Personal Test Hong Kong Offline #Withdrawal #USD

Although #BINANCE withdrawals have never been frozen, one fears encountering ghosts while walking at night. At the same time, I wanted to switch to the US stock market, so I applied for a Hong Kong bank card.

There are many offline OTCs in Hong Kong, concentrated in Mong Kok, Tsim Sha Tsui, and Admiralty. Some can only exchange Hong Kong dollars, while others can exchange US dollars. At the exchange I went to in Admiralty station, I exchanged 50,000 USD and then went to HSBC to deposit (the ATM can only deposit Hong Kong dollars), but I was rejected, saying I could only deposit up to 10,000 USD per week without providing the source of funds. Then I went to Standard Chartered, and the counter staff let me apply for a priority wealth management card, saying I could deposit 50,000 USD at a time. So I applied for one; as long as I maintain a balance of 1,000,000 HKD, there’s no annual fee (3,600 HKD).

In summary,

HSBC: Getting a regular card is more user-friendly, no need to deposit a large amount, ATM can deposit up to 100,000 HKD daily (within 24 hours). The counter does not allow large USD deposits. Therefore, exchanging USD for HKD can consider directly using the ATM to deposit into the card. HSBC can be linked to Alipay HK, which is the Hong Kong version of Alipay and can be used in Mainland China without fees, only related to the exchange rate. This solves the problem of the Hong Kong card being unusable for withdrawals in Mainland China.

Standard Chartered: Applying for a priority wealth management card allows for large USD deposits (such as 50,000 USD at a time), and the counter does not inquire. It can exchange 11 currencies and allows investment in US stocks and mutual funds.