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Posts: 140

Governor

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Q: HSBC withdraw from China?

Is it true HSBC Bank will soonest exit China and Hong Kong? Is it only a speculation? If it is reality, shall we close down our account ? Seeking advise from CPA and CFP.

3 years 34 weeks ago in  Money & Banking - China

 
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Posts: 19850

Emperor

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What about 'advice' from my bestest search engine at DDG?

 

https://www.thetimes.co.uk/article/pressure-grows-on-hsbc-to-withdraw-ch...

Pressure grows on HSBC to withdraw China support

 

https://allchinareview.com/the-future-of-hsbc-in-china/

 

The Future of HSBC in China

 

https://worldfinancialreview.com/the-future-of-hsbc-in-china/?__cf_chl_j...

 

The Future of HSBC in China

 

All posts about the subject are dated in August 2020, so that isn't really a news ...

 

Now, about your account at HSBC: I wouldn't worry too much. Even if you couldn't empty your account on the last HSBC's day in China, your funds would be still accessible worldwide.

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Answer of the DayMORE >>
A: No, it's not allowed to work under RP at 2nd job! I'd say, Z visa
A:No, it's not allowed to work under RP at 2nd job! I'd say, Z visa/RP sponsor can have an objections to your part-time job. I did the same at my English teaching in China and elsewhere, butT ... I casually mentioned at my prime job, some kindergarten or another school asked me to work with them part-time. Then, my Q: "Is that permitted?" Answer from RP sponsor was always "Yes, but you can't be late or miss the classes at our school ..." with my reply: "No, our work schedule has a priority, and I'll arrange classes at kindergarten only in my free time." When I cleared that, I was undertaking any extra teaching hours at other schools and private students in my free time.Sometimes, teachers at my prime job asked me if I'm willing to have some extra classes elsewhere.I accepted after the talk with School's principal. I suggest, you test the felling at your Z/RP sponsor and once you see they don't object, you can work at 2nd job. Keeping your 2nd job as a secret from your employer won't work, 'cause you're laowai and Chinese know exactly what you do in your free time. However, despite your employer's agreement for extra work, you are still in violation of Chinese Labour law, and even if your sponsor agrees to your extra work, you can still get in trouble, because it's clearly written (somewhere ... ) that under Z/WP, one can work only at the Z-sponsor and nowhere else.Penalties ... I'd say, there won't be any warnings and you'll be required to exit China in short Exit time.It never happened to me, so I can't really advice how is when manure hits the fan ...  -- icnif77