Hsbc Baht Account Hong Kong

[freedomnow]

Is it possible to open an HSBC Baht Account Hong Kong if you are not a resident there , but just want to base your Baht earnings offshore ?

[hadock]

Hi,

You can open a multi currency account. It is very easy. Not sure anymore wether there is a minimum deposit, long time ago i open my account ....

For a private account you need passport and for proof of addresss some utility bills not older then three month.

For a buisness account you need passport and for proof of addresss some utility bills not older then three month. And complete businnes registration documents.

They have good online banking too

Greets

Alex

[djayz]

Hi,

You can open a multi currency account. It is very easy. Not sure anymore wether there is a minimum deposit, long time ago i open my account ....

For a private account you need passport and for proof of addresss some utility bills not older then three month.

For a buisness account you need passport and for proof of addresss some utility bills not older then three month. And complete businnes registration documents.

They have good online banking too

Greets

Alex

Alex, if I understood you correctly, if I go to a HSBC branch in Hong Kong with a valid passport AND a e.g. utility bill from Thailand, I can open a foreign currency account. Is it really that easy???

[hadock]

Hi,

one year ago i open a account by myself. So it was very easy.

I dont think they change something. But to be 100% sure just make a call or send an email to HSBC HK.

Greets

Alex

[jcon]

HSBC does have multi-currency accounts in HK, yes. Just so you're clear (since you say that you want to base your Baht earnings offshore), any transaction (be it physical or electronic) to HK in Baht will have to be cleared in HKD and then re-converted into THB in your multi-currency account. In other words, don't expect to SWIFT some THB over to Hong Kong and have it go right into your Baht account. You're going to have to pay the spread - twice.

Unless it's big money, I'd keep it in Thailand (esp if your plan is just to keep THB somewhere). My 2 cents. Your mileage may vary.

[freedomnow]

Thanks everyone ,and that is especially useful to know that it is not a direct Baht remit but Baht--HK$$-Baht.

Jeez , banks they get you every possible way they can.

[Naam]

HSBC does have multi-currency accounts in HK

i don't know of any reputable bank which does not offer accounts where you can hold a bunch of different currencies. the often mentioned "HSBC multi-currency account" is in my [not so] humble view just an HSBC public relation gag to bs clients.

[hadock]

Is that right?

I have one multi currency account with HKD, US$, SGD and Euro, and i can make a direct transfer in each currency without converting anything.

I dont have a THB account, but i think there will be not difference compare to other currencys.

Greets

Alex

[Naam]

I dont have a THB account, but i think there will be not difference compare to other currencys

restrictions as far as THB do exist. one example below. i received that letter when i was buying a substantial amount of THB to hold it in my Singapore portfolio on a one month maturity deposit.

quote:

Dear Client,

Thai Baht Currency Restrictions

Further to the Bank of Thailand’s Measure No. 33/2003 (Additional Measure to Prevent Thai Baht Speculation), which came into effect in October 2003, XXX Bank, Singapore Branch is subject to restrictions affecting its holdings of Thai Baht currency. These include the following:

Maintaining THB accounts in Thailand for settlement purposes only, where settlement means the settlement of securities transactions and cash payment transactions. The exception is for deposits of a tenor of at least 6 months or more.

Forfeiture of credit interest on its accounts (other than deposits of a tenor of at least 6 months or more)

Ensuring that the aggregated end of day balances for cash accounts with all financial institutions in Thailand do not exceed THB 300 million (the “Daily THB Limit”)

Imposition of deposit charge on THB account balances.

In relation to the Daily THB Limit, XXX Bank, Singapore Branch will be required to adjust its Thai Baht balances in all its client accounts to be compliant with the permitted level as determined by the Thai authorities on a daily basis. As such accounts may include balances in Thai Baht held on your behalf, it is critical that we are able to adjust client THB balances to ensure compliance.

Accordingly, at any time that you are holding a long position in THB, we reserve the right in our absolute discretion and without prior notice to you to convert your holding of THB, in whole or part, into United States dollars at the prevailing spot rate.

Yours truly,

XXX Bank, Singapore Branch

Acknowledged by:

Signature(s)

Client Name:

Account No:

[hadock]

Hi,

ok, then it seems the THB is an exeption.

Good to know ;-)

Thanks and greets

Alex