Hsbc Banks In Bkk

[PattayaAddict]

Hi guys simple question for the expats and NON expats (tourist ) as well

What has your experience with HSBC in Thailand in general has been ?

I.e :Customer service,expat needs,general service ,banking procedures ,service queues

Much appreciated as always for your kind input ;-}

[MickeyM]

There is only one branch of HSBC in Thailand (by law as I understand it) on Rama IV. However, their domestic ATM access is universal, as is the case for Thai banks. I have a Premier Account with very good personal service in person and via the Internet. Internet banking, ATM, foreign check deposits (for transfers) and credit card provided. My only complaint is that fees for non-routine services seem a bit high.

[percy2]

There is only one branch of HSBC in Thailand (by law as I understand it) on Rama IV. However, their domestic ATM access is universal, as is the case for Thai banks. I have a Premier Account with very good personal service in person and via the Internet. Internet banking, ATM, foreign check deposits (for transfers) and credit card provided. My only complaint is that fees for non-routine services seem a bit high.

I'd go along with that.

I think they can be summed up as , "Profesional but expensive."

Do they really want to be here?

CHeers

[j_cheung]

There is only one branch of HSBC in Thailand (by law as I understand it) on Rama IV. However, their domestic ATM access is universal, as is the case for Thai banks. I have a Premier Account with very good personal service in person and via the Internet. Internet banking, ATM, foreign check deposits (for transfers) and credit card provided. My only complaint is that fees for non-routine services seem a bit high.

I'd go along with that.

I think they can be summed up as , "Profesional but expensive."

Do they really want to be here?

CHeers

I heard that their Premier services stipulates that a minimum deposit balance of 500K Baht lest a charge of a few hundred baht be charged per month. Any truth to that?

[Old Man River]

Do they really want to be here?

CHeers

HSBC was the first foreign bank in Thailand, being here well over 100 years. They have been here longer than any Thai bank, so I would say that yes, they really want to be here. I have been a premier customer of theirs for many years and am happy with the service.

For the record, from my experience, I have also found Citibank and Standard Chartered to offer comparable services in Thailand.

Edited July 20, 2007 by Old Man River

[think_too_mut]

Do they really want to be here?

CHeers

HSBC was the first foreign bank in Thailand, being here well over 100 years. They have been here longer than any Thai bank, so I would say that yes, they really want to be here. I have been a premier customer of theirs for many years and am happy with the service.

For the record, from my experience, I have also found Citibank and Standard Chartered to offer comparable services in Thailand.

With Citibank in Tokyo, the "Premier" service (upstairs, in person, low if any waiting, automatic Visa Gold, no fees on accout and ATM usage) come at a price: minimum 10 million yen in the account, which was (when I came) 100K US$.

That same money, transferred into an Oz bank with 5.9%, would bring about 16-17K baht per month in interest (they take 10% even for expats).

Until I woke up, I was a "privileged" customer, paying 400US$ per month in lost interest for that status, and used it only once.

Since then, I never have more than 500$ in that account, happy to pay 3$ per mont for account keeping fee.

[MickeyM]

HSBC Thailand allows 6 different foreign currency accounts with interest rates somewhat comparabe to those of the respective countries.

(See: http://www.hsbc.co.th/th/interest_rate/default.htm)

Yes, for Premier status, a minimun balance of 3M baht is required (there are no monthly service charges). Your foreign currency accounts contribute to the Premier minimum balance. (Perhaps there are lower minumums that have a S/C)

I initially approached CitiBank to inquire about such a service and they would not even talk to me until I produced my work permit (which I did not happen to have with me that day). They also said that foreign currency accounts had to be handled by the Singapore branch. I then got much better treatment at HSBC. They even voluntered to come to my work place for account processing.

[MickeyM]

HSBC Thailand allows 6 different foreign currency accounts with interest rates somewhat comparabe to those of the respective countries.

(See: http://www.hsbc.co.th/th/interest_rate/default.htm)

Yes, for Premier status, a minimun balance of 3M baht is required (there are no monthly service charges). Your foreign currency accounts contribute to the Premier minimum balance. (Perhaps there are lower minumums that have a S/C)

I initially approached CitiBank to inquire about such a service and they would not even talk to me until I produced my work permit (which I did not happen to have with me that day). They also said that foreign currency accounts had to be handled by the Singapore branch. I then got much better treatment at HSBC. They even voluntered to come to my work place for account processing.

Sorry - that direct link does seem to work; go to http://www.hsbc.co.th/default_en.htm and navigate to 'Interest & Foreign Exchange Rates'

Edited July 20, 2007 by MickeyM

[chiang mai]

HSBC Thailand allows 6 different foreign currency accounts with interest rates somewhat comparabe to those of the respective countries.

(See: http://www.hsbc.co.th/th/interest_rate/default.htm)

Yes, for Premier status, a minimun balance of 3M baht is required (there are no monthly service charges). Your foreign currency accounts contribute to the Premier minimum balance. (Perhaps there are lower minumums that have a S/C)

I initially approached CitiBank to inquire about such a service and they would not even talk to me until I produced my work permit (which I did not happen to have with me that day). They also said that foreign currency accounts had to be handled by the Singapore branch. I then got much better treatment at HSBC. They even voluntered to come to my work place for account processing.

