็hsbc Thailand

[The_Moog]

HSBC charge 0.25% on any deposits coming from abroad- which seems an incredible temerity. I.e when you put money in your account, they take a slice just for the privilege of accepting it.

Also:-

When I paid for my flat in BKK, the money came from HSBC Jakarta to to Bangkok Bank - going via HSBC Bangkok, and the latter tried to pocket US$300 just for passing the money through, (in addition to the HSBC Jakarta remittance charges).

Bangkok Bank charged no fees and gave a good exchange rate. Food for thought when we are bashing Thailand, sometimes the internationals are much much greedier.

Also

I used to have an a/c at HSBC Bangkok 5 years ago, till they decided foreigners had to pay 500 baht a month for an account fee.

Also

If you have an account at HSBC Thailand, you can't pay in cheques for 12 months.

[~G~]

I called HSBC last week to open an account. I just wanted them to issue an LC for a supplier of mine abroad, who insists he wants it issued in a big bank. I was willing to give 100% of the guarantees in cash.

They said that for a commercial account, they require at least 5,000,000 baht initial deposit.

Edited June 6, 2005 by ~G~

[lopburi3]

As for wire receiving fee of 1/4 of 1% believe that is what Bangkok Bank charges also so it is probably normal (although I have not seen a breakdown of charges for a few years so not sure if still this amount). You only see it if you request the wire transfer receipt.

[The_Doctor]

So... What's the best option for bringing money into Thailand then?

So far I've just been using ATM's, to withdraw small ammounts from UK bank (or bringing cash on flight), but later in the year, I'm going to want a larger (real estate) transfer.... How would you recommend doing it?

[terdsak_12]

I love the HSBC adverts "The World's Local Bank" They wouldn't pee on you if you were on fire.

[lopburi3]

So... What's the best option for bringing money into Thailand then?

So far I've just been using ATM's, to withdraw small ammounts from UK bank (or bringing cash on flight), but later in the year, I'm going to want a larger (real estate) transfer....  How would you recommend doing it?

<{POST_SNAPBACK}>

If for foreign condo purchase you have a set procedure that has to be followed I believe. For any other large transfer I would advise normal foreign wire transfer from your overseas account into your account of a Thai bank. Rate of exchange is normally very good and only large fee is at sending bank (US normal range $25-$50).

[The_Doctor]

Cheers Lopburi3...

It's not for condo (house in wife's name), although I should probably register the incoming money, I think a wire transfer is good enough.

Do you know, is it easy to wire money from here, i.e. without going back to uk?

(I know I can check with the banks, but it's a way off yet and as someone started the thread, I thought I may as well ambush it!)

[lopburi3]

Not sure about UK. Most US banks want you present when you set up permissions to do wire transfers for security reasons. I always advise people moving here to set up such an agreement first. Banks have various options to effect a transfer. My bank uses telephone call with password that is recorded. Others may use fax, written letter, internet banking. If setting up is a problem you may find a relative handy to make the transfer for you - you do a domestic transfer to them or check and they wire to your account using SWIFT.

I find it nice to have a stockpile in local bank just in case and it makes atm use easy as any atm in the country can be used with the local ATM POOL system. Plus it shows the money coming into country for extensions of stay.

I always transfer about USD 9,000 as the fee is fixed for any amount at sending bank so as a percentage it is not that much of a loss, plus you get a better rate or exchange than most atm cards.

[The_Doctor]

Cheers!

I'll set one up next time I'm back...

[Heng]

+1 pt. for HSBC for the increased peace of mind in terms of institutional risk.

Might not be the best for wiring incoming funds (but hand carrying cash or cashiers checks from 333 Silom over to the U Chu Liang Building isn't exactly a huge hassle anyway)... but no worries for parking funds originating in country.

[The_Moog]

"The World's Local Bank"

All of their national operations operate independently of each other - there is little operation synergy beyond the branding.

Sound like i'm an HSBC basher. I'm not, everywhere except Thailand I like them.

By the way, if you are a foreigner buying a flat here in your name, you need a special form from the receiving bank in respect of the cash receipt to show to the Land Registry.

[aletta]

The_doctor

HSBC in the UK have a fax indemnity form that you can fill in to be able to wire money while in Thailand.Very good service and good rates of exchange land.

ATM withdrawals usually knock off a couple of Baht from the wired rate.

[Oleg_Rus]

HSBC issues Credit cards - hence "local bank". it's their target service in lOs, and to reduce hassle with personal accounts they increased initial ammount to 5mills.

Last time it was 500K, so 10times. Even 1996 it was 30K, and 300 baht for account monthly fee + some % for account inactivity. They set their rules, right?

[ThaiPauly]

All my accounts in the UK and offshore are with HSBC, they were also my Business Bankers for 8 years.

I would not touch them with a bargepole here. I looked carefully at them when I lived in BK but the staff are all Thai!!! Thats the problem no sense of urgency about anything, they cannot possibly be the World's Bank if they operate different policies here and staff are not up to the same standard as in the UK or Hong Kong for instance.

HSBC Offshore are great, if anybody needs contact details PM me. They hardly charge anything for transferring large sums of money to my Bank Of Asia nad SCB accounts.