Hsbc Premier Account - Unable To Open Offshore Account In Jersey

[phukettrader]

Following some recent bad experiences with RBS in Jersey, I decided that I would like to change my bank and thought that my best choice would be to open a Premier account with HSBC in Jersey. Reason for wanting this was because of their global presence, wide choice of Investment funds and the fact that I could easily transfer money to an HSBC account in Thailand.

After requesting a callback from their website 3 times without any reply, I called them in the hope of speaking to somebody about the various options they could offer me.

At the point in the conversation where the nice lady asked me which country I was living, I said that I had been in Thailand for the past 11 years. She then told me that HSBC are unable to open Offshore Accounts in Jersey for people living in Thailand. When I asked her why, she said that it was something to do with an agreement between HSBC and the Thai Government, although she was unaware of the exact details when I pushed her further.

I assume that this would be something to do with Thailand's exchange controls and the fact that HSBC is not a Thai bank which they can easily control, meaning that they think foreigners can move money out of Thailand without the BoT knowing about it?

Has anybody else had any similar experiences or can anyone shed some more light on this?

[PattayaParent]

I used to have a HSBC account in Jersey until last July and although I didn't open it from here they had my permanent address as Thailand and they certainly didn't tell me that I must close it when I returned to Thailand.

Why don't you just download the application form and send it off and see what happens?

Did you 'phone during normal banking hours or did you reach a call centre? I found in the past with HSBC it's best to call during banking hours as you talk to someone whi actually works for the bank in Jersey, not someone in Mumbai.

[george]

I have HSCB Premier and have Thai address, no problems.

Application form here: http://www.thaivisa.com/hsbc

[phukettrader]

I used to have a HSBC account in Jersey until last July and although I didn't open it from here they had my permanent address as Thailand and they certainly didn't tell me that I must close it when I returned to Thailand.

Why don't you just download the application form and send it off and see what happens?

Did you 'phone during normal banking hours or did you reach a call centre? I found in the past with HSBC it's best to call during banking hours as you talk to someone whi actually works for the bank in Jersey, not someone in Mumbai.

Yes, I did call during normal banking hours and yes, I did speak to somebody in Jersey. Regarding your suggestion about just sending off the application form, the lady I spoke to specifically said that if I did submit the application form it would be rejected immediately on account of my Thai address!

This is what I don't understand as I can see from this forum that many people here do bank with HSBC Jersey. I wonder if this is some new rule?

[PattayaParent]

According to their eligibility page the terms and conditions exclude the opening of accounts for residents or nationals of a few countries

http://www.offshore....ing/eligibility

But Thailand is not on the list.

Edit: in fact I cannot find a list of excluded counries in their pdf file

Edited January 6, 2011 by PattayaParent

[Morden]

Try Australia or Singapore.

A friend of mine had a Jersey account and moved to HSBC Australia to get a better interest rate. The people in Jersey were not helpful but he managed it.

Also, have a word with HSBC in BKK. They may be willing to give you help with your Jersey account.

[phukettrader]

According to their eligibility page the terms and conditions exclude the opening of accounts for residents or nationals of a few countries

http://www.offshore....ing/eligibility

But Thailand is not on the list.

Edit: in fact I cannot find a list of excluded counries in their pdf file

Yes, I can see in their general T&C's that there are certain restrictions/notes on certain countries, and no, Thailand is not mentioned at all.

I think I will try to call them again later today and try to speak to a manager to clarify the situation.

Will report back later.

[phukettrader]

Try Australia or Singapore.

A friend of mine had a Jersey account and moved to HSBC Australia to get a better interest rate. The people in Jersey were not helpful but he managed it.

Also, have a word with HSBC in BKK. They may be willing to give you help with your Jersey account.

I have spoken to HSBC in Singapore, but not mad keen on

a) having all cash SGD or USD

investment choices are far more limited than with Jersey - primarily Asian Market, therefore too high risk for me to put all eggs into that basket!

[stiggy]

You need to open an HSBC premier account out of Thailand first, try Sing or HK.

Then you can add Thailand HSBC Acc on global view, it took me 20 mins in BKK and was easy.

For HSBC transfers out of thailand you can only send a percentage of your claimed/registered salary/income out of the country with no questions.

Bringing money into it easy just click a button.

I was told by our HSBC Premier manager in Bangkok that HSBC is watched quite closely by the central bank of Thailand.nal bank, it would be easier to transfer from say SCB overseas.

Be careful bringing money from offshore to onshore HSBC account you will get clobbered for the tax.

[chiang mai]

Be careful bringing money from offshore to onshore HSBC account you will get clobbered for the tax.

