Author Topic: Opening a multi currency bank account  (Read 2473 times)

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Offline Dachs

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Opening a multi currency bank account
« on: August 11, 2013, 02:02:24 PM »
Hello!

In August I will stay some days in Hong Kong to visit the Hong Kong International Coin Convention. I am interested in opening a multi currency bank account at HSBC and Bank of China. Did you have any experiences with such a topic?

As I know a passport is essential and some documents for the residential address proof.

Many thanks for your help in advance. Best regards,

Dachs

Offline dragondollar

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Re: Opening a multi currency bank account
« Reply #1 on: August 11, 2013, 02:24:47 PM »
I don't know about Bank of China, but opening an HSBC account is very easy. To open a premier account, all I had to do is provide my passport, my address proof and fill up a "Know your customer" type of form. I'd advise you to open your account in China, as a premier account in mainland only needs a 500k CNY deposit, while in HK it requires a 1m HKD deposit. Once you have a premier account opened somewhere, you can open another one in any country of your choice for free as long as the initial account balance is OK. Also, your nationality may come into play. I know since HSBC and StanChart got fined for not being careful enough about money laundering it is hard for customers from North Africa, Thailand or Malaysia to open new commercial accounts. Maybe they are now more strict about that for personal accounts as well.

Ah, also, don't take the life insurance policy they will try to sell you :p It will not facilitate the opening of the account. One guy I know from Morocco applied for a commercial account at StanChart, took the crappy insurance policy in hope they would be nicer and they actually rejected his application while happily taking his money.

Offline Dachs

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Re: Opening a multi currency bank account
« Reply #2 on: August 12, 2013, 12:05:51 PM »
@dragondollar:

Many thanks for your helpful information and the tip with the life insurance.... :thumbup:

I hope HSBC and Bank of China are also interested in running business with people who have 1m (I think "m" stands for "million") HKD deposit.... N27!

Do you have any experiences with a so called "multi currency account"? I have heart that this one should be very useful for chinese coin collectors because of the different currencies? Do you have an ATM card? This AMT card is also working outside Hong Kong, China?

Best regards, Dachs

Offline dragondollar

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Re: Opening a multi currency bank account
« Reply #3 on: August 12, 2013, 12:45:56 PM »
Well, a multi-currency account is just kinda bog-standard, you just have multiple saving accounts in different currencies in your internet banking. I always used that. When you open an HSBC premier account mainland, you get a Union Pay debit card that you can use in any ATM in China and Hong Kong. I would still advise you to then open a secondary account in HK to get a VISA credit card, which will work mostly everywhere. The HK card can be in CNY, USD or HKD, the mainland ATM card is only in CNY.

Offline Dachs

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Re: Opening a multi currency bank account
« Reply #4 on: August 12, 2013, 04:22:13 PM »
Many thanks dragondollar!! I appreciate your knowledge very much!! That helps me a lot.

May I ask you one more additional question: was that "just kinda bog-standard" mean?? Unfortunatly my English is not as good as yours... :biggrin:!

Maybe we see us at the Hong Kong Coin Convention and talk more about our hobby.

Best wishes!! 

Offline dragondollar

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Re: Opening a multi currency bank account
« Reply #5 on: August 13, 2013, 02:13:27 AM »
By bog-standard I meant vanilla or well unremarkable. I guess multi-currency accounts may not be as common in the US as other countries due to the status of the USD as a reserve currency? I used multi-currency accounts for as long as I've had bank accounts. Not sure I'll go to the coin convention (I'm in Beijing) but if I go I'll PM you. If this is your first time in China, don't hesitate to drop by mainland as well if you can, there's so many fine people to meet, nice place to see and good things to eat.

Offline Dachs

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Re: Opening a multi currency bank account
« Reply #6 on: August 13, 2013, 04:03:35 AM »
I understand... N34! You are right, multi-currency accounts are not common in Europe. I hope everything will work fine at the bank.

Hope to see you in Hong Kong. I stayed in Beijing two years ago. I was also visiting the Beijing Coin Convention and all the important sights. Great time!!