Job Discussion Forums

canaduck · Joined: 02 Feb 2009 Posts: 26 Location: Canada

What is the best option for international banking?
Is HSBC the best or does anyone have a better alternative?

Chancellor · Posted: Mon Mar 16, 2009 5:40 pm Post subject: Re: Banking

canaduck · Joined: 02 Feb 2009 Posts: 26 Location: Canada

Thank you, Chancellor.

I guess it would help if I specified that I live in Canada and will be teaching in Turkey.

I'll go look for common banks now.

Chancellor · Posted: Mon Mar 16, 2009 7:36 pm Post subject: Re: Banking

denise · Joined: 23 Apr 2003 Posts: 3419 Location: finally home-ish

I wouldn't want the hassle of switching accounts back home--I just made sure to find a bank that could easily wire money to my US account. I've got a different bank in the US and HSBC here in Oman, and they send money home for me every month.

I vaguely remember looking into HSBC in the US, and I think I was told that each country's branches operate completely independently--so having two HSBC accounts in two different countries wouldn't really make much of a difference.

d

Irish · Joined: 13 Jan 2003 Posts: 371

Listen to Denise.

Having spent a few years in Turkey and dealing with different banks, I'd say there is probably little to no benefit to setting up an account with HSBC in Canada just because you'll be using HSBC Turkey. As far as the Turks are concerned, HSBC's branches in other countries are separate entities. (Or so they said then. God knows things have a way of changing, even when talking to different people in the same office.)

That said, you might decide to go with HSBC on both ends for other reasons such as their fees. I used HSBC in Istanbul but only very briefly. I switched over to them in the hope that things would be more efficient and that I'd be able to get assistance from an English speaker when necessary. That did not pan out. However, there is wide variation between bank branches -- that's true of any bank there, not just HSBC -- so perhaps I was just unlucky.

For opinions on various banks and all things Turkish, you might look at the forums on http://www.mymerhaba.com/. Things have a way of getting heated, but there is useful info amongst the flames.

Good luck and happy banking.

canaduck · Joined: 02 Feb 2009 Posts: 26 Location: Canada

Thank you all!

jdl · Joined: 06 Apr 2005 Posts: 632 Location: cyberspace

One additional note. Bank savings are insured in North America (100k in Cdn and 250K in U.S.) If you do decide to go with a Turkish bank or an international bank with Turkisk affiliation be sure to check on the security of your savings. Many banks do not insure deposits or insure only a percentage of deposits. This may be a crucial consideration in today's economy.

canaduck · Joined: 02 Feb 2009 Posts: 26 Location: Canada

Hrmm....that is rather critical information.
Thank you for that warning, jdl.

Justin Trullinger · Posted: Tue Mar 17, 2009 4:15 pm Post subject:

I'd add that you'll want to have a good look at your needs and the banking stability of your country of choice.

Most teachers in Ecuador don't worry much about the stability of the banks here. It's not that they're stable (there were some disasters about 10 years ago) it's just that teachers don't have much money to put in them, so there isn't a lot to lose.

Best,
Justin

Glenski · Joined: 15 Jan 2003 Posts: 12844 Location: Hokkaido, JAPAN

You might also want to ask the experts working in Turkey just what is the commonest, most convenient, and cheapest way to transfer money. It may not be a wire transfer. Here in Japan, people either use GoLloyds online, or they use the Post Office transfer.

canaduck · Joined: 02 Feb 2009 Posts: 26 Location: Canada

I won't need to wire money home. Just need to access my savings. I'd rather not use a debit card for my Canadian accounts since they will gauge me with charges.

mlomker · Joined: 24 Mar 2005 Posts: 378