Bank Account With Hsbc - How Useful?

[Filer]

I'm moving permanently to Thailand this summer (retirement visa) and will open one or more bank accounts with local banks to cover the usual retiree's routine needs (transferring regular amounts in from abroad, 800k deposit, ATM card, internet banking etc). I'll be living in Phuket, although visiting in Bangkok some of the time. I've no particular preference for any of the local banks, although I've used them all on-and-off for spot needs over the past 20 years. I've no problem shopping around for the most welcoming and friendly bank(s) when the time comes.

How useful in this situation might HSBC be? I've long had an account with them in UK and there could perhaps be some advantage in me having an account with them in Bangkok as I get myself permanently set up in Thailand.

Do any farang members of this forum use HSBC as a local bank? How do they compare with the Thai local banks? I see that they seem only to have one branch - Bangkok - not the most useful for me in Phuket. Or does HSBC really only exist in Thailand as a staging post for international business firms - not for individual retail banking?

Any comments from those with experience would be appreciated.

[samtam]

I banked with HSBC for 25 years prior to coming here, and know them well from Hong Kong, London, Jersey etc. It was natural to open with them here, as I felt safe about using them. However, as you point out, they only have one branch, and it's in Bangkok. OK, for me, as I can see it from my condo. Their services do not include standing instructions, auto pay etc, and unless you are a Premier customer in another branch, (your UK branch for instance), you are required to hold high balances if you do not want to incur monthly charges. I use them for international transfers, to keep deposits for the retirement visa etc, and have a local bank to effect the day to day. I don't feel entirely comfortable with the local bank, (although it's UOB and therefore Singapore owned), simply because of the language problem....I don't speak Thai well enough to converse with anyone in the branch on serious matters.

[trajan]

HSBC in Bangkok is very convenient if you are a Premier customer...the lady banker assigned to you handles everything (arranges messengers, takes care of paperwork, instructions, remittances, faxes things to sign, anticipates situations, etc.) and saves ALOT of hassles (just with a phone call, email or even SMS)... you also get little perks like a free credit card, 50% annual discount on a small or large safe deposit box in the basement vault area, a private upstairs living-room type lounge lobby if you ever need to visit the branch, internet banking with a little security passcode device, very nice (non-tacky) birthday gifts, etc...

HUGE difference from customer treatment at the local banks where you need to actually visit the branch and queue/line up with everyone else in interminable lines just to carryout the most mundane banking tasks (and forget anything even remotely complicated)...

you can became a Premier customer just by getting a mortgage loan....(or you can deposit Baht3M in a mutual fund or fixed deposit etc.).....

I also heard that Citibank Gold and Standard Chartered Priority have similar set-ups just a bit further down Sathorn Road...

[DD18]

Have HSBC accounts in other countries so went with intention of opening same in Thailand but as you say no branch in Phuket so went with SCB (recommended) and no real problems so far, easy to send money from HSBC to SCB over internet, staff at local branch very helpful. Few things different to UK accounts, you need to alter your limits for card and set up internet transfers if required at branch but you can pay bills online and transfer money to other thai accounts at ATMs.

[Filer]

I banked with HSBC for 25 years prior to coming here, and know them well from Hong Kong, London, Jersey etc. It was natural to open with them here, as I felt safe about using them. However, as you point out, they only have one branch, and it's in Bangkok. OK, for me, as I can see it from my condo. Their services do not include standing instructions, auto pay etc, and unless you are a Premier customer in another branch, (your UK branch for instance), you are required to hold high balances if you do not want to incur monthly charges. I use them for international transfers, to keep deposits for the retirement visa etc, and have a local bank to effect the day to day. I don't feel entirely comfortable with the local bank, (although it's UOB and therefore Singapore owned), simply because of the language problem....I don't speak Thai well enough to converse with anyone in the branch on serious matters.

Thanks, Samtam, for the advice and for confirming that HSBC does in fact offer retail banking services in Bangkok. I have some of the same feelings as you and will possibly follow your lead on this.

[Filer]

HSBC in Bangkok is very convenient if you are a Premier customer...the lady banker assigned to you handles everything (arranges messengers, takes care of paperwork, instructions, remittances, faxes things to sign, anticipates situations, etc.) and saves ALOT of hassles (just with a phone call, email or even SMS)... you also get little perks like a free credit card, 50% annual discount on a small or large safe deposit box in the basement vault area, a private upstairs living-room type lounge lobby if you ever need to visit the branch, internet banking with a little security passcode device, very nice (non-tacky) birthday gifts, etc...

