Hsbc Premier Account

[FarangBuddha]

Thinking about opening HSBC Premier account. Anyone with this care to comment good or bad? Very low interest but comes with B500k Mastercard. I travel allot and need banking services around the world.

Also, anyone with experience with unauthorized charges on a Thai bank credit card? Is it easy to get them removed and what is the cardholder's liability for "contested" charges?

[CaptHaddock]

I recently opened an HSBC Premier account here in the US in preparation for our move to Thailand next year. I assume that the free transfers will work then and will be worth the trouble, but I don't know that yet.

Here's my take on HSBC so far:

Cons:

1. The US account requires maintaining a balance of USD 100k across all banking and brokerage accounts. The interest rate on the the HSBCdirect.com account is a little worse than the best rate I had previously found for an online savings account, but not by much. You can meet the funding requirement by transferring into the brokerage account a position that you intend to hold and not trade. Trading in the HSBC brokerage account would entail truly unconscionable commissions. For example, I did a large trade last year at a discount broker and paid a commission of $2. The same trade at HSBC would have cost $1,257!

2. The brokerage staff I have dealt with here have been spectacularly incompetent. I did finally find one who is better and have switched to him.

3. The staff want to have as much contact as possible with you personally so that they can try to sell you their expensive financial services products.

4. Transfers into my HSBC checking account from another online bank take several days long than they do to Citibank. Looks like HSBC is holding the money for a few days before crediting it to the account. Apparently they take every opportunity to recover the costs of their "free" services.

5. Many, but not all, banking fees are waived for Premier members.

6. You are enabled to open overseas HSBC accounts and to transfer to them, but the amounts in those accounts do not count toward making up the minimum funding requirement of $100k for the US Premier relationship.

Pros:

1. The US HSBC Premier Visa card has no foreign transaction fee. As a US card it provides anti-fraud protection consistent with US law and practice, which is much more protection than Thai-issued cards offer.

2. The ATM card has no foreign transaction fee and reimburses ATM fees from other banks, including foreign ones. I don't recall if there is a monthly limit.

3. As a Premier member you get a 24 hour support line number for problems. These people seem more competent than the others I have dealt with.

4. Free transfers between cross-border accounts.

I am going to try to open the account in Thailand soon, which will be months in advance of our move there. I expect some pushback from the relationship manager, but I will persist.

[wannascuba]

Sorry to high jack the thread,

But I also have an HSBC, US premier account online Checking w/ a MMA savings account of approx. 200K USD. 2-3 years ago the interest rates were pretty good, but not so much now, but dont think there is much better out there for an essentially liquid account; IE I can withdraw all my $ w/ out penalty if I choose.

So far have been happy with the service from HSBC-US. Although I have not tried to open international accounts (IE Thailand, Singapore, etc) and / or Thailand based accounts linked to it. I would like to try this in the future.Linking my US HSBC to an Thai HSBC account.

You state as I quote below my post, that they reimburse ATM fee's from "other banks, including foreigner ones". Does this include the 150 baht fee I am charged when using my ATM card in Thailand? As I have not noticed this been deducted from my current transactions here in Thailand. Am I required to take further action in order to get this "150 BHT charge re-reimbursed. I know it does not seem like much, but I often have to take out numerous transaction via the ATM, and they do add up.

Quote:::::::::

"2. The ATM card has no foreign transaction fee and reimburses ATM fees from other banks, including foreign ones. I don't recall if there is a monthly limit."

And I would like to wish a Happy New Year to all........

Thanks,

WS

WannaScuba...

[Dellboy218]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

[chainarong]

Sorry , I also have a HSBC premier account in Hong Kong and transfers into Bkk or K Bank are all sorted within 24 Hrs, KBank cards have in the past have been defrauded, sometimes when the person concerned has no card at all , so be careful as always.

[Kered]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

[Dellboy218]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

No I did not mis read something, the vice president of their customer relations apologised and said sorry but thats the way things are. He also appreciated that not many customers were going to supply that information. This was a couple of years ago and their requirements may have changed.

[Kered]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

No I did not mis read something, the vice president of their customer relations apologised and said sorry but thats the way things are. He also appreciated that not many customers were going to supply that information. This was a couple of years ago and their requirements may have changed.

