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open a bank account before moving

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  1. #21

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    I use HSBC and would not recommend them - if I did not already have the account set up I would choose a different bank like the Priority account with SCB. Don't worry about not being with HSBC, I don't think you lose much.

    PS - re the home address - if you DO choose HSBC, just be aware they will send the security device (which you need for internet banking) to your HOME address, which if is in UK after you move, might be a problem. A few folks have had that issue.....

    chnlong likes this.

  2. #22

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    Quote Originally Posted by chnlong:
    Thanks for reminding. Was trying to delete this one, but don't know how to do it.
    You hit the triangle 'report thread' button and ask admin to delete it for you. But I just did so it should vanish soon and you will get an email telling you your post has been deleted.
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  3. #23

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    >> just WALK into ANY branch in HK

    I would not recommend walking into any branch of HSBC. Better to walk into one of the larger branches or just the head office in Central. Some of the smaller branches have stuffed up accounts of expats we meet, simply because they ended up dealing with staff that was a bit clueless.

    The last case I heard was a business account.... but I still think it is better, even for a personal account to go to a larger bank or one located in or near an expat ghetto.

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  4. #24

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    Quote Originally Posted by chnlong:
    Hi guys, thank you ALL so much! Too many names to name, but would like to give extra applauds to ALAU for posting such a detailed guide.

    I was thinking HSBC, but now thinking SCB because its priority account requires less Total Relation amount. It is only half of the HSBC requirement if also holding a payroll account with them. Don't have HK$1m but might just manage HK$500k.

    From the other posts, I also learned that SCB has less queues, no charge for local transfer to any banks, free international cash withdraw with any Cirrus ATMs for Priority account holder. These are all quite attractive features to me, but do you think it would give me trouble or put me into a less desired position because most people in HK use HSBC?
    I moved from HSBC to SCB, however I need to maintain an HSBC account (SmartVantage one where I keep the minimum amount). Reasons for keeping the HSBC account are as follows:

    - Most people have an HSBC account and when they want to transfer money, HSBC charges them to do so to non HSBC accounts, therefore they are not too keen on making transfers to my SCB account

    - I have to make certain regular US$ payments into a HSBC US$ account. If I do that with my SCB account I get whacked with some major charges

    - HSBC offers a RMB card, which is very useful for when travelling to China

    - HSBC Platinum credit card has some great dining discounts.

    Reasons I moved to SCB are:

    - Lower threshold for Priority Banking

    - Free Priority Pass lounge access (note you can also get this free with the CX Amex card)

    - Fee free withdrawals abroad through Cirrus (note you still have to pay the c.2% currency conversion fee)

    I have to say I've had my frustrations with both HSBC and SCB though.
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  5. #25

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    Im with SCB and I must say that their service is horrible. They dont call you back when they say they will, they mess things up, they give you different stories depending on who you speak to. And I am a priority one customer.

    But once things are up and running, there is no need to contact them or step into a branch. So now I am fine with them, and they do have a few benefits over HSBC and fewer fees in some cases.

    If you see some of my other posts, I do promote SCB a fair bit. But they are not perfect, particularly with their customer service.

    Last edited by bdw; 26-05-2010 at 10:51 AM.
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  6. #26

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    If you see some of my other posts, I do promote SCB a fair bit. But they are not perfect, particularly with their customer service.
    None of the banks are. Most of them screw up account openings / setup.. including HSBC and SCB. The trick is to go to a branch where there is a reasonable chance that they have experienced frontline staff.

  7. #27

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    Quote Originally Posted by pin:
    Reasons I moved to SCB are:

    - Lower threshold for Priority Banking

    - Free Priority Pass lounge access (note you can also get this free with the CX Amex card)

    - Fee free withdrawals abroad through Cirrus (note you still have to pay the c.2% currency conversion fee)

    I have to say I've had my frustrations with both HSBC and SCB though.
    These are exactly the same reasons attracting me!

    I spoke to the SCB customer service; and was advised that I could open an account with just my passport and proof of UK address. Minimum HKD1000 is required at the time of opening a Priority Account. They didn't say explicitly in the email reply, but I guess after the account opening I will have to transfer enough money into the account within a short period of time.

  8. #28

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    Quote Originally Posted by bdw:
    Im with SCB and I must say that their service is horrible. They dont call you back when they say they will, they mess things up, they give you different stories depending on who you speak to. And I am a priority one customer.

    But once things are up and running, there is no need to contact them or step into a branch. So now I am fine with them, and they do have a few benefits over HSBC and fewer fees in some cases.

    If you see some of my other posts, I do promote SCB a fair bit. But they are not perfect, particularly with their customer service.
    bdw, I did got influenced by a number of your previous posts that recommended the SCB :-)

    I guess Shri is right, none of the banks are perfect. I think I will try the SCB out first.

  9. #29

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    I too agree with Shri.... Whether it be HSBC or SC the staff are clueless about account opening process and i have faced some serious difficulty with the local branches and finally when i went to the main branch things were much easy for me.


  10. #30

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    Quote Originally Posted by chnlong:
    These are exactly the same reasons attracting me!

    I spoke to the SCB customer service; and was advised that I could open an account with just my passport and proof of UK address. Minimum HKD1000 is required at the time of opening a Priority Account. They didn't say explicitly in the email reply, but I guess after the account opening I will have to transfer enough money into the account within a short period of time.
    Cool, I would suggest opening the SCB account as your main account and then, when you get round it, open an HSBC account as well, as your secondary account.