HUGE difference from customer treatment at the local banks where you need to actually visit the branch and queue/line up with everyone else in interminable lines just to carryout the most mundane banking tasks (and forget anything even remotely complicated)...

you can became a Premier customer just by getting a mortgage loan....(or you can deposit Baht3M in a mutual fund or fixed deposit etc.).....

I also heard that Citibank Gold and Standard Chartered Priority have similar set-ups just a bit further down Sathorn Road...

Thanks, Trajan

I'm not particularly keen to tie up assets in HSBC investment vehicles, but the premier account does sound attractive for an expat without a Thai partner or family to help them navigate the system. I'll check it out.

[Florin]

I'd also say that one of the larger Thai banks is much better for your everyday needs...for people that don't live/work in downtown Bangkok, HSBC is a lot less convenient. You probably wouldn't need it given your status, but for ex. cash deposit machines are non-existent for a bank like HSBC.

Also, am I alone in thinking that HSBC Thailand is little more than a purchased franchise name with little interoperability and less quality than its more distinguished international brethren?

[Filer]

Have HSBC accounts in other countries so went with intention of opening same in Thailand but as you say no branch in Phuket so went with SCB (recommended) and no real problems so far, easy to send money from HSBC to SCB over internet, staff at local branch very helpful. Few things different to UK accounts, you need to alter your limits for card and set up internet transfers if required at branch but you can pay bills online and transfer money to other thai accounts at ATMs.

Thanks, DD18

I've also had good reports about SCB in Phuket and they will probably be the first one I'll try in Phuket for my local banking.

[younghusband]

I'd also say that one of the larger Thai banks is much better for your everyday needs...for people that don't live/work in downtown Bangkok, HSBC is a lot less convenient. You probably wouldn't need it given your status, but for ex. cash deposit machines are non-existent for a bank like HSBC.

Also, am I alone in thinking that HSBC Thailand is little more than a purchased franchise name with little interoperability and less quality than its more distinguished international brethren?

I have banked with HSBC in Bangkok for over 20 years and found it very satisfactory for all my needs.I hardly ever visit the Rama 4 HQ and can access my account through any ATM.The only drawback compared with Thai banks is that I cannot pay bills for utilities etc via the net.For me the Premier status is pointless as I don't want to keep surplus cash in Thailand, but normal current account customers are treated with coutesy and efficiency.

I don't know where you got your info on the franchise concept, but it is completely wrong.HSBC is a full branch of HSBC worldwide, and has been a presence in Thailand since the late nineteenth century.

[Florin]

Got it, thanks for the correction! I was just basing my opinion on the fact that a friend of mine found it difficult to get help here for an account & CC set up with HSBC Singapore.

[Buckwheat]

Just a minor point....I don't believe you can have multiple bank accounts on a retirement visa.

I tried and was turned down because I was the holder of a retirement visa.

If this is still the case, choose your bank wisely...you can only have one.

[Filer]

Just a minor point....I don't believe you can have multiple bank accounts on a retirement visa.

I tried and was turned down because I was the holder of a retirement visa.

If this is still the case, choose your bank wisely...you can only have one.

Thanks for pointing this out. I find this incredible ("Incredible Thailand!" - to echo another thread). Can anyone else confirm this? We are an expat couple, planning to live here on one retirement visa (with wife as dependant). Can we really only have one bank account?

Edited January 15, 2007 by Filer

[kudroz]

Just a minor point....I don't believe you can have multiple bank accounts on a retirement visa.

I tried and was turned down because I was the holder of a retirement visa.

If this is still the case, choose your bank wisely...you can only have one.

Thanks for pointing this out. I find this incredible ("Incredible Thailand!" - to echo another thread). Can anyone else confirm this? We are an expat couple, planning to live here on one retirement visa (with wife as dependant). Can we really only have one bank account?

I had a call with HSBC Bangkok today and had a hard time getting someone to understand what I was saying. But their english level is better than most local Thai banks. For everyone reading this thread, remember the minimum opening deposit with HSBC Thailand is THB 500,000.

