Hsbc Multi-currency Savings Account

[up-country_sinclair]

Has anyone used this type of account with HSBC?

Any information, opinions, and details of experiences would be greatly appreciated....particularly related to using this account from Thailand.

Thanks.

UCS

http://www.hsbc.com.sg/1/2/personal/deposi...savings-account

[AmericanGuy1066]

Looks pretty useless for someone living in Thailand. It's from HSBC Singapore. Of 10 currencies it doesn't cover THB. Minimum balance of SGD2k or approx THB 45k.

It's an on-line or internet account, so won't be much use for transferring money to/from Thailand.

To quote from it's own website:

- As the Multi Currency Savings Account is an online account, all transactions must be made through online@hsbc^#.

^# ATM card, debit card or checking facilities will NOT be issued with this account. A flat fee of S$5 will be levied per visit for offline transactions.

It might help you manage your affairs outside Thailand tho', if you do a lot of transactions in a few of these 10 currencies.

[chiang mai]

Has anyone used this type of account with HSBC?

Any information, opinions, and details of experiences would be greatly appreciated....particularly related to using this account from Thailand.

Thanks.

UCS

http://www.hsbc.com.sg/1/2/personal/deposi...savings-account

The HSBC Hong Kong multi currency account does include Baht and I found the account useful when being paid in different currencies around the world. If you hold more than 2.0 mill HKD or equivelant then you qualify for Premier status and the online service that goes along with that is great and lets you do all manner of things remotely.

[v8tfcorty]

can one apply online for a hsbc account or is there a local branch here in pattaya

[sbk]

HSBC Thailand branch Time deposit accounts

[ThaiWanderer68]

HSBC has only one branch and that is in Bangkok, so you're out of luck in Pattaya. The other British Bank Standard Chartered Bank has more branches but not sure if they have in Pattaya. It has around 30-40 depending on your definition of a branch.

Here's what wikipedaia says about them, but it looks oudated, as Standard Chartered Nakornthorn is now Standard Chartered Bank (Thai)

HSBC The Hong Kong and Shanghai Bank has a branch office in Bangkok and is especially good at banking arrangements for businesses importing from or exporting to China. They seem to be less interested in the personal customer, but if you hold an account with them in a third country, they may be able to help with an account in Thailand.

Hong Kong & Shanghai Banking Corporation

Rama IV Road,

Bangrak,

Bangkok

http://www.hsbc.com/thailand

Standard Chartered Nakornthon Bank This is a joint venture between the small Nakornthon Bank and the extremely large Standard Chartered Bank. They have several branches in the Bangkok area. The Head Office is welcoming to foreign nationals, the branches less so, and finding branches outside of the major urban centres is difficult.

Standard Chartered Nakornthon Bank Public Company Ltd.

90 North Sathorn Road,

Bangkok 10500

http://www.standardchartered.co.th/

Edited July 14, 2007 by ThaiWanderer68

[trajan]

Standard Chartered Nakornthon Bank This is a joint venture between the small Nakornthon Bank and the extremely large Standard Chartered Bank.

sorry incorrect....there is NO joint venture....not sure where you got that information........Standard Chartered Bank (Thai) is a subsidiary of Standard Chartered Bank.....(the former name of Standard Chartered Bank (Thai) was Standard Chartered Nakornthon Bank and before that plain Nakornthon Bank before the 1997 financial crisis)......Nakornthon Bank years ago was owned by the Wanglee family but they lost it during the financial crisis and the shares were taken up by Standard Chartered Bank (and the FIDF, a Thai government agency)

They have several branches in the Bangkok area. The Head Office is welcoming to foreign nationals, the branches less so, and finding branches outside of the major urban centres is difficult.

Branch locator HERE

looks like they have alittle over 30 branches (only ~10 branches outside Bangkok, including Chonburi 20110, Rayong 21000, ChiangMai, KhonKaen etc.)

regarding the OP's question, HSBC's Premier service here in Bangkok is pretty good...they take good care of you (a dedicated lady banker is assigned to you which is convenient for remote help by email, fax and messenger---a sort of poor man's private banker ) ... they also cater to accts in foreign currencies.

Edited July 14, 2007 by trajan

[old wanderer]

Because of having some off-shore money coming into me, I set up a multi currency account in Singapore last Friday. Took about 2 hours. Was able to select 4 of 9 available currencies to hold in my accounts (The baht was not available), plus visa card, on-line access with a code generator for security, and a personal banker to take fax, messenger stuff. Also am able to use CITI banks anywhere to transfer for a fee of only $10.

They also have an office in BKK, so might check them out.

I needed my passport and credit card to open the account, but had also several of my Thai bank account books with substantial balances in them.

You will need $20,000 (USA) in the account within 3 months.

[Arkady]

Because of having some off-shore money coming into me, I set up a multi currency account in Singapore last Friday. Took about 2 hours. Was able to select 4 of 9 available currencies to hold in my accounts (The baht was not available), plus visa card, on-line access with a code generator for security, and a personal banker to take fax, messenger stuff. Also am able to use CITI banks anywhere to transfer for a fee of only $10.

They also have an office in BKK, so might check them out.

