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Banking and Investing Overseas
Overview
You should be well informed about basic items of the fund you want to invest and institutional/legal particulars involved if you plan to invest in funds overseas.
Local regulation prescribes that any Korean resident transferring over fifty thousand US dollars from Korea should declare the transaction to the president of Bank of Korea.
Contents
HSBC Premier customers can obtain handy information on opening bank accounts and other financial transactions overseas through HSBC International Services. Premier customers are accorded the privileges of:
How Can Premier Help?
What You Need to Know
What Else Should I Know?
Opening Overseas Bank Account in Your Home Country
We help you to set up accounts for transactions in local currencies in 36 major countries across the world including US, UK, Canada, France, China and Hong Kong even before your move.
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On-boarding Service Tailored for You
On-boarding officers at HSBC International Banking Centre will help you with overseas financial support tailored for you.
* Contact our International Banking Centre on (822) 2004 0123 for more information.
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Free Overseas Remittance
HSBC Premier customers are exempted from the fee for overseas remittance through Internet Banking within the amount of one thousand US dollars per day.
* You should designate HSBC as your foreign exchange bank for the service if you make transactions between self-named accounts.
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Credit Record Transfer Service
Our International Banking Centre can assist you to transfer your credit record overseas if you want to get a loan in other countries.
* Your credit rate at HSBC is based on personal installment loan examination standard at HSBC Korea.
** Any Korean resident getting a loan overseas should declare it to local authorities according to foreign exchange regulation, except others specified by the regulation such as overseas residents.
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Telephone Transfer Service
Local Premier Call Centre will help you talk with overseas Premier Centre staff at local telephone rate if you are HSBC Premier customer and overseas account holder.
* Contact our International Banking Centre on (822) 2004 0123 for more information.
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What You Need to Know
Important Regulations
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If you open a bank account and invest overseas directly the local taxation system will be imposed on your bank deposit or investment. You also should fill in tax documents yourself and there are additional documentation to complete if the direct investment amount exceeds ten thousand US dollars.
In case of buying offshore funds, local withholding tax will be imposed for interest income. However, in case of overseas investment funds domiciled in Korea, they will be exempted from taxation according to the revision of regulation in 2007 with offshore funds still withheld.
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What Else Should I Know?
There are many local regulations applied to Korean residents for depositing or investing that need to be observed when to opening bank accounts or investing overseas. Please double-check the details to ensure you are fully informed.
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Note : The information provided is intended as a general guide for reference. Benefits and features may be subject to local country regulatory restrictions. Please refer to the Premier service guide for detailed information.
Disclaimer : The information shown should not be regarded as an offer or solicitation to sell investments or make deposits in any country to any person to whom it is unlawful to make such an invitation or solicitation in such country. The information contained in these pages is not intended to provide professional advice. Persons accessing this page should obtain appropriate professional advice when necessary.
