PETERTHEEATER Posted July 23, 2012 Share Posted July 23, 2012 As a British National I have banked with HSBC Channel Islands for over 40 years holding a current account and a savings account in Sterling. I have been non-resident for all of that period and have been retired in Thailand for the past 7 years. I recently received a new Debit Card, validated it successfully on-line and then tried it in a local ATM getting a refusal and a message saying the card is suspended and to contact my bank. I did so using the secure Internet Banking and had a reply saying that my account had been closed and a letter explaining the reasons with a cheque for the balance had been sent to me (not yet received ) Because my pensions and share interests were paid into the account and I have a couple of insurance premium standing orders it creates an immediate problem. I contacted the bank several times over the weekend and again today with the usual frustrating 'holds' and cut-offs before it was determined that HSBC has made a policy change which prevents non-residents of Isle of Man and Channel Islands from holding accounts there and that letter giving 90 days notice of the change had been sent to all expatriate account holders in April 2012 giving 90 days notice. Needless to say I have never received the letter. I enquired as to my savings account that is still active and was told that savings accounts too will soon be closed to non-residents. As a none payer (legally) of UK tax I now have a problem in that I cannot TT transfer money to my local Thailand account and have no account into which my pensions etc can be paid and would welcome suggestions and advice. HSBC told me that I can open an on-shore bank account (UK mainland) but need to be personally present to do so. But, I fear the HSBC staffer who told me that does not realise that I probably need a UK address to do so. Has any other IoM or Channel Islands account holder faced this problem? Link to comment Share on other sites More sharing options...
JAS21 Posted July 23, 2012 Share Posted July 23, 2012 My wife and I have accounts with A&L International in the Isle of Man. I have a savings account and a bond. My wife has very recently opened a one year bond in addition to her savings account . My main banking is done in England. Link to comment Share on other sites More sharing options...
Feeld Posted July 23, 2012 Share Posted July 23, 2012 You can hold an HSBC onshore account whilst living in Thailand, I have one and HSBC UK quite happily sends me statements, credit cards etc to my address here and has done so for the past ten years. Link to comment Share on other sites More sharing options...
Farang0tang Posted July 23, 2012 Share Posted July 23, 2012 You can hold an HSBC onshore account whilst living in Thailand, I have one and HSBC UK quite happily sends me statements, credit cards etc to my address here and has done so for the past ten years. May I ask if you had the HSBC account before you started living in Thailand? Link to comment Share on other sites More sharing options...
richard_smith237 Posted July 23, 2012 Share Posted July 23, 2012 As an HSBC account holder I am disgusted but not surprised by this. After more than 5 years of making regular telephone banking transfers from my HSBC account to my account in Thailand I was prevented from making another. HSBC informed me that I'd need to authorise 3rd party transfers. They claimed that previous transfers I'd made were simply subject to their discretion. It took weeks for them to receive and authorise my 3rd party transfers nearly leaving me in a momentarily embarrassing financial tight spot. I was furious, but soon found out other backs are equally as poor... I'm still lookIng for the bank that serves instead of shafts me! Link to comment Share on other sites More sharing options...
Feeld Posted July 23, 2012 Share Posted July 23, 2012 You can hold an HSBC onshore account whilst living in Thailand, I have one and HSBC UK quite happily sends me statements, credit cards etc to my address here and has done so for the past ten years. May I ask if you had the HSBC account before you started living in Thailand? Yes indeed but that shouldn't be a factor, I also have HSBC accounts in Singapore and Hong Kong which may be another option for you. Yet another option might be the Co-op bank in the Channel Islands, I'm considering using this as a part of my overall banking revamp. Finally, Nationwide International in the IOM is extremely strong and very reliable, I've been using them also for ten years without a hitch - perhaps check out their respective web sites for further info. Link to comment Share on other sites More sharing options...
Feeld Posted July 23, 2012 Share Posted July 23, 2012 As an HSBC account holder I am disgusted but not surprised by this. After more than 5 years of making regular telephone banking transfers from my HSBC account to my account in Thailand I was prevented from making another. HSBC informed me that I'd need to authorise 3rd party transfers. They claimed that previous transfers I'd made were simply subject to their discretion. It took weeks for them to receive and authorise my 3rd party transfers nearly leaving me in a momentarily embarrassing financial tight spot. I was furious, but soon found out other backs are equally as poor... I'm still lookIng for the bank that serves instead of shafts me! Look on the bright side, you don't have to worry about that any more since HSBC Thailand is no more. Link to comment Share on other sites More sharing options...
bangkok101 Posted July 23, 2012 Share Posted July 23, 2012 (edited) Why dont you try HSBC offshore branch in St Helier? I have banked there for years and have not experienced the issues you have described. As well, I set up the account online and have never set foot in Jersey. Statements are electronic or hard copy, your choice. Credit cards and ATM cards all mailed to me in Thailand. Edited July 23, 2012 by bangkok101 Link to comment Share on other sites More sharing options...
transam Posted July 23, 2012 Share Posted July 23, 2012 Are they sorting out UK Tax dodgers ? Link to comment Share on other sites More sharing options...
