Banking concerns

[KnowItAll]

(I've also sent an email to both the HKMA and my contact at HSBC to verify the money transfer related issue)

We've been told by HSBC that there is a law in Hong Kong, under which new account holders cannot transfer money to the US for the first six months.

Can you help us verify if there is such a law?

How can new expats in Hong Kong, who need to pay bills in the US and maintain ongoing accounts, deal with such a situation?

Regards,
KnowItAll
Director - GeoClicks

[tx75070]

Thanks KIA. It will be interesting to see the response.

[KnowItAll]

Got a note from HKMA about this ... let me know if you want me to forward it to you, to show to HSBC. (send me a PM)

Dear Sir,

Thank you for your enquiry. Please be informed that there are no provisions in the Banking Ordinance or in the HKMA's Prevention of Money Laundering guideline that impose such a restriction. You may wish to clarify the issue with the bank concerned directly.

Best regards,

<snip>
Public Enquiries Service
Hong Kong Monetary Authority

[Khema]

When I asked the guy at HSBC about this today he told me that I need to have the account open for 6 months before I can transfer money out of the country. He told me it is HK law. I couldn't believe what I was hearing. He assured me for about 10 minutes that there is no way around this. So basically I have to leave enough money in my US bank account to cover the bills for 6 months. I was orginally planning on transferring money over as necessary.

Sorry, absolute rubbish (what this guy is saying). i have opend an HSBC account (the cheapest one) in Sept and made a few transfers overseas - to a (different bank) in the UK and Russia. No problemo.

perhaps you have applied to some sort of special savings type of account when you have to commit to a certain period of time?

[KnowItAll]

>> perhaps you have applied to some sort of special savings type of account when you have to commit to a certain period of time?

Simply not possible again. HSBC does not have any accounts that I'm aware of which need a six month cooling period.

I'm waiting on them to respond. Lets see what they come back with.

[Khema]

I also found making international transfers from my HSBC account much easier than say making them out of my UK (NatWest) or French (CL) accounts. Esp UK's Natwest that insists on seeing the original transfer appl form at the branch with the ID.

at HSBC, i made an ONLINE transfer and was astonished to find money at Natwest account in the UK within 24 hrs. Anyone familiar with UK banking system would understand my astonishment...

so, go online and forget the incompetent staff at the branch!!

[ReverendJay]

If you have a Citibank account in the US, why open an account with HSBC here? Why not open a citibank account here, the interbranch transfers to the US banks should be much easier.

[tx75070]

I would love to say that I am going to march right in there with my newly found information and show them they don't know what they are talking about. I'll have to wait about 45 minutes with the rest of the cattle before even getting to talk with anyone.

[penguinsix]

If you have a Citibank account in the US, why open an account with HSBC here? Why not open a citibank account here, the interbranch transfers to the US banks should be much easier.

Citbank USA and Citibank HK are different entities entirely. Interbank between the two Citibanks are treated as two different banks, so basically it really doesn't matter if you use HSBC HK or someone else--sending money from Citibank USA is pretty much the same to either beast.

That said, I have Citibank USA and Citibank HK. I have what's called a 'private account' with Citibank USA which enabled unlimited wire transfers (no fee) per month. I had our salary paid to the US branch and wired into the Citibank HK money as needed. I could access it via Citibank's website and it was a 24-48 thing. Not a big deal.

Wiring money back to the US was a bit more difficult, as I couldn't get the Citibank's HK website. I did do one by going in there once and it wasn't much of a problem.

In your situation, is there any chance you can get your salary deposited (or a portion thereof) directly in your US account?

[BenderBends]

i have to get my entire salary from HK office....

i do have the citibank USA account.

so...to help me confirm best option:

i should open a bank account with HSBC with online access and transfer funds between citi(USA) and HSBC(HK) accounts via online transfers.

so what do i need to set up the bank account with HSBC as far as setting it up for transfers to citi?


also...i think citi(usa) is free when money comes into the account, which is what i would do most of...so what is the fee for HSBC to send money out?