Another Bad News...

[BabySun]

My post is politically incorrect.On top of the screen I can see ad from HSBC - company,which disapointed me today.They used to charge 180B,for ATM cash withdraw in Thailand,on card issued in Singapore.

Now they charge - 1.5%.

[nakachalet]

babysun

LOL wish i were in your shoes....

i am now paying 2% at atm withdrawal in thailand AND

my home bank overseas also charge another 2% for each transaction as well....

let's swap cards, shall we?.... LOL

[Gary A]

Citibank US charges 3 percent for ATM transactions. They recently charged me $45 for a wire transfer that used to be $30. I now make one wire transfer per year and don't use the ATM card.

[PattayaParent]

HSBC have just told me that from 1 April they are going to charge me 15 Quid a month to have an account with them.

I'm hoping it's just a joke but am looking for another bank with no charges just in case.

[TPI]

HSBC have just told me that from 1 April they are going to charge me 15 Quid a month to have an account with them.

I'm hoping it's just a joke but am looking for another bank with no charges just in case.

Best of luck...! "Bankers"...slime sucking bottom feeders!

[cmsally]

What kind of acct. is that with HSBC - 15GBP/month to have an acct?

[PattayaParent]

^Just a regular Offshore Current Account.

Edit: Many banks now charge you for having money in them but some don't charge if you keet over a certain amount with them (25k in HSBC).

But now HSBC require the minimum amount AND will charge 15 Quid a month, if you don't have the minimum 25k then will charge an extra 20 Quid a month 'underfunding fee'

If you're a Premier Customer though there's no monthly fee but you must keep more than 60k with them, at 0% interest.

So I'm changing to a bank where the minimum requirement is 3,000 Quid and they'll pay me interest on that!

Edited March 4, 2010 by PattayaParent

[nakachalet]

p-parents

u should really do that right away.

more power to you and several others who would fight for their money hard earned money.

GO GO GO.... HIP.... HIP..... HOORA

Edited March 4, 2010 by nakachalet

[ignis]

At least 2 years ago HSBC told me there would be a 500 baht monthly charge if my balance went below 500k..

Last week my partner go a letter for UOB Bank to say there would be charges if the balance on the current account went below 20k

Looks like new charges coming to all Banks ?

[manarak]

3%, 2%, oh my god, what are you all paying??

I'm an ex-banker and know the best deals.

Maybe I should make a website to earn something on advice where to open accounts and cards?

[Credo]

And now we have a banker who wants his % as well!

Best of luck, you may have a good idea there, though.

[beginner]

^Just a regular Offshore Current Account.

Edit: Many banks now charge you for having money in them but some don't charge if you keet over a certain amount with them (25k in HSBC).

But now HSBC require the minimum amount AND will charge 15 Quid a month, if you don't have the minimum 25k then will charge an extra 20 Quid a month 'underfunding fee'

If you're a Premier Customer though there's no monthly fee but you must keep more than 60k with them, at 0% interest.

So I'm changing to a bank where the minimum requirement is 3,000 Quid and they'll pay me interest on that!

Yes its true that Offshore HSBC will now charge fees for 'Relationship Balances' of under UKP 60k. However you can have that amount in any account including interest paying accounts in sterling or foreign exchange or even investment funds.

There is no doubt that HSBC is targeting high value customers and is happy to lose the others. Their Premier customers do have Personal Relationship Managers and many other services that a high value person might think important.

This strategy also applies to interest rates paid. For example, Bradford and Bingley Offshore pay 2.5% AER on balances over £1000;

Offshore HSBC pay 0.2% for balances over £50,000.

There is no such thing as a free lunch and banks always try to make a profit somewhere. At least Offshore HSBC is being open and transparent on their account charges. They are not the cheapest option across the board but they give a high level of service.

Although 15 quid a month is 15 quid a month. £180 per annum doesn't seem a lot to me for the security and ease of internet use of Offshore HSBC.

Edited March 5, 2010 by beginner

[rgs2001uk]

^Just a regular Offshore Current Account.

Edit: Many banks now charge you for having money in them but some don't charge if you keet over a certain amount with them (25k in HSBC).

