Which Bank, Which account

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  1. #1

    Which Bank, Which account

    Hi, I need to open a Hong Kong bank account, I have read all the other posts but still have a few questions, if you dont mind.

    * I am Non Resident in Hong Kong - any favoured bank, or any to avoid?

    * I Need account with visa or master cheque card, internet banking and paypal support

    * I looked at the Premier account from HSBC, to open the account is it a requirement to have HK$1mil with them or is that only needed to waive monthly fee?

    * Besides passport & government issued ID, I have current statements (going back 12months) for my private banking in South Africa, and USA, a Diners Club card and Platinum Amex with combined spend of between 100 and 200 thousand US$ per month. Anything else needed?

    * Would 4 business days be long enough to get everything done?

    Oh yes function of the account, I want money in Hong Kong, so that I can transfer funds to companies I deal with there instantly or next day - they all bank with HSBC and Hang Seng, TT from SA takes way too long usually over a week.

    I appreciate you taking your valuable time to read this, any pointers would be welcomed and truly appreciated.

    thanks


  2. #2

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    If the people you are sending money to bank with HSBC or Hang Seng, you are probably better with HSBC. Sometimes you can even get same day transactions with them.

    I believe the Premier amount is just to waive the fee - they give you three months to fund the account before hitting you with the fee so if you are just here for a short time this might work. Don't expect it to be the kind of "special" service you get with private banking overseas though - it's just a mass-market product for slightly better off folks, still plenty of queues and red tape (but they give you coffee while you wait....).

    You can open an account in about an hour with all the right forms. You will need address proof, passport, ideally some documentation on why you need an account in HK. Make sure you ask for ALL the forms - you need to sign extra forms to make internet transfers, more again to make transfers over a certain size etc etc. Just keep asking - normally they forget to give you all the forms and then tell you to come back into a branch later (not helpful if you left the country!).

    PS - if you have the money, a Premier account is actually brilliant for transferring money between countries. Once you fund in one country they waive the amount for all the others, and if both countries are on "Global View" (check, not all are) then you can transfer between your own accounts in different countries INSTANTLY online. Quite impressive. It's new - only being going a few months.

    Last edited by MovingIn07; 04-02-2009 at 09:09 AM.

  3. #3

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    If you have over about US$5M in assets then HSBC does have a separate Private Banking arm.

    Otherwise, for South African residents HSBC seems to recommend a Premier account with HSBC Offshore (Jersey), for which the requirement is GBP60,000 in assets with them. Then you can automatically get them to set up an HSBC Premier account in Hong Kong. transfers between your HSBC accounts are free and generally within 24 hours. Transfers between HSBC accounts within Hong Kong are instantaneous.


  4. #4

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    Quote Originally Posted by MovingIn07:
    if both countries are on "Global View" (check, not all are) then you can transfer between your own accounts in different countries INSTANTLY online. Quite impressive. It's new - only being going a few months.
    That certainly wasn't the case last time I tried moving money between my HSBC Jersey and HSBC HK accounts online through Global View. It was an overnight transfer. Has this changed in the last 6 months?

  5. #5

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    Quote Originally Posted by PDLM:
    That certainly wasn't the case last time I tried moving money between my HSBC Jersey and HSBC HK accounts online through Global View. It was an overnight transfer. Has this changed in the last 6 months?
    YES! End of November I think. I have moved money to and from HK - Jersey - and watched it happen online... free! Spiffing.

  6. #6

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    Quote Originally Posted by PDLM:
    If you have over about US$5M in assets then HSBC does have a separate Private Banking arm.

    Otherwise, for South African residents HSBC seems to recommend a Premier account with HSBC Offshore (Jersey), for which the requirement is GBP60,000 in assets with them. Then you can automatically get them to set up an HSBC Premier account in Hong Kong. transfers between your HSBC accounts are free and generally within 24 hours. Transfers between HSBC accounts within Hong Kong are instantaneous.
    Also if you open an account with Jersey, and get recommended by a "friend" then both you and the friend get free money (it was 250 pounds each last time I looked, but varies with the offer on at the time). So now all you need to do is decide which of me and PDLM is your friend.....!!!!

  7. #7

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    Yes - that offer I was already aware of (and have benefited from once).

    Good to know that transfers are instantaneous now.


  8. #8

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    Quote Originally Posted by PDLM:
    Good to know that transfers are instantaneous now.
    My HSBC UK -> HSBC HK transfers always take at least 5 days

    That's *if* I can get HSBC in the UK to admit that the Hong Kong bank exists at all.

    Sadly I have bollocks all assets so no premier account for me.
    Last edited by octarine; 04-02-2009 at 02:31 PM. Reason: I can't spell

  9. #9

    thank you so much to everyone who replied. All set I guess (and hope). Two last questions I promise [hope im not lying ]

    Can the application forms be found online?

    I dont need a credit card I have more than enough of those, but a Master/Visa card linked to my account would be great, is this included with premier?

    Thanks all


  10. #10

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    Not sure if you can find the forms online - possibly not. As to the credit card - maybe - I got mine straight away but did fund the account straight away too.


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