Job Discussion Forums

[Jeff_Nevington]

I have secured a job in Hong Kong and will be arriving there early next month. I know I will need money to get started, rent and living for the first month etc but I don't know how to go about taking it with me.

I am in the UK at the moment, I can open up a HSBC account (which operates in the UK and HK) and pay their 'advanced account' fee which is �10 per month (for 1 year), enabling me to withdraw cash for free in HKD at specific cash points around HK. This seems like the simplest option but over 12 months (which is the minimum upgraded account length) I will clock up spending �120 just for the privelage of withdrawing money for free. I would like an alternative.

I don't know what banks are like in HK, in the UK we can usually set up a standard current account free of charge with some small minimum initial depsoit. If I was to take some cash with me, say enough for a couple weeks at a hostal (which I am planning on doing anyway before renting properly), would I be able to set up an account with a HK bank and transfer money electronically from a UK account? (from experience an overseas transfer like that should only cost about �10 - �30). Even better, are there any HK banks I could contact before I leave to get the ball rolling?

I know traveler's cheques are another option but again, its another fee for being able to spend my own money. Something I don't really want to pay.

[ozman]

you'll probably need quite a bit of money to tide you over until you get your first pay. If you rent a place you'll be up for 2 - 3 months rent in advance. The set up costs can be quite high. If you are coming to join the NET scheme, they used to allow you an advance, although I'm not too sure if this is still available.

Bring a load of cash. You can withdraw more from your UK bank account through the ATM here. It's very easy to set up an account here with HSBC and then you can electronically transfer funds over. The banking here is extremely efficient and fast to set up. Current accounts are not so popular; most people just go with a savings account.

Personally I wouldn't bother with HSBC UK with those sort of fees on "advanced accounts" I'm not familiar with this. There are virtually no heavy banking fees here.

HSBC UK, and HSBC in other countries, are not easily "linked" unless you have a "Premier Account" from which you can access your HSBC global accounts. The Premier Account however is only available for people with large deposits - I think HK 1 million at the moment and equivalent in UK. You can check out Premier Account info on the HSBC website. If you have enough funds to open a Premier Account in UK, then you can get them to set up your HSBC HK account at the same time and there are no fees as a Premier Customer when you transfer your funds globally around your HSBC banks.

Bring cash; use ATM for your UK money; set up HSBC savings as soon as you get here.

[Jeff_Nevington]

I didn't realise they were not well linked, If I can set up an account in HK and transfer money over electronically without any significant charge I shouldn't need to actually bring my rent in cash right? Just enough for a week or two in a hostal, by which point I should be able to draw rent/deposit out from my new HK account. I am just slightly worried about taking too much cash on my person. If I have just a normal visa debit card that should work in any ATM while i get set up too shouldnt it? I am expecting there to be a charge per transaction but nothing more than about �2.50

thanks for the reply anyway, sounds like its definitely not worth paying for any special UK-overseas account.

[ozman]

you shouldn't have any problem using UK debit card here to withdraw cash. I've used Lloyds debit card here. Pin numbers in HK have 6 digits , but I haven't had a problem.

I'd still make sure you bring as much cash as you can; just as "back-up" in case you have any problems. Good luck.

[sistercream]

Ozman's advice is good. HSBC in Hong Kong seems to try and position itself as a rich people's bank - unless you have oodles of boodle on deposit it charges for services that other HK banks still provide free. It's also true that their banking services in different countries are not nearly as well linked as their common name (and advertising campaigns) would seem to indicate.

Check with whichever bank(s) you use now to find out which banks in Hong Kong they deal with directly - that might save you a bit on ATM charges.

Just about all HK banks except HSBC and Hang Seng (who have their own network) are linked to the Jetco ATM network: no charges for using other Jetco banks' ATMs, and also very useful when travelling to Macau or southern China.

[Serious_Fun]

[ozman]

[sistercream]

[ozman]

all banks charge fees if you access an overseas ATM. UK and Australian bank ATM withdrawal fees are very steep if you access money in HK.

The best bet is to avoid this by either taking cash or having a China bank account. Having a Bank of China account from the mainland gives you free access there as well as Macau. They are very efficient.

[Joshua2006]

You get charged for freakin EVERYTHING with HSBC. It's a joke, especially as their interest rates are something like 0.058 or thereabouts....

I took in coins not long ago. All separated and bagged. They told me that it was going to cost me money to put it through their coin machine if there were over 500 coinds. I protested loudly and the charge was dropped. However, it is stipulated in their 'paperwork' that these charges exist.

I was going to be charged to put 3,000 pounds into my own foreign currency account as they will only take 500 pounds per day without charge. I protested loudly and the charges were dropped, but it is retarded as they pushed this account on me when I opened the account in the first place. However, it is stipulated in their 'paperwork' that these charges exist.


They will try and charge you for everything - be careful. However, I don't if the alternatives will offer any better.....