[sideduck]

Hi,

I was wondering if all banks charge a fee for depositing cdn currency into one of their Canadian accounts. I have a Candian account with Hang Seng and they charge me a fee everytime I deposit money into this account. Is this normal? Anybody have a bank that does not do this?

[KnowItAll]

Banks do charge for currency (i.e. bank note) deposits over a certain amount daily.

FYI: HSBC's charges

http://www.banking.hsbc.com.hk/hk/pe...l/p018_eng.pdf

[chimo]

HSBC limits you to CA$1000 deposit (or withdrawl) per day. Anything above that is subject to a fee, I think 1/4%. I am sure Hang Seng has a similar policy.

[sideduck]

That is so weird how they charge for deposits.
Thanks for advice

[PDLM]

They don't charge for deposits if done by wire transfer: it's the handling of the foreign notes that costs them. Maybe you should look at getting paid electronically rather than in foreign cash.

[hktraveller]

Originally Posted by PDLM

They don't charge for deposits if done by wire transfer: it's the handling of the foreign notes that costs them. Maybe you should look at getting paid electronically rather than in foreign cash.

HSBC does charge 50 HK$ for each incoming international wire(which would be 0.25% of 20000 HK$). Premier customers are excempt though.
And international wires cost way more in addition from the originating bank.

An exception: Moneybookers (www.moneybookers.com) charges ony 1.8 euros flat for withdrawals to HK if you regoister the HK account as the main account. Otherwise they charge 3.50 euros. I use them to transfer money from Germany to HK and deposit into my moneybookers account by domestic wire from my German bank free of charge.

[redwriter]

I agree with PDLM, the banks charge if you deposit cash from another country, as they have to charge an exchange rate. I use wire transfer from US bank to HSBC on a monthly transfer and the only charge so far has been the US banks fee. Been doing it for 2-3 years.

[sideduck]

Thanks for advice guys...appreciate it