I'm not sure what you mean by this, I regularly transfer funds between onshore and offshore accounts and visa versa, typically using HSBC global view and there's no tax issue involved (I am not UK resident).

[stiggy]

Be careful bringing money from offshore to onshore HSBC account you will get clobbered for the tax.

I'm not sure what you mean by this, I regularly transfer funds between onshore and offshore accounts and visa versa, typically using HSBC global view and there's no tax issue involved (I am not UK resident).

Sorry should of made it clear , when closing one offshore account and transfering FULL amount back on shore( from experience in UK)

[phukettrader]

UPDATE:

Just spoken to the Customer Services Manager at HSBC Jersey and sure enough, they are currently unable to open new accounts for expats living in Thailand!

Although she did not say so directly, she alluded to this having something to do with this story:

http://www.thaivisa.com/forum/topic/431284-hsbc-thailand-awaits-change-in-law-to-become-local-retail-bank/

She also said that these things can change on a weekly or even dialy basis (she told me that the last account opened for an expat living in Thailand was only last November!).

Even if they change the rule and allow new accounts to be opened, she said it is possible that they will insist on an increased minimum relationship balance, maybe GBP 90-100K instead of the current GBP 60K. It is also possible that even if you are able to open a bank account, they will be still be unable to offer any Investment solutions or even Investment advise to Thai residents!!

She promised to keep me updated with any changes to these rules over the next few weeks, so I will report back if and when I have any new info.

Amazing Thailand!!

[PattayaParent]

Try lloyds then, and no need to tie up 60k at no interest.

http://www.lloydstsb-offshore.com/international-current-accounts/?WT.mc_id=PIA_MM_DR

I wish they'd had this account last July when I was looking to change from HSBC.

[chiang mai]

I've been a long standing supporter of HSBC over the years and have had Premier accounts in four countries for the past fifteen years or so. But to be honest, their service has fallen off considerably over time and if it were not for the convenience factor, I'd probably close all of them except Bangkok. Of all four countries, HSBC Thailand is by far the best when it comes to service but it's let down by a limited range of products. HSBC Premier in the UK is dire bordering on the impossible and I'm sorry that I ever converted my long standing HSBC account to Premier since my UK account manager and myself are continually in either "not speaking " or "open warfare" mode as I constantly try to remind her that I am a customer and she's supposed to deliver customer service - she in turn resents my existence and is appalled that I would be so brash as to dare to ask her banking related questions! Frankly, if you're not happy with RBS a switch to HSBC may turn out to be a case of "the devil you know......".

[Kered]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

[Shah Jahan]

The actual Law is for Thai People, not Thai Expats

but i can see why it can get confusing to the point of nobody

knowing anything.

[ericg1953]

So are there any suggestions for banking for expats living here in thailand that offer good investment options...not just proprietary products. I also looked into an HSBC account some yrs back and felt the offerings were limited. I would like the opportunity to be able to purchase funds and equities in a wide array of markets incl. NYSE and possibly other bond funds like Pimco.. etc

Edited January 28, 2011 by ericg1953

[AyG]

So are there any suggestions for banking for expats living here in thailand that offer good investment options...not just proprietary products. I also looked into an HSBC account some yrs back and felt the offerings were limited. I would like the opportunity to be able to purchase funds and equities in a wide array of markets incl. NYSE and possibly other bond funds like Pimco.. etc

Why would you want to tie your investments to your bank account? Simply open a brokerage account with an offshore broker such as Internaxx (htpp://www.internaxx.lu) then you can bank with whomsoever you like.

[phukettrader]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

I forwarded this post to HSBC Jersey yesterday and got the following reply...

"Thank you for your email. In response i can only say that the current situation as far as HSBC is concerned has not changed in relation to Thailand."

Very short and to the point!!

[Soutpeel]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

I forwarded this post to HSBC Jersey yesterday and got the following reply...

"Thank you for your email. In response i can only say that the current situation as far as HSBC is concerned has not changed in relation to Thailand."

Very short and to the point!!

Dont know why you seem to fixated on getting an account in Jersey/IOM etc.....perfectly good (better banks) in Hong Kong & Singapore.....I binned my offshore accounts years ago in Jersey..customer service is absolute cr*p..

[Kered]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

I forwarded this post to HSBC Jersey yesterday and got the following reply...

"Thank you for your email. In response i can only say that the current situation as far as HSBC is concerned has not changed in relation to Thailand."

Very short and to the point!!

