I have never had so many hassles from just doing simple banking procedures. Aside from the headache of setting one up and a joint one at that, simple things like transferring money to other accounts in HK and setting up internet banking involve countless phone calls, visits, applications, approvals, waiting time, arguments, etc.
I`ve had bank accounts since I was SIX in numerous other countries and i have never come across such an insidious system.
What is the DEAL?
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22-09-2009, 01:44 PM #1
What`s wrong with the banking system here?
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22-09-2009, 02:00 PM #2
It's what they call Customer Service here!
Internal banking definition:
CUSTOMER SERVICE: When the customer has steam omitting from the top of the head / Eyes wide with rage and wanting to kill you / banging his/her head against the nearest brick wall without stopping.
Oh, and because YOU wanted to do that simple banking procedure. They will deduct 1% of the transaction value or HKD100, whichever is higher, for your privilege of using them. (It's written in the small print which you never read!)
Believe that the local ISPs/telcoms uses an similar definition too.
So what did you do?
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22-09-2009, 02:02 PM #3
I've had my bank fill out forms for me while I waited, had me review and sign, and then received rejection letters in the mail a few days later for mistakes in the form.
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22-09-2009, 02:08 PM #4
my personal advice is to go to a branch, spend a whole afternoon, ask for any kind of form that you can imagine (a/c opening form, transaction limit form, internet form, etc.). have them fill them all out, check for mistakes sign and let the system work.
the main problem i always encountered was missing forms (i.e. the bank guy not telling me that a service i need requires another filled in form)
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22-09-2009, 02:14 PM #5
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22-09-2009, 02:17 PM #6
Hong Kong has a problem with people laundering money. The OP must have looked shifty.
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22-09-2009, 02:29 PM #7
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22-09-2009, 02:39 PM #8
My experience with HK banking is simply this - banking is a process and not one based on principles of efficiency or effectiveness.
The irony for me is that because everything is so process driven and not from the customer's line of vision or point of view, it drains the very resources that they could better put to work to prevent fraud and money laundering.
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22-09-2009, 02:51 PM #9
heh, yes, HK banking is very "peculiar".
There is so much bureaucracy involved (and not just in banking), but to do anything it seems.
And yes there seems to be fees for pretty much everything here (cue PDLM to say that banks are not charities, but at the end of the day banks already earn money on what you deposit with them by using that money for mortgages / other investments or by charging you interest for mortgages).
I also agree with F16 that things are so process driven and mechanical here.
However, re money laundering. Every financial centre in the world has this issue, however other places things seem a bit smoother.
My pet peeves are:
- re fees is the HK$25 charge HSBC has when you do an internet transfer to another bank that isn't HSBC or Hang Seng
- Getting charged for using non HSBC / Hang Seng ATM's
(again cue PDLM to say that banks are not charities).
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22-09-2009, 03:19 PM #10
Yep - happened to my husband ... THREE times in sucession .. he gave up on the third one.
To the OP:
I started a similar rant when I moved here. All i can say is, it DOES get easier once everything is set up. (Not easy, but easier
). Like you, I thought it was appalling. I just avoid it an use my overseas accounts for everything except essential HK cash requirements these days. Makes life much easier.
Last edited by MovingIn07; 22-09-2009 at 03:21 PM.
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