But it's time to say goodbye. After wiring all the money that needed to be wired, then withdrawing all the remaining cash, the next logical thing to do was close down the account. Predictably they asked why. I simply told them I had gone to Hong Kong and opened a SmartVantage account with HSBC over there, thus I didn't need the existing Advantage account in Shanghai anymore. I could have told them their customer service was crap, and it took 3 painfully slow weeks to send and receive overseas money transfers. But what would be the point of telling them that? It's not their fault, it's the mainland banking rules.
As mentioned in previous posts, the HSBC SmartVantage account is not offered on the mainland. It is, however, offered in Hong Kong and it only requires a minimum balance of HKD 10,000. If you don't have that, there is a 'below balance fee' of HKD 60 every month. The SmartVantage account is multi-currency, with over 15 major world currencies available. Plus you have access to many other services.
Compare this with the Advance and Premier multi-currency accounts. These are also available in Hong Kong with minimum balances of HKD 200,000 and HKD 1 million respectively. Or else you pay a below balance fee of HKD 200 or HKD 500 respectively.
On mainland China, the only multi-currency accounts offered are with the Advance and Premier. But that requires RMB 100,000 or RMB 500,000 respectively. Or else a below balance fe of RMD 150 a month or RMB 500 a month.
The HKD and RMB used to be on par, but now 1 RMB = 1.25 HKD
To make a long story short, the Shanghai bank account served its purpose, which was to wire money to Thailand in my name, as it would have been unrealistic to go down to Bangkok for a day or two and carry cash
I was, however, able to carry cash and physically go down to Hong Kong during business hours. Then I opened an account there last month. Will be going again during the May holiday to help a colleague do likewise. Going down in person is essentially the only way to open a HK-based account, which is certainly possible for non-HK residents . There are rumors that you can open one by staying on the mainland, but this is only a rumor. If it were possible, it would be an incredible amount of trouble. That's just China. But you go to the other China, that is HK, and it is easy breezy. Welcome to one country, two systems.
HSBC advertises itself as the world's local bank. They also are known as Hong Kong and Shanghai Banknig Corporation. But you can obviously see that the HK and SH branches are two totally separate local entities thus the 'world's local bank' is most certainly true. To test the waters I wired a small amount of US cash from my SH account to the HK account and got charged an extortionate rate. The mainland banking rules are mainly to blame for this, as other HSBC branches in the world don't charge as much for comparable wire transfers.
To get money into the HK acount you'd somehow have to avoid the mainland banks entirely. In which case you'd want to wire it in directly from overseas, or take cash and carry it across the border into HK.
As mentioned in previous posts, the HSBC SmartVantage account is not offered on the mainland. It is, however, offered in Hong Kong and it only requires a minimum balance of HKD 10,000. If you don't have that, there is a 'below balance fee' of HKD 60 every month. The SmartVantage account is multi-currency, with over 15 major world currencies available. Plus you have access to many other services.
Compare this with the Advance and Premier multi-currency accounts. These are also available in Hong Kong with minimum balances of HKD 200,000 and HKD 1 million respectively. Or else you pay a below balance fee of HKD 200 or HKD 500 respectively.
On mainland China, the only multi-currency accounts offered are with the Advance and Premier. But that requires RMB 100,000 or RMB 500,000 respectively. Or else a below balance fe of RMD 150 a month or RMB 500 a month.
The HKD and RMB used to be on par, but now 1 RMB = 1.25 HKD
To make a long story short, the Shanghai bank account served its purpose, which was to wire money to Thailand in my name, as it would have been unrealistic to go down to Bangkok for a day or two and carry cash
I was, however, able to carry cash and physically go down to Hong Kong during business hours. Then I opened an account there last month. Will be going again during the May holiday to help a colleague do likewise. Going down in person is essentially the only way to open a HK-based account, which is certainly possible for non-HK residents . There are rumors that you can open one by staying on the mainland, but this is only a rumor. If it were possible, it would be an incredible amount of trouble. That's just China. But you go to the other China, that is HK, and it is easy breezy. Welcome to one country, two systems.
HSBC advertises itself as the world's local bank. They also are known as Hong Kong and Shanghai Banknig Corporation. But you can obviously see that the HK and SH branches are two totally separate local entities thus the 'world's local bank' is most certainly true. To test the waters I wired a small amount of US cash from my SH account to the HK account and got charged an extortionate rate. The mainland banking rules are mainly to blame for this, as other HSBC branches in the world don't charge as much for comparable wire transfers.
To get money into the HK acount you'd somehow have to avoid the mainland banks entirely. In which case you'd want to wire it in directly from overseas, or take cash and carry it across the border into HK.
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