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Sharing experience with transferring funds out of HK on departure

  1. #1

    Join Date
    Jan 2008
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    Sharing experience with transferring funds out of HK on departure

    Hi guys

    Learn from my idiot experience... Left Hong Kong with my wife and two kids for Canada 10 days ago and now I'm sitting at Starbucks in Central waiting for Hangseng to open.

    In June I did a funds transfer from Hong Kong to Canada (Bank of Montreal account I set up in April) of my savings. All worked out with telegraphic transfer, funds hit Canadian account in two days. So I thought I was all safe when I sold my home in HK and then transferred the funds out of HK five days before departing HK.

    The day before I left I checked my Canadian online banking and the funds didn't reach there yet.

    First I thought maybe because the amount was larger and I always got a phone call before from Hangseng and BOC if there are issues with TT transfers. My panic built up as I got to Canada for a day then two then three and the funds still not arrived.

    I checked again online and the CAD funds had bounced back to my Hangseng account. In my second transfer I handed them the receipt of my confirmed successful first transfer and told them to copy it word for word. They told me the official code displayed in their system was "Transit bank rejected funds". I called the BMO banker in Kamloops who I personally dealt with and she did all she could to check BMO systems but according to them they never received the funds to reject. Typical bank situation with finger pointing and the client in the middle.

    Obviously I was pissed and did all I could over the phone to try to resend the funds remotely but no avail. I had asked a year ago at the Kwai Chung Hangseng branch about a key fob for my online banking.

    They told me I don't need one as its all phone and passwords now. Then now when I tried to do a transfer, for large amounts of funds it advises me I need a key fob.

    Goddamn.... Oh well. It is what it is.

    Bought a single one way ticket myself and flew back to HK and going to confirm my funds reached before heading back....

    To add insult to injury, Canada Border Services Agency decided to randomly inspect my container of personal effects off site. Meaning I have to pay for the container truck and other expenses to get it off the boat to their facilities and forwarder agent advised it usually is a minimum of 1000USD of extra costs. Great. Trying to just bite my tongue and not let it ruin my vibe.

    Hope this helps someone down the road before they move they nail banking stuff down and never assume anything like I did lol

    Last edited by Titus; 31-07-2019 at 08:46 AM.

  2. #2

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    (Reformatted / added some line breaks to your post)

    Thanks for the warning and hope the funds can get moved and show up. Can be unnerving I'm sure.

    Hope it works out for you.

    Titus and Kowloon Goon like this.
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  3. #3

    Join Date
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    The banks get one last FU in, even after you've left

    Best of luck with your new home, sounds like it should be great!

    shri, Titus, Kowloon Goon and 1 others like this.

  4. #4

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    They couldn't send the keyfob to your address in Canada?

    Titus likes this.

  5. #5

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    Even with the keyfob i doubt you can transfer very large amount, wasn't there a limit on online transaction??
    In any case TT getting stuck for whatever reason is not uncommon so it was a simple lesson learnt hard way..

    Titus likes this.

  6. #6

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    Quote Originally Posted by nivantj
    Even with the keyfob i doubt you can transfer very large amount, wasn't there a limit on online transaction??
    In any case TT getting stuck for whatever reason is not uncommon so it was a simple lesson learnt hard way..
    That is true, I remember when transferring my house sale proceeds I needed to do in several chunks. Really annoying.

    Mind you, less annoying than flying back to HK!
    Titus likes this.

  7. #7

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    Quote Originally Posted by nivantj
    Even with the keyfob i doubt you can transfer very large amount, wasn't there a limit on online transaction??
    In any case TT getting stuck for whatever reason is not uncommon so it was a simple lesson learnt hard way..
    Thanks you're right, an update: even with the key fob you're limited to 100k HKD per day. So what the Hangseng banker did just now is fill out a form for me to pre authorize transfers from my Hangseng account to my specific Canadian account to allow for 1 million HKD per day in online banking. And no key fob needed this way too
    nivantj and jgl like this.

  8. #8

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    Quote Originally Posted by TheBrit
    They couldn't send the keyfob to your address in Canada?
    I suppose they could, yes you're right that's also an option.

    Another mailing option was for me to fill out TT forms downloaded online, mail it to Kowloon Bay with a copy of my ID and wait like up to a month. If you're not in a hurry that's also an option.
    shri likes this.

  9. #9

    Join Date
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    Quote Originally Posted by Titus
    Thanks you're right, an update: even with the key fob you're limited to 100k HKD per day. So what the Hangseng banker did just now is fill out a form for me to pre authorize transfers from my Hangseng account to my specific Canadian account to allow for 1 million HKD per day in online banking. And no key fob needed this way too
    So what they did is simply registered your account (or any third party account for that matter), registered accounts have much higher limit.. Also since you are here, make sure you register all your other accounts as well, comes very handy and secure for transferring funds..
    Also I would suggest download Hang Seng Mobile app and set up security key so you can get rid of keyfob forever.. Next time when you do online transfer (larger amount), you can use mobile app to generate security key instead of annoying keyfob..
    Titus likes this.

  10. #10

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    Quote Originally Posted by jgl
    The banks get one last FU in, even after you've left

    Best of luck with your new home, sounds like it should be great!
    Thanks buddy, indeed I was having a blast already before the FU from the banks and customs lol

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