Like Tree4Likes
  • 1 Post By hklocal
  • 1 Post By Claire ex-ax
  • 1 Post By hello_there
  • 1 Post By pizzalover

HKU Exchange Student

Closed Thread
  1. #1

    Join Date
    May 2010
    Location
    Boston
    Posts
    21

    HKU Exchange Student

    Hey guys,

    My name is DanO and i will be studying at HKU (faculty of business and economics) next semester. I am VERY excited and have been prepping/planning for my semester stay for the past several months. One of my biggest concerns is what I should do with my money when I get there. Should I open an account with HSBC or TD BankNorth, transfer my money into one or the either, and get a debit card so I don't get any of those nasty international transaction fees (currently a Bank of America member). I was thinking about applying for a Southeast Asia MasterCreditCard or Hong Kong Citibank Credit Card - do you guys recommend that? Also, in regards to HSBC, are there any monthly fees involved with keeping your money in both a savings and checkings account? Thanks ya'll and I cannot wait to explore the city!


  2. #2

    Join Date
    Apr 2010
    Posts
    63

    Hi Dan!
    Maybe you should open an account with HSBC and do a T/T later. HSBC has a minimum requirement for account balance in order to waive the monthly fees. I'm not sure about the requirement but it should be around HK$10,000 on average.

    Dan O'Connell likes this.

  3. #3

    Join Date
    Oct 2006
    Location
    Sarcasm - because beating the crap out of people is illegal
    Posts
    14,622

    HSBC are canny enough to have a branch on the main campus.

    Dan O'Connell likes this.

  4. #4

    Join Date
    Feb 2007
    Posts
    1,561
    Quote Originally Posted by Dan O'Connell:
    ...so I don't get any of those nasty international transaction fees (currently a Bank of America member).
    BofA has an international ATM partner in HK, believe it is China Construction Bank. Depending on the type of BofA account you have back in the US, you should be able to use your debit or ATM card at branches of those banks in HK without transaction fees, just like using a BofA ATM back home. Your home branch should be able to give you details. For a semester this might be an easier way to go.

    Oh and if you are going to open a local account on arrival, lots of banks have lower fees/ minimum balance requirements than HSBC... might be worth shopping around a little. And, the procedure for opening a bank account in HK is a bit different from the US. There should be some useful details on what will be required if you search around this site.
    Last edited by hello_there; 12-05-2010 at 01:08 PM.
    Dan O'Connell likes this.

  5. #5

    Join Date
    Nov 2008
    Posts
    567

    As hello_there said, no transaction fee if you withdraw HKD/RMB from CCB ATM with your BOA debit card.

    If you have to open an account in a local bank, HSBC minimum balance is HKD 5000. I found HSBC is easiest to deal with. Other banks refused me because I didn't have the address proof. Citibank HK didn't even take my US citibank monthly statement as the proof. For HSBC, you can just use your driver's license.

    Quote Originally Posted by Dan O'Connell:
    Hey guys,

    My name is DanO and i will be studying at HKU (faculty of business and economics) next semester. I am VERY excited and have been prepping/planning for my semester stay for the past several months. One of my biggest concerns is what I should do with my money when I get there. Should I open an account with HSBC or TD BankNorth, transfer my money into one or the either, and get a debit card so I don't get any of those nasty international transaction fees (currently a Bank of America member). I was thinking about applying for a Southeast Asia MasterCreditCard or Hong Kong Citibank Credit Card - do you guys recommend that? Also, in regards to HSBC, are there any monthly fees involved with keeping your money in both a savings and checkings account? Thanks ya'll and I cannot wait to explore the city!
    Dan O'Connell likes this.

  6. #6

    Join Date
    May 2010
    Location
    Boston
    Posts
    21

    thanks everyone!


  7. #7

    Join Date
    Mar 2006
    Posts
    4,043

    You'll find a lot of HKU students frequenting Bar 711 where that budget works for drinks. Not sure what the night life is on campus but I haven't heard great things about the quality of the housing up there- students don't sound like they keep their places clean.

    Drinks are not that inexpensive in HK due I suppose to high rents. They have happy hours though to 9 pm but you're supposed to be studying then!

    Hullex is right - hair style is not that big an issue here - you see it all with expats - all styles on all ages and some right of the 60s here - hippy looks, pony tails, - I saw that just this week - granted just two people.


  8. #8

    Join Date
    Oct 2006
    Location
    Sarcasm - because beating the crap out of people is illegal
    Posts
    14,622

    Football, wrong thread.