I suggest that you talk to a Senior Executive at HSBC Thailand as it was a Thai problem and I have no doubt that Jersey is unaware of the details. I received the information from a very senior Executive in the Hong Kong Head Office who is responsible for Thailand. I think his information is correct. In fact I was speaking to another Senior Manager who was in Thailand yesterday who confirmed the situation. I also understand that the Bank of Thailand is putting further restrictions on Overseas investment hence the range of Investment products available is very limited at the present time. For example I believe that the sale of capital guaranteed investments is banned as of yesterday but it is not clear whether this applies to all financial institutions or only foreign owned. Investment in all forms of Insurance Bonds is apparently also banned but perhaps someone with more knowledge of the Bank of Thailand,s new policies to protect the Baht can comment. It is only recently that the Bank of Thailand was voicing concerned about the strength of the Baht, now it suddenly appears that they are worried about it weakening and introducing new controls.

ng

[phukettrader]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

I forwarded this post to HSBC Jersey yesterday and got the following reply...

"Thank you for your email. In response i can only say that the current situation as far as HSBC is concerned has not changed in relation to Thailand."

Very short and to the point!!

I suggest that you talk to a Senior Executive at HSBC Thailand as it was a Thai problem and I have no doubt that Jersey is unaware of the details. I received the information from a very senior Executive in the Hong Kong Head Office who is responsible for Thailand. I think his information is correct. In fact I was speaking to another Senior Manager who was in Thailand yesterday who confirmed the situation. I also understand that the Bank of Thailand is putting further restrictions on Overseas investment hence the range of Investment products available is very limited at the present time. For example I believe that the sale of capital guaranteed investments is banned as of yesterday but it is not clear whether this applies to all financial institutions or only foreign owned. Investment in all forms of Insurance Bonds is apparently also banned but perhaps someone with more knowledge of the Bank of Thailand,s new policies to protect the Baht can comment. It is only recently that the Bank of Thailand was voicing concerned about the strength of the Baht, now it suddenly appears that they are worried about it weakening and introducing new controls.

ng

Kered, I don't know if your contact had something to do with it, but I have now been informed that it IS now possible to open accounts in Jersey for Thai residents, subject to signing the document you referred to. Don't know if I still want to do or not as this seems to be a case of left hand not knowing what right hand is doing, so what hope is there for a decent banking service!

[Kered]

I have been talking with a Senior Executive of HSBC and asked why Thailand would not now open an account for an expat with a Thai address. This apparently was a Thai Government directive introduced recently that the Bank was not allowed to open accounts in certain offshore locations for anyone with a Thai address. No doubt this applied to all Banks but but as usual ignored by many.

However I have been told that this has now been amended and that HSBC can now open accounts provided that the customer signs a letter acknowledging that they are aware of the Thai regulations regarding offshore accounts.

I forwarded this post to HSBC Jersey yesterday and got the following reply...

"Thank you for your email. In response i can only say that the current situation as far as HSBC is concerned has not changed in relation to Thailand."

Very short and to the point!!

I suggest that you talk to a Senior Executive at HSBC Thailand as it was a Thai problem and I have no doubt that Jersey is unaware of the details. I received the information from a very senior Executive in the Hong Kong Head Office who is responsible for Thailand. I think his information is correct. In fact I was speaking to another Senior Manager who was in Thailand yesterday who confirmed the situation. I also understand that the Bank of Thailand is putting further restrictions on Overseas investment hence the range of Investment products available is very limited at the present time. For example I believe that the sale of capital guaranteed investments is banned as of yesterday but it is not clear whether this applies to all financial institutions or only foreign owned. Investment in all forms of Insurance Bonds is apparently also banned but perhaps someone with more knowledge of the Bank of Thailand,s new policies to protect the Baht can comment. It is only recently that the Bank of Thailand was voicing concerned about the strength of the Baht, now it suddenly appears that they are worried about it weakening and introducing new controls.

ng

Kered, I don't know if your contact had something to do with it, but I have now been informed that it IS now possible to open accounts in Jersey for Thai residents, subject to signing the document you referred to. Don't know if I still want to do or not as this seems to be a case of left hand not knowing what right hand is doing, so what hope is there for a decent banking service!

It appears that this was the usual problem of a Government ( the Thai Government is exceptionally good at this ) issuing new regulations without thinking them through and although HSBC acted quickly to find a solution to the problem, it obviously took some time for everyone to be informed, which is no different from most large organisations. I have found the Jersey Contact Centre in particular to be less than efficient, but my Relationship Managers in Thailand and Hong Kong provide excellent service. My personal experience is that HSBC Premier service is better than most but not perfect, it is a personal choice and I wish you luck.