Opening a migrant account for UK to HK transfer

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  1. #1

    Join Date
    Jan 2009
    Posts
    74

    Opening a migrant account for UK to HK transfer

    Hello,

    Moving to HK very soon, and I'd like to move the majority of my UK bank balance to HK, and I'm wondering what my options are in this regarding.

    I've heard that if I set up an account with HSBC in the UK, they can actually assist in the setting up of the HK account, as well as save money on any transfers.

    Is this actually a beneficial route to go down, does anybody have any advice or alternatives that I should consider when looking at this?

    Thanks very much


  2. #2

    Join Date
    Jun 2005
    Location
    Hong Kong
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    23,205

    It is if you qualify for what HSBC calls its Premier service. In HK that means having a total relationship balance with them of HK$1M, in the UK I think it's GBP60,000. You only need to qualify in one place (which becomes your "home" country as far as HSBC is concerned) and then you get the same Premier status anywhere in the world that HSBC operates. It makes it much easier to open accounts, transfer money and so on.

    But if you don't meet the Premier criterion then I'm not sure there is any real benefit having HSBC at both ends vs whatever you currently have in the UK.


  3. #3

    Join Date
    Jan 2009
    Posts
    74

    Oh I certainly don't qualify for the Premier then Thanks.


  4. #4

    Join Date
    Aug 2009
    Location
    Yuen Long, Hong Kong
    Posts
    121

    Sorry, info I was going to offer was incorrect

    Last edited by SilverHK; 23-01-2010 at 10:23 PM.

  5. #5

    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    2,559

    carn1x

    For HSBC Premier in the UK you can also qualify on an income basis, £100k per annum. Details here:

    HSBC Premier: International premier bank experience | HSBC Bank UK


  6. #6

    Join Date
    Dec 2009
    Posts
    6,749

    You could just wait until you arrive in HK, open a local multi-currency account here (you need a passport, recent utility bill with your name on it from the UK), then just transfer the money yourself from your UK account* to your HK account online (wire transfer, keep it in GBP for now).

    *assumes you have online access to your UK account now.

    Last edited by emx; 24-01-2010 at 09:20 AM.