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VISA Tip |
Banking:
My banking suggestion is that if you don't already have a VISA ATM/Debit card from your local bank, get one. Just like the commercial says "Visa: It's everywhere you want to be.®" ATM's all over Hong Kong, including the ones on campus accept VISA ATM cards. Then, find out how much your home bank will allow you to withdraw in a day. Also find out how much they charge for international account access via ATM. It's usually a lot. For instance Washington Mutual charged $6 US per transaction, and $3 US per account inquiry when I was in Hong Kong. So my advice to you is whenever you need money, withdraw the maximum amount. You can and then keep the money in a safe place in your room.
ATMs in Hong Kong will display the available balance of your US account in Hong Kong dollars. So when you make withdrawals you'll need to think in terms of Hong Kong dollars and the amount it translates to in your account in US dollars. ATMs usually offer the best and most update exchange rates.
A full service Hang Seng Bank is available on campus. This bank is one of the largest in Hong Kong. Though a bank on campus is convenient, I would not suggest opening an account. There are few reasons for this. One, it's very difficult to get money in to your account in Hong Kong once you have opened one. Wire transfers and deposits of personal checks take 30 days to clear. That's 30 days that your money is in limbo and inaccessible. If you really want to open an account in Hong Kong, the best way is to bring over traveler's checks and have those deposited when you open your account. There will be a fee for converting your US denomination travelers checks in to Hong Kong Dollars before deposit, but at least you'll have money readily available.
One positive thing about having an account at a Hong Kong bank is that you will be able to have local ATM access, free of transaction charges. So if you run out of cash on hand, you can look for an ATM from your Hong Kong bank and get more cash. I'll explain more about the advantages of cash versus paying by plastic in the money section. The down side is that you'll have to remember yet another password/pin number for your Hong Kong ATM card, and if you forget that...your money might as well be in the drawer in your dorm room. |
