HSBC Expat no longer accepting clients in Thailand

[MRtommyR]

Just wanted to let people know that HSBC Expat are no longer accepting new clients in Thailand. I've been banking with them for 5 years and was in the process of applying for a UK buy-to-let mortgage when they suddenly withdrew the decision in principle last week saying that Thailand has been removed from the list of approved countries by their compliance department. Very frustrating as I am close to exchanging contracts on a property and now have a mad rush to find a new lender.

 

No suggestion at the moment that they will close existing accounts for residents of Thailand but worth having a plan B in mind just in case.

[ukrules]

So for some reason people who live in Thailand are tarnished by the country.

What have Thailand done that has made the place so unimaginably hostile to this bank that the literal very same bank that laundered cartel money for decades will not do small and simple business with those of us who just happen to live in Thailand?

[KhunLA]

26 minutes ago, MRtommyR said:

Just wanted to let people know that HSBC Expat are no longer accepting new clients in Thailand. I've been banking with them for 5 years and was in the process of applying for a UK buy-to-let mortgage when they suddenly withdrew the decision in principle last week saying that Thailand has been removed from the list of approved countries by their compliance department. Very frustrating as I am close to exchanging contracts on a property and now have a mad rush to find a new lender.

 

No suggestion at the moment that they will close existing accounts for residents of Thailand but worth having a plan B in mind just in case.

Apparently they think the housing market is going to take a hit, especially the condo market, possibly because of the quake hysteria.

 

Along with an economic slowdown, if tariff issue isn't resolved.  Who knows how many mortgages they already have in default, and just cutting any future losses.  

 

Seems smart to me