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International investing accounts

  1. #71

    Join Date
    Jan 2018
    Posts
    32
    Quote Originally Posted by chichow
    Citibank HK will allow USA citizens to open up local savings accounts but won't allow USA citizens to open up investment accounts.
    Yes, I also asked them earlier this year - Citi Gold HK would open an account for me (I'm a US resident, but not a citizen).Ultimately I didn't because they wanted 1.5M per their gold requirements - and you can not do anything with it, just has to sit there being eaten away by inflation.

    Another bank that will is Hang Seng - but they are very picky with documentation. I went there with a utility bill and a us bank statement - they were rejected because my name didn't match the name in my passport (no middle name). Very frustrating talking to them - their 'front line' is manned by interns and junior hires that can't answer even basic questions.

    I noticed there seemed to be a lot of mainland customers in Hang Seng - using their PRC ID card for identification. Strictly speaking I I think they are not allowed to have these accounts (mainland law)?

  2. #72

    Join Date
    Dec 2010
    Posts
    2,095
    Quote Originally Posted by Elefant&Castle
    Yes, I also asked them earlier this year - Citi Gold HK would open an account for me (I'm a US resident, but not a citizen).Ultimately I didn't because they wanted 1.5M per their gold requirements - and you can not do anything with it, just has to sit there being eaten away by inflation.

    Another bank that will is Hang Seng - but they are very picky with documentation. I went there with a utility bill and a us bank statement - they were rejected because my name didn't match the name in my passport (no middle name). Very frustrating talking to them - their 'front line' is manned by interns and junior hires that can't answer even basic questions.

    I noticed there seemed to be a lot of mainland customers in Hang Seng - using their PRC ID card for identification. Strictly speaking I I think they are not allowed to have these accounts (mainland law)?
    ==

    Why do you have to open a Citi Gold HK account? Why not a regular Citi HK account?

  3. #73

    Join Date
    Jan 2018
    Posts
    32
    Quote Originally Posted by chichow
    ==

    Why do you have to open a Citi Gold HK account? Why not a regular Citi HK account?
    What I really wanted was a savings/investment account - not another bank account.US citizens complain they have it tough - but for them, why not save in the US.For foreigners temporarily taking up residence in US the situation is worse - suddenly the great satan makes itdifficult for us to keep our existing investment accounts - even in our home country.There is effectively a push to move our savings to US - which does not make sense if it is only for a few years.

  4. #74

    Join Date
    Dec 2010
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    2,095

    Are you saying that Citibank HK said that if you open up a Gold account with them, that they would then allow you to open up an investment account?


  5. #75

    Join Date
    Jan 2018
    Posts
    32

    No - the opposite.

    Normally a City Gold account does give access to investment products: stocks, bonds, term deposits etc. However, for 'american persons' - citizens or aliens residing in us - it has no such access.

    I don't think opening a basic bank account is a big problem. Other banks will do it too - such as Hang Seng.


  6. #76

    Join Date
    Dec 2010
    Posts
    2,095

    Typically 1.5million does not have to be all cash sitting in an account, but could be inclusive of multiple bank products such as mortgages, investments etc.

    You could have your savings account at Citibank or Hang Seng bank or whomever.
    You can then have an investment account at a brokerage like Interactive Brokers.


  7. #77

    Join Date
    Jan 2018
    Posts
    169

    All banks can open accounts for non-residents, so long as they jump through the onboarding hoops - so they lead you to believe.

    International banks know that non-residents want a bank account for a particular reason in Hong Kong, which we don't have to cover, so they can ask for what they believe would be a token sum. If the customer is unable to product the token sum, it proves the customer is not worth it from their perspective. This is how they will think.


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