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BVI seeking a cost effective bank

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  1. #1

    Join Date
    Mar 2007
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    13,099

    BVI seeking a cost effective bank

    I have a business (BVI registered) that does a lot of LCs and TTs between a few different Asian countries pushing around a few million USD per year. There is no risk in any of the transactions to the business nor the bank providing the facilities to move the money around. No credit involved.

    We have been using HSBC who have never been particularly helpful nor grateful for the business that generates a couple of million HKD in fees to them every year. Now that I have a decent track record, I'd like to look around and see who would like to give us a bit more respect for our millions in fees....

    Any recommendations?
    Looking for helpful banks who are a bit more hungry for business and willing to compete on fees and service to the SME businesses.

    DBS comes to mind and will pay them a visit soon.
    Anyone else we should put on top of the list to visit?


  2. #2

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    Ha Good luck.

    I've had a good experience with DBS thus far. You could try BEA.

    I would avoid Standard Chartered.

    HowardCoombs likes this.

  3. #3

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    Quote Originally Posted by Trebor:
    Ha Good luck.
    I dont need luck - I need a bank
    But seriously : I know the difficulties of opening accounts for new companies. This one aint new so it should be easier. The company has been trading for almost 10 years, with big transaction record in the past 2 generating lots of fees....

    I hope it wont be that hard to find something.

    I've had a good experience with DBS thus far. You could try BEA.
    I would avoid Standard Chartered.
    Thank you for the sage advice. Will try.

  4. #4

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    I understand DBS is generally more receptive of offshore companies.


  5. #5

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    Standard Chartered have improved their online banking but their fees still seem a little high to be and that is just for maintaining an account no LC's etc. They seem to have a flat fee of USD 200 per month on top of transactions charges. I don't know what their trade fees would be like though.

    Just had a couple of bad experiences with them, i.e. nobody turning up for a meeting when I took clients to go see them.


  6. #6

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    FYI - DBS HK said no to me a couple of years go. DBS Singapore was ok.


  7. #7

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    My experience with DBS was with a HK Co actually. Nowadays I hear for a BVI you need a HK Parent co for most banks to consider it.

    If you have an existing BVI with track record in HK then it should be easier, although at least you still have the HSBC account if other avenues lead nowhere.

    shri, HowardCoombs and pin like this.

  8. #8

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    While I know that banks dont like BVI and prefer a local HKG corp :: do they actually charge differently?

    In my case, it wont make any difference if I do my transactions inside a HKG company or a BVI company but I've never checked :: would I get better rates on fees if I used an HKG corp account instead?


  9. #9

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    stay with HSBC. still better than other banks for HK and ASP in general.


  10. #10

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    Standard chartered is horrible. The amount of paperwork and they can never do everything at once. It's a bullocks flow chart that doesn't work.

    I just opened some new accounts from them and received about 50 SMS saying it's been received, I should click here, rejected then suddenly said approved. Who knows what's going on. I didn't even contact them since and the status is changing like the weather.