I am pretty sure that they have changed as I have certainly not had to provide that information and I have signed up for on-line banking in 3 countries.

[Kered]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

No I did not mis read something, the vice president of their customer relations apologised and said sorry but thats the way things are. He also appreciated that not many customers were going to supply that information. This was a couple of years ago and their requirements may have changed.

I am pretty sure that they have changed as I have certainly not had to provide that information and I have signed up for on-line banking in 3 countries.

I have checked my file and I think that you may be confusing with the Direct Banking PIN which will have been issued to you in a sealed envelope after you opened the account, this PIN lets you use the Telephone Banking system and is required to sign on for Internet Banking. This PIN is not related to your ATM Card, and you may be asked for it if you telephone and ask for information about your account.

I hope this helps to clarify.

[ThaiPauly]

I have been using HSBC Offshore for 8 years, in that time my contacts have been in Jersey, Hong Kong and Singapore...and are now back in Jersey.

Apart from the highh turnover of Relationship Managers I have to say I have been pretty satisfied with them.

TP

[ExpatJ]

I have an HSBC premier account in Thailand and another country in asia- advantages are you can open a new premier account in a new country easily, before you even arrive (very useful for expats who move countries often) and transfer money between HSBC premier accounts for free- the premier credit cards have some ok discounts at various hotels,shops, restaurants. There is an HSBC airport lounge in Jakarta which is quite good- but havent seen at other airports in the region.

Negatives- i have found my client relationship managers/advisors to be pretty weak in Indonesia and Thailand- unable to give me any advice on investing other than the few investment products that HSBC offers e.g. mutual funds mostly. I asked about gold and my advisors eyes glazed over, he clearly had no idea.

[TheyCallmeScooter]

I'm going to go against the trend here and report I was a bit disappointed with the 'benefits' (as they played out in practise rather than marketing promises).

I might have been a bit naive at the time about the hassles of cross-border TTs but it's certainly no "global bank account". I saw no decrease in overall hassles with moving even relatively small amounts over a border. I remember a very painful 4 hour afternoon in a Macau HSBC Premier branch after either my "Relationship Manager" or the receiving Premier branch manager (or both) couldn't manage to coordinate competence that day.

I was paying almost no fees which I thought was a handy benefit until I realised I was actually paying a small fortune in lost interest from the minimum 'parked' amount (compared with CBA NetSaver).

Endlessly being peddled crappy investment products by Relationship Managers who felt their unsolicited investment expertise was invaluable started tilting me over time.

Cliffnotes: I was less than impressed. I'd like to report CitiGold being a superior option, but I'm unable to do so...

Banking sucks. My new strategy is to do away with the requirement. I'm sure this is somehow the best line...

[FarangBuddha]

Thank you for the feedback...I should have clarified in the op that the account would be a Thai-based Premier account. I currently have a USA based Citigold account that I have been basically satisfied with but being that my life is based in Thailand now, was thinking about getting a similar account here (for local car loans, credit cards, etc.). I was less than impressed with the Premier new account rep. I spoke with at HSBC in Bangkok. Her English was decent, but as to investment product knowledge and what HSBC could offer, it was basically nil...maybe Thai corp./gov't. bonds and loans to invest in local real estate were her suggestions. No local Thai stock trading facilities with HSBC!

I may check-out Citi's local Citigold offerings the next time I'm in Bangkok to see how it compares.

[ExpatJ]

One other positive thing- perhaps the best thing- ha!-- they often have good signing on gifts- i got a Priority Pass card when i first opened my premier account- free access to airport lounges for a year- my friend got a large flat screen TV.

[aniMAL]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges.

You get free International transfers between accounts, but the rate from UK to Thailand is not good. Unless you are sending small amounts, it's better to send via SWIFT to a Thai Bank.

[inmysights]

I have someone staying with me for a brief holiday and has had numerous problems with their bloody HSBC 'telephone' banking insofar as after spending a frustrating 10-20 minutes inputting 'card' OR branch number, then birthdate (at last got to that stage) then came up with 'And now enter the first and last digits of your telephone Security Number. This number is not on your card'. Has a scrappy piece of paper with very long number, and entered (several times) first and last digits of which to no avail.