I would suggest you bank with HSBC Offshore in Channel Islands (www.offshore.hsbc.com) where you can have your savings in different currencies and class "A" english service. You just need to wire funds (done over the phone or the Internet) to a local Thai bank for your monthly expenses.

You will be happy to know that your savings are held by a bank not in Thailand (HSBC Thailand is a Thai Chartered Bank) things are shaky here in Thailand sometimes and I know I wouldn't want my savings in this country. HSBC Thailand is subject to BoT (Bank of Thailand) regulations. By banking with HSBC Offshore your money is in a stable political system and managed by HSBC UK.

You will find it convenient to have access to your local Thai bank network of ATMs and Branches whenever you need money or need to pay bills or transfer funds.

My advise

- Put your savings with HSBC Offshore (tailored to expats, english proficiency, stable and secure)

- Bank with a local Thai Bank (move money from HSBC Offshore to your local Thai bank once a month or whenever you need money for your monthly expenses)

- Use your HSBC Offshore Visa Debit Card to widthdraw money from the ATM if you need quick money or use it as a credit card (better to wire funds because of the service fees charged when using the debit card)

[DD18]

Good advice from Kudroz.

Also kept open Nationwide account, good for using atms, no charge & fair exchange rate.

Have read that you can open more than one thai bank account. Will check into this in a couple of weeks but our joint account was opened with Non O & Tourist visa not retirement extension.

[percy2]

Just a minor point....I don't believe you can have multiple bank accounts on a retirement visa.

I tried and was turned down because I was the holder of a retirement visa.

If this is still the case, choose your bank wisely...you can only have one.

Thanks for pointing this out. I find this incredible ("Incredible Thailand!" - to echo another thread). Can anyone else confirm this? We are an expat couple, planning to live here on one retirement visa (with wife as dependant). Can we really only have one bank account?

I had a call with HSBC Bangkok today and had a hard time getting someone to understand what I was saying. But their english level is better than most local Thai banks. For everyone reading this thread, remember the minimum opening deposit with HSBC Thailand is THB 500,000.

I would suggest you bank with HSBC Offshore in Channel Islands (www.offshore.hsbc.com) where you can have your savings in different currencies and class "A" english service. You just need to wire funds (done over the phone or the Internet) to a local Thai bank for your monthly expenses.

You will be happy to know that your savings are held by a bank not in Thailand (HSBC Thailand is a Thai Chartered Bank) things are shaky here in Thailand sometimes and I know I wouldn't want my savings in this country. HSBC Thailand is subject to BoT (Bank of Thailand) regulations. By banking with HSBC Offshore your money is in a stable political system and managed by HSBC UK.

You will find it convenient to have access to your local Thai bank network of ATMs and Branches whenever you need money or need to pay bills or transfer funds.

My advise

- Put your savings with HSBC Offshore (tailored to expats, english proficiency, stable and secure)

- Bank with a local Thai Bank (move money from HSBC Offshore to your local Thai bank once a month or whenever you need money for your monthly expenses)

- Use your HSBC Offshore Visa Debit Card to widthdraw money from the ATM if you need quick money or use it as a credit card (better to wire funds because of the service fees charged when using the debit card)

Not exactly disagreeing, I bank with HSBC offshore, but I think they are one of tre mos expensive banks in the world.

I also bank with HSBC Thailand but am now looking at Klasikorn.\\n.

One good thing about HSBC is that it if you you transfer HSBC to HSBC your tranfer is almost immediate.

Cheers

[Mahout Angrit]

My advise

- Put your savings with HSBC Offshore (tailored to expats, english proficiency, stable and secure)

- Bank with a local Thai Bank (move money from HSBC Offshore to your local Thai bank once a month or whenever you need money for your monthly expenses)

- Use your HSBC Offshore Visa Debit Card to widthdraw money from the ATM if you need quick money or use it as a credit card (better to wire funds because of the service fees charged when using the debit card)

This is good advice, However for Offshore you could also consider HSBC has branches in Singapore, again perfect English, efficient and polite Singaporean staff also internet banking and it's just down the road from Phuket (given the cheap airlines) when you want to pop into your branch. Singapore is also a stable economy without monetary restrictions.

You can open an HSBC account in Singapore in a number of currencies from their IPB in Isle of Man while you are still in UK. They are unable to open an account in Thailand for you from there.

Have you seen This thread

and also this thread

Edited January 15, 2007 by Mahout Angrit

[hughden]

You can have more than one bank account with a retirement visa (how would each bank know you have other accounts.....?)

