China’s need to re-open Crypto exchanges

Transaction hell should not be happening in 2018. Yet it has happened to me just this week, in June 2018. A failed transaction, terrible customer support, lengthy waiting times and high transaction fees.

Whether Cryptocurrency is supplemented into the current banking system or replaces it, there is a need for the technology. A big need to avoid scenarios that should be a thing of the past.

My Scenario

A transfer from Hong Kong into my mainland China bank account was rejected, for a reason that was not communicated to me. Unfortunately this was not a surprise given the general customer service of the bank I am using in China, however a telephone call would have been appreciated.

Due to the localised nature of my Chinese bank, I will now need to organise a trip into China to rectify my account with the bank, and provide the necessary documentation for my account to accept incoming oversees transfers.

The banks took 230 RMB (~£27 at current time) to process the rejected transaction and return the funds back to my HK account.

HSBC website from hell

In general Hong Kong websites leave a lot to be desired, and HSBC is no exception.

Navigating the HSBC website to exchange my HKD into RMB + transfer took 1:30 hours due to website bugs, timeouts, and the fact they prompted I change my transfer limit after I confirm the payment — security device and all.

Overall the developers of hsbc.com.hk have recently attempted to redesign the UI of the website. Testing has not been carried out thoroughly, and I regularly get directed back to the old version, reminiscent of 2001 and Internet Explorer 6.

This could have all been avoided

36 hours after the transfer was made, there was no sign of the transaction landing in China.

I sent an enquiry to HSBC using their online banking service. This was after their telephone service failed to route me to an appropriate department — all of which were automated.

Not a live representative in sight.

72 hours after I sent the message, I received a reply stating that I needed to communicate with the mainland China bank to get the status of my transaction. This was after the transaction landed back in my HK bank account.

The amount landing back was considerably less than the amount I sent originally.

96 hours and not a successful transaction

Now, if China allowed Bitcoin transactions into the country via an exchange, where I can then exchange my BTC into RMB and withdraw to my bank account, things would be much better:

• 1 hour maximum for the entire process

• Minimal transaction fees, currently a fraction of what banks charge

• Modern, reliable apps handling my Cryptocurrency trades that do not crash

• No need to contact customer support, the blockchain validates my transaction.

Blockchain and Cryptocurrency is an inevitable evolution of our current banking system, and will finally keep transaction hell in the past.