International brokers with branch in HK and/or funding through HK banks

Discussion in 'Retail Brokers' started by luisHK, Aug 18, 2012.

  1. HKIB



    I have just called J.P. Morgan Asset Management and found out the following information:

    1. all money funds incurs no charge, either buying or selling.

    2. no fee for wiring money in or out. no minimal balance requirement. no limit on number of times you switch in or out. but when you buy or sell a money fund, the amount has to be US$1,000 or more.

    3. the client's account are held by HSBC as custodian accounts, should be very safe.

    Hope this is useful.
    #21     Aug 21, 2012
  2. luisHK


    Thanks a lot for the useful info HKIB !
    #22     Aug 21, 2012
  3. luisHK


    I just phoned JPMorgan Asset Management in HK, and while the info above was validated and it's possible to fund USD accounts through their HK banks, it seems they won't wire money out to a brokerage account, even under the same name, but only to bank accounts or possibly to other (money market ) fund accounts, hence at least for the issue of cutting international transfer fees to fund brokerage accounts they wouldn't be of much use.
    #23     Aug 24, 2012
  4. HKIB


    I just called them, and was told that there is no problem unless you are a US citizen.
    #24     Aug 24, 2012
  5. luisHK


    ?!? I'm more than a bit confused here and called them again after reading your post (tried both phone numbers on the link below than a direct line to which I finally talked to a different agent)

    than "contact us:

    Due to their redemption policy:

    They can 'ocasionnally" wire money to a funds house, provided the client can supply sufficient documentation that he has assets under his name there (which already sounds like a headache)

    They cannot wire money to a brokerage house

    I don't know why you got a different information, and which one is actually true, but this doesn't make me feel confident on opening an account with JPM.

    Besides I just checked Citibank HK and conditions look pretty good, actually free when wiring to another Citibank account internationally (with restrictions, which I haven't found yet).

    Schwab HK does also offer funding in HKD through their HK account, but apparently not USD.
    #25     Aug 24, 2012
  6. luisHK


    With TDameritrade, the outgoing wire transfers are free, but for US domestic wires according to their website.

    Are you talking about JPM asset management HK and funding of TDameritrade through a HK bank account ? Also check writing and bill payment sound like a US bank account ?!?
    #26     Aug 24, 2012
  7. HKIB


    I am confused by the information you got from the JPM asset management HK. The wire transfer is free for the apex account with Td Ameritrade, including international wire transfer. For TD Ameritrade, the cash is deposited in two branches of TD bank, and is insured by FDIC, not SPIC, so it sounds like a bank. Here is what I do: park US$ cash in TD Ameritrade, HK$ in JPM asset management HK, trade futures with Interactive Brokers.
    #27     Aug 24, 2012
  8. i am a us citizen in hong kong now, can i open a hsbc account here and use it for ach to fund a us trading account?
    #28     Sep 16, 2012
  9. mcdull


    You can open a bank account in HSBC but I am not sure you can do an ACH transfer to US.
    I think you can wire transfer from HSBC HK to your US trading account.
    #29     Sep 17, 2012