I have a Premiere account with HSBC UK. If you open an HSBC account in Thailand you can have Premiere status without requiring a minimum balance, I just gave them a photocopy of my UK Premiere debit card. I use my HSBC ATM card here to withdraw cash, costs me 10 baht a time but I can live with that. I also have a credit card from HSBC Thailand. I use internet banking to transfer from UK to Thailand, arrives the next day and a nice lady phones me up to tell me it has arrived and provide me with the exchange rate.

I find their service is excellent by Thai standards. I usually communicate via e-mail and they always reply promptly.

I had a Standard Chartered Thailand account for several years when I was working in Bangkok (pushed towards them by my company). Their service was abysmal.

[kudroz]

My advise

- Put your savings with HSBC Offshore (tailored to expats, english proficiency, stable and secure)

- Bank with a local Thai Bank (move money from HSBC Offshore to your local Thai bank once a month or whenever you need money for your monthly expenses)

- Use your HSBC Offshore Visa Debit Card to widthdraw money from the ATM if you need quick money or use it as a credit card (better to wire funds because of the service fees charged when using the debit card)

This is good advice, However for Offshore you could also consider HSBC has branches in Singapore, again perfect English, efficient and polite Singaporean staff also internet banking and it's just down the road from Phuket (given the cheap airlines) when you want to pop into your branch. Singapore is also a stable economy without monetary restrictions.

You can open an HSBC account in Singapore in a number of currencies from their IPB in Isle of Man while you are still in UK. They are unable to open an account in Thailand for you from there.

Have you seen This thread

and also this thread

I like HSBC in Singapore as well, but it can be inconvenient for some as you need to physically go there in order to open an account. HSBC Jersey's sole purpose is strickly aimed to expats and they seem a better choice for the "never need to visit the branch" type of banking.

HSBC in Singapore, Hong Kong, USA and Jersey all offer international level banking, find out more at www.hsbc.com/hsbc/intzone_banking

Also someone else mentioned that HSBC Offshore (Jersey) is an expensive bank - I agree - but it depends how much money you have. I mean, one only needs £60,000 in cash and/or investments (roughly $120,000 USD) to become a premier customer and have significant lower fees.

For someone who doesn't plan on being a Premier customer with HSBC Jersey, I think they are better alternatives but for people with £60,000 (or equivalent in another currency) it's a no brainer.

For a local Thai bank I would recommend Kasikorn Bank. The level of their english speaking staff at the calling center is good. You will have a Visa Electron Debit Card which can be used in Thailand or abroad to widthraw funds at every ATM who displays the Visa logo. You can also opt for a virtual Visa card (web card); which is a Visa card number for online purchases where you control how much funds you want available on the card.

[Barney_the_Dinosaur]

If you want to make a small fortune with HSBC Thailand, start with a large one. Because they'll constantly be dipping into your accound for unwarranted fees.

Identical economics to investing in a beer bar.

[samtam]

Firstly, I do not think there is any problem having more than one bank account in Thailand if you have a retirement "visa". And how are they going to know?

Secondly, you can attain Premier status at HSBC Thailand if you have it in another branch in the world, without having to have the minimum balances mentioned. I've just received my new cheque book, ATM cards, TMD statements by messenger to my front door. The service element is good.

I am interested in reading about the "Class A English" banking service, by which I interpret "British banking". The British banking system is one of the slowest in the world. Yesterday I transferred a reasonably sized remittance (GBP100K) from Citibank London to HSBC Jersey by "same day transfer" at the cost of GBP20. It hasn't yet arrived in my account. A few days ago I transferred GBP25,000 from my HSBC Hong Kong account to HSBC Thailand, through internet banking. I had just pressed "confirm" for the transaction when I immediately received a call from HSBC Thailand advising that the funds had arrived, and requesting "details" etc. Hong Kong has undoubtedly the best and most advanced banking service in the world, pioneered largely by HSBC, and it's very advanced computer systems.

And, no as stated, HSBC is not a franchise in Thailand. It is one of the oldest, if not the first bank in Thailand. It was also the first bank in Japan in 1868(?), and it is the second largest bank inthe world, (after Citi).

[kudroz]

Firstly, I do not think there is any problem having more than one bank account in Thailand if you have a retirement "visa". And how are they going to know?