Anyone can enlighten before I give him a hammock and point the way toward the beach? In case anyone feels I'm a being a tad harsh, this is the third (and last time will receive this or, given past experience) any other 'guest' who turns out to be a Luddite and refuses to set up INTERNET BLOODY BANKING.

Thankyou.

Edited January 4, 2011 by inmysights

[PattayaParent]

I travel a lot and need banking services around the world.

Do you need to go into the local brach of your bank in each country you visit?

Can't you find a bank that has internet banking to do what you want?

I'm sure you could better use the GBP60k that you'll have sitting there at no interest, I konow I could

[Kered]

I travel a lot and need banking services around the world.

Do you need to go into the local brach of your bank in each country you visit?

Can't you find a bank that has internet banking to do what you want?

I'm sure you could better use the GBP60k that you'll have sitting there at no interest, I konow I could

HSBC do pay reasonable rates of Interest although they tend to change every month. In October HSBC Jersey were paying 3.2% on a 12 month GBP deposit but the rate dropped to 2% in November.

[cardholder]

I have someone staying with me for a brief holiday and has had numerous problems with their bloody HSBC 'telephone' banking insofar as after spending a frustrating 10-20 minutes inputting 'card' OR branch number, then birthdate (at last got to that stage) then came up with 'And now enter the first and last digits of your telephone Security Number. This number is not on your card'. Has a scrappy piece of paper with very long number, and entered (several times) first and last digits of which to no avail.

Anyone can enlighten before I give him a hammock and point the way toward the beach? In case anyone feels I'm a being a tad harsh, this is the third (and last time will receive this or, given past experience) any other 'guest' who turns out to be a Luddite and refuses to set up INTERNET BLOODY BANKING.

Thankyou.

6 numbers to choose from. These would have been set up at the time of registration for telephone banking - probably a birth date sequence !

[FarangBuddha]

I travel a lot and need banking services around the world.

Do you need to go into the local brach of your bank in each country you visit?

Can't you find a bank that has internet banking to do what you want?

I'm sure you could better use the GBP60k that you'll have sitting there at no interest, I konow I could

HSBC do pay reasonable rates of Interest although they tend to change every month. In October HSBC Jersey were paying 3.2% on a 12 month GBP deposit but the rate dropped to 2% in November.

As I clarified, it would be a Thai based Premier account. When the customer rep showed me the current interest rate sheet, it was all I could go to keep from burst out laughing. With any of the available currencies, the i-rate on your B 3M deposit is basically ZERO! (For Aus $ accounts, they will pay 2%.)

So Jersey HSBC and Aus and other local country HSBCs may pay decent rates but not HSBC Thailand.

[Kered]

I travel a lot and need banking services around the world.

Do you need to go into the local brach of your bank in each country you visit?

Can't you find a bank that has internet banking to do what you want?

I'm sure you could better use the GBP60k that you'll have sitting there at no interest, I konow I could

HSBC do pay reasonable rates of Interest although they tend to change every month. In October HSBC Jersey were paying 3.2% on a 12 month GBP deposit but the rate dropped to 2% in November.

As I clarified, it would be a Thai based Premier account. When the customer rep showed me the current interest rate sheet, it was all I could go to keep from burst out laughing. With any of the available currencies, the i-rate on your B 3M deposit is basically ZERO! (For Aus $ accounts, they will pay 2%.)

So Jersey HSBC and Aus and other local country HSBCs may pay decent rates but not HSBC Thailand.

Since you travel a lot you may be better to keep your balance in an other country. If you qualify for Premier in one country you can have other Premier accounts in any country without having to make the minimum deposit , you can then transfer to Thailand at any time without any charge. Keep in a currency account until the rate is acceptable and then HSBC convert it and deposit it in your Thai Baht account which does not attract interest which is a Thai regulation. They do pay a small interest rate on some currency accounts but at present it is insignificant.

[TheyCallmeScooter]

As I clarified, it would be a Thai based Premier account. When the customer rep showed me the current interest rate sheet, it was all I could go to keep from burst out laughing. With any of the available currencies, the i-rate on your B 3M deposit is basically ZERO! (For Aus $ accounts, they will pay 2%.)

