Hsbc Bank Bangkok

[tmd5855]

Hope some one on here can advise?

Working out here in the Far East and spend my leave in Thailand.

Company at present deposits my salary into the HSBC Bank (UK) in Sterling. They have now offered to pay those who live outside the UK in either USD or Euros at a fixed exchange rate. But this (Foreign) currency has to be paid into an account outwith the UK.

Query is?

Anyone had an a/c with HSBC in the UK. Then came out to Thailand transferring said HSBC a/c to Thailand (Bangkok).

When the money arrives, a fixed % will then be transferred to the UK still as Euros?

If possible can anyone advise on cost's/difficulties please??

If the above is a no go?

I then open an a/c with a Thai bank, have said USD/Euros paid into this a/c and then transfer same fixed amount to the UK. That possible, to transfer money out of Thailand when it arrives?? This allowed???

Any advise of any sort would be very welcomed.

Thanks

Edited January 9, 2009 by tmd5855

[Eff1n2ret]

I have had an account with First Direct (a division of HSBC) in the UK for years. About 4 years ago I went to HSBC in Bangkok and asked if I could open an account with them. The first thing they want to see is "work permit", which as a visitor I hadn't got.

If you only go to Thailand on visit stamps you'll probably find that unless you have some form of longer-term visa you won't be able to get anything like a current account or internet banking with them. I did take the paperwork in case my status changed, and recall that they charge several hundred baht monthly for a current account.

Judging by many previous posts on the subject, some banks such as Kasikorn are more flexible with regard to opening accounts where you can move money around as you require.

[ukrules]

I notice the part about a fixed exchange rate, what rate will they use - the current one ? How long will they continue to use this fixed exchange rate ?

The exchange rates between Sterling and other currencies are not so great at the moment.

[tmd5855]

I notice the part about a fixed exchange rate, what rate will they use - the current one ? How long will they continue to use this fixed exchange rate ?The exchange rates between Sterling and other currencies are not so great at the moment.

Offering an exchange rate of £1.00 = $1.71 and 1.27 euro.  Applies until 31st Dec 09.  Unless rates diverge greatly then it will be reviewed.

[tmd5855]

I have had an account with First Direct (a division of HSBC) in the UK for years. About 4 years ago I went to HSBC in Bangkok and asked if I could open an account with them. The first thing they want to see is "work permit", which as a visitor I hadn't got.

If you only go to Thailand on visit stamps you'll probably find that unless you have some form of longer-term visa you won't be able to get anything like a current account or internet banking with them. I did take the paperwork in case my status changed, and recall that they charge several hundred baht monthly for a current account.

Judging by many previous posts on the subject, some banks such as Kasikorn are more flexible with regard to opening accounts where you can move money around as you require.

Thanks for the advise.

I have a 90day day multi entry visa. Should that help me open the account?

Does the Kasikorn account allow you to transfer on a regular (monthly) basis, an amount equivelent to a four figure sum in Sterling?

Any advise welcomed, thanks.

[ignis]

I also have had an account with First Direct (a division of HSBC) in the UK for years.

While on holiday one year I went into HSBC Bangkok and opened a account with no problems at all, it is very easy to set up a 'Template' to another Bank, so you can transfer money whenever you want. I was on a Visa on arrival, there was no interest paid until I had a Retirement Visa some 3 years later

Transfer anything out of Thailand under 1 million is fine, if 1 million or over then you need proof the money came into Thailand.

Also easy is to receive your credit/debit cards from the UK, as they send them direct to HSBC Bangkok, where as they will not send them to any private address here.

[ignis]

and recall that they charge several hundred baht monthly for a current account

charge monthly ??

On my Current Account I pay 300 baht every 3 years for the debit card, there is no other charge, + get ½% interest. On my Fixed rate I get 3.25% until July 2010. This is proof for my Visa Extensions

Edited January 10, 2009 by ignis

[tmd5855]

I also have had an account with First Direct (a division of HSBC) in the UK for years.

While on holiday one year I went into HSBC Bangkok and opened a account with no problems at all, it is very easy to set up a 'Template' to another Bank, so you can transfer money whenever you want. I was on a Visa on arrival, there was no interest paid until I had a Retirement Visa some 3 years later

Transfer anything out of Thailand under 1 million is fine, if 1 million or over then you need proof the money came into Thailand.

Also easy is to receive your credit/debit cards from the UK, as they send them direct to HSBC Bangkok, where as they will not send them to any private address here.

Thinking out loud?

If I have a letter from the HSBC, branch in the UK stating same, I should be okay then (hopefully)

Thanks, welcomed advice welcomed.

