Expat Advice: Financial Issues in Hong Kong, Hong Kong

What is the name of the city or town that you are reporting on?

Hong Kong

Which banks do you use? If you have a local account, which bank do you use? How do you like it? Do you also have an account in your home country? Which bank? Do they charge for ATM withdrawals? Do they charge a lot for international wire transfers? How has it been working with them from abroad? Do you use a special international wire transfer service? Do you use an online bank? If so, tell us about them.

Yes and no! I kept my UK arrangements as they were for paying Life insurance and Mortgages. After moving to HK via Singapore I decided it would be wise to use both an International Bank and a local one for different purposes. The advice I've been offered by Banks in general has been poor. Sound expat financial advice is difficult to obtain, too. Even my local Chinese friends and returning expat Chinese struggle with the Life Assurance products pushed by all Banks, Life Companies,etc. Nevertheless there are some good practices around.

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What advice would you offer others about banking as an expat in your country? What do you wish you had known about banking when you first arrived?

Spread your accounts with at least 2 Banks. If they don't perform take your business elsewhere! As a long term expat I have learned that you have to ask others for opinions and don't be worried about asking too many questions. If one doesn't get the right answers do not do business!

What sort of challenges or frustrations have you encountered as an investor living overseas? Please describe.

Trying to beat the equity markets!Every one thinks they can, but very few do! Good old Bricks and Mortar seems to have saved those who have been it, especially UK and Europe over the last few years! Like everything else it will be cyclical though. How many will accept that remains to be seen.

What advice was particularly helpful to you in managing your finances? What advice would you give? Any other thoughts?

Deal with an established advisor, preferably one who is recommended and will let you contact at least 3 of his existing clients for a reference. Qualifications: being licenced and regulated by the appropriate Securities Commission or Monetary Authority are essential before doing business. Caveat emptor! HK is a great place for those with endeavour and a positive attitude to life. Make the Money and invest it wisely otherwise a great opportunity will have been lost!

Do you do your own taxes, use a local firm, an expat-oriented firm or does your employer handle this for you (i.e. via an corporate tax firm)?

We use both an Expat firm and a local one for different companies. The local tax authority have always been very helpful in my experience. They do not like expats who leave without paying though! Those numbers have increased in recent years we are told.

What advice could you offer others about doing your taxes as an expat?

Firstly try and contact an accountant in the early weeks /months of arrival. Seeking advice sooner is the best maxim. If you are a small company you don't need to pay for a Top 6 Firm to look after your accounts. Fees are very high in HK when compared to other countries, but shop around. A good independent advisor should normally be able to point new arrivals in the right direction.