So Jersey HSBC and Aus and other local country HSBCs may pay decent rates but not HSBC Thailand.

2% is decent for Australia? Since when...

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• Interest rate current as at 21/12/2010 but is subject to change. A linked transaction account is required. The advice on this website has been prepared without considering your objectives, financial situation or needs. Because of that, you should, before acting on the advice, consider its appropriateness to your circumstances.

I'm yet to see a bank term deposit saving interest rate which matches the the CBA Netbank Saver "no restrictions" variable rate.

[SantiSuk]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

No I did not mis read something, the vice president of their customer relations apologised and said sorry but thats the way things are. He also appreciated that not many customers were going to supply that information. This was a couple of years ago and their requirements may have changed.

The situation now is that they give you an ATM card, you confirm its receipt and they send you a PIN number. You then go online onto their secure website and register for online banking by quoting your ATM card number and PIN. I agree they could have made that more secure by asking for selected characters, but there are plenty of financial institutions who still ask you to input sufficient details into a secure web-site that if known could be abused - I have several myself in the UK where this applies (eg Egg Banking).

The other poster is right though about HSBC else-wise (UK certainly) stating that they will never ask for your full security details, so Thailand is obviously out of step with HSBC policy in its HO territory. I wonder if HO knows!

I haven't quite yet got to the stage where I get my online banking up and running (just got my ATM card). What's the betting that the Thai system requires you to enter the full user name and full PIN number (rather than selected characters) to log on!

Maybe I'll abandon it and go back to the £17 transfer charges - hardly 'extortionate' - as one poster put it - if you send big lumps irregularly (but maybe he is not a Premier customer in his home territory)

[JoePai]

Premier account the best thing since sliced bread. I opened an account in BKK, very simple and my client relationship manager is a dream to work with - only have to ask and they/he does everything. Told them to set up a US$ and a Thai Baht account. Then went on to open 2 accounts both in Jersey and Singapore.

3m Baht to keep Premier status - simple, don't leave it on deposit, put it into a few mutual (equity based) funds. Make much more than any bank interest. Again with Premier so easy.

Internet banking : once set up a dream to use and can move money around without problem - except large amounts of Thai Baht to send abroad then a phone call/email to your client relationship manager and he will sort it out. Note this is all "free" - to use other banks SWIFT is an expensive mugs game and with using the Premier account you get the best rates should you need to convert currencies.

As you can probably tell I am more than pleased with HSBC

[FarangBuddha]

Premier account the best thing since sliced bread. I opened an account in BKK, very simple and my client relationship manager is a dream to work with - only have to ask and they/he does everything. Told them to set up a US$ and a Thai Baht account. Then went on to open 2 accounts both in Jersey and Singapore.

3m Baht to keep Premier status - simple, don't leave it on deposit, put it into a few mutual (equity based) funds. Make much more than any bank interest. Again with Premier so easy.

Internet banking : once set up a dream to use and can move money around without problem - except large amounts of Thai Baht to send abroad then a phone call/email to your client relationship manager and he will sort it out. Note this is all "free" - to use other banks SWIFT is an expensive mugs game and with using the Premier account you get the best rates should you need to convert currencies.

As you can probably tell I am more than pleased with HSBC

Interesting your's about the only positive comment on this account. Can you tell us about you nationality? Some are not allowed Jersey accounts.

Also, what approx. return are you getting on from your HSBC mutual funds? I'm interested in current returns...do they have some decent bond or stock funds with low expense ratios and no "loads" with decent returns?

[PattayaParent]

I hope ChiangMai doesn't mind me linking to his post

http://www.thaivisa.com/forum/topic/431542-hsbc-premier-account-unable-to-open-offshore-account-in-jersey/page__view__findpost__p__4136962

[JoePai]

Premier account the best thing since sliced bread. I opened an account in BKK, very simple and my client relationship manager is a dream to work with - only have to ask and they/he does everything. Told them to set up a US$ and a Thai Baht account. Then went on to open 2 accounts both in Jersey and Singapore.

3m Baht to keep Premier status - simple, don't leave it on deposit, put it into a few mutual (equity based) funds. Make much more than any bank interest. Again with Premier so easy.