[Ricardo]

If you're working medium-term outside the UK/EC, then hopefully you're not still paying UK income-tax, opening an offshore sterling-a/c (I used HSBC in Jersey) would have helped you achieve non-residency. If you haven't already done so, it would still be a good move, your HSBC-UK bank should be very happy to help with this by email.

Did you notify HMRC when you left, to work full-time overseas (for more than a year I assume), if not then try to do so now, giving the date you originally flew out, and they should accept that you became UK non-resident from the next day onwards.

I operate my HSBC-Channel-Islands a/cs entirely by internet, from wherever I am in the world, with a Sterling checking-account, also US$ & Euro & Sterling higher-interest savings-accounts. HSBC also have a regional banking-centre in Singapore, which has the advantage of being entirely outside the EC, so never reporting any of your affairs to HMRC.

An HSBC-Bangkok account would enable you to get a local cash-card, but they only have the one branch in Thailand, so much for being a truly world-wide or asian bank ! However you could maintain both sterling (also Euro/US$ I would assume ?) and Baht accounts with them, get your pay sent there, and then convert by internet to move funds across to Baht as needed.

I don't quite understand why your company wouldn't also pay you in Sterling, into your offshore account, if you wanted ? The decision about which currency to opt for, is clearly driven by the exchange-rate your bank will give you today, versus the fixed-rate you're being offered short-term. Right now those fixed-rates look VERY attractive ! Almost too good to be true, given the market-rates of roughly GBP 1.00= EUR 1.05 & GBP 1.00 = US$ 1.47 ! Under the circumstances, I would expect them to review those rates, or to already have done so.

Lastly your long-term mix of $/GBP/Euros should form part of your longer-term investment-strategy, I assume you have one, and an investment-adviser ? If not, HSBC will be very happy to get first-option, at pitching for your business, they are desperate for long-term offshore employees who generate lots of fees for them !

Edited January 10, 2009 by Ricardo

[hughden]

I have an account with HSBC Bangkok. I don't have a work permit (retired), although I do live here. It was not a problem to open an account.

If you can open a Premier account then cross-country transfers within HSBC are free of charge.

I have always found HSBC Thailand to be very helpful and responsive.

[sgunn65]

I have a HSBC account in the UK, Jersey and Bangkok. I opened the Bkk account through the UK which was fairly easy.

Become a premier customer (20 pounds a month) and you will get free bank transfers plus alot of other benefits.

I have my fees paid into the UK and Jersey then bring what I need into Bangkok. You will get an ATM card which you can use in any machine and get 100K a day from.

Be aware HSBC are rubbish!!!! Do all your transactions by phone (premier customers have a 24/7 service) or on the internet and you will have no prooblems but don't waste any time in the Bangkok branch as it, in my opinion, is an exercise in futility.

[tmd5855]

Thanks gents.  Most helpful.

To fill in the cracks as they say?

Have an NT coding since no longer resident in the UK for tax purposes. 

Live Thailand and work offshore Malaya/Indonesia since 2004.

Have a HSBC account in the UK but?  Company will not put any currency other than Sterling into a UK bank a/c.

Already a premier a/c holder but it's £12 per month, I think?

Letter from the company states.

Quote, "Have looked at the exchange rates over the previous 12 months and fixed exchange rate above the average"  

With current political climate here in Thailand do not wish to have all my money is one (Thai) bank.

Thanks again all those who have posted, it has been very informative.

Edited January 10, 2009 by tmd5855

[tutsiwarrior]

I also have a First Direct (HSBC affiliate) account in the UK in sterling and also a dollar 'savings' account. If I want to withdraw cash at an ATM from the dollar account I cannot do so directly; first haveta move dollars into the sterling current account then use the sterling account ATM card.

Would it be possible to open a euro account at HSBC in BKK and directly access those funds in baht in Thailand with an HSBC BKK account atm card? Has anybody done this at HSBC in BKK with any foreign currency?...what are the associated atm charges? I can presently do this with my euro account at HSBC in saudi using the saudi HSBC atm card to obtain local currency from any atm machine in the Middle East, Thailand or the UK.

[sgunn65]

Open a jersey account through your uk branch. You can have a dollar, sterling and euro account

[pnustedt]

I use HSBC in HK as my primary bank a/c - I can use a large number of currencies and my investment income is at zero tax rate and I have a Visa credit card from them. I understand a similar situation applies with HSBC in Singapore. I would be wary of importing more cash than necessary to Thailand.

I also have a savings a/c with my local Siam Commercial Bank and transfer cash to that a/c as and when required and use an ATM for small withdrawals. I did used to have an a/c with Bangkok Bank but I found them very unhelpful.

I find HSBC HK easy to use, especially for international transactions over the internet.