[lifemagic]

I want to change 10 one oz. Krugerrands in Hong Kong, then live on the proceeds via atm while traveling Indochina. My questions are:

1 -- Is there specifically a 'gold deposit account', so I could not have to change into two currencies before the atm spits out the money, plus, of course, gold prices might do better than bank interest rates.

... actually, that's my only question. I'm on a UK passport, with no HKID.

[KnowItAll]

Accounts and Deposits - Hang Seng Banking Services

Hang Seng has a gold account. No clue what it takes to open an account without an ID card or trade / withdraw in the manner you're suggesting.

[climber07]

As KIA has pointed out there are Gold Accounts available here. Aslo, check out Bank of China and Standard Chartered.

However, your problem will be two-fold. One, I doubt any of them will open an account for you without HKID or HK residence. Two, neither of them will take (Krugerrands) as the initial deposit. Physical gold market in Hong Kong essentially circles around two products: Chinese Panda and Canadian Maple Leafs. Banks will not deal in other bullion including American Eagles and SA Krugerrands. There are of course a few places, one local bank and some numismatic stores that will accept these at close to the spot price but they are much harder to find and you will need to do a little bit of negotiating. PM me if you want to know where you can sell.

However, you'll still have the problem of getting rid of that cash...

[DanielandHayley]

Originally Posted by climber07

As KIA has pointed out there are Gold Accounts available here. Aslo, check out Bank of China and Standard Chartered.

However, your problem will be two-fold. One, I doubt any of them will open an account for you without HKID or HK residence. Two, neither of them will take (Krugerrands) as the initial deposit. Physical gold market in Hong Kong essentially circles around two products: Chinese Panda and Canadian Maple Leafs. Banks will not deal in other bullion including American Eagles and SA Krugerrands. There are of course a few places, one local bank and some numismatic stores that will accept these at close to the spot price but they are much harder to find and you will need to do a little bit of negotiating. PM me if you want to know where you can sell.

However, you'll still have the problem of getting rid of that cash...

You can open a Gold trading account with bank of china without HKID or residence - you'l need your passport and proof of address. They will open a standard passbook account and a gold trading account linked to it.

Hang Seng will buy and sell SAKugerrands ( unless this has changed very recently, I sold mine at their head office about 6weeks ago).

[lifemagic]

I'm really glad I asked here rather than take them to HK and be stuck. I phoned t?he UK dealer yesterday and it's 440 sterling each, not bad as I paid about, God, I can't remember actually, I think 330? But if I bank that online I'm on aroung 6% gross. Possibly not as much as gold will rise over a year... but guaranteed and no messing about.

Thank you for the useful replies.