Secondly, you can attain Premier status at HSBC Thailand if you have it in another branch in the world, without having to have the minimum balances mentioned. I've just received my new cheque book, ATM cards, TMD statements by messenger to my front door. The service element is good.

I am interested in reading about the "Class A English" banking service, by which I interpret "British banking". The British banking system is one of the slowest in the world. Yesterday I transferred a reasonably sized remittance (GBP100K) from Citibank London to HSBC Jersey by "same day transfer" at the cost of GBP20. It hasn't yet arrived in my account. A few days ago I transferred GBP25,000 from my HSBC Hong Kong account to HSBC Thailand, through internet banking. I had just pressed "confirm" for the transaction when I immediately received a call from HSBC Thailand advising that the funds had arrived, and requesting "details" etc. Hong Kong has undoubtedly the best and most advanced banking service in the world, pioneered largely by HSBC, and it's very advanced computer systems.

And, no as stated, HSBC is not a franchise in Thailand. It is one of the oldest, if not the first bank in Thailand. It was also the first bank in Japan in 1868(?), and it is the second largest bank inthe world, (after Citi).

Class A English was meant as the language not as "British". Your transfer hasn't arrived yet in HSBC Jersey because it was sent by Citi UK, it shouldn't take more than 2 working days. Your transfer from HSBC Hong Kong to HSBC Thailand was immediate because they are both the same bank (Hongkong and Shanghai Banking Corporation Limited). HSBC in Thailand was formed in 1888 and it was the first bank in Thailand which also printed the first Thai banknotes.

For example, Hongkong and Shanghai Banking Corporation Limited, a subsidiary of HSBC Holdings Plc., owns and operates the local HSBC bank in Hong Kong, China, India, Indonesia, Malaysia, Singapore, South Korea, Taiwan and Thailand. Therefore we can say that HSBC in those countries are the "same" bank.

HSBC bank in Jersey is own and operated by HSBC Bank International, a subsidiary of HSBC Group Plc., which was created primarily to focus on cross border banking for expatriates; thus why I have recommended them (I am also a client).

I also agree that the group of HSBC local banks operated by the Hongkong and Shanghai Banking Corporation Limited are the best in the world and are far more advanced and skilled than other local banks in the HSBC group - although I think that for what the OP needs, it is more convenient for him to consider HSBC in Jersey.

[samtam]

Class A English was meant as the language not as "British".

OK, sort of agreed.

Your transfer hasn't arrived yet in HSBC Jersey because it was sent by Citi UK, it shouldn't take more than 2 working days.

It was sent by Citi using same day transfer at the fee of GBP20. It should have arrived in HSBC Jersey the same day. I don't know who is to blame yet.

[DD18]

Class A English was meant as the language not as "British".

OK, sort of agreed.

Your transfer hasn't arrived yet in HSBC Jersey because it was sent by Citi UK, it shouldn't take more than 2 working days.

It was sent by Citi using same day transfer at the fee of GBP20. It should have arrived in HSBC Jersey the same day. I don't know who is to blame yet.

When transferring from UK Mainland HSBC to Offshore HSBC money takes 3 days to arrive, had nice letter from them explaining why. Other way 1 hour, from Offshore HSBC to SCB one day.

[trd]

Doesn't affect me but I just had it confirmed to me by the bank manager at SCB in Chalong, Phuket, that the Bank of Thailand has recently withdrawn banking facilities to foreigners unless you have a work permit. That means you can't even open a saving account unless you have a WP. I haven't seen anything in the press about it, but it was introduced quietly at the same time as the 30% reserve requirement.

[topfield]

Doesn't affect me but I just had it confirmed to me by the bank manager at SCB in Chalong, Phuket, that the Bank of Thailand has recently withdrawn banking facilities to foreigners unless you have a work permit. That means you can't even open a saving account unless you have a WP. I haven't seen anything in the press about it, but it was introduced quietly at the same time as the 30% reserve requirement.

Hi

Went with a friend last week to open a savings account at the Thai Government Housing Bank near Asoke which has the highest interest rates . No work permit...no problems. Took 5 mins.

[samtam]

When transferring from UK Mainland HSBC to Offshore HSBC money takes 3 days to arrive, had nice letter from them explaining why.

