Daily Archives: September 4, 2013

HK LIFE – Escaping HSBC: HK’s Alternative & Least Worst Banking Options 79

image via eirth.com

Sick of HSBC? Spent the summer navigating their ATM Card¬†farce? Whilst the bank has promised to rectify their ATM omnishambles, it may be time to break free. Whist HK has yet to catch up with ethical banking trends seen abroad, below is an up-to-date, no-bullshit, unbiased guide to the two least-worst alternatives. There are over 150 banks operating in the territory – however, Hang Seng is a write-off (as it is owned by HSBC), and the remainder either offer a worse level of service than HSBC, are ‘built-on-quicksand‘ China-owned banks or do not provide an internationally recognised ATM card.

Best Banks for Foreigners in HK:

This leaves Citibank or Standard Chartered – neither current account is perfect, but both beat HSBC in terms of features. Standard Chartered is great in that all bank transfers within HK are free, no matter who the recipient banks. Also, like with HSBC, you can buy currency via internet banking. However, there is a HK$28 charge for using non-JETCO local ATMs or any overseas ATMs.

Citibank only offers currency transfer at branches and does charge a fee for transferring cash to a competing bank in HK. However, they open late (till 7pm) and you will get a Visa Debit ATM card with free ATM withdrawals at any bank, local or overseas. They also offer free international transfers to Citibanks abroad.

Bizarrely, despite bearing the appropriate logo, the Citibank Visa Debit ATM card cannot be used for online transaction (or to pay by mail/phone) – it may only be used in-person. This anomaly has been confirmed in the small print and by existing customers – it means that there is still no ‘true’ Visa Debit card on offer in HK.

Standard Chartered Basic ‘Easy Banking’ Account: