Job Discussion Forums

Peter · Joined: 29 Jan 2003 Posts: 161

I was puzzled by the differences in value of HK dollars when expressed in cash, Travelleres cheques and Telegraphic transfers.
So when I (hopefiully soon) will leave forever I will transfer telegraphically all the loot I have in the HSBC back to NZ

The reason is that travellers cheques and money are physically handled, thus it takes time which equals money
TT is just electonic, instant transfer, just the computer time cost.
You get more for the same amount of money when transferring by TT

Roger · Joined: 19 Jan 2003 Posts: 9138

The bad news is that if you want to open a new account with HSBC (meaning you are a new customer!) you will have to supply a REFERENCE from another bank plus ID and a local address (residence permit or utility bills sent to your local address).
A real headache if you do not have any bank reference! Write home? How long is it going to take?

Oh, I do have a bank account in the mainland. BUt, it's not in my name. Maybe it is - but the name is not in my bank book. Do they know it? They do not know my address

Peter · Joined: 29 Jan 2003 Posts: 161

Roger

You are possibly mistaken, as the HSBC is an international bank A long time ago, when I banked money from SZ Shenda, there was not even a minimum of 5000.
When 8 months ago, my wife, who lives in Shenzhen, and gets mail from the HSBC, opened an HSBC account, there was no objection.
Two years ago I tried to open a Hang Seng account, that was knocked back since I did not live locally and could not supply a reference

Roger · Joined: 19 Jan 2003 Posts: 9138

Peter (and whoever is interested!),
my information is based on the replies given me in their MACAU BRANCH, where I enquired on Saturday, 26 October.
I think I heard similar things in HK maybe one year or two ago.
I do not know how they do business in Guangzhou though but I had no luck olpening a bank account there two years back.
In HK, the minimum deposit is, I think HK$ 5000; in Macau, it's set at HK$ 2000.
There is another rule: You must make transaction from your account within a twelve-month period; if you don't withdraw or deposit money, you pay a charge.
The interest rate is virtually zero.