Opening An Hsbc Account?

[Norrad]

Hi all,

I was informed today that the lawyers handling my granfathers will are ready to pay out. The lawyers informed me that I should open an account at HSBC bank as that would be easiest and quickest for them to send money to.

Does anyone know what it takes to open a regular savings account at HSBC? Is it possible for foreigners to open an account there?

I could have my wife open an account if it is too much hassle, but that would be as a last resort.

[Morden]

Your profile shows that you are in Thailand. HSBC in BKK will give you an account but the terms aren't so favourable. Singapore is better and you can apply through the BKK branch. Interest rates are low but, if you meet the minimum deposit requirements, you can subscribe to one of their investment programmes.

Do a Google search on HSBC and you will find those branches' own websites. Email an enquiry to each to get the detail. If you choose Singapore, they will email the application form for you to complete and take to the BKK branch.

[subseasteve]

I opened one in Singapore a few years back, I had to make up a bull sh!t letter to open it, and the deposit was Sing $1000 which I was able to draw on emediatly, problem is though to send money over phone to another account not in my name I need to go to that branch to comfirm the details, Pain in the A but other wise handy. My wife doesnt know I have it either

[Wee Jimmy]

Your profile shows that you are in Thailand. HSBC in BKK will give you an account but the terms aren't so favourable. Singapore is better and you can apply through the BKK branch. Interest rates are low but, if you meet the minimum deposit requirements, you can subscribe to one of their investment programmes.

Do a Google search on HSBC and you will find those branches' own websites. Email an enquiry to each to get the detail. If you choose Singapore, they will email the application form for you to complete and take to the BKK branch.

I opened a HSBC account in Bangkok last year. Don't go to HSBC in Bangkok. As said in the previous post contact Singapore and they will arrange for their FA to see yo in Bangkok. He comes to Bangkok about once per month and it's normally the Sukothai Hotel.

Wee Jimmy

[subseasteve]

Sorryforgot to mention about the letter, it was comfirmation that I was working in Singapore, I was working free lance for offshare based Singaore comany.

[Norrad]

Thanks guys, I am going to contact the Singapore branch now. I have to go to immigration in Bangkok in about an hours time, so I may just pop into the Bangkok branch to see what they have to say.

Thanks again,

Norrad

[joncl]

Thanks guys, I am going to contact the Singapore branch now. I have to go to immigration in Bangkok in about an hours time, so I may just pop into the Bangkok branch to see what they have to say.

Thanks again,

Norrad

I have been banking with them here for over 10 years now. If you get yourself a Premier Account there are little or no fees, but a minimum deposit does apply.

[alantheembalmer]

Hi all,

I was informed today that the lawyers handling my granfathers will are ready to pay out. The lawyers informed me that I should open an account at HSBC bank as that would be easiest and quickest for them to send money to.

Does anyone know what it takes to open a regular savings account at HSBC? Is it possible for foreigners to open an account there?

I could have my wife open an account if it is too much hassle, but that would be as a last resort.

Norrad. I think your post points to the main issue; and that is that it is for the ease of your lawyers that an HSBC account is preferrable. I managed to open an account with HSBC in Bangkok about 3 years ago, but, my god, did I have to jump through a few hoops, including getting a utility bill and a letter of reference from my HSBC branch in England, where I already had an account! Once I had opened it, they told me which account I could have, and the maitenance conditions were so onerous that I just left it dormant. I would suggest that you go back to your lawyers, tell them you are the client and informing them where you want the money deposited. Good luck.

[Soutpeel]

Hi all,

I was informed today that the lawyers handling my granfathers will are ready to pay out. The lawyers informed me that I should open an account at HSBC bank as that would be easiest and quickest for them to send money to.

Does anyone know what it takes to open a regular savings account at HSBC? Is it possible for foreigners to open an account there?

I could have my wife open an account if it is too much hassle, but that would be as a last resort.

