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KoreanAmbition
Joined: 03 Feb 2008
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 Posted: Sat Apr 19, 2008 8:04 pm Post subject: Banking with HSBC? Anyone? |
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Okay, I shortened this then. 
Does anyone bank with HSBC?
I think it is in my best interest to transfer all my paperwork to Korea and then just bank with HSBC. Any opinions on that? Should I assume that the university I work for in Korea will have no problem depositing cheques into my HSBC account?
Credit Cards:
Any opinions on whether there is difference in bringing VISA or Mastercard? Will I find a difference between VISA and MC while travelling internationally in Asia?
RRSPs:
Has anyone run into problems being a non-resident in Canada because they are holding RRSP's?
Thanks to anyone who can offer information. |
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KoreanAmbition
Joined: 03 Feb 2008
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| Posted: Sun Apr 20, 2008 12:52 am Post subject: |
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I bumped this after I shortened it.
Doesn't anyone know about HSBC or credit card use in Korea/Asia?
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RJjr
Joined: 17 Aug 2006
Location: Turning on a Lamp
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| Posted: Sun Apr 20, 2008 12:58 am Post subject: |
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I bank with HSBC Singapore, but am unable to get an account at HSBC Korea since I'm not Korean.
I've been pretty happy with KB. Some branches are great, some are not. On day to day matters, just go into any branch, but for important matters, the Dunchon-dong branch in east Seoul on line 5 is the most helpful, and their branch in Mokdong on line 5 is also very good.
Last edited by RJjr on Sun Apr 20, 2008 12:59 am; edited 1 time in total |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Apr 20, 2008 12:59 am Post subject: |
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| KoreanAmbition wrote: |
I bumped this after I shortened it.
Doesn't anyone know about HSBC or credit card use in Korea/Asia?
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HSBC (Korea) is run independently from their main office. You will obtain NO benefit by transferring everything here and will have problems when you try to transfer everything back home again.
Keep your old account at home. Open a new account at a bank of your convenience when you get here.
VISA and M/C are widely accepted at larger hotels, tourist traps and restaurants. Foreign (as in not issued by a Korean company) cards are NOT widely accepted outside of the major tourist spots in Korea and you will pay a premium for using them.
You can keep your RRSPs but after 6 months (if your bank knows you're gone) or if you declare non-residency you will not be allowed to continue to contribute to them.
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Sun Apr 20, 2008 5:05 am Post subject: |
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| ttompatz wrote: |
| KoreanAmbition wrote: |
I bumped this after I shortened it.
Doesn't anyone know about HSBC or credit card use in Korea/Asia?
|
HSBC (Korea) is run independently from their main office. You will obtain NO benefit by transferring everything here and will have problems when you try to transfer everything back home again.
Keep your old account at home. Open a new account at a bank of your convenience when you get here.
VISA and M/C are widely accepted at larger hotels, tourist traps and restaurants. Foreign (as in not issued by a Korean company) cards are NOT widely accepted outside of the major tourist spots in Korea and you will pay a premium for using them.
You can keep your RRSPs but after 6 months (if your bank knows you're gone) or if you declare non-residency you will not be allowed to continue to contribute to them.
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I have found VISA got more service than Mastercard. About having to pay a premium, where would this be? Last summer I went on a little rampage with my VISA throughout Seoul. I never had it refused once, nor did I have extra service charges applied at the shop. |
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jiyull
Joined: 21 Mar 2008
Location: Seoul
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| Posted: Sun Apr 20, 2008 6:19 am Post subject: |
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So....
It is best to keep your bank account, where you're from, and then open up a bank account at any random bank that allows for free or cheap transfers?
I have student loans that I have to pay off... I thought HSBC wouldn't be independent, I guess I was wrong. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Sun Apr 20, 2008 8:29 am Post subject: |
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I have a savings account with their internet bank chartered in the states, but it only offers an ATM card and no options to hold non US$ currencies and have a truly global bank account. You need a Korean bank account for your school to pay you. I was hoping that KEB would offer global banking, but it's Korea only unless you are actually in another country where they have branches such as in LA.
Unfortunately, I have not found the truly global bank account outside of having a Visa debit card from home that works in most countries. I too, don't have confidence in US $ as it could just tank out at any time due to a declining economy and the degenerating state of affairs in the country, but if the US $ goes, then it all will depreciate since the US$ is still a leading market indicator. I would say if you have access to E.U. banks, then do Euros on an international bank card. |
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KoreanAmbition
Joined: 03 Feb 2008
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| Posted: Sun Apr 20, 2008 9:04 am Post subject: |
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| jiyull wrote: |
So....
It is best to keep your bank account, where you're from, and then open up a bank account at any random bank that allows for free or cheap transfers?
I have student loans that I have to pay off... I thought HSBC wouldn't be independent, I guess I was wrong. |
Same here,
I figured an international bank would allow me to use it "internationally". Who woulda thunk it?
I also care about paying off some loans... Hmm, this international money transfer system isn't going to be too easy to perfect. |
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