It could be that most of that profit is in the wealth management and business segment. They said they are not leaving that segment in Taiwan but only exiting the consumer segment.
Really??? So in this case, it took them 57 years to figure that out?
I get this as most of the bigger banks are doing the same. But its just strange to exit most markets in Asia, especially big ones like China. They are also planning to leave some European markets too.
I just wonder how this will affect retail banking across the board, especially for expats living abroad. I am quite sure sending money back home will be more expensive and more difficult in the near future.
I am quite sure Citibank leaving the retail sector in Taiwan will have little impact on “sending money back home”—just use another bank.
Guy
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Takes a few minutes now to transfer money to a U.S. Citibank account from a Taiwan Citibank account online for free. If you’re lucky you’ll be able to do it online for U.S. fifty bucks or so and it will take a few days for the money to transfer. Not a show stopper but a definite downgrade.
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The ability to link Citi accounts between countries and transfer online for free was the “killer feature” of the bank. I don’t think anything like it exists with other banks.
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It exists with every other proper foreign bank. HSBC and SC both have global link as well.
Does SC allow US citizens to open accounts? I remember reading something not too long ago saying they were denying new accounts to US citizens. I also believe HSBC requires a large deposit to offer this feature and will be exiting the US market soon anyway.
HSBC is shutting down its retail banking operation in the U.S. I have an HSBC account in Taiwan and just linked my Citibank US account to it for transfers. If nobody does anything stupid I’ll be able to transfer money to Taiwan online for 50 bucks or so and a few days wait time.
Need NT500,000 minimum deposit in HSBC to do this.
Sure. I didn’t say it was free. But the global link exists as of now.
Banks seems to be choosing sides. It’s becoming US and west vs China and Asia.
HSBC is a fully China controlled bank now. SC is not far behind since its profits too are mainly from China and Asia.
We probably will see a big rift in the world’s financial system in the years to come.
Who is SC?
Standard Chartered, headquartered in the UK, another one of the major international players.
Guy
Or a premier account with no minimum balance requirements.
HSBC has global transfer, very similar.
Thanks! I’ll have to look into them further when the time comes to move to Taiwan. I worry about making a large transfer to buy a house and SC not having a local presence near me. Sometimes you have to go to a branch to sign paperwork. But for a large transfer I think there will be a fee no matter what, so I can do that from any local bank to Taiwan. But after that I need a good plan for monthly/annually small transfers for living expenses.
For a Premier Account, a minimum, monthly average balance of TWD 3 million is required. If the Bank’s requirement for minimum average balance is not maintained, the Bank shall have the right to collect the account administration charge of TWD 1,000 per month, prescribed by the Bank.
This web page only indicates selected privileges and services offered, and shall only be used as a general guide for reference. Please refer to the “Customer Guide” for detailed information. Benefits and features may be subject to local country and territory regulatory restrictions.
In practice, this can be waived. I’ve never had a minimum balance requirement.
Ya, they are. Complete peices of shit that are globally hated and yet globally used for illegitimate reasons.
I see 2 possible reasons they would exit taiwan.
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China. Use your imagination.
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Taiwan, though still corrupt, isnt suicidal and/or retarded on the highest levels and cannot let viruses like covid 19, the CCP or financial institutions like citibank to run amok within its borders. This is why, despite the entire global deck being stacked against taiwan, we dont end up like iceland or greece.
All the while the country of taiwan remains peaceful unlike certain countries which turn to violent means to maintain financial standing. Ahem, usa
I heard DBS is taking over its operations, though this is uncomfirmed.
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