Unless of course you already have an HSBC Premier account with HSBC in another country, in which case the HSBC Premier account in Thailand is not subject to any minimum balance rules or to the usual charges.

[chiang mai]

Hi guys simple question for the expats and NON expats (tourist ) as well

What has your experience with HSBC in Thailand in general has been ?

I.e :Customer service,expat needs,general service ,banking procedures ,service queues

Much appreciated as always for your kind input ;-}

I have HSBC Premier accounts in three countries including Thailand and find the service from the Thai branch in BKK to be the worst of all and HK to be vastly superior to anywhere else. The Thai branch gives me nothing and in many ways subtracts from the banking experience HSBC offers globally. Yes there is a dedicated Premier Center upstairs hence queuing is rarely an issue but the scope and quality of advice offered by them is very limited and generally of no use. For example I recently asked my Relationship Manager about currency hedging and she said she would put me in touch with their broker - the only calls I recieved subsequently were from HSBC sales folks trying to sell me Mutual Funds. Also, they follow all the rules of the BOT to the letter and I sensed they were in fear of BOT as far as funds transfers were concerned whereas Bangkok Bank simply went ahead and met my needs even though the request was slightly outside of the official guidelines. From a service, product and flexibility standpoint I vote that HSBC Hong Kong can meet all of my needs in Thailand on a very cost effective basis.

[trajan]

the only calls I recieved subsequently were from HSBC sales folks trying to sell me Mutual Funds.

I am actually thinking of buying mutual funds from Aberdeen, UOB or ING from my HSBC Premier relationship manager (just for convenience)....

just wondering.....do they mark-up the prices to me (or do the mutual funds just pay them a commission as a sales agent/broker)....

[trajan]

Yes, for Premier status, a minimun balance of 3M baht is required (there are no monthly service charges). Your foreign currency accounts contribute to the Premier minimum balance. (Perhaps there are lower minumums that have a S/C)

also, if you get a minimum 5mil baht condo mortgage that gets you Premier status (thats how I first got it) or if you hold 3mil baht of mutual funds/fixed deposits etc. that also contributes to the minimum balance...

[PattayaAddict]

the only calls I recieved subsequently were from HSBC sales folks trying to sell me Mutual Funds.

I am actually thinking of buying mutual funds from Aberdeen, UOB or ING from my HSBC Premier relationship manager (just for convenience)....

just wondering.....do they mark-up the prices to me (or do the mutual funds just pay them a commission as a sales agent/broker)....

Trajan regarding your question :the funds company do pay Hsbc comission as a broker -i know this cause i have recently just purchased a few .hope it helps mate

Edited July 20, 2007 by PattayaAddict

[PattayaAddict]

Yes, for Premier status, a minimun balance of 3M baht is required (there are no monthly service charges). Your foreign currency accounts contribute to the Premier minimum balance. (Perhaps there are lower minumums that have a S/C)

also, if you get a minimum 5mil baht condo mortgage that gets you Premier status (thats how I first got it) or if you hold 3mil baht of mutual funds/fixed deposits etc. that also contributes to the minimum balance...

Trajan can you please advise on this a bit further as i am pretty much in the same boat but lost in how to go on about this matter

1:was your 5mil baht mortage arranged thru Hsbc Uk or directly with Hsbc BKK ?

2 was it a smooth procedure ?

Cheers for your kind help

[PattayaAddict]

Seems to me in general after reading all these good replies from all you guys that Hsbc is not really up to scratch (especially for theyre Premier clients ) ,seems a bit worrying as i might need to deal with them in BKK soon same as you guys ohhh buggar

[stats]

HSBC likes to close their customer accounts for no reason.. Search on googles you may find a very good explanation on HSBC

[chiang mai]

HSBC likes to close their customer accounts for no reason.. Search on googles you may find a very good explanation on HSBC

Seems like a good way to develop their business!

[waveydavey]

I have an HSBC account back in the UK, with a UK address. I'm due to receive a new debit / ATM card in a couple of months. Do you think it would be possible to arrange to collect the card at the branch in BKK or will it have to be delivered to my account address in the UK?

[samran]

I use them and they are fine. I bank offshore, get paid offshore.

My account here in Thailand is nothing more than a receiving station for my income/savings that we live off. Once it hit the Thai account, I send the cash to my UOB account, whose Visa Electron card gives Thai FF points whenever you swipe it.

Branch wise, their sole location is a bit of a pain if you need to go in, but given that their internet banking is pretty good with a high security level, there should be no reason why you should have to go in.

[sgunn65]

I have a HSBC Premier account in the UK. I asked them to open a bank account for me in Thailand and they cannot seem to do enough for you. However it is 3 months down the line and I still have no confirmation that the account is open. I get a letter once a month from the International dept telling me they have tried to call (when they have not) and I need to ring them! Bizarre! Everytime I do this they are most apologetic and it is hard to get angry when they are so nice about it!

The upside is the UK side is brilliant as is the internet banking. All my money is in the UK and I will be paid into my UK account whilst working in LOS so all I need is the ability to transfer living funds to LOS which is done in Sterling so I get Thai rates and there is no charge for this service. I also do not pay for the service as I keep more than 50K in accounts with them. Otherwise it is £20 per month. Their online savings account is currently offering 6.35% which is not to be sniffed at.

Overall I am glad I switched from Barclays.