But now HSBC require the minimum amount AND will charge 15 Quid a month, if you don't have the minimum 25k then will charge an extra 20 Quid a month 'underfunding fee'

If you're a Premier Customer though there's no monthly fee but you must keep more than 60k with them, at 0% interest.

So I'm changing to a bank where the minimum requirement is 3,000 Quid and they'll pay me interest on that!

Yes its true that Offshore HSBC will now charge fees for 'Relationship Balances' of under UKP 60k. However you can have that amount in any account including interest paying accounts in sterling or foreign exchange or even investment funds.

There is no doubt that HSBC is targeting high value customers and is happy to lose the others. Their Premier customers do have Personal Relationship Managers and many other services that a high value person might think important.

This strategy also applies to interest rates paid. For example, Bradford and Bingley Offshore pay 2.5% AER on balances over £1000;

Offshore HSBC pay 0.2% for balances over £50,000.

Although 15 quid a month is 15 quid a month. £180 per annum doesn't seem a lot to me for the security and ease of internet use of Offshore HSBC.

Would be interested to know what type of account you have PP.

I also have a HSBC Premier account, no monthly fee, and I recieve interest.

The money is in a non resident 1 year time account, due for renewal in May, for the last year it has been a meagre 0.5%.

[PattayaParent]

^Just a standard current account in GBP.

0.5% is really not that much better than 0%! I saw 3 year accounts offering 6% last week and can use the 25k I've so far had to park with HSBC to gain more in interest than I'd be paying to HSBC for them to make money using my money.

And the irony is that the bank I'm switching to, banks with.......................HSBC!

[beginner]

^Just a standard current account in GBP.

0.5% is really not that much better than 0%! I saw 3 year accounts offering 6% last week and can use the 25k I've so far had to park with HSBC to gain more in interest than I'd be paying to HSBC for them to make money using my money.

And the irony is that the bank I'm switching to, banks with.......................HSBC!

If the 'bank' you are switching to banks with HSBC, then I am guessing it is not a full service Bank. There will be delays with all transactions and very few banking options available.

Who is it by the way? I can not see anyone offering/advertising 6% pa on a three year term on the comparison sites. Are there strings attached?

If not then please tell us the good news. Who is it?

[PattayaParent]

The bank I'm switching to is Standard Bank which is a full service bank.

They are not the one that is offering the 3 year 6% account though.

I'm only interested in them for GBP and USD current accounts.

[beginner]

The bank I'm switching to is Standard Bank which is a full service bank.

They are not the one that is offering the 3 year 6% account though.

I'm only interested in them for GBP and USD current accounts.

Thanks for the reply.

Standard Bank eh?

As they say on their website

Banking and other financial services to individual customers and small and medium enterprises in sub-Saharan Africa and Argentina

Wow. You are a brave man. As Thai ladies are fond of saying 'Good luck to you'.

I have no knowledge whatsoever of Standard Bank. They may be the best bank ever for all I know. I guess it all depends on what transactions you are likely to make.

That 6% pa return is a bit elusive. The best I have found is 4.25% from the good old Co-operative Bank in UK. Standard seem to be offering similar very low rates similar to Offshore HSBC. Maybe that's a good sign, after all, high above market rates usually means high risk.

[gregb]

3%, 2%, oh my god, what are you all paying??

I'm an ex-banker and know the best deals.

Maybe I should make a website to earn something on advice where to open accounts and cards?

And you have the courage to announce that on an open forum? You have bigger cojones than I.

Ex bankers are just slime living off the scum of current bankers.

How about telling us where the soft spots are so we can eliminate bankers altogether? Now that would be helpful.

P.S, At least you are slime looking at building a solar powered house. That does give you some redeeming qualities.

Edited March 7, 2010 by gregb

[PattayaParent]

Can't find the 6% again myself now, I had a feeling it was Abbey but doesn't seem to be.

Best I can find is 5% at Barclays.

[Naam]

Can't find the 6% again myself now, I had a feeling it was Abbey but doesn't seem to be.

Best I can find is 5% at Barclays.

percentages do not mean anything without mentioning maturity!

p.s. no offence meant but only totally ignorant investors would put their money in long term maturities under prevailing circumstances.

