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Recommendation for bank account for helper

  1. #1
    hsmdonog is offline Registered User
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    Recommendation for bank account for helper

    Hi there, my helper is newly arrived from the Philipinnes and she needs to open a bank account for her salary.

    Does anyone know if there are any banks that offer a particular service for domestic helpers?

    We enquired at HSBC re opening an account and they don't seem very helpful: apparently if you open a savings account with them you have to keep a min. of $5000 in or else they will charge a monthly fee. Otherwise you can open a current account and get zero interest.

    I have an 8 week old baby and would really rather not have to trawl banks to see what they all offer but my helper doesn't know her way around well enough to do this by herself yet. I'm hoping someone can share there experience re banks and which ones work best for this situation.

    You would think that given the number of helpers here in HK that there would be a special service for them but I don't now of any?
    Thanks in advance for your help!

  2. #2
    rani's Avatar
    rani is offline Administrator
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    Check at Hang Seng Bank. Our helper has an a/c there and I don't think there is a min.

  3. #3
    louisouis is offline Registered User
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    Try bank of china, my helper has an account there. It offers basic services like a cashpoint card and a bank book. And I think there is no minimum required.

  4. #4
    somebodyfamous's Avatar
    somebodyfamous is offline Registered User
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    Hang Seng has a minimum - $50 a month charge if you have less than $5000 HK in there. Dont go near them

  5. #5
    rani's Avatar
    rani is offline Administrator
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    SomebodyFamous.

    Hang Seng's website says there's no min. I can't imagine my helper is paying $50/mth. She's always broke.

    Hong Kong Dollar Savings / Current Account

    A choice of HKD Statement, Passbook and ATM Savings Account
    No minimum balance requirement and no monthly fee(1) for ATM Savings Account
    Monthly interest applied for ATM Statement Savings Account
    One free Hang Seng Card to access your account 24 hours a day at over 1,000 ATMs in Hong Kong
    http://www.hangseng.com/e_deposit/ac...its/index.html

  6. #6
    MeowMeow is offline Registered User
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    My helper just opened an account two months ago from Hang Seng Bank with no minimum.

  7. #7
    somebodyfamous's Avatar
    somebodyfamous is offline Registered User
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    wow, those **** changed the rules then, I had an account there for over 15 years but in last 2 years, I was only using it to pay small bills (like yearly safe deposit box charges) and I went to update the book last year and they had taken $200 from me over four months, then told me I didn't have the 'minimum' (I think I had HK$3000 at that point) so I closed my account with them. Then ranted to everyone I knew hahahahahhahahahahahahaha

    DOesn't surprise me as many places in HK have a much better policy for NEW customers than EXISTING customers, know what i mean?

  8. #8
    Speculator is offline Registered User
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    There's not enough competition in HK and banks get away with paying next to nothing for deposits.

    In the UK, I can open regular savers paying up to 12% fixed gross, fixed rate deposit a/cs paying up to 7.17% gross and instant access a/cs with no MOB (Minimum operating balance) paying up to 6.5% gross!

    Even HSBC are paying 10% gross fixed for 1 year for regular savers!
    Last edited by Speculator; 07-17-2008 at 09:58 PM.

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