I needed my passport and credit card to open the account, but had also several of my Thai bank account books with substantial balances in them.

You will need $20,000 (USA) in the account within 3 months.

With Citibank in HK or Singapore you have to make sure your balance doesn't get too high or you will receive endless aggressive calls from sales people, known as account managers, trying to sell you structured products, many of which are not at all suitable for most clients i.e. "reverse convertibles" which are actually naked put options with unlimited risk disguised as high yield corporate notes. Brokers in the US are not allowed let client inexperienced clients trade naked puts but it is apparently okay for US banks to package them up to look like something else and push them on to clients in Asia. Maybe that is the sort thing that they were in doing in Japan when the authorities there cancelled their private banking licence.

HSBC does or used to open HK accounts in its Bkk branch but not Singapore accounts. They will also open accounts for offshore companies, as will I think Standard Chartered. The baht is available at HSBC HK.

[ThaiWanderer68]

Standard Chartered Nakornthon Bank This is a joint venture between the small Nakornthon Bank and the extremely large Standard Chartered Bank.

sorry incorrect....there is NO joint venture....not sure where you got that information........Standard Chartered Bank (Thai) is a subsidiary of Standard Chartered Bank.....(the former name of Standard Chartered Bank (Thai) was Standard Chartered Nakornthon Bank and before that plain Nakornthon Bank before the 1997 financial crisis)......Nakornthon Bank years ago was owned by the Wanglee family but they lost it during the financial crisis and the shares were taken up by Standard Chartered Bank (and the FIDF, a Thai government agency)

They have several branches in the Bangkok area. The Head Office is welcoming to foreign nationals, the branches less so, and finding branches outside of the major urban centres is difficult.

Branch locator HERE

looks like they have alittle over 30 branches (only ~10 branches outside Bangkok, including Chonburi 20110, Rayong 21000, ChiangMai, KhonKaen etc.)

regarding the OP's question, HSBC's Premier service here in Bangkok is pretty good...they take good care of you (a dedicated lady banker is assigned to you which is convenient for remote help by email, fax and messenger---a sort of poor man's private banker ) ... they also cater to accts in foreign currencies.

As stated in the post: Source was Wikipedia. I mentioned it was outdated. I added it for the comments about HSBC and SCB. I also mentioned that StanChart Nakornthorn became Stanchart Thai.

If you re-read what I wrote

"Here's what wikipedaia says about them, but it looks oudated, as Standard Chartered Nakornthorn is now Standard Chartered Bank (Thai)"

BTW I didn't think anyone was that passionate about the technicalities, so didn't bother in detail. I guess when Wikipedia is referring to a joint venture they were referring to the period where SCB initially only owned 75%. i.e it was a shared venture with another party at that point in time. I guess depends on your definition of joint venture.

[teejay]

I have an HSBC multi-currency account out of HK in addition to a BEA (Bank of East Asia) multi-currency. HSBC is good, but in my opinion BEA offers much better customer service.

I consider the HSBC multi-currency more of an investment account, as the services are not geared toward everyday use... aka ATM cards that work, etc.... I only keep it because they have good privileges if you put enough money in them...

edit: i've never checked if BEA has a bangkok branch... but if they do, I would definitely recommend it over HSBC unless you're talking tens of millions of USD.

Edited July 15, 2007 by teejay

[RedQualia]

All well and good, but why would I want a multi-currency account? Forgive my ignorance, but what will I get from such that I don't get from my current Thai and offshore banks? Do they not charge a fee for currency conversion? Do they eliminate wire transfer fees? Provide onshore or offshore conversion rates?

Just trying to understand the merits of such an account.

Thanks

[Arkady]

All well and good, but why would I want a multi-currency account? Forgive my ignorance, but what will I get from such that I don't get from my current Thai and offshore banks? Do they not charge a fee for currency conversion? Do they eliminate wire transfer fees? Provide onshore or offshore conversion rates?

Just trying to understand the merits of such an account.

Thanks

They charge for everything they can. It is only useful if you want to keep balances in different currencies. However, I think if you go to HSBC in HK to open a foreign currency account i.e anything other than HK$, they will put you into a multicurrency account, so you have the flexibility if the need arises.

[lotus eater]

I have an HSBC multi-currency account out of HK in addition to a BEA (Bank of East Asia) multi-currency. HSBC is good, but in my opinion BEA offers much better customer service.

...

edit: i've never checked if BEA has a bangkok branch... but if they do, I would definitely recommend it over HSBC unless you're talking tens of millions of USD.

Never heard of BEA - my ignorance no doubt. But please enlighten me. Ownership? Country of incorporation? Comparative size? Presence in Singapore?

[teejay]

I have an HSBC multi-currency account out of HK in addition to a BEA (Bank of East Asia) multi-currency. HSBC is good, but in my opinion BEA offers much better customer service.

...

edit: i've never checked if BEA has a bangkok branch... but if they do, I would definitely recommend it over HSBC unless you're talking tens of millions of USD.

Never heard of BEA - my ignorance no doubt. But please enlighten me. Ownership? Country of incorporation? Comparative size? Presence in Singapore?

Here is some info...:

http://www.hkbea.com/hk/ci/company_profile/index.htm