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Opening HK based bank accounts whilst overseas

Opening HK based bank accounts whilst overseas

Old Sep 15, 20, 10:18 pm
  #1  
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Opening HK based bank accounts whilst overseas

I was planning to go back to HK in April next year, to open a HK based bank account for the $10000HKD handout. However SQ has just cancelled my booked flights. Looking at situation on COVID it is unlikely I will go back to HKG by end of next year.

One of the option is for me to contact HSBC International Banking Centre to open HK based bank account. Whilst it costs $200AUD but at least I have access to local HSBC branch in SYD for ID verification etc.

There are ways to open via mobile app of various banks but requires declaration that you are physically at HK at the time of application.

Does anyone else know how I can open HK based bank account whilst overseas?
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Old Sep 16, 20, 1:19 pm
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Originally Posted by kamchatsky View Post
I was planning to go back to HK in April next year, to open a HK based bank account for the $10000HKD handout. However SQ has just cancelled my booked flights. Looking at situation on COVID it is unlikely I will go back to HKG by end of next year.

One of the option is for me to contact HSBC International Banking Centre to open HK based bank account. Whilst it costs $200AUD but at least I have access to local HSBC branch in SYD for ID verification etc.

There are ways to open via mobile app of various banks but requires declaration that you are physically at HK at the time of application.

Does anyone else know how I can open HK based bank account whilst overseas?
I had to physically go to a branch in Hong Kong. I don't think they are flexible about that. Or anything, for that matter! LOL!
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Old Sep 16, 20, 3:35 pm
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Especially HSBC. Ever since they've been repeatedly found guilty of all kinds of money laundering, they're impossibly cranky about who banks with them and who can open an account. Couple it with their atrocious attitude and customer service and you have the bank from hell.
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Old Sep 16, 20, 6:11 pm
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And even if you do succeed in opening an account at HSBC, you very likely will at some random point in the future receive a letter inviting you to visit your local branch before a date certain to re-establish your identity. Or your account will be automatically suspended on that date certain.

Just a wonderful place to bank.
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Old Sep 16, 20, 7:04 pm
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kamchatsky you got mail
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Old Sep 16, 20, 11:56 pm
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Originally Posted by Gongzuokuang View Post
I had to physically go to a branch in Hong Kong. I don't think they are flexible about that. Or anything, for that matter! LOL!
Where are you based when you tried to open one?

Originally Posted by Pickles View Post
Especially HSBC. Ever since they've been repeatedly found guilty of all kinds of money laundering, they're impossibly cranky about who banks with them and who can open an account. Couple it with their atrocious attitude and customer service and you have the bank from hell.
Well let's see how it goes on this. Given COVID it could take ages to get one opened.

Originally Posted by 889 View Post
And even if you do succeed in opening an account at HSBC, you very likely will at some random point in the future receive a letter inviting you to visit your local branch before a date certain to re-establish your identity. Or your account will be automatically suspended on that date certain.

Just a wonderful place to bank.
As long as it is a local HSBC branch I don't mind to be honest. Just need one open.

Originally Posted by tentseller View Post
kamchatsky you got mail
Thank you and I have just responded.
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Old Sep 17, 20, 7:33 am
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Originally Posted by kamchatsky View Post
Where are you based when you tried to open one?
I'm USA-based. They have a download packet and you just need to follow their checklist. It can be difficult because they refer to documents that are not commonly used in the USA, such as a "Certificate of Incumbency".

They now annually require you to submit roughly the same documents. I've had problems in the past because I upload ALL of the requested the documents,and then wait MONTHS with no feedback. Every time you log in you get a message saying "Upload your documents or your account faces suspension", which can be unnerving. If you call, they say, "Oh, don't worry, someone will contact you if there is a problem."

I would usually visit HK at the tail end of the "deadline", and would go to a branch to try to get any questions resolved. (It's usually a matter of trying to find the proper US documents that roughly equate to what they want.) One time it is really annoying because last minute, while I was in HK, they asked for a document that needed to be notarized. Of course, HK has notaries. But it is much different than in the USA. Here, a notary basically just certifies that it was you that signed the document; a sort of identity confirmation. But in HK, the notary is much more "intrusive". They wanted to read all the papers, and had questions about them. I needed to sign as the President of the company, and instead of just confirming my identity, they needed proof that I was an officer of the company! And it was pretty expensive. Here notary services are $10 at the UPS store. I don't remember exactly, but it was maybe $1000HKD!

With all that said, I will say that for the most part HSBC works great. It is very helpful to have the account there. It saves on wire transfer fees. It makes payments to factories very fast. Paperwork requirements aside, I am satisfied with HSBC.
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