Do You Have A "personal" Banker At Your Home Country Bank?

[Jingthing]

Expats: Do you have an extra special relationship with your home country bank, a PERSONAL BANKER?

This is something you usually get by using multiple services of a financial institution and having enough money assets there to qualify for their elite services: a PERSONAL banker.

[haybilly]

Expats: Do you have an extra special relationship with your home country bank, a PERSONAL BANKER?

This is something you usually get by using multiple services of a financial institution and having enough money assets there to qualify for their elite services: a PERSONAL banker.

Why do want to know? Strange question--are you a 'merchant' banker?

[Naam]

please define "home country bank" Jingthing.

[cloudhopper]

No don't really need one. You looking for an actual person to spit on now?

[LivinLOS]

Yes and its a godsend.. In fact I may need to change bank and it will be an absolute requirement for any new banking arrangements.

Its not so much 'one person to spit on' but by having one person to handle your banking affairs, one point of contact, one person who you can make responsible for instructions.. Everything becomes smoother.

No way I would go back to call center hel_l.

[Naam]

over a period of 22 years i switched banks four times. not because i preferred one bank over the other but because my "personal banker" and his team switched banks. nota bene: a bank is only as good as your personal banker!

call center? :D

[Jingthing]

Some answers:

Home country is understood by most expats, your country of origin, not Thailand. Of course, there are some internationalists who can't easily answer that one.

No, I am not a banker.

The question was asked based on a discussion on another thread which suggested that people get a personal banker in their home country (US in this case) bank. I thought it was an interesting (albeit elitist) suggestion, and wondered how many expats actually have one.

If you think the topic "strange" please move on.

[Heng]

Yes, but we never talk. I don't call them, and I certainly made it clear to them that I don't need anyone "suggesting" what products they have that I might be interested in. Online banking IMO probably leaves a lot of these folks with spare time to play Zuma on the PC behind their locked office doors.

[sweetchariot]

I used to do this about 10 years ago, when it was a very exclusive service. Each manager looked after 50-100 high net worth clients, and would have a personal relationship with all of them, often taking them out to dinner, social events etc. We would do anything for them from cancelling a direct debit, to arranging £ multi-million investments, bespoke lending etc.

Then the high street banks cottoned on to this and started to offer personal bankers for all. Less well off clients would be flattered to get a phone call from their 'personal banker', and go for a meeting with the sole purpose of trying to sell them personal credit or insurance (all they were qualified to do). These people would generally have upwards of 1,500 customers in their portfolio, and in were reality only 1 step above a cashier, and generally impossible to get hold of.

When asking about personal bankers ask to speak to one, ask them how many clients they look after, and what services they are authorised and qualified to discuss.

In today's retail banking, everyone higher up the ladder than a cashier seems to have some ambiguous title, trying to make them sound rather more important than they actually are.

[OriginalPoster]

Expats: Do you have an extra special relationship with your home country bank, a PERSONAL BANKER?

This is something you usually get by using multiple services of a financial institution and having enough money assets there to qualify for their elite services: a PERSONAL banker.

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

[WilliamJarvis]

I use the "private" banking arms of Macquarie in Australia and Lloyd TSB in Jersey. I'm not too sure either qualifies as "personal" as the staff turnover is rather high. My "personal" banker is probably my accountant.

[Naam]

The question was asked based on a discussion on another thread which suggested that people get a personal banker in their home country (US in this case) bank. I thought it was an interesting (albeit elitist) suggestion, and wondered how many expats actually have one.

i don't think it's elitist when your average annual turnover is between twenty and fifty million (not Zimbabwe dollars). hardly ever a private investor does trades exceeding 100k with a mouse click (except foreign currencies because seconds might count). for trades of several hundred k or more in assets carrying bid/ask spreads of several points it is quasi mandatory that the personal banker or his assistant has the client on one line and the counterpart on the other line.

p.s. a real private banker might take care of several hundred 'sleeping' clients but never of more than 25-30 active clients for the simple reason that his working day is maximum 12 hours and not 72 hours

[Naam]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

[OriginalPoster]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

Why assume that we are talking about payment for sick buffalo here? My question was serious, what does a personal banker do?

