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calf613 Mar 7, 19 4:45 am

Apologies if I missed this topic in one or more earlier posts (did not find anything after a quick search), but I am running into an issue withdrawing funds from O! ePay to my bank account. CS advised that this was due to DDA being blocked on HKMA orders, but that I could still transfer out to a bank via P2P payments (which it looks like use FPS). Did anyone else encounter this same issue? Anything to be alert to as to fees, transfer limits, etc., that may differ from the old transfer method?

barracuda93 Mar 7, 19 5:52 am


Originally Posted by jz123 (Post 30857422)
Which bank do you recon is best for everyday use?
Like Octopus topup/pay bills/mobile app/recieve payroll?
Citi or SC?

I am not the best person to answer here as I do not do any day-to-day banking in HK, but I have accounts with both Citi and SC and would assume that for everyday local use SC is more convenient.

Kilian Zoll Mar 7, 19 7:41 pm


Originally Posted by jz123 (Post 30857422)
Valid point.
I think I have decided to use Citi (or Standard Charterd) for my main bank.

And in addition use a few other cards and save both AM and Avios :)

Which bank do you recon is best for everyday use?
Like Octopus topup/pay bills/mobile app/recieve payroll?

Citi or SC?

You'll probably find that your choice of bank will depend on other factors than what you are used to in Sweden (if that's indeed where you are relocating from). For example, in HK you're going to find yourself needing to carry cash as HK is still very much a cash dependent society. While many retailers in Sweden are strictly no-cash, many retailers (most notably taxis) in HK are strictly cash only - so having a bank with a wide ATM network can certainly be a convenience. Another thing to note is that things like online/mobile banking in HK is a solid decade behind what you may be used to, with a few exceptions.

For Octopus top-ups you are best of using auto top-up from a credit card, which also allows you to earn miles (depending on the card).

zeltergiset Mar 7, 19 7:55 pm

Agree with the comments above.

I have accounts with Citi and HSBC. I use Citi for most stuff - payroll, transfers, credit card autopay, etc.

Citi doesn't have many of its own ATMs or branches, but I can use any JetCo ATM (any of these banks: https://www.jetco.com.hk/en/about-jetco/member-banks, which are fairly ubiquitous) and online banking for other stuff. Very seldom do I need to visit a branch (I can't actually remember the last time).

The HSBC ATM card doesn't work outside of Hong Kong, so you have to link it to a credit card for overseas withdrawals (and in my experience there is a good chance of being charged cash withdrawal fees depending on how the overseas ATM processes the transaction, which you then have to call to waive, etc). It's a faff. No such issues with Citi.

CX HK Mar 7, 19 7:57 pm


Originally Posted by Kilian Zoll (Post 30860727)
While many retailers in Sweden are strictly no-cash, many retailers (most notably taxis) in HK are strictly cash only - so having a bank with a wide ATM network can certainly be a convenience.

While the part about taxi's are true, I find that very few other businesses are "cash only" - even some of the larger cha caan teng's take Octopus now!

But more importantly, there is no difference between Citi and StanChart when it comes to ATM's - they are both a part of the JETCO network. In HK, it is essentially HSBC / Hang Seng vs The Rest.

Given that StanChart is a "local" bank (I know it is UK-headquartered, but it is essentially a HK bank), it would most likely be more convenient to go with them. Citi has a much smaller presence, though feedback has been very positive from American expats.

percysmith Mar 7, 19 9:57 pm


Originally Posted by CX HK (Post 30860770)
While the part about taxi's are true, I find that very few other businesses are "cash only" - even some of the larger cha caan teng's take Octopus now!

But more importantly, there is no difference between Citi and StanChart when it comes to ATM's - they are both a part of the JETCO network. In HK, it is essentially HSBC / Hang Seng vs The Rest.

Given that StanChart is a "local" bank (I know it is UK-headquartered, but it is essentially a HK bank), it would most likely be more convenient to go with them. Citi has a much smaller presence, though feedback has been very positive from American expats.

SCB pros
More branches to deposit surplus cash, cheques (these you must deposit in own bank)
Ability to register third party transferees and bill payment accounts without branch visit

SCB cons
Jetco withdrawal must be >=$500 (so you can't get a bunch of $100 notes from many banks - it'll spit out a $500 note instead)

(I haven't been a Citi banking customer for years so my comments may not be current)
Citi pros
Only bank to entertain account opening request from passport holders

Citi cons
PPS limit $50,000

ermen Mar 7, 19 10:07 pm

Think SCB overall slightly better than Citi.

Even though Citi was my first bank (allowed me to open with a passport), they used to charge a fee for local internet bank transfers (this has ceased now given the FPS regime) so I moved to SCB. Also with Citi, to add internet banking payee for a higher limit, you used to have to fill up a paper form to get a higher limit (not sure if it is still needed) which required going to a branch.

So far little complaints with SCB - even the $500 min limit mentioned above is not a problem if you know which ATMs to go for (e.g. BEA and BOC give 5 x 100)

sxc Mar 7, 19 10:37 pm


Originally Posted by percysmith (Post 30861039)
SCB pros
More branches to deposit surplus cash, cheques (these you must deposit in own bank)
Ability to register third party transferees and bill payment accounts without branch visit

This is possible on Citi now too.

And actually with FPS, all inter HK transfers are immediate and don't require pre-registration anymore (assuming your payee has registered FPS).

CX HK Mar 8, 19 12:32 am


Originally Posted by ermen (Post 30861054)
So far little complaints with SCB - even the $500 min limit mentioned above is not a problem if you know which ATMs to go for (e.g. BEA and BOC give 5 x 100)

Minor detail but SCB's own ATMs also spits out 5 x 100.

Kilian Zoll Mar 8, 19 1:51 am


Originally Posted by CX HK (Post 30860770)
While the part about taxi's are true, I find that very few other businesses are "cash only" - even some of the larger cha caan teng's take Octopus now!

Anecdotal of course, but there are several business in my area (Sai Ying Pun, which is seen as an 'expat heavy' area these days) -- particularly mom and pop type shops and smaller eateries - that only accept cash. Also in the wet market I don't think there's a single vendor that accepts anything other than cash - I could be wrong though.

percysmith Mar 8, 19 2:16 am


Originally Posted by sxc (Post 30861107)
This is possible on Citi now too.

And actually with FPS, all inter HK transfers are immediate and don't require pre-registration anymore (assuming your payee has registered FPS).

Yes but sometimes with a piss-weak limit e.g. BEA $1,500 I think. SCB allows large transfers based solely on 2FA.

christep Mar 8, 19 2:57 am


Originally Posted by zeltergiset (Post 30860765)
The HSBC ATM card doesn't work outside of Hong Kong

Mine always has done, with no problem.

jz123 Mar 8, 19 3:02 am

Thanks everyone for great inputs,

Yes, Im relocating from Sweden and in Sweden there's none of these big international banks so I've to find a new one.

So based from your inputs I'm thinking
HSBC, Citi or SC for everyday banking and ATM.

And after that start to collect a few creditcards from different banks(not to become an everyday banking customer so to say)

I still have a month before moving :)

Kilian Zoll Mar 8, 19 3:11 am


Originally Posted by christep (Post 30861573)
Mine always has done, with no problem.

Mine too, but only in ATMs, not as a debit card -- which I always found odd.

percysmith Mar 8, 19 5:09 am


Originally Posted by Kilian Zoll (Post 30861589)
Mine too, but only in ATMs, not as a debit card -- which I always found odd.

You can't use HSBC PLUS ATM card as a debit card outside HK

Maybe a Unionpay ATM card at a Unionpay merchant.


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