Norrad. I think your post points to the main issue; and that is that it is for the ease of your lawyers that an HSBC account is preferrable. I managed to open an account with HSBC in Bangkok about 3 years ago, but, my god, did I have to jump through a few hoops, including getting a utility bill and a letter of reference from my HSBC branch in England, where I already had an account! Once I had opened it, they told me which account I could have, and the maitenance conditions were so onerous that I just left it dormant. I would suggest that you go back to your lawyers, tell them you are the client and informing them where you want the money deposited. Good luck.

Got to agree with the above, your lawyers shouldnt be dictating to you and besides, HSBC is a cr*p bank, customer service is dire.

If you are looking for a good offshore bank in SEA, take a look at Citibank International personal banking in Singapore...Was with HSBC for many years, got fed up with the service (lack of) I was getting, changed over of Citibank IPB and have never looked back, always excellent service..

[Norrad]

I went to HSBC bank, in Bangkok today, and to open an account, they had a list of paperwork that would probably take me months to get. So I'm going to just tell my lawyer that they should just do a SWIFT transfer to my Kasikorn or Bangkok Bank accounts.

Soutpeel, are you South African? I'm guessing so by the name, have you ever had problems getting money transferred from SA? What is the best option for doing the transfer?

[Soutpeel]

I went to HSBC bank, in Bangkok today, and to open an account, they had a list of paperwork that would probably take me months to get. So I'm going to just tell my lawyer that they should just do a SWIFT transfer to my Kasikorn or Bangkok Bank accounts.

Soutpeel, are you South African? I'm guessing so by the name, have you ever had problems getting money transferred from SA? What is the best option for doing the transfer?

Yeap.. Your the first person in a long time to pick up on the "soutpeel" handle. Dont have any problems getting any money transferred from SA as I closed all my accounts down years ago in country and operate just out of my offshore account out of Singapore

Lekker dag

[Norrad]

Yeap.. Your the first person in a long time to pick up on the "soutpeel" handle. Dont have any problems getting any money transferred from SA as I closed all my accounts down years ago in country and operate just out of my offshore account out of Singapore

Lekker dag

Sweet, last time I tried to do a transfer from My ABSA account I had all sorts of problems. Lawyers just informed that it would be no problem to transfer to my KasikornBank account if I could get the SWIFT code and specify details on the transaction, such as if the conversion to Baht should be done in SA or in Thailand.

Good to meet another South African on the board.

Baie Dankie

[Badbanker]

I am in the business and had a HSBC account in Hong Kong for years.

About 10 years ago I went to HSBC Bangkok to open an account and was met by one of the most unfriendly banking personnel I have ever had the misfortune to come across! Even though I was obviously local and had references and other bank accounts with local banks I was outright informed that HSBC doesn't want my business!

Problem was that I didn't work in Thailand and didn't have a work permit. There was a large minimum deposit and about 10 other hoops to jump through none of which other International Banks required.

Then about 6 months ago I was in the same building and parked the Maybach and went in, in my Bankers grey 3 piece suit. Again I said I want to open an account and was greeted by a very beautiful young lady who was obviously very switched on spoke perfect English and was only tooooo willing to accommodate my request; after I once again jumped through their hoops. And of course I could not have a Thai Baht account and even though as I was a foreigner with a one year visa and wanted to repatriate funds abroad there were restrictions restrictions restrictions!

One of my "in" banking friends in Bangkok told me he could arrange everything for me here in Bangkok but that is not the point. That is not how a bank should act to any client!

Eventually I just gave up and went to Standard Chartered for a whole lot less headaches.

It is obvious HSBC doesn't want local Expat consumer business only corporate banking.

Badbanker

[wensiensheng]

Whatever you do, don't bring money into Thailand that you don't need to use here. Park the bulk of it in Singapore and just transfer in what you need, when you need it.

For every person who has had a good experience with HSBC, I am sure there is another who will relate a good story. Same with every single bank you can think of. Take it from a guy who worked in banks for 30 years, there isn't much difference between banks, whichever you pick. What makes the difference, is the particular person you speak to.

These days, if you walk into a bank without an introduction, you'll be treated like a money launderer, until you prove otherwise. So be ready for that.

