[KnowItAll]

>> so what do i need to set up the bank account with HSBC as far as setting it up for transfers to citi?

ID card and residential proof (lease?) sometimes an employment letter....

Setup a Powervantage / multi currency account and you're set.

[BenderBends]

what are monthly fees for that account kia?

i will be starting out with only maybe 15K HKD deposited. it will slowly rise...but it wont be a ton..

[KnowItAll]

1) http://www.hsbc.com.hk/hk/personal/bank/account.htm

2) http://www.hsbc.com.hk/hk/personal/f...l/p018_eng.pdf

Last page indicates that 10-99K - HK$ 20/month 0-10K HK$ 80 / month for powervantage

[KnowItAll]

To wrap this up ... here's what I got back from HSBC.

Dear Mr KnowItAll

Thank you for your email of 13 December 2005, regarding the overseas payment from a new account.

First of all, I am sorry for our belated reply because of the sheer volume of emails we have received recently. Nevertheless, I would like to explain the situation.

To process an overseas payment, we will generally consider several areas, rather than the customers' length of relationship with us only. The areas we usually take into consideration are the remitter's account history, the remittance purpose, the recipient country, the remittance amount, etc. I am afraid that we have not heard of a law as you mentioned that new account holders cannot transfer money to the US within the first six months.

Therefore, I would like to clarify that new account holders with us can instruct us to make overseas payment for him/her.

If you have any other questions, you can
- send us an email
- call our General Enquiries Customer Service Hotline on 2748-3322

I hope this information is helpful.

Yours sincerely


Wing Chan
Customer Communication Officer
Direct Financial Services

[punk]

Originally Posted by sylvesterjay

If you have a Citibank account in the US, why open an account with HSBC here? Why not open a citibank account here, the interbranch transfers to the US banks should be much easier.

Not necessarily so. I opened a Citibank account in the States thinking it would function as you say. Unfortunately Citibank here functions as a separate corporate entity. Not sure about the interbranch transfer, but don't assume this is the case.

[ohchk2001]

I had no problems depositing U.S. dollar checks in bank of east asia. It took 28 days to clear, but that isn't a big problem for me since I know it would take just as long to clear a Hong Kong dollar check if they even accepted it back in the U.S.. Not only that but the U.S. bank would likely give a rip off exchange rate.

If you really did work for a bank, you would know there is something called an "international wire" and that is one of the most high tech ways to quickly send money from the U.S. to H.K. and vice versa.

Checks are old fashioned and take long enough to clear in the states. Unfortunately a small number of companies I do business with still mail me checks, but most larger firms just send me a bank wire.

[BenderBends]

Originally Posted by ohchk2001

If you really did work for a bank, you would know there is something called an "international wire" and that is one of the most high tech ways to quickly send money from the U.S. to H.K. and vice versa.

If i really did work for a bank....lol
i do know what an international wire is....and i also know it is expensive to do, and the fee is assessed for most banks coming in and going out. So this method charges me twice....ummmm....fun

Originally Posted by ohchk2001

Checks are old fashioned and take long enough to clear in the states. Unfortunately a small number of companies I do business with still mail me checks, but most larger firms just send me a bank wire.

again...read the posts....i mentioned checks as a cheaper alternative. i dont ever use checks while in USA....but there i had a setup where i didnt have any fees to transfer my money around.

here its not looking like that...so i am looking for cheapest method. I am not rich, but im not poor. I dont like to waste money. if i can avoid fees...then why pay them?

also...my grandma still likes to give me checks for holidays...and so do some of my relatives. so what should i tell them? "no grandma, if you want to send me 50 dollars....you need to pay 20 dollars to wire it to me, and then ill pay 20 dollars to accecpt the wire, so thanks for the net 10 dollars and all that hassel"