[WilliamJarvis]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

Why assume that we are talking about payment for sick buffalo here? My question was serious, what does a personal banker do?

In all honesty, a "personal" banker will try his best to sell you a product he is in on commission for

[OriginalPoster]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

Why assume that we are talking about payment for sick buffalo here? My question was serious, what does a personal banker do?

In all honesty, a "personal" banker will try his best to sell you a product he is in on commission for

That's what I suspected. It sounds about as appealing as having a "personal timeshare salesman".

[Naam]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

[Naam]

In all honesty, a "personal" banker will try his best to sell you a product he is in on commission for

in all honesty... i think you have no idea what a personal banker tries and does but of that "no idea" (i think) you have a lot

[OriginalPoster]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

So basically you're saying that it's for people who are moving around huge amounts of money in a clandestine fashion. Sorry if I don't measure up to your standards. No, it doesn't sound like a service that I need, and I applaud you if you have enough money that you are demonstably superior to everyone else.

Edited July 26, 2008 by OriginalPoster

[Naam]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

Why assume that we are talking about payment for sick buffalo here? My question was serious, what does a personal banker do?

quote: "is there really value in dealing with anyone higher ranking than a teller?"

indicates that amounts equivalent to amounts necessary to cure sick buffaloes are meant. if i am mistaken i humbly apologise

[WilliamJarvis]

In all honesty, a "personal" banker will try his best to sell you a product he is in on commission for

in all honesty... i think you have no idea what a personal banker tries and does but of that "no idea" (i think) you have a lot

I would totally agree - in finance I have no idea. That's why I pay other to do it for me. I do, however, question the value add they give *against the fees they charge*

[OriginalPoster]

I don't really understand the concept of a "personal banker". What is it that a personal banker does? I mean, how complicated are the services of any bank, is there really value in dealing with anyone higher ranking than a teller?

no value at all when you want to change a couple of hundred Dollars or Pounds into Baht or transfer 10k Baht to cure a sick family buffalo

Why assume that we are talking about payment for sick buffalo here? My question was serious, what does a personal banker do?

quote: "is there really value in dealing with anyone higher ranking than a teller?"

indicates that amounts equivalent to amounts necessary to cure sick buffaloes are meant. if i am mistaken i humbly apologise

My opinion of the services of every bank that I've ever dealt with is very low, that's why I don't find dealing with an bank officer to be any more valuable than dealing with a teller. Somehow I think that you knew that though, and that you are bing intentionally offensive. Sometimes the annonymity of the internet causes people to do that.

[WilliamJarvis]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

So basically does nothing my electrian would not do

Edited July 26, 2008 by WilliamJarvis

[Naam]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

So basically you're saying that it's for people who are moving around huge amounts of money in a clandestine fashion. Sorry if I don't measure up to your standards. No, it doesn't sound like a service that I need, and I applaud you if you have enough money that you are demonstably superior to everyone else.

i can only conclude that either your reading capability is impaired but more likely is that you are deliberately misinterpreting my posting. i don't deny that "tax savings" might be involved in many cases. i did not mention any of "my" standards, did not ask for applause and neither did i claim that i am superior to everyone else because my net worth is a few Baht higher than average. all i did was trying to answer the question "What is it that a personal banker does?"

now take a deep breath, take a sip of whatever is in the glass in front of you and perhaps think of a decent apology (if you are a man with character).

[OriginalPoster]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

So basically you're saying that it's for people who are moving around huge amounts of money in a clandestine fashion. Sorry if I don't measure up to your standards. No, it doesn't sound like a service that I need, and I applaud you if you have enough money that you are demonstably superior to everyone else.

i can only conclude that either your reading capability is impaired but more likely is that you are deliberately misinterpreting my posting. i don't deny that "tax savings" might be involved in many cases. i did not mention any of "my" standards, did not ask for applause and neither did i claim that i am superior to everyone else because my net worth is a few Baht higher than average. all i did was trying to answer the question "What is it that a personal banker does?"

now take a deep breath, take a sip of whatever is in the glass in front of you and perhaps think of a decent apology (if you are a man with character).

