"Year After Year" will continue to be postponed, and I have no writing ideas recently.

Some time ago, I received an invitation to open an account from HSBC Bank (USA), and I opened a checking account with the inducement of their account opening bonus (quite a lot, 0). After chatting with the account manager, I found that I can actually open an account in Hong Kong or mainland China and bind the accounts together, which makes international transfers easy.

I happened to return to China recently, so I opened a domestic account and clarified some problems: transferring money from mainland China to Hong Kong is an overseas transfer and is still subject to control, so there is no need to open a Hong Kong account. Mainland accounts can also be bound to American accounts, so I tried this route. The general operation is as follows.

Summarize

1. The monthly U.S. dollar transfer limit in my account is 100,000, and foreign exchange purchases are based on the country (50,000/year)
2. There is basically no handling fee for domestic inter-bank transfers of RMB (RMB online banking is free for less than 500,000 yuan, and 25 yuan for each transaction above 500,000 yuan)
3. There is no handling fee for purchasing foreign exchange
4. Cross-border online banking can be directly operated in the United States or China online banking

Open an account

Opening an account with HSBC, whether in the United States or in China, is very cumbersome. In addition to filling in more information than other banks, you also need:

• When opening an account in the United States, I not only asked for two IDs and other bank certificates, but also my date of birth and SSN. This was more troublesome than opening a credit card.
• When opening an account in China, I will be asked where to pay taxes. In my case, I am in the United States, so I need to submit an additional W9 document, which should be to approve my tax and address information to the U.S. Taxation Bureau.
• Due to the above problems, you cannot open an account directly and need to wait and review. If the information is incorrect (wrong address, the tax bureau cannot find relevant information, etc.), you cannot open an account. After the account is opened successfully, the bank card needs to be mailed to the address.

When choosing the type of account opening, HSBC divides it into three types: basic, advance and Premier. Here we only discuss the latter two. The requirements in the United States are ,000 and 0,000 respectively, and in China they are ￥100,000 and ￥500,000. If the deposit reaches several dollars, there will be an account management fee every month, but all investment and other financial management money in the account will be included.

What is unconfirmed is that I heard in the United States that as long as the United States is premier, it doesn't matter what kind of domestic account I have, because I will use the United States as the main account. But for advance, I heard that both sides need to maintain advance. This makes me very confused. If I have a chance later, I will verify it.

Another issue that needs reminder is that HSBC cards cannot be bound to WeChat credit.

Online banking and binding

After completing the account opening, HSBC Bank in the United States will let you bind your mobile APP to obtain dynamic codes. Their APP is extremely difficult to use. In China, HSBC will give you something like a USB shield (which does not need to be plugged into a computer). It needs to be activated after registering online, and you can follow the prompts step by step.

It should be noted that the systems in the United States and mainland China are separate, and the online accounts are also separate and require re-registration. Of course, the APP is also separate! Moreover, there are no domestic apps in the American app store, and there are no American apps in the domestic app store. If you want both, you need to change zones back and forth. Personally, I suggest you use the American one. After all, the American one is used to generate dynamic passwords.

After completing the registration on both sides, log in to HSBC USA (I regard this as the main account), click Global View under My HSBC to add an account, select China and log in to the Chinese account. After completion, you will see that your Chinese account has appeared in your bank.

transfer

Once connected, transferring money is simple. First of all, there is no handling fee for Premier, and per transaction for Advance. butThere is no handling fee for currency exchange operations!

Domestic accounts can purchase foreign exchange online. The purchase of foreign exchange in U.S. dollars is still 50,000 per year, but when you transfer U.S. dollars between your own accounts, you can get 100,000 per month (unconfirmed).

But even so, it doesn't seem to be easy for others to transfer US dollars to this account (the account manager said it, I can't understand it), but if you can't transfer, you can always deposit it in a sack, right?

postscript

At this point, the account opening at both HSBC banks has been completed. I haven't tried it for long, so I can't comment on the quality. It seems that their online system is really broken, but the service is very good. The difficulty in this operation lies in opening an account with HSBC in the United States. After all, China also needs to verify the information in the United States. In the United States, if the information is complete, it can be opened in one hour, but if it is incomplete, it may be quite troublesome. Account opening in China is a bit slow. It takes about 2 weeks from opening an account to getting the card. Of course, everyone's situation is different, so this isn't necessarily the case.