Advantage of bank account in international bank?


#1

whats the advantage of having an account in an international bank. Im in export business and i was wondering if i could have an account from which i could withdraw payment in other countries of same bank.

e.g i submit payment here and retrieve it from a branch in another country.


#2

You can get bad service with an attitude, instead of just plain good old fashioned bad service.

Far as transferring money goes, which it should be just as simple as you mention, withdraw money from any branch of that back anywhere, in reality it doesn't work like that.


#3

Not sure about your requirements of sending payments to yourself in any other country. But if you are looking for fast wire transfers from and to US HBL is the best bank in my experience. Most of the time intl wire's from US reach by HBL account in 48 hours. It takes standard chartered and bank alfalah 3 to 4 day for inward transfers to credit your account.

Details of HBL US# transfer service can be found here. http://www.hblusa.com/rem_products0.asp


#4

[quote=", post:, topic:"]

whats the advantage of having an account in an international bank. Im in export business and i was wondering if i could have an account from which i could withdraw payment in other countries of same bank.

e.g i submit payment here and retrieve it from a branch in another country.

[/quote]

You ask about having advantages of having account in “INTERNATIONAL BANK” really DOESN’T have any advantages at all, if you live and do banking in Pakistan. Either be local bank or international bank in Pakistan both are governed by STATE BANK OF PAKISTAN. And in this case if you have dollar account and rupee account lets say in CITI BANK then Govt of Pakistan can seize both at anytime they want.

LETS SEE TWO SCENARIOS OF 1998 WHEN GOVT OF PAKISTAN SEIZED DOLLAR ACCOUNTS.

1) In 1998 if you had dollar account and rupee account in CITI BANK Pakistani branch then your dollar account would have been seized by the State Bank of Pakistan and you would have been crying with no one to hear your plight.

2) In 1998 if you were smart and would have had one dollar account in Pakistan CITI BANK just to keep as keep temporary dollar account and other one opened in CITI BANK branch of New York and used it as to keep majority of your dollars then in 1998 Govt of Pakistan would have been able to seize only Pakistani branch account and not the New York branch account since New York account is governed by the banking laws of UNITED STATES and Pakistani govt can’t do #$%# about it. Even though both account are in the SAME bank. any transfers between CITI’s PK account and NY account would be WIRE TRANSFERS and not DIRECT TRANSFERS like the one you do between Current and Savings accounts.

BOTTOM LINE is there are no advantages of International bank if you are doing all your banking in Paksitan, but if you play your cards right and use the SCENARIO NO 2 then ADVANTAGES are ENDLESS to protect your HARD EARNED SAVINGS.

As for HBL USA and HBL PAKISTAN both banks maybe under one ownership but from legal point of view both are totally two different banking entities in two different countries governed by the banking laws of two different countries so safety of your money in HBL USA account is far greater than highly unstable HBL PAKISTAN.


#5

[quote=", post:, topic:"]

You can get bad service with an attitude, instead of just plain good old fashioned bad service.

Far as transferring money goes, which it should be just as simple as you mention, withdraw money from any branch of that back anywhere, in reality it doesn’t work like that.

[/quote]

I totally agree with KO.

[Translation from CNBC’s Urdu comment] “Banks manager/staff/executives have iron-rod in their backbone.” Meaning, they have extra attitude problem. Which is totally true and I can confirm with my experiences with many local banks (HBL, UBL, MCB, Askari).

By the way, naseerz, HBL (including Askari) sucks big time. There was not a single visit in last 12 years when they have receive me (or anybody else that I see in banks) with even just a smile. When someone is taking his own money out of his own account, they treat it like they are giving you alms with such body language like they were born with incurable gastric problem.

@ furqanalimir

If you want your money to be safe, keep it divided in different banks (whether you use them or not).

If you want to spend money outside Pakistan then get an international debit-card/credit-card like MasterCard or Visa.

If you are trading with any country more than other countries, like for example USA, then visit that country for few days and open an account there and manage it through internet. Tell your clients/customers to deposit your money into that bank. It will protect you from extra deduction from conversion from US/Euro to Pakistani Rupee. Keep some of your money (so that you can quickly payout customers/clients outside Pakistan using internet account) outside Pakistan in Euro or Dollar (I prefer Euro when I am in EU).

By the way, don’t put your money in CitiBank. I sense it in early 2000 and removed large amount of money this bank. I knew this bank is going down because they were laying off thousands of people every year and their annual bank reports were not good. In this current banking crisis, I am very happy to see CitiBank is sucking pus from it’s own wound. Die you monster! :D


#6

Thanx guyz. That was quite a helpful information.Which leads me to another question.

If i have an account in US. Can i wire transfer funds from that account to my account in any bank in Pakistan on the net.i.e

i tell my client to submit the payments in the account in US and later on i transfer it on internet to any account in Pakistan. Is this service availabe in any bank over there?


#7

^ furqanalimir

Not all banks provide this service. You'll have ask for US bank that can they allow you to wire-transfer money using their Web-Interface and also ask from Pakistani bank that can they receive money wire-transferred from that US bank.

Very few Pakistani banks efficiently handle wire-transferring. In fact, most of time, wire-transferred money "stuck" at main/head-office of banks. It could took days when it get to your branch and account. Leeches.


#8

[quote=", post:, topic:"]

[Translation from CNBC’s Urdu comment] “Banks manager/staff/executives have iron-rod in their backbone.” Meaning, they have extra attitude problem. Which is totally true and I can confirm with my experiences with many local banks (HBL, UBL, MCB, Askari).
[/quote]

that’s because they are ziyada parhey likhey and every ziyada parha likha person in Pakistan has attitude problems because not many people in Pakistan even have the basic education so they think they are elite

that was a bit off topic! sorry!


#9

furqanalimir:

There is no bank in US that will process your wire transfers completely online for wire transfers intitated online most of the banks will call you to confirm your request. I dont know about others but i see the wire transfers from US credited to my a/c always on time. Oh one more thing now the US banks do need additional checks if the transfer amount is above $10000

All i would say is dont trust your money in uncle sam's land.


#10