You've got to be kidding.

[Naam]

I don't really understand the concept of a "personal banker". What is it that a personal banker does?

amongst many other things:

-he will visit you on demand in your country of residence if and when important documents (not meant for the eyes of a public notary) have to be signed in order to verify your signature,

-your personal banker located in Papua New Guinea (where you hold your assets tax free) will arrange that his bank's branch or associated bank in your home country sends a representative to your home to hand over various bundles of cash in perhaps different currencies because you asked for that kind of procedure as you are not willing to let Her Majesty's Treasury, the IRS or (if you live in Germany) Herr Steinbrueck participate,

-your personal banker located in the Central African Republic will arrange for a local witch doctor to cure your erectile disfunction with a potion made of chicken entrails, chimpanzee balls and finely ground lion claws as well as half a dozen assorted young virgins to prove his success (if you so desire),

your personal banker will do much more than what i listed but i have the funny feeling that your are neither interested in these services not do they apply in your case.

So basically does nothing my electrian would not do

living in Thailand and having a good electrician who comes to your house when there is an emergency within an hour or so might be as or even more valuable than a personal banker

[Naam]

In all honesty, a "personal" banker will try his best to sell you a product he is in on commission for

in all honesty... i think you have no idea what a personal banker tries and does but of that "no idea" (i think) you have a lot

I would totally agree - in finance I have no idea. That's why I pay other to do it for me. I do, however, question the value add they give *against the fees they charge*

basically i agree with you but would like to add that personal bankers inject their advice only in rare cases when it concerns "active" clients. the simple reason is that bankers do not specialise in one asset class but must have and keep up an allround knowledge as they have to deal with a variety of clients who interested in many different assets. an active client has normally more insight and a better judgment about the assets which are specifically of interest to him/her.

finding a specialised banker to act as your personal banker is commonly only possible for clients with a high net worth or an exceptionally high trading turnover. by the way, the one time fee a bank earns by selling an asset they have already in their books is peanuts compared to the recurring fees they are able to charge for trading.

[lannarebirth]

As I mentioned in the other thread I have two. That's not exactly accurate. I have a personal banker in that country known for personal banking. I've had the account for 17 years. My banker has moved up through his organization but he retains me as his own customer, rather than pawning me off on one of his underlings. What I do there is not that secretive so I am not best availing myself of the services he provides. Though my account is underutilized, I can't imagine ever getting rid of it.

In America I have what I like to think of as a "personal bank". I have been their customer for 32 years. It had one branch then, it has 2 branches now. I have met every single employee that has ever worked there, and not only do they know me by sight, they recognize my voice on the phone. I can call them about any matter and have it done on my voice instruction alone. I have other family members who bank there and we have numerous accounts that we can transfer between by telephone instructionalone. I negotiate my own CD rates with the manager (which are always .25-.75 higher than advertised), and they have payed me a dividend each and every year I have been a member/customer. My greatest fear is that it is such a well run bank, with a sterling balance sheet, that some larger, less well run bank will take them over.

[Mahseer]

I bank with UBS and have 2 accounts. One is a checking account based in London and is used as my 'slush fund' and the other is my investment account which is based in Jersey and the latter is very actively managed by UBS. I have a single point of contact and that person calls me periodically to advise/seek permission on moving funds around and to give me updates on how he sees the coming months from a financial perspective. The same contact visits me once a year in Chiang Mai for a full review of my financial situation which I find excellent.

I am 3 years in with UBS and perfectly satisfied to date. I believe minimum investment is US $250k or equivalent in other currencies.

[Jingthing]

I don't believe the results of this poll! But thanks for responding.