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Sick of HSBC - what alternatives?

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  1. #11

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    You are correct that you can send 10 000 HKD per day with FPS with any type of identifier. But I have not found a way to send more than 10 000 HKD per day. Given that both my rent and the amounts I transfer between accounts is much larger than 10k its not really a viable option to spend 4-5 consecutive days to send my money over in batches.

    Pretty funny, thanks to your post I logged in now and tried it out. Omitting my middle name, and lo and behold, it works, wow thank you! I have confirmed with multiple bank contacts that nothing can be done in regards to this. Both over email, a email in the form of a offical complaint, which by HKMA regulations gets a special attention and answer, as well in the branch office, but two people. In just shows level of competence and service you get when its Geoexpat that comes to the rescue!

    Edit tried to pay the landlord as well: Nope sorry the landlord payment still bounces. The name is something like Lucky Happy Trading Company LTD. I don't know how to truncate that for SCB FPS system to accept the payment. Now I can at least send money from SCB to HSBC and from HSBC pay my landlord.. ..oh the quality of HK banks!

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  2. #12

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    If you just register your landlord’s account you can make a transfer without using FPS. When you go transfers it gives you an option to transfer with FPS or registered account.
    And all this is just on Mobile. Haven’t checked online.


  3. #13

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    Quote Originally Posted by shri:
    No problems with compliance issues in principal
    I have a problem as there was no reason for a compliance flag to be raised. This costed me $$$

    And yes, HSBC is known to have a very conservative approach to technology and user experience.

    Quote Originally Posted by RobRoy:
    The reason being that the FPS system requires a full name match of the account you are sending money to. If you happen to have a long western name as your bank account
    This made me chuckle. My immediate feeling was that of sympathy to the Thais and Dutch out there in Hong Kong with SCB. And not sure if serious.

  4. #14

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    Quote Originally Posted by Sith:
    If you just register your landlord’s account you can make a transfer without using FPS. When you go transfers it gives you an option to transfer with FPS or registered account.
    And all this is just on Mobile. Haven’t checked online.
    Thanks will try

  5. #15

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    Quote Originally Posted by RobRoy:
    Edit tried to pay the landlord as well: Nope sorry the landlord payment still bounces. The name is something like Lucky Happy Trading Company LTD. I don't know how to truncate that for SCB FPS system to accept the payment. Now I can at least send money from SCB to HSBC and from HSBC pay my landlord.. ..oh the quality of HK banks!
    The problem actually is with both SCB and your landlord's bank. If SCB only allows 20 characters and then the receiving bank applies strict name matching rules, then the receiving bank will reject the payment.

    See Top FAQs at HSBC
    https://retailbank.hsbc.com.hk/fps/en/faq/
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  6. #16

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    Quote Originally Posted by Sith:
    If you just register your landlord’s account you can make a transfer without using FPS. When you go transfers it gives you an option to transfer with FPS or registered account.
    And all this is just on Mobile. Haven’t checked online.
    That would be the traditional way right? I still would get the typical charge you get for using an account from another bank. FPS would get rid of that...if they allowed more than 10K.

  7. #17

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    Quote Originally Posted by timonoj:
    That would be the traditional way right? I still would get the typical charge you get for using an account from another bank. FPS would get rid of that...if they allowed more than 10K.
    Yes traditional way but charge? SC doesn’t charge for transfers within HK (unless you do an express transfer or something like that)

  8. #18

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    Quote Originally Posted by Sith:
    Yes traditional way but charge? SC doesn’t charge for transfers within HK (unless you do an express transfer or something like that)
    Yeah...HSBC does. Or at least did, last time I checked. If it's online transaction to another bank in the same country (HK), it charges you a fee. If you do it by cheque, then it won't. And that's how I've been going every goddamn month to deposit a goddamn cheque to my landlord's bank.

  9. #19

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    Quote Originally Posted by timonoj:
    Yeah...HSBC does. Or at least did, last time I checked. If it's online transaction to another bank in the same country (HK), it charges you a fee. If you do it by cheque, then it won't. And that's how I've been going every goddamn month to deposit a goddamn cheque to my landlord's bank.
    HSBC used to do that indeed but if I’m not mistaken they don’t charge anymore, not 100% sure as don’t do many transfers from HSBC but I think it’s free now.
    timonoj likes this.

  10. #20

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    Quote Originally Posted by timonoj:
    Yeah...HSBC does. Or at least did, last time I checked. If it's online transaction to another bank in the same country (HK), it charges you a fee. If you do it by cheque, then it won't. And that's how I've been going every goddamn month to deposit a goddamn cheque to my landlord's bank.
    I just looked it up and no more fees from HSBC for local HKD transfers.

    Interbank transfer in Hong Kong dollars
    The standard rate at a branch is HK$200, but if you use HSBC Internet Banking or HSBC Mobile Banking, the tariff is waived.

    https://www.hsbc.com.hk/content/dam/...0801-guide.pdf
    traineeinvestor and timonoj like this.