Is my money still safe in an HSBC Expat account?

[john_1122]

I am planning to open an HSBC expat account, but I wonder if my money (stocks, bonds and cash) will be safe. Is there a possibility that my money will evaporate? What do you reckon?

[pin]

It's not safe, put all your money underneath your bed and give me your address. Or just give your money to me. I will keep it safe for you.

Promise.

[Hkemail888]

No! that rubbish bank that’s losing money from almost everywhere, been fined for manipulating LIBOR, for manipulating precious metals, been fined for scamming its clients selling « mini bonds », been fined for « systemic failures » at private bank and managed to piss off everyone including Americans(dodgy transactions with banned entities), China(huawei saga) , blues in HK "homosexual Gay lions at their HQ story and yellows (not letting localists movement have a bank account).

Use a proper bank instead!

[freeier]

No! that rubbish bank that’s losing money from almost everywhere, been fined for manipulating LIBOR, for manipulating precious metals, been fined for scamming its clients selling « mini bonds », been fined for « systemic failures » at private bank and managed to piss off everyone including Americans(dodgy transactions with banned entities), China(huawei saga) , blues in HK "homosexual Gay lions at their HQ story and yellows (not letting localists movement have a bank account).

Use a proper bank instead!

can you recommend one.. the description above sounds like pretty much every big bank globally

[john_1122]

It's not safe, put all your money underneath your bed and give me your address. Or just give your money to me. I will keep it safe for you.

Promise.

Thank you for your kindness. Please give me your bank account no, so I can make transfer.

[john_1122]

So what bank shall I open an account with, considering I am based in HK, and want to open a bank in another country?

I am opening one with SC in Singapore (which I can do through the HK branch), but I want to spread my millions in 2-3 banks.

[DellthinkHK]

you are absolutely right, you look at who sold minibonds, who got fined for LIBOR rigging, precious metal spoofing etc its many of those big banks. the list goes on and on,actually of what they did wrong including "poor work" on IPOs, "poor compliance", pretending they owned physical gold/silver for clients and charging them for it when there was never any metals there etc

I would recommend DBS. Some people here have issues with their platform (I don't), but overall if think it is relatively safer and more respectable. Hang Seng could have been another option, but as their are a part of the HSBC group I avoid them as well.

They are not perfect too and had their share of screw-ups, including the time when they lost all the deposit boxes from one of their branch

You look at the share price of CS, HSBC, Stanchart, etc etc over the past 20-30 years you can see all that is wrong with them

[Cwbguy]

I have found Citibank way outclasses HSBC.

[ArrynField]

Up to GBP50,000 is safe....

https://www.expat.hsbc.com/legal/

[nivek2046]

The Deposit Protection Scheme (DPS) offers statutory protection to bank depositors in Hong Kong. Administered by the Hong Kong Deposit Protection Board (the Board) under the Deposit Protection Scheme Ordinance, the DPS is a key component of Hong Kong’s financial safety net that helps maintain the stability of our banking system. Unless otherwise exempted by the Board, all licensed banks are members of the DPS and deposits placed with each Scheme member are protected up to HK$500,000 per depositor. There is no need for the depositors to pre-register, apply or pay for such protection.


https://www.hkma.gov.hk/eng/smart-co...tection-scheme