What on earth is happening at HSBC Expat

[Thingamabob]

This attitude doesn't only exist at HBSC. Sadly, unless you are super rich and you want to borrow big money, the banks couldn't care less about you nowadays.

[tinca tinca]

2 minutes ago, Thingamabob said:

This attitude doesn't only exist at HBSC. Sadly, unless you are super rich and you want to borrow big money, the banks couldn't care less about you nowadays.

yeah they have you by the goolies !!!!

[Krataiboy]

3 hours ago, dimitriv said:

 

Jersey is Europe. Most banks here give 0%. Some banks now even have a negative interest rate, which means that you have to pay them to keep your money. My bank has a negative interest rate if you have more than 100k Euro in your account.

 

And you cannot blame the banks for this. It is a result of political decisions. The banks are not happy with this either.

 

And about the media...  I think you missed something. This is really old news. 

 

Really? Can you reference a source? Not saying you are mistaken, but if you're right it begs the question why HSBC didn't bother informing its customers until a week or so before the axe fell.

[Baerboxer]

I got the same email (and also a Premier Customer for over 2 decades).

 

I believe this refers to Call Deposit Accounts with legacy rates. For example, I have a ThB one. I could call my RM and check their GBP/ThB and USD/ThB rates and if attractive change some and put into the ThB account. I could then transfer the ThB to my Thailand bank account when I wanted to. I used it on a few occasions when their rate was attractive but most of the time I was better off transferring GBP here and converting in Thailand. I have a tiny ThB balance so not really bothered if they don't pay interest on it.

 

The certainly haven't got their customer service communications sorted! Out of the blue emails seems to becoming the norm. But, there is the call center number you can call. Although a Jersey number I don't think the operatives are located there. The accents used to be very Indian and most were clueless. That changed some time ago to seemingly East European accents and they are helpful and reasonably knowledgeable. Give that a try if you have concerns or large balances in legacy call accounts.

 

The email also suggests booking a call with your RM to review all the account options. I had RM's in Jersey for years; then passed onto HK. (Had 3 different ones there - one brilliant, one poor and one very good). I now have a Jersey one again who seems very good so far. 

 

 

[userabcd]

2 hours ago, 448glb said:

Do you have a clue on what kind of bank your dealing with???

 

https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-under-mexican-cartel-case-after-five-years-on-probation-idUSKBN1E50YA

 

They got caught big time laundering money for the cartel. The US government find them like a billion $$$ and they need to make it up somewhere.

 

Change banks, simple.....

''The US government find them like a billion $$$ and they need to make it up somewhere.''

 

That was pretty generous of the US govt to find for them.

[Baerboxer]

12 minutes ago, Krataiboy said:

Really? Can you reference a source? Not saying you are mistaken, but if you're right it begs the question why HSBC didn't bother informing its customers until a week or so before the axe fell.

 

Jersey is in Europe but not the EU of course. Some European banks were/are applying negative interest rates on some accounts and customers. Not aware of any non European or British banks doing this. 

 

This looks more like a tidying up of old legacy accounts which also prompts people to review their account structure.

 

As I posted a little earlier, you'd be best to request a review call with your RM, and double check who your RM now is and where located. 

 

Get the info direct - not from posters who seem to be assuming what goes on in their bank/country must be the same for others.

 

 

[Baerboxer]

2 hours ago, 448glb said:

Do you have a clue on what kind of bank your dealing with???

 

https://www.reuters.com/article/us-hsbc-usa/hsbc-draws-line-under-mexican-cartel-case-after-five-years-on-probation-idUSKBN1E50YA

 

They got caught big time laundering money for the cartel. The US government find them like a billion $$$ and they need to make it up somewhere.

 

Change banks, simple.....

 

Just like the US government has "fined" Goldman Sachs and other US Banks.

 

Usually negotiating a settlement. 

 

It seems all the big banks, whilst putting most customers under the microscope and in some cases being downright nosey, don't apply that to billionaire. Be they drug cartels, or crooked politicians and dodgy businessmen!

 

Big Banks and Big Accounting firms - once considered pillars of society and bastions of ethics and good practice - now revealed over and over as turning blind eyes if the price is right!

[natway09]

From my experience with them get out now. Their costs kept nibbling away at my account, so I closed & moved. They will rob you blind

[Tchooptip]

I am a customer of HSBC France for two decades too, I have just learned they will sell their activities to live France,

All my saving are in this bank, to whom they will sell and what it will become. they had already left Thailand in 2012!

I reckon I am worried!

[Peter Denis]

5 hours ago, dimitriv said:

Jersey is Europe. Most banks here give 0%. Some banks now even have a negative interest rate, which means that you have to pay them to keep your money. My bank has a negative interest rate if you have more than 100k Euro in your account.

