Revolut/Wise, then local bank account?

[Milocate]

Hi, how did you do that with your savings when moving to HK?
I am thinking about Revolut/Wise to convert some EUR to HKD (btw can I pay with the Revolut/Wise card locally in HKD??), then open a local bank account.
Afterwards, transfer more EUR->HKD via Revolut/Wise to the new bank account until the first salary arrives.
Could that work? Which way did you go? And which local bank do you recommend?

[shri]

I'd just bring no more than 1000-1500 EUR worth of HKD in cash for initial needs.

Assuming you're going to work for a well known / established business (i.e. not some startup with no banking relationships), you should be able to get your ID card within a few days of being released from quarantine and a functioning multi-currency bank account within a couple of days of getting your temporary ID card.

Your HR department should be able to help you sorted with whats required to open your bank account.

You can then transfer whatever you want to your local bank account.

Your local credit card will take about 2-3 weeks max and many banks like HSBC or the newer app based banks have debit cards that will be functional very quickly. The virtual ones will work with Google Pay - which is now increasingly accepted at most places where they take credit cards.

There are a lot of folks here who have preferences which don't match mine, but my preferences for a local account with be as follows

- Your employer's bank (where they maintain a banking relationship / payroll processing etc)
- HSBC
- Standard Chartered
- Hang Seng Bank
- Bank of China

These have the most bank branch networks and you should be up and running quickly with a basic multi currency account.

Quite a few here have recommended Citibank as an option if you have problems with the four that I have mentioned.

You can then f' around with the multitude of virtual banks / international banks that are out there depending on whatever preference you have and needs / wants from a bank.

[bdw]

Lots of threads on geoexpat of people fleeing HK and how to get their money out. Nice to see the opposite for a change .

if you currently live in a country where you can get a revoult/wise card (HK is not one of them, wise is in HK but not the debit card, revolut is coming to HK soon), then yes sure if would be handy for you to get before you leave. This will allow you to purchase most things in HK the second you land and very good exchange rates with minimal fees.

But really you shouldn't need to do this for long, bring some cash, get an Octopus when you land for train/bus and other smaller purchases where a revlout/wise card would not work, and then it should be fairly quick for you to get your temporary HK ID, local HK bank account, then do some electronic transfers from your home country to HK if you need to bring more money across.

Once you have your local HK bank account, wise is also good for wiring money, great rates and low fees. Even better is interactive brokers, which is primarily an investment platform but also happens to give the best fx conversion rates and then allows you to depost funds from your home country bank account, withdraw to a HK bank account, but IB does have quite a complex setup and ID process.

[Milocate]

Super, thank you very much for your detailled replies!
Yes, I like HK, and plan that for years, now I can finally work there in a branch from the company I work now.
It´s a good I idea to just take the same bank, HR also offered some help for me, so I think that I will chose that way.

Did you keep your European/Overseas bank account, or moved all money to HK after some months? Atm HKD is performing better than EUR...

Edit: Will still go for Wise or Revolut, to have the lowest exchange rates

[alexdown]

Did you keep your European/Overseas bank account, or moved all money to HK after some months?

Imho never close a bank account...

What would be the purpose of moving all your savings to HK?

[shri]

Yes, I like HK, and plan that for years, now I can finally work there in a branch from the company I work now.

Don't get into a "until death do us apart" commitment with HK until you have had to send your first fax in triplicate.

[aw451]

Many people stay in HK long term, most do not. Don't cut ties with your home country, as Shri said. Also remember that there is no such thing as HK citizenship so you will always have some connection to your home country.

[Milocate]

Just found out that HK also has that kind of "deposit insurance", for 50.000 HKD, where the EU goes for 100.000 EUR - therefore it is clever to keep some money in EU, and just pull it to HK if needed

[emx]

Just found out that HK also has that kind of "deposit insurance", for 50.000 HKD

It is HKD500,000

[Paxbritannia]

Lots of threads on geoexpat of people fleeing HK and how to get their money out. Nice to see the opposite for a change .

if you currently live in a country where you can get a revoult/wise card (HK is not one of them, wise is in HK but not the debit card, revolut is coming to HK soon), then yes sure if would be handy for you to get before you leave. This will allow you to purchase most things in HK the second you land and very good exchange rates with minimal fees.

But really you shouldn't need to do this for long, bring some cash, get an Octopus when you land for train/bus and other smaller purchases where a revlout/wise card would not work, and then it should be fairly quick for you to get your temporary HK ID, local HK bank account, then do some electronic transfers from your home country to HK if you need to bring more money across.

Once you have your local HK bank account, wise is also good for wiring money, great rates and low fees. Even better is interactive brokers, which is primarily an investment platform but also happens to give the best fx conversion rates and then allows you to depost funds from your home country bank account, withdraw to a HK bank account, but IB does have quite a complex setup and ID process.

Revolut has been "coming soon" to HK for years. Have you heard something on the grapevine that it might be more imminent?