships, that's great!

    Oh wait, it's a guy
    Last edited by Jaz Paul; 14-08-2020 at 07:25 PM.

  8. #8

    Join Date
    Feb 2012
    Posts
    411
    Quote Originally Posted by bdw:
    No! Don't walk into a branch. Apply on mobile app and get some freebies. Standard Chartered, Citibank. probably others allow you to open bank account in their mobile apps, take a selfie, take a photo of your HKID, write your signature down on a blank piece of paper and take a photo of that in the app too. All done without setting foot in a branch.

    eg Citibank open a Citi Priority account on mobile device to get $3500 cash back, add a stock trading account and get another $500, apply for the credit card as well and get another $700 cashback.

    Standard Chartered, I'm not bothered to search now but I think their basic banking plan is offering $800 cash back if you sign up before Sept 30th, then they offer an exta $200 (total $1000 cash back) if you apply via mobile app.

    After you've got a basic setup, don't forget you'll need at least 6 different credit cards to enjoy all the cashback and point offers in HK, eg one that offers maximum points for overseas spending, supermarkets, dining, etc. I know if you are coming from NZ you are probably going to be overwhelmed by all the marketing bullshit that goes on HK, but sorry thats just the way it works here so make sure you get a wallet with plenty of credit card slots

    https://www.citibank.com.hk/english/...id=C3PONP1B1X1
    I love the detail, but I'd say this is initial overkill. Also to get 3,500HKD for opening a Citi Priority account requires moving at least 1.5mHKD to them and keeping it at least that much as your "Average Daily Combined Balance" for at least 3 months. Oh, and of course this large U.S. bank state says "All welcome offers are not applicable to U.S. persons"

    Encouraging anyone that isn't truly ready for probably too much work for not enough rewards to get six credit cards I'd say is at best a joke. I appreciate the ending smiley face though.

    Personally, I hate HSBC, but I use them like most others do, but thanks to FPS I'd say using them over any other bank is less necessary. One thing that HSBC is still best at is check deposit machines. I used one to deposit my 10k check today, woot! Anyway, I'd love a bank that lets me take a picture of my checks to deposit them, but maybe that's not yet allowed in HK despite being available for over a decade in the US.
    Taxmyass likes this.

  9. #9

    Join Date
    Jun 2016
    Posts
    1

    You may want to go with Citi. Less hassles and an unprecedented international reach.

    HSBC's recent troubles with regulators means they go overboard with anti-money laundering checks.


  10. #10

    Join Date
    Sep 2018
    Location
    香港特别行政区
    Posts
    2,841

    I'm going to add to the previous endorsements for HSBC. They may be having trouble with AML but the customer service is usually okay. If you have a 1 mil relationship balance you can upgrade to Premier and get better customer :service plus "easily" open bank accounts in other countries from HK.


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