Hsbc / Retirement Visa ?

[griffer]

Has anyone had any experience of using HSBC in Thailand?

I currently run a HSBC UK and offshore account, with no problems.

Would I be correct in assuming that money held in that account in Thailand would NOT be creditable towards a retirement visa?

Also....I'm just wondering if transfering some money into the Thai HSBC account would be an efficient way of hedging against the Thai currency strenghtening?(yep, i know this is only a forum..but you never know who may be reading...)..(George Soros please reply.... )

[Davidcharles]

When I needed some more cash from my HSBC account in UK I went to HSBC in BKK and was impressed with their efficiency.

I have the impression though that they are a sort of Franchise. Not the same as my UK Bank......Still good though.

No expert, but I understand that off shore accounts are not acceptable in retirement applications.

The money HAS to be in a Thai Bank unfortunately.

[pnustedt]

HSBC only have the one branch in Bkk - previously posters have said that they have used money in this bank for retirement visa purposes with no prob.

I currently bank with HSBC in HK and will use them in Bkk when I move to LOS.

Check out hsbc thailand

If you use their "Premier" a/c you can hold various currencies and the balance is quoted in local currency. It is very quick and easy to switch between currencies.

I wouldn't waste my time with Thai banks who just do not understand the concept of customer service.

[Davidcharles]

I wouldn't waste my time with Thai banks who just do not understand the concept of customer service.

Too true!.

eg. I recently sent a lot of sterling to my Bangkok Bank from UK.

And do you think I could get them to let me know what exchange rate I got?

Emailed them several times and they didn't even reply!!!

[griffer]

well,, that pleasantly surprises me..so, as long as the funds were in the bkk branch of HSBC, you believe it can be used as surety for the retirement visa..

i felt certain someone was going to say it had to go into a thai national bank..

let's see what some of the 'gurus' come up with...see if they concur...

note the interest rates there..at best 1.1%..and you'd have to slide across 3m baht to get "Premier account"....at present i get 3.75%(tax free of course) in Jersey..

but if this does work..would have thought it was a favourable option for all those who bemoan the thai banks...

[griffer]

er,,,if one of the web overlords would like to move this to the correct section..visas,residency, etc...please feel free..

and apologies for my incompetence....

[grahamb]

We've also got an HSBC Offshore in Jersey and I asked them about HSBC Thailand when I changed the address on the account. I wanted to find out if I could link the accounts together to make it cheaper to transfer out savings, etc. HSBC Offshore told me that they are a different entity from HSBC Thailand and therefore it's not possible to link the accounts together. They could give me a letter of introduction to give to HSBC Thailand but that's all they could do. They gave the impression that HSBC Thailand would treat me as 'just another potential customer' rather than an 'existing HSBC customer'.

A farang colleague at work recommended HSBC Thailand to me (not knowing I had the Offshore with them) so I'm still going to investigate what they offer here. I was also looking at Citibank and Standard Chartered - anybody have any experience with them? The same colleague advised me to minimise the amount of dealings we have to have with Thai banks...

[KevinN]

When I checked into CITIBANK in BKK about the ease of transfer from a USA CITIBANK to a Thai one I was trold that they were 2 different banks,one was under US rules and the other Thai rules so would do no good as far as transfers and Thai regs. about money being in a Thai bank.

[Roger13]

The Immigration rules on Bank accounts

is translated to in "a Thai Bank".

But this in practise means:

"a Bank in Thailand"

Any Bank in Thailand is acceptable.

HSBC is reputably good - but it is expensive

and has high minimum balance requirements

(not a problem for the Immigration funds

- but could be inconvenient for a separate No2 a/c)

[Payne]

I'm a HSBC client in Thailand and elsewhere. I can certainly recommend this bank which I believe is the world's second or third largest in terms of assets.

HSBC, like other foreign owned banks has only been permitted one branch in Thailand. But under a revised banking law this may now expand to three. My information, however, is that HSBC is interested in buying Thai bank. They nearly got the Bank of Asia with its over 100 branchs before a Singapore based bank recently snapped it up.

Oh yes! Maintaining sufficient funds in an account at HSBC in Bangkok will certainly qualify you for a retirement visa. Just talk to their private banking people.

[astral]

eg. I recently sent a lot of sterling to my Bangkok Bank from UK.

And do you think I could get them to let me know what exchange rate I got?

Emailed them several times and they didn't even reply!!!

Just go to your branch and tell them you need a copy of the Exchange Document for the Immigration Dept.

Mind you BBL are not good on service. After 10 years I moved to Krung Thai, who are much more helpful. They do give me exchange records which show the exchange rate, and small commision charge. Tthe rates are much better than the UK

[haha]

I considered opening a savings account in HSBC - Thailand at one time. but after hearing you need at least $15,000 US dollars to open the account, I decided not to. if they ever decide to change this high deposit requirement, I will seriously consider opening an account with them.

[Sunny Valentine]

This is what I finally got after 2 or 3 specific questions concerning the availability of foreign accounts for farangs at HSBC Bangkok:

> got just this confirmed now by HSBC Bangkok.

> Dear Mr. Valentine

>If you would like to use the Work Permit, One-Year Visum or similar, you

>will be able to open only Thai Baht Resident Account. Resident customer >is not allowed to open a foreign currency account.

This means, they would have been more than happy to open a Premier account for me as long I was on a tourist visa.

So check out this regulation before you open an account at a Thai Bank.

You can of course hold Thai Baht Accounts there.

Sunny