[goodkarma]

I don't know a soul who uses Hang Seng but they sure have a lot of outlets for those of us who cannot do total online banking all the time.

Whether you are Powerv/Premier or just a current acct customer in HSBC the lines have become ridiculous.

Pls don't bash me for using the banks.

HSBC will not transfer money (check written from hsbc to hsbc) unless you stand in line in person. If you just drop it in, it takes a full 24 hours to have your money and I cannot always wait.

[KnowItAll]

Check clearing is usually faster if you use their check deposit machines.

[deleteduser]

I use Hang Seng, but my banking needs are not those of an Expat. But their machines are plentiful (and works with HSBC machines for depositing and bill payments)

As mentioned, if you deposit a local check, just use the machine.

[goodkarma]

It does not go any faster via the machine - they will not transfer the money immediately which is so dissappointing. You really do have to stand in line to do a true on the spot transfer because they verify funds and signatures on the spot so it takes a couple of extra minutes.

[freeier]

i am abit surprise by that.
my understanding is, that cheque clearance is a daily batch affair. they have a cut off time and then the back office people collect all the cheques and start sorting them out checking the signature and etc.

if you have a cash cheque and you are drawing in person, of if someone cut you a cheque in your name that allows you to cash out, then you probably can do a cashing and then deposit. but that would be subject to certain limit of amount and limits on branches etc.

anyone knowing the exact details and processes please post it online

[deleteduser]

Originally Posted by goodkarma

It does not go any faster via the machine - they will not transfer the money immediately which is so dissappointing. You really do have to stand in line to do a true on the spot transfer because they verify funds and signatures on the spot so it takes a couple of extra minutes.

So your choice is to deposit the check and the money arrives the next day, or wait in line for 30 minutes to get it immediately... I guess it depends on whether you need instant access to the funds. If not, machine is the way to go. I can't believe the lineups I see at the banks all the time... I do everything online and at machines! I hate standing in line doing nothing.

[martyn]

Originally Posted by goodkarma

It does not go any faster via the machine - they will not transfer the money immediately which is so dissappointing. You really do have to stand in line to do a true on the spot transfer because they verify funds and signatures on the spot so it takes a couple of extra minutes.

I think all banks will have at least a 1 day clearing time. I'm not sure if there are any banks in HK (let alone in the world) which clear cheques immediately...

[goodkarma]

Bank to bank it's called a transfer.

You are right though if it's say Standard Chartered to HSBC you have to wait a day.

[goodkarma]

lowlight I hate lines too but running a business sometimes cash flow is hell and transfering on the spot vs waiting for it to clear means not bouncing checks.