[pin]

I come out to HK in Feb. I'm now thinking about the logistics of moving over and one of them is naturally setting up bank account, getting credit card etc.

It seems here (i.e. on this board) HSBC is the flavour of the month.

I basically want to a bank account where I can put my salary into, a savings account and a credit card. The other thing is having the ability to transfer money to and from the UK as cheaply as possible (and free if at all possible). I know there is HSBC Premier, but I won't be able to meet the requirements. I've been suggested PowerAdvantage, but the marketing stuff on the HSBC website doesn't give me much info.

Here in the UK all my banking is free, i.e. no charges for ATMs withdrawals, cheques, etc. Is this the same in HK?

Also, in terms of setting up accounts, should I wait until I arrive in HK or try and arrange for it to be set up before I arrive.

Any other banks to consider, or would HSBC be the best bet?

Thanks!!

[KnowItAll]

I think powervantage costs around HK$40-80 / month if you do not keep $20K or so min balance.

[brighton]

I'm also in the midst of organising my move from London to HK. I have a premier HSBC current account in London and they are organising the openning of my HK HSBC premier account (or you can choose the power advantage) from London including debit and credit card. Make life a lot easier. Also, if you are thinking about transfering money from UK to HK or vice versa, it's all free.

[back2HK]

Originally Posted by pin

I know there is HSBC Premier, but I won't be able to meet the requirements. I've been suggested PowerAdvantage, but the marketing stuff on the HSBC website doesn't give me much info.

Thanks!!

If you need to use the branch facilities - with powervantage you stand in a queue, with premier you take a number, sit on a sofa and sip coffee. No big deal either way, as you can bank online or through ATMs. Don't think Powervantage has a credit card included though, not sure... I don't think anybody charges for cheques or ATM withdrawals, if you keep the minimum balance for the type of account.

HSBC is just easier, ATMs in every street corner, staff speaks english. I suppose Standard Chartered would do as well. Citibank ATMs exist in Central, not sure about all street corners

[pin]

Originally Posted by back2HK

If you need to use the branch facilities - with powervantage you stand in a queue, with premier you take a number, sit on a sofa and sip coffee. No big deal either way, as you can bank online or through ATMs. Don't think Powervantage has a credit card included though, not sure... I don't think anybody charges for cheques or ATM withdrawals, if you keep the minimum balance for the type of account.

HSBC is just easier, ATMs in every street corner, staff speaks english. I suppose Standard Chartered would do as well. Citibank ATMs exist in Central, not sure about all street corners

Just want to double check: in the UK I can use most banks ATMs (not just HSBC) with my HSBC card and not get charged, in HK is it the case that I will get charged if for example I used my HSBC HK debit card in a Citibank ATM (or not be able to use it at all)?

[back2HK]

Originally Posted by pin

in HK is it the case that I will get charged if for example I used my HSBC HK debit card in a Citibank ATM (or not be able to use it at all)?

I think you can only use in HSBC & Hang Seng bank ATMs. But since they are the most numerous in HK, you will never be short of ATMs. Usually, you can use other banks ATMs only abroad for a fee.. ie use the HSBC UK card in Citi HK and vice versa, but not locally. Not sure about this, but never needed to find out..

[trondmv]

You can use your HSBC HK debit card in other banks' ATMs, but usually you will be charged a $30 - or so - fee per transaction. I suppose it depends on what setup you get with HSBC. Unfortunately they haven't got a strong consumer watchdog here (compared to UK) to cry foul at these horrid charges...

Hence the way to go is with the bank with the most ATMs dotted around town, thus minimising the chances of you having to fork out a fee to get to your beer money. HSBC it is then - the lesser evil.

[PDLM]

Originally Posted by trondmv

Unfortunately they haven't got a strong consumer watchdog here (compared to UK) to cry foul at these horrid charges...

Just out of curiosity, how would you like the banks to make a profit from you? Or do you think they should be charities?

[tonkfodder]

Originally Posted by PDLM

Just out of curiosity, how would you like the banks to make a profit from you? Or do you think they should be charities?

PDLM do you work for a bank?

Not sure in Hong Kong but in Australia the transaction fees represent 1% of the overall profit, the average profitability of banks in oz is around 12% per year. In the UK which generally has lower transaction fees the profitability is 20 percent. The move in Australia is to increase the percentage of profit obtained from transaction fees as it is low risk i.e. less likelyhood of the banks messing up.

Definitely not charities they consistently increase there profit year to year, so good if you work in banking

As for the original post I am with HSBC and have a power advantage account (credit card optional) not a major stress going into banks as I tend to do everything over the internet. The only hassle is accounts you want to do transactions with on the internet have to be set up individually which means a trip into bank but somehow always can directed to a different window for this which never has a long queue. The only other thing is that annoying number generator cant beieve this makes the security that much better just logging on longer.

[trondmv]

The banks already make more than enough profit from me through the myriad other charges they impose - at least have the decency to allow me to withdraw my cash wherever is most convenient for me.

Banks make heaps of money in retail from loans, mortgages and such. Not to mention what most of them rake in on the wholesale side. There really shouldn't be room for a) bank accounts you have to pay for; and b) banks charging you to use their ATMs.

In most of Europe and the US, these charges are a thing of the past - effected through a combination of consumer protection regulation and good ol' free market competition. Perhaps HK isn't such a free economy as it touts itself to be?