Move to HKG

[manakr]

Hey folks,

I have been in Singapore for a fairly long time (but still not a PR), and have all my banking relationships here. I am planning to relocate to hkg and need to figure out if there is any multi-currency account(s) which I can operate in Singapore, keep my SGD/USD here and also operate it out of hkg (salary deposit etc). Anyone here has any experience handling this?

Thanks

 

[newjungle]

HSBC has multi-currency accounts and they are well represented in HK. Opening account is easier if you are an existing premier customer in Singapore. Their global fund transfer service is hassle-free and FOC.
I believe DBS has similar services, but I don't use the details, so I can't comment on that.

 

[oceanicmanta]

Another useful feature of HSBC Premier HK is can withdraw USD (or other FX) in cash without charge in HK. Account opening can be painful.

DBS Treasures HK has free wire transfer with SG, but have not tried it .... it could be on promotional basis only IIRC. DBS-T HK is also quite accommodating, shld be able to get FX cash without charges. It's FX conversion rates are the best among banks in HK.
Lower hurdle compared to SG ... HKD1m.

 

[manakr]

Sorry for the delay and thanks for the above guys - will go to the branch and check out HSBC and DBS..Any opinion on accounts with SCB or Citi? Ideally I would like to maintain my cash balances in USD/SGD and HKD

Thanks,

 

[cscs3]

Sorry for the delay and thanks for the above guys - will go to the branch and check out HSBC and DBS..Any opinion on accounts with SCB or Citi? Ideally I would like to maintain my cash balances in USD/SGD and HKD

Thanks,

If your location is specifically Hong Kong. HSBC should be the one.
Do take note which even "free" mention to varies bank, they took back your "free" thru exchange rate.

So nothing is free but fee in the end.

 

[BBCWatcher]

Citibank looks like it'd work well. Hong Kong and Singapore are both Citibank Global Transfers countries (fee free fund transfers -- just pay whatever Citibank's forex rate is), and Citibank has extensive branch and ATM footprints in both countries.

....But I'm not sure what the original request is. Can you keep your bank account(s) in Singapore, after you leave? Sure. Can you open a bank account in Hong Kong for salary deposits there, if you're a legal resident of Hong Kong? Sure. You haven't expressed a particular need to transfer money or convert currencies, and you shouldn't do that (if avoidable) since currency conversion has a cost.

What goal(s) are you trying to accomplish?

 

[manakr]

Thanks cscs3 and BBCWatcher. BBCWatcher, as per your question, yes am trying to keep an account in Singapore which can also be used/operated out of Hong Kong, so as such I can perform all my regular banking activities. Will only transfer out a portion of my SGD to HKD for my initial expenses, and then let my earnings take care - don't imagine any major outlay in HKD

 

[wealth_farmer]

I'd only add that you can choose a bank based on its ability to meet your multi-currency account requirements, but in terms of exchanging currencies, e.g. from SGD to HKD to meet initial outlay, I wouldn't rely on the banks. I would recommend that you look into Transferwise instead. They require you to be in-person at their office in Raffles Place for the initial account verification, but the cost savings, esp if you're transmitting larger amounts, is worth it. Transferwise, as of now, are able to meet your transfers out of and into both Singapore and Hong Kong.

Disclaimer: I'm not a Transferwise employee, just a satisfied customer.

 

[cscs3]

Thanks cscs3 and BBCWatcher. BBCWatcher, as per your question, yes am trying to keep an account in Singapore which can also be used/operated out of Hong Kong, so as such I can perform all my regular banking activities. Will only transfer out a portion of my SGD to HKD for my initial expenses, and then let my earnings take care - don't imagine any major outlay in HKD

I use HSBC.