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IB USD transfers to Citi

  1. #11

    Join Date
    Dec 2010
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    (why are we not doing this at a pub? - oh yea - we are family men on a school night)

    to be fair your IB info is a couple of years ago. Perhaps things (maybe unlikely) has changed at IB.


  2. #12

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    5,228
    Quote Originally Posted by chichow
    to be fair your IB info is a couple of years ago.
    No it is not, I can see on IB's website which deposit/withdrawal options I have in any given currency.
    Because I wanted to make sure, I checked just now before posting.
    Please check your IB account, and let us know if you see differently for USD.

  3. #13

    Join Date
    Feb 2015
    Location
    Hong-Kong
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    5,228

    @pin, while we're on the subject I'm just looking through my PMs with Citi HK with respect to cashing in foreign checks as I had some questions recently. This is dated March this year, but a quick look at their current Fees&Charges suggests this is still applicable.
    I think HSBC is better in a sense that they do not charge the 0.25% referred to below. And also the fixed fee is HKD100 instead of HKD300.

    -------------------

    Ref: U1903020166BR

    Dear Mr. [ ],

    Thank you for your message.

    To deposit USD check with your name, you may send the check to
    Transaction Service Department, 11/F, Citi Tower, One Bay East, 83 Hoi
    Bun Road, Kwun Tong, Kowloon, Hong Kong for our handling. Beside the
    basic check elements, please endorse at the back of the check of your
    account number.

    Kindly be informed that, all the foreign checks are required to be sent
    for collection and it will take around one month. A foreign bank check
    sent for collection service fee of HKD300.00 plus foreign bank charges
    will be levied.

    Meanwhile, if the amount was deposit to the account in same currency, a
    service charge of 0.25% of check amount (Min.HKD50.00) will be levied;
    if deposit to the account in different currency, a service charge of
    0.25% of check amount (Min.HKD50.00 & Max.HKD100.00) will be levied.
    Interest will be counted since the check deposited date in this
    scenario. We may further review your case upon receive of the USD
    check.

    If you have any queries or require further information, please call our
    CitiPhone Banking Hotline at 2860 0333.

    Thank you for banking with us. It is always a pleasure serving you.


    Yours sincerely,

    Eric Leung
    Customer Service Manager
    Citibank (Hong Kong) Limited

    Enjoy a wealth of convenience at Citibank Online!

    This e-mail is confidential and may also be privileged. If you are not
    the intended recipient, please notify us immediately; you should not
    copy or use it for any purpose, nor disclose its contents to any other
    person.




    Original Message Follows:
    ------------------------
    From: [email protected]
    To: [email protected]
    Subject: Enquiry on Citibanking
    Date: March 1, 2019 4:30:23 PM CST

    Form Message
    subject:Enquiry on Citibanking
    EMAIL:[email protected]
    formcode:jpc.mymlb
    Comments:Eric,

    I would like to cash in a USD check issued by Citibank N.A. in the USA.
    The address of the branch is One Penn's Way New Castle DE 19720, USA.

    Is there any fee associated to this ?

    Mr [ ].


  4. #14

    Join Date
    Dec 2010
    Posts
    2,639
    Quote Originally Posted by jrkob
    No it is not, I can see on IB's website which deposit/withdrawal options I have in any given currency.
    Because I wanted to make sure, I checked just now before posting.
    Please check your IB account, and let us know if you see differently for USD.
    sorry I then mid understood the prior post when you said a couple of years ago versus current lookip

  5. #15

    Join Date
    Dec 2002
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    薄扶林
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    Not sure if this post is worth anything.

    Just did a couple of USD transfers from Saxo HK -> HSBC HK, no charge on either end.

    Have a GeoExpat related problem - please create a support ticket.

  6. #16

    Join Date
    Oct 2006
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    Hong Kong
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    13,308
    Quote Originally Posted by shri
    Not sure if this post is worth anything.

    Just did a couple of USD transfers from Saxo HK -> HSBC HK, no charge on either end.
    Saxo HK accounts are with HSBC HK so no surprises there.
    jrkob likes this.

  7. #17

    Join Date
    Dec 2002
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    薄扶林
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    Quote Originally Posted by pin
    Saxo HK accounts are with HSBC HK so no surprises there.
    Hah, you are right. No clue why I had the impression they were with Citi. (And yes they are with HSBC for all currencies)
    Have a GeoExpat related problem - please create a support ticket.

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