Nonprofit Credit Unions in Hong Kong

When I arrived in Hong Kong, my employer automatically set me up with an HSBC account.


I am interested in using a nonprofit credit union instead. Can anyone recommend some names?


Thanks!

Sorry Travel101, you misunderstand me. My company automatically sends all new arrivals in HK under their care off to Pacific Place HSBC to open up accounts. All paychecks are then automatically deposited into these accounts. When new here, one just goes with the flow.


And, for a list of non-profit credit unions in the US, here's a link: http://www.ncua.gov/Resources/Pages/default.aspx


A bit of U.S. history:

History of Credit Unions

In 1934, President Roosevelt signed the Federal Credit Union Act into law authorizing the formation of federally chartered credit unions in all states and making credit available through a national system of nonprofit, cooperative credit unions.


Something tells me that this sort of banking is unavailable here in HK.


Too bad.

Hello, I have just relocated to HK and am also looking for a non-fee-ridden bank account. Were you ever able to find a credit union? Or have you perhaps found a bank with lower fees? Any recommendations would be greatly appreciated!

While you will find that many banks will offer lower fees than HSBC (great service, but at a price), I wasn't aware that there were any equivalent to credit unions in Hong Kong. Under the Banking Ordinance in order to be able to take deposits, you must be either a full licensed bank or a restricted licence bank (termed "authorised institution") or a licensed deposit taking company. Also, only full licensed banks can take money on current account. The exemptions are limited and would not extend to a US style credit union (I think).