My own view is that it's good to pick a bank that is big enough that it can never fail because it will get bailed out by it's home country central bank if it ever got into difficulties, and has a reasonable spread of branches in Asia. HSBC, Stan Chart, Citibank would fit that criteria. As would others.

Why not take a trip to Singapore and check with several banks?

By the way, one more thing, the solicitors are feeding you a bunch of bu11sh1t. It's as easy to transfer money to any bank as it is to HSBC. They are just being lazt.

[Soutpeel]

Whatever you do, don't bring money into Thailand that you don't need to use here. Park the bulk of it in Singapore and just transfer in what you need, when you need it.

Got to agree with you on your first point - if you dont need the money in Thailand dont bring it in. Putting it in Singapore is excellent advice.

[Taijitu]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

[Soutpeel]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

[cyrilmadrid]

If you are talking about a will, and decent money (?), I suggest you go to the HSBC Premier branch in Lumpini.

They only cater for international client (who have a balance with the group above 100.000 USD).

I went there, and opened an account just with a photocopy of my passport.

And with the Premier account, you can have subsidiaries accounts in HK, Singapore or wherever you like, and all are consolidated into one balance, and free transfers between accounts. See www.hsbcpremier.com

Hope this helps.

[Soutpeel]

Just got a letter from HSBC in Singapore, that unless a minium balance of $70K USD is held in the account at all times, a $30/month fee is now charged. Thats a bunch of bunk, thats what that is.

Go and look at Citibank international personal banking, mimimum balance is only US$ 25K, below that fee is charged

[Taijitu]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

[Soutpeel]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

Why naive ?.....The OP is taking about an inheritance from the UK, Not OAP pensions..

the comment was meant to be cynical considering the "big brother" police state the UK has become

[cheshiremusicman]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

Why naive ?.....The OP is taking about an inheritance from the UK, Not OAP pensions..

the comment was meant to be cynical considering the "big brother" police state the UK has become

From what I can glean, the HK HSBC do NOT have any reporting back to the UK authorities re accounts opened there so that seems a good enough reason to me to bank with them. Anybody got any confirmation on this point?

[Soutpeel]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

Why naive ?.....The OP is taking about an inheritance from the UK, Not OAP pensions..

the comment was meant to be cynical considering the "big brother" police state the UK has become

From what I can glean, the HK HSBC do NOT have any reporting back to the UK authorities re accounts opened there so that seems a good enough reason to me to bank with them. Anybody got any confirmation on this point?

WOW....the comment was meant as a joke, cant believe how serious people are taking it..

Could HM revenue service get "into" your offshore account, sure they could if there was enough reason to.

I am sure HSBC in HK do not go running back to the UK authorities about every account opened by a UK citizen, but if the UK authorities asked for information, bl**dy sure they would hand the info over.

I personally bank in Singapore, and some of the documentation I was given, it was basically stated they would not hand over any information unless there was a court order to do so...

I believe Singapore has been under pressure from the EU and US to make Singapore banking "more transparant"

[cheshiremusicman]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

Why naive ?.....The OP is taking about an inheritance from the UK, Not OAP pensions..

the comment was meant to be cynical considering the "big brother" police state the UK has become

From what I can glean, the HK HSBC do NOT have any reporting back to the UK authorities re accounts opened there so that seems a good enough reason to me to bank with them. Anybody got any confirmation on this point?

WOW....the comment was meant as a joke, cant believe how serious people are taking it..

Could HM revenue service get "into" your offshore account, sure they could if there was enough reason to.

I am sure HSBC in HK do not go running back to the UK authorities about every account opened by a UK citizen, but if the UK authorities asked for information, bl**dy sure they would hand the info over.

I personally bank in Singapore, and some of the documentation I was given, it was basically stated they would not hand over any information unless there was a court order to do so...

I believe Singapore has been under pressure from the EU and US to make Singapore banking "more transparant"

Very interesting info re Singapore, thanks for that. I'm sick and tired of paying tax to a Govt that tells me that because I have elected to move abroad in my old age, that I and my wife are no longer entitled to the UK health service - even though we have paid our dues for over 50 years. Come from Rumania or Bulgaria and fine no problems!!!

