Posted by
tonedog
16 yrs ago
In the Hong Kong banking system, is there a ceiling for the amount one can deposit into an account at one time?
For example, if I have a money order in the amount of $100,000 US, and I deposit that into my account here in Hong Kong, will it raise a red flag of some sort with the government?
thanks in advance for any response.
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Of course it will raise a red flag, but what are you afraid of? Bigger transactions than that are happening daily.
Regulators are trying to stop money laundering, so big transactions will be querried. But as long as your funds are legitimate, you got nothing to worry about.
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10,000USD is usually the flag level. you will likely be asked to prove the funds are legit if it is not obvious.
not all banks report to the US Govt, in fact there is no obligation to, this is not the US. recently HSBC faced sanctions as they refused to report just this sort of thing.
i recently deposited nearly twice that amount in cash. first i did an FX transaction where i had to show my passport or ID, then i used that receipt to prove the funds were legit to my bank. which incidently wanted to charge me for making a deposit of more than 500 bills at one time! unblievable.
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ranny
15 yrs ago
ask the bank... what are banks are for? and if i ever own one I'll definitely raise the flag and shout your very welcome sir.... um goi sai!
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