Well, yes it does if you do a BACS transfer which is free. But if you do a same day transfer through CHIPS it is, strangely, SAME DAY. And for this privilege I paid GBP20. The funds actually arrived one day later, not the same day, so Citibank have refunded me the GBP20 transfer fee. The banks do talk a load of cobblers sometimes. Having worked for two over 25 years I know that money can be transferred same day, depsite what they say. Banks were able to transfer same day 25 years ago, so there is no reason whatsoever why they can't do it today. Of course you pay for it, but I had agreed to do so. It's obviously more than a slight bore when it arrives a day later; Citi's f/u, so they refunded, (effectively one day's interest on GBP100k).

[boatguy]

I just discovered this discussion of HSBC, and I am new to the forum postings. So I thought I would repeat this posting I made on another subject thread to this one so I could keep track of this subject.

Didn't he answer that above, HSBC?

I'm going to look into this situation when I visit Bangkok this next week, and upon my return to the USA in Feb.

The little research I did seems to indicate they only have one branch and one ATM in Thailand? Is this so? This would seem to necessitate 'banking-on-line' which has always bothered me in this world of computer hacks reguardless of how safe all these people want to tell you their services are?

If you use another's ATM machine aren't you subject to a service fee each time?

I'm planing on retiring here within a year or so, but I don't feel it is best to buy lots of baht at this time, even as I feel the USA is in for some shock treatments to its markets....massive, iresponsible over-spending

What do others feel about the safety of 'on-line-banking' ??

And my initial look at HSBC on line promo stuff didn't uncover the numerous 'fees' that one might be hit with in tranactions with this bank. I want to look at this situation a little closer.

I bank with an American bank at the moment that I keep ufficient funds in and they don't pester me with these little additional charges or 'dips into my funds' that really would piss me off. I would imeadiately withdrawn my funds and look for a new bank.

I just need a more 'international one' if I want to bank both here and keep funds in the US.

[Filer]

As the originator of this thread I'd like to thank all those who contributed their experience.

Here's where I have ended up. I'm not going to pursue an account with HSBC in Bangkok. My wife and I will be retirees in Phuket from this summer and our needs will be routine: 800k deposit, local transactions, ATM card, regular transfers in from abroad etc. HSBC in Bangkok respresents an offering and service level (and cost level) that would be excessive for us.

Although I currently have an HSBC account in the UK (which could have given us an intro to HSBC Bangkok), I'll be closing this when we leave since we'll no longer have any financial interests in UK and our few small UK pensions will be paid directly to our financial base (somewhere else outside UK and outside Thailand). So a direct HSBC-to-HSBC link wouldn't come into the question.

Based on the info placed in this and in some other threads, I'm inclined to look at SCB in Phuket for all our financial needs in Thailand. They seem generally to have a good reputation among retail customers all over Thailand, and an excellent reputation in the corporate world, based on various surveys which I've seen from time to time in the financial media (Asia Money, Institutional Investor etc). They also have a branch which we've used many times at Central Festival in Phuket, where my wife likes to shop!

Thanks again to all.

Edited January 25, 2007 by Filer

[samran]

just a tip to filler.

Never close a bank account back home, always keep it a little bit active. We tend to forget, but anti-money laundering rules have made it incredibly hard for accounts to be opened. If at all possible, it is wise to keep at least one bank account and one CC open back in your home country....just in case you need them.

[Khun Bob]

Best thai bank is kasikorn for service (branch, phone and net) and remote ability (phone and internet) - ie you can get stuff done without visiting a branch - nice when your 7000 miles away !

If your EU resident then singapore (or hong kong banks?) dont have a with holding tax - if your not eu resident then more choice and that includes switzerland (no witholding tax for non eu resident)

You may get good servive with hsbc, citibank, jpmorgan, standard chartered, ing in thailand - but you've got to pay alot for it and they have limited presence throughout thailand. But if you are a bit hot in silom and want a nice drink in a cool place and use of a clean toilet for free, I can reccomend their waiting areas !

And for large currency transfers from overseas it may be better to employ a currency exchange service who can instruct what rate your prepared to wait for. Of course this is if you want the money to arrive in baht. Seems now for large sums it has top arrive in foreign currency and have a credible reason for not applying any currency control withholding.

Getting an account with HSBC singapore is not expensive and not difficult and can be done remotely - also they dont have crazy prices or very high minimum balances to avoid costs - but their rates are not that good. Likewise HSBC Malaysia.