[Soutpeel]

Putting it in Singapore is excellent advice.

Maybe, but Hong Kong is even better. My wife (Thai) and I have a joint account with the Hong Kong branch of the HSBC. Great service and no hassle.

If you have bank accounts in the UK, or are receiving regular payments from pension providers etc. then the HK branch is the one to go for. The UK has direct banking arrangements with Hong Kong, whereas there are none with Singapore.

Would also suspect a direct line to Her Majesties Revenue Service as well ?

That's a rather naive statement. In my case, and most others, my pension is taxed at source.

Why naive ?.....The OP is taking about an inheritance from the UK, Not OAP pensions..

the comment was meant to be cynical considering the "big brother" police state the UK has become

From what I can glean, the HK HSBC do NOT have any reporting back to the UK authorities re accounts opened there so that seems a good enough reason to me to bank with them. Anybody got any confirmation on this point?

WOW....the comment was meant as a joke, cant believe how serious people are taking it..

Could HM revenue service get "into" your offshore account, sure they could if there was enough reason to.

I am sure HSBC in HK do not go running back to the UK authorities about every account opened by a UK citizen, but if the UK authorities asked for information, bl**dy sure they would hand the info over.

I personally bank in Singapore, and some of the documentation I was given, it was basically stated they would not hand over any information unless there was a court order to do so...

I believe Singapore has been under pressure from the EU and US to make Singapore banking "more transparant"

Very interesting info re Singapore, thanks for that. I'm sick and tired of paying tax to a Govt that tells me that because I have elected to move abroad in my old age, that I and my wife are no longer entitled to the UK health service - even though we have paid our dues for over 50 years. Come from Rumania or Bulgaria and fine no problems!!!

I was with HSBC for a long time and got fed up with the BS service and the bank fees (they should be wearing a bandit's mask)

After quite a bit of research picked up on Citi bank intenrational personal banking in Singapore and havent looked back, been with them for nearly 5 years now and hyave always received excellent service.

Minimum deposit to keep your free banking is a lot less than HSBC, as you only need a minimum balance of US$25K, no fees for withdrawals in Thailand, note, these days the local Thai banks are hitting you THB 25 a withdrawal, not Citibank,

If they see what they think is unusual activity in the account, they are on the phone straight away, in fact while I was in Indonesia withdrew some cash and it was literally 5 minutes later my relationship manager was on the phone wanting to know if I had just drawn cash in Indo.

[torrenova]

For God's sake leave the cash in GBP, in Citibank offshore multi currency account if necessary. SGD lowest for at least 5 years vs GBP and baht heading south of 60 perhaps. As HKG is linked to USD and USD is flying versus GBP then HKD or USD accounts no bloody good either. In UK offshore no tax t pay and you get interest. If chasing interest, try Oz/NZ.

[cheshiremusicman]

For God's sake leave the cash in GBP, in Citibank offshore multi currency account if necessary. SGD lowest for at least 5 years vs GBP and baht heading south of 60 perhaps. As HKG is linked to USD and USD is flying versus GBP then HKD or USD accounts no bloody good either. In UK offshore no tax t pay and you get interest. If chasing interest, try Oz/NZ.

Thanks for that 'torrenova', all grist to the mill as they say. Amazing, how many idiots we have on TV who say that "NOBODY GIVES OUT GOOD INFORMATION"! More fool them, keep up the good work.

[joncl]

If chasing interest, try Oz/NZ.

But all the interest is nearly negated by the 'non resident withholding taxes' you have to pay. Not to mention the very high transfer fees in and out of their accounts. Last but not least the 'commission in lieu of exchange' charges some of them apply depending on the amount involved.

[NowImEasy]

I enjoyed reading this thread, as always good information with good wit. But my interest is in opening a bank account in LOS, in order to transfer money from the US to buy a piece of land and have enough left over for a retirement visa. I am married to a Thai lady, but something tells me that I should get the account in my own name.

Besides a passport, what documents would the bank be looking for?