When you use wire transfers for deposits and later wish to withdraw funds, there are important rules to understand regarding the destination bank accounts.
Scenario 1: Withdrawing to the Same Bank Account
If you withdraw funds to the same bank account used for your deposit, there are no restrictions. This follows our First In First Out principle, ensuring smooth transactions.
Scenario 2: Withdrawing to a Different Bank Account
When withdrawing to a different bank account under your name, two situations apply:
Same Country/Region: If the new bank account is in the same country/region as your deposit bank account, withdrawals are permitted.
Different Country/Region: If the new bank account is in a different country/region from your deposit bank account, withdrawals are not permitted due to anti-money laundering regulations and foreign exchange controls.
Examples:
Example 1: You deposit $4,500 using HSBC Hong Kong and wish to withdraw to the same HSBC Hong Kong account. This is always permitted.
Example 2: You deposit $4,500 using HSBC Hong Kong and wish to withdraw to UOB Hong Kong. This is permitted as both banks are in Hong Kong.
Example 3: You deposit $4,500 using HSBC Hong Kong and wish to withdraw to HSBC Singapore. This is not permitted due to anti-money laundering regulations and foreign exchange controls.
For assistance with wire transfers, please contact our support team via Live Chat in your Client Portal.