Palmeiras Posted July 23, 2012 Share Posted July 23, 2012 Very strange. The HSBC Offshore web site is actively encouraging expats to open accounts. Have they simply not reorganised their business so they have a designated expat branch? Link to comment Share on other sites More sharing options...
howzat Posted July 24, 2012 Share Posted July 24, 2012 My HSBC Off Shore account still operates OK. and is managed from H.Kong. I'll send the original post to my Relationship Manager for Jersey who is in HK Link to comment Share on other sites More sharing options...
andymarr46 Posted July 24, 2012 Share Posted July 24, 2012 I held a current and a savings account with the HSBC in St. Helier since 1974 (then the old Midland Bank which was taken over by HSBC), and I also received a simple instruction letter earlier this year that my accounts would be closed with 2 months notice given. After futile attempts to get clarification by writing and by telephone I decide enough was enough and promptly emptied my accounts and redirected my direct debits. My pensions, state and private were a problem for a while until I discovered that HMRC would send my state pension to my Kasikorn account via Citibank in London which has proved very successful taking 2 or 3 days from dispatch of my pension funds to my account. Incidentally this was arranged quickly and efficiently over the telephone. I was required by my private pension provider to provide a signed bank mandate (again for the Citibank London). Both transfers receive good exchange rates and are in my bank account within the 2 or 3 days from despatch. Link to comment Share on other sites More sharing options...
Feeld Posted July 24, 2012 Share Posted July 24, 2012 The reasons for Thai based expats to maintain HSBC accounts are becomming fewer by the day, they've deserted Thailand so there's no local branch and their savings/fixed term interest rates are dreadful. I've also been with HSBC since the Midland days and they have served a purpose at various times, those days however appear to be numbered. Global View was a useful feature but with no local branch it's no longer of any value, Nationwide Int and Co-op offshore both seem like sensible alternatives. Link to comment Share on other sites More sharing options...
howzat Posted July 24, 2012 Share Posted July 24, 2012 Following on from my earlier post. HSBC have confirmed my Jersy account not effected. My relationship manager in HKONG will be pleased to help the OP to restore his account if he contacts me for details. Link to comment Share on other sites More sharing options...
reenatinnakor Posted July 24, 2012 Share Posted July 24, 2012 Go to Hong Kong and open one at any HSBC. They love expats with money that don't live there. Get the Premier account and you will be treated like a God. Atm card let's me get out 6k USD equivalent per day. Enough to feed any dirty habit.....larger amounts you can transfer online or via phone banking. Link to comment Share on other sites More sharing options...
JAS21 Posted July 24, 2012 Share Posted July 24, 2012 Are they sorting out UK Tax dodgers ? If, as I am, you are non-resident and not-ordinary resident you shouldn't have a problem. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 Why dont you try HSBC offshore branch in St Helier? I have banked there for years and have not experienced the issues you have described. As well, I set up the account online and have never set foot in Jersey. Statements are electronic or hard copy, your choice. Credit cards and ATM cards all mailed to me in Thailand. The account WAS in St Helier and has been active for nearly 45 years and use(d) all the functions that you describe mailed to me here for the last seven years since I retired here. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 As an HSBC account holder I am disgusted but not surprised by this. After more than 5 years of making regular telephone banking transfers from my HSBC account to my account in Thailand I was prevented from making another. HSBC informed me that I'd need to authorise 3rd party transfers. They claimed that previous transfers I'd made were simply subject to their discretion. It took weeks for them to receive and authorise my 3rd party transfers nearly leaving me in a momentarily embarrassing financial tight spot. I was furious, but soon found out other backs are equally as poor... I'm still lookIng for the bank that serves instead of shafts me! Look on the bright side, you don't have to worry about that any more since HSBC Thailand is no more. I did not know that the main HSBC in BKK had closed. They were one branch that did give me excellent service. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 Are they sorting out UK Tax dodgers ? If, as I am, you are non-resident and not-ordinary resident you shouldn't have a problem. I have been non-resident and not-ordinarily resident since 1971 and am not liable to UK income tax. However as a UK property owner I paid my taxes (when it was 'Rates') but not liable since it was changed to a Community Charge. I pay AVT on UK based agents fees so NO TAX DODGING! Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 Following on from my earlier post. HSBC have confirmed my Jersy account not effected. My relationship manager in HKONG will be pleased to help the OP to restore his account if he contacts me for details. Thanks. Check your PMs Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 You can hold an HSBC onshore account whilst living in Thailand, I have one and HSBC UK quite happily sends me statements, credit cards etc to my address here and has done so for the past ten years. May I ask if you had the HSBC account before you started living in Thailand? Yes, since 1970 all through my Middle East employment and the first seven years in Thailand since retirement. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 24, 2012 Author Share Posted July 24, 2012 Thank you all for your inputs. As I expected, I am not the only one affected by what seems to be a policy change yet, from the above post, some have NOT been axed and I want to know what is the criteria for deciding who can have a CI/IOM account and who cannot. Having spoken on the 'phone to three different staffers yesterday none could point me to the policy change viewable on the HSBC website nor could they really explain it other than 'it's all in the letter' and 'we gave you 90 days notice. I pointed out that I never received the notice letter and asked why the information had not been backed up by a Secure Message via Internet Banking. Silence! I assumed that the policy change may be the result of governmental regulation changes but, if other banks based in the CI have not adopted this stance then I shall have to look at them. What was the reason given in the April letter? Link to comment Share on other sites More sharing options...
cmsally Posted July 24, 2012 Share Posted July 24, 2012 They've only started using those plasticky calculator log in things. Presumably those whose accts will be closed will not get one?? ie. I got one and nothing seems to have happened with my accts Link to comment Share on other sites More sharing options...
Palmeiras Posted July 24, 2012 Share Posted July 24, 2012 Is there a minimum balance requirement for the type of account the OP has? If so, perhaps this has been increased. There very often is a required minimum balance with offshore banks and if it's not complied with some banks will ask you to close your account. Link to comment Share on other sites More sharing options...
theoldