Regular xfer of $ to US account

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  1. #1

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    Regular xfer of $ to US account

    Tried search, didn't find much.

    I have a mortgage in the US, and some other bills that need to be paid in US$.

    I get my pay in HK$, direct deposit to my HSBC account. Asked my company if they would do a split deposit to HSBC and my US bank account, their answer was "would be difficult..." (aka Hongki for "no").

    Although HSBC has "internet banking", my experience is it's like phone banking from 1980 without the phone -- apparently you're just generating printed documents in an office somewhere for a teller to make the transactions. To avoid any semblance of convenience, you still have to go to a branch to do all the things I've been able to do online with US banks for a decade -- transfers, opening accounts, currency exchange... OK, I'm exaggerating, but internet banking here is pretty lame.

    I have the HSBC account, a US account (at B of A), and an ETrade bank account (as well as a trading account). Looking online at my B of A and ETrade "transfer" options, I can see HSBC, but in HSBC I can't see either of the other banks.

    Any suggestions on the easiest/cheapest way to move money from HK to the US each month?


  2. #2

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    If you have enough money to qualify for HSBC Premier (and it does not have to be cash, shares and investments provided they are within HSBC framework count) then this is by far the easiest and quickest way to move money around the world. And it's better than anything you have ever had before, believe me, this is the ONLY feature of HSBC I'm prepared to promote! Instant movement, free, online between the HSBC Premier accounts in different countries.

    OK, but otherwise....

    You CAN do an internet transfers for HSBC. The paperwork lasts once, you need to fill in all the right forms to be able to make transfers of the size you need, then you fill in the online form with the SWIFT code of your receiving bank (or whatever they call it in the USA, find out) and account number etc... fill in on the online form and off it goes. Slower (2-4 days?); more expensive (depends on your account) than premier but works fine and you can save the form to use again and again so you only type it on once.

    Hope this helps. I think HSBC is archaic too, but eventually its possible to find workarounds for most stuff.


  3. #3

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    Eh? This must be some different HSBC Internet Banking from the one I'm using. Bank of America is listed on the US list of banks for overseas transfer; E*Trade isn't, but (if it is genuinely a bank) then you can enter the details manually by selecting "Other Bank".

    If you can't even find Bank of America on a very simple drop down box then this suggests a degree of user incompetence which means it is a little unfair to blame HSBC.

    The cheapest way to move money regularly internationally is to get an HSBC Premier account in both countries (trivial to do) then transfers between your accounts in different countries are free.

    The paperwork that Min07 describes is necessary only to set up "registered accounts". You can transfer smaller amounts (HK$50,000 per day by default) without doing this.

    This is all described in the online help which you have also clearly failed to read.

    Last edited by PDLM; 11-06-2009 at 08:34 AM.

  4. #4

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    Actually they take away your ability to do any transfers by internet banking if you don't use it for a while, and you need to fill in a form to set it up (in the first place) and reset it up again when they take it away.... Obviously if you do regular transfers you won't have come across this userfriendly (not) feature of HSBC.

    It's also a HIDEOUS site to use, completely counter - intuitive and damn hard to find help. I have no problem understanding why the OP is struggling. I've been using it 2 years now and still find it hard.


  5. #5

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    Eh again? There's a big "HELP" button on every screen of the HSBC Online Banking that I use. I find it far, far easier to use than online banking in other places (e.g. NatWest's in the UK is horribly basic and clunky). HSBC Jersey's site is also far inferior.


  6. #6

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    Quote Original Post:
    If you can't even find Bank of America on a very simple drop down box then this suggests a degree of user incompetence which means it is a little unfair to blame HSBC.

    Hey pal, you can criticize my looks, my choice in clothes or my intelligence all day, but you start ragging my skills at the internets and we are going to have trouble.

  7. #7

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    We transfer funds regularly every month to suppliers in the US. Never had a problem with HSBC Internet Banking.

    And no, it is not a form printed out for a teller.

    Infact our suppliers often get money the same day if we transfer before 2 or 3PM HKT.


  8. #8

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    side question since my fingers are lazy...

    whats minimum $ required for premiere HSBC account?


  9. #9

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    Bender: Not worth it ...

    But it depends on the country you set your account up. China Premier's are cheaper (and transferable) and HK premier is 1M


  10. #10

    Join Date
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    Banking in Hong Kong is best described as a process not something that has discrete easy to do activities so I understand this person's problems.

    We have a Heng Seng business account and at times we have to pay in RMB or $US dollars when we buy some services in China like degree verification as the odd university in China demands. Hang Seng can't give us a US$20 cheque or a CNY$50 cheque so we have to use a staff members personal Bank of China cheque! How nuts is that?? In Canada, it can be bad too with Banks but you'd easily get a bank draft and away it goes.

    Last edited by Football16; 11-06-2009 at 03:09 PM.

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