[Aritaurus]

I'm just wondering, is it possible to open a savings account without monthly fees from any financial institution in Hong Kong ? I'm currently studying and working in Canada and I plan to move to Hong Kong in a few years. I hold a Hong Kong Identity Card with the Right to Land.

Also, I thought about opening a credit card account so I can build my credit history a bit early so it'd come in useful later. Is it easy to apply for low limit credit card if I'm employed or studying overseas ? Do banks offer secured credit cards where you pay a deposit equivalent to the credit limit and they return it within a year or two ?

[discobay]

You can definately open an HSBC savings account with no monthly fees. Though I can't recall the minimum balance that they require you to maintain. It is however very small like HKD500.
You will need to prove income and provide a HK address for a credit card. See the links to similar threads below.

[freeier]

why wld credit history bother so much that u need to open an account 3 years in advance... in hk as long as u are clean enough you don't need any good usage history. it'd cost u much more in exchange rate to use a hk card in canada or elsewhere.

[Aritaurus]

Originally Posted by freeier

why wld credit history bother so much that u need to open an account 3 years in advance... in hk as long as u are clean enough you don't need any good usage history. it'd cost u much more in exchange rate to use a hk card in canada or elsewhere.

You'll be surprised what this can do for me when I'm travelling abroad. We don't have VISA debit in Canada like in other countries so it's hard to make withdrawls when you're in a lot of countries like Japan etc.

[freeier]

not in a position to judge that, since i have obviously not used any of thsoe before.

i'd think these days worldwide u can probably draw money thru some wired up atm network without having to go thru visa.
japan has citibank so i'd guess those networks that link up with citibank wld be accessible.

and of cos, from the strictly financial point of view, i'd advise to avoid the cash withdrawal of visa as the interest rate is simply ridiculous. not to mention the forex hit u're going to get.

and lastly, back to the same point, i don't recall in singapore and hk having to chalk up brownie points with visa and the other credit card companies. cld it be a regional type of behavior ?