In my home-country (Belgium) it is wise not to have more than 100.000 Euro in total on all of your accounts at the same bank.  If the Bank goes under, 100K max pay-back is guaranteed by the BankCommission.
 

[Baerboxer]

1 hour ago, Tchooptip said:

I am a customer of HSBC France for two decades too, I have just learned they will sell their activities to live France,

All my saving are in this bank, to whom they will sell and what it will become. they had already left Thailand in 2012!

I reckon I am worried!

"To sum things up, the bank’s decision will not have a major impact on the bank’s total operations since the division is churning out losses. Moreover, the division generates only a fraction of the bank’s revenues and hence the impact will be minimal."

 

Having bought a bank to enter the French market, and making profits, HSBC are deciding to sell the now loss making tiny retail banking business. They will retain their French wholesale business.

 

HSBC are also moving a considerable amount of investment/brokerage staff from London to Paris as a result of Brexit.

 

Unfortunate for retail customers, same as when they sold the retail business in Thailand. 

 

This was in the press last October.

[Baerboxer]

58 minutes ago, Peter Denis said:

In my home-country (Belgium) it is wise not to have more than 100.000 Euro in total on all of your accounts at the same bank.  If the Bank goes under, 100K max pay-back is guaranteed by the BankCommission.
 

 

Always worth checking the compensation levels guaranteed in each country.

[Baerboxer]

3 hours ago, tinca tinca said:

there is an  H S BC bank in Thailand, BKK but think not for personal banking....think it corporate....

 

Yes. HSBC sold their retail business to BOA/Krungsri in 2012.

[Krataiboy]

Thanks to everyone (particularly Baerboxer) for contributing to what has been an enlightening (for me at least!) as well as constructive discussion.

 

Without going into the mundane details, I've managed to resolve the problems I was having, most of which resulted from the sudden decision by HSBC to temporarily close their Hong Kong operation to protect customers and staff from fall-out from the ongoing civil unrest there.

 

Makes one grateful for having this forum.

 

[Tchooptip]

25 minutes ago, Baerboxer said:

 

Yes. HSBC sold their retail business to BOA/Krungsri in 2012.

Absolutely, that is why now I have my Thailand account in Krungsri.

At first sight, I am not a specialist,  but it seems Krungsri is not the worst in this country?

At least I never had any problem with their services.

[cortez]

You're lucky you're not getting negative rates, yet....

[Cranky]

On 2/4/2020 at 12:01 PM, Skallywag said:

Probably had to close their "offshore" banks because the Channel islands are almost underwater from Global Warming.  They did not heed the Greta Thunberg warnings.  (pun intended)     

 

Cambodian banks give 6% or more on fixed deposits of 12 months 

The Bank of Bongo-Bongo land will you give you 12% - ever wonder why?

 

The chances of HSBC going bust are next to zero, much like their interest rates; it's not rocket science.

 

[mshs]

12 hours ago, cortez said:

You're lucky you're not getting negative rates, yet....

He was informed of the change in interest rates (to zero).

Of course he knew that the banks do not consult him prior to revising rates.  But we know that Premier is given to anyone servicing a mortgage debt of $100,000 or have £50,000 in holdings and also by having none of those & paying an annual fee.

 

[Stocky]

On 2/4/2020 at 5:18 PM, Krataiboy said:

No explanation, let alone an apology.

I think you'll find it's made fairly clear that 'interest rates can go up or down'. I've a Premier account with HSBC Singapore, the standard savings account pays 0.01% it's been at sod all for years, dropping to zero interest will make an unnoticeable difference. There's been little or no value in keeping cash, beyond living expenses for six months and emergencies, in a current or savings account for the last 20 years. 

[peterg40]

I also don’t understand what is going on.

 I have been calling their Expat number for Advance Account holders,

441534  616212 for 3 days now and I constantly get the same message; that the number is currently busy.

 I do need to speak with them and now I am totally frustrated and unsure what to do next.

They do not accept emails, and their chat service is unavailable.

Any suggestions would be welcome 

[Liverpool Lou]

8 minutes ago, peterg40 said:

I also don’t understand what is going on.

 I have been calling their Expat number for Advance Account holders,

441534  616212 for 3 days now and I constantly get the same message; that the number is currently busy.

 I do need to speak with them and now I am totally frustrated and unsure what to do next.

They do not accept emails, and their chat service is unavailable.

Any suggestions would be welcome 

I just got through on that number you quoted, there were a couple of warnings that wait times may be extended but I was connected as soon as the auto system ended it's speech, maybe you should just try again?

[peterg40]

Thanks for your reply and I took your suggestion to try this number again for the umpteen time and was greeted with exactly the same response “ that

the number is currently busy “

So now I am at my wits end.

Can you tell me which service provider 

are.you using to successfully connect to this number.

Thanks