Internet banking : once set up a dream to use and can move money around without problem - except large amounts of Thai Baht to send abroad then a phone call/email to your client relationship manager and he will sort it out. Note this is all "free" - to use other banks SWIFT is an expensive mugs game and with using the Premier account you get the best rates should you need to convert currencies.

As you can probably tell I am more than pleased with HSBC

Interesting your's about the only positive comment on this account. Can you tell us about you nationality? Some are not allowed Jersey accounts.

Also, what approx. return are you getting on from your HSBC mutual funds? I'm interested in current returns...do they have some decent bond or stock funds with low expense ratios and no "loads" with decent returns?

I am a Brit and have lived in Thailand for a few years struggling with the local banks until I 'found' HSBC.

I had no trouble opening the 3 BKK accounts (one USD and two Thai Baht accounts) even in the middle of last years riots in BKK. To show you how good the Thai end of HSBC is, the accts Manager suggested we meet in Tescos (yes you read that right) as he did not want me to go all the way into BKK to sign the papers because of the fighting there - now would you ever get that sort of service anywhere else in the world !

Once these accounts were opened I said I wanted a Jersey acct as my money is based in USD and GBP so a week after my BKK accounts were opened he sorted out all the paperwork with Jersey and so I now had my 2 accounts in Jersey.

Wanting to keep my 3m Baht (Premier amount) in Mutuals (stupid to leave on deposit) I found not all the funds I wanted could be bought via the Wealth Asset (Jersey) but could be bought from Singapore so I simply emailed my man in BKK and he arranged for accounts in Singapore to be opened.

As I said before all just so easy.

Mutuals : I like S.E.A so have a good spread with the usual China/India/Malaysia/Indonesia and of course Thailand. Obviously all are well up but do need to keep an eye on what happening politically in some of the countries and be prepared to sell quick should "something" happen ..................

Please feel free to PM me for help/name of my BKK Manager if you wish

[Dellboy218]

I opened an HSBC premier account here in Thailand to try and escape their extortionate international transfer charges. Unfortunately, to open internet banking, HSBC in Bangkok required from me an email containing my ATM card No. and its pin No!!! Unbelievable, needless to say that account remains empty and unused.

This is a pity as I could just drag and drop money transfers without incurring any charges.

You also get free use if HSBC lounges in airports(Iif you can find one)

I think that you are misreading something, I certainly did not have to supply ATM card No. and PIN No. when setting up internet banking. In fact HSBC security I think states that they would never ask for such information. Have you contacted HSBC and asked them about it. If you have a Premier account your relationship Manager should be able to clarify and assist with actioning Internet Banking. From personal experience HSBC Thailand have been very attentive and responsive, I cannot say the same about Australia however.

No I did not mis read something, the vice president of their customer relations apologised and said sorry but thats the way things are. He also appreciated that not many customers were going to supply that information. This was a couple of years ago and their requirements may have changed.

The situation now is that they give you an ATM card, you confirm its receipt and they send you a PIN number. You then go online onto their secure website and register for online banking by quoting your ATM card number and PIN. I agree they could have made that more secure by asking for selected characters, but there are plenty of financial institutions who still ask you to input sufficient details into a secure web-site that if known could be abused - I have several myself in the UK where this applies (eg Egg Banking).

The other poster is right though about HSBC else-wise (UK certainly) stating that they will never ask for your full security details, so Thailand is obviously out of step with HSBC policy in its HO territory. I wonder if HO knows!

I haven't quite yet got to the stage where I get my online banking up and running (just got my ATM card). What's the betting that the Thai system requires you to enter the full user name and full PIN number (rather than selected characters) to log on!

Maybe I'll abandon it and go back to the £17 transfer charges - hardly 'extortionate' - as one poster put it - if you send big lumps irregularly (but maybe he is not a Premier customer in his home territory)

Just to put an end to this discussion I have just received from the vice president of customer relations:

Quote

There have been several additions to our Personal Internet Banking however the registration process remains the same. You will be required to either enter your ATM card number and PIN or your Electronic Banking Number and PIN.

Unquote<BR style="mso-special-character: line-break"><BR style="mso-special-character: line-break">Which is precisely what I said in the first place....I think!