Hello all! I was thinking about putting some money in reputable bank outside of the US and HSBC offshore looks pretty good. Anyone have an experience with them? Any info would be appreciated. I also would like to hear opinions about an idea of spreading the money into basket of 4-5 major currencies against savings in US, and buy some fixed term products(equal to CD in US) to earn some interest. Thank you! http://www.offshore.hsbc.com/1/2/home
I like the idea, however from what I understand, uncle Sam wants full discloser IRS has been targeting offshore accounts.
I have been living in Hong-Kong and Singapore for the past 10 years, and have been using HSBC for just as long, and I am happy with them. There is very little you cannot do online, and they do things REALLY fast. My only complain is that their fees to hold securities in trust are a little on the high side, and if you want to use them to buy securities, be careful as the way they disclose their commissions/fees is very misleading. Other than that, top notch in my opinion.
years ago yes but no longer, at times when then market volume is high, it can take up to 20 mins for your order to go through, same time to amend, today took me slightly less than 10 mins nowadays it tend to happen more & more frequently, so it can really sucks especially when you need it
Okay, in my opinion clearly they're not to be used as a broker, their fee schedule isn't competitive at all for someone who trades actively anyway. When I say they're fast, I mean with banking stuff since I believe this is what the original question is about: making a transfer overseas, cashing in a foreign check etc... this they currently do very fast. Well, at least with me. Also, and in relation to the original question, HSBC Hong-Kong allows their clients to buy RMB20,000 per day. Not a lot, but better than nothing, this is a regulatory ceiling.