Edited March 8, 2010 by Naam

[PattayaParent]

^the 6% was for 3 year fixed deposit.

I didn't read the maturity for the 5% at Barclays.

Are you expecting interest rates to average more than 6% in the next 3 years Naam?

[Naam]

^the 6% was for 3 year fixed deposit.

I didn't read the maturity for the 5% at Barclays.

Are you expecting interest rates to average more than 6% in the next 3 years Naam?

-when and by which bank were these 6% offered?

-no way that Barclays offers 5% for 3 years. 3Y-gilts are yielding less than 2%, 3Y-swap rates are 2.05%, 30Y-gilts yield 4.58%, Barclays rating is AA. 'nuff said!

[chiang mai]

^the 6% was for 3 year fixed deposit.

I didn't read the maturity for the 5% at Barclays.

Are you expecting interest rates to average more than 6% in the next 3 years Naam?

I don't know what Naam thinks but I reckon 6% for two years is OK but three years makes it a loss leader in my book.

[Naam]

I don't know what Naam thinks but I reckon 6% for two years is OK but three years makes it a loss leader in my book.

Naam thinks that nowadays 5 or 6% for a GBP deposit (2 or 3 years) offered by a good debtor has strings attached. just compare with the figures i posted above and paint your own picture.

[PattayaParent]

^the 6% was for 3 year fixed deposit.

I didn't read the maturity for the 5% at Barclays.

Are you expecting interest rates to average more than 6% in the next 3 years Naam?

-when and by which bank were these 6% offered?

-no way that Barclays offers 5% for 3 years. 3Y-gilts are yielding less than 2%, 3Y-swap rates are 2.05%, 30Y-gilts yield 4.58%, Barclays rating is AA. 'nuff said!

I didn't say they did.

And if you read the previous posts you'll see that I can't now find the bank that was offering 6% for 3 years although I suspect it was Abbey.

Edit: Details of the Barclays 5% account http://www.barclayswealth.com/international.htm

Edited March 8, 2010 by PattayaParent

[chiang mai]

I don't know what Naam thinks but I reckon 6% for two years is OK but three years makes it a loss leader in my book.

Naam thinks that nowadays 5 or 6% for a GBP deposit (2 or 3 years) offered by a good debtor has strings attached. just compare with the figures i posted above and paint your own picture.

Yes I agree, but there's institution risk and then there's time line risk, my comments were directed towards time line risk - regarding the former, western governments seem to have gone to great pains to ensure that consumers don't lose money on deposits and I would expect that trend to continue, hence, that aspect doesn't give me cause for concern.

[beginner]

^the 6% was for 3 year fixed deposit.

I didn't read the maturity for the 5% at Barclays.

Are you expecting interest rates to average more than 6% in the next 3 years Naam?

I don't know what Naam thinks but I reckon 6% for two years is OK but three years makes it a loss leader in my book.

Unfortunately its got many strings attached. Here is an extract from their sales pitch.

Face the savings challenge with confidence

Open a Monthly Saver Account with us and be confident in the knowledge that your money is earning one of the highest rates of interest in the market.

* Enjoy a great return on your savings for the next 12 months with our 5% AER (4.89% gross)2 variable interest rate, if you don’t make any withdrawals

* For 30 days after any withdrawal the interest rate on your remaining balance falls to 0.10% AER2

* Interest paid monthly

* Deposit up to £2,000 a month by standing order (minimum £100)

* Vary the amount you deposit each month

* Take a break any time without penalty

* Easy access to your money online, by phone or through your Relationship Manager (subject to withdrawal penalties)

* Available in sterling for new deposits to Barclays Wealth

Watch your savings grow

With a typical interest rate of 5% AER (4.89% gross)2, if you save £2,000 a month and make no withdrawals, you’ll receive approximately £645 gross interest over the 12 months the account is open

[Naam]

as i suspected... Barclays' bankers think (as all bankers do) "a sucker is born every minute".

Edited March 8, 2010 by Naam

[PattayaParent]

^that's been the case for a long, long time Naam but now they're really taking the p1ss by expecting customers to pay the bank to have an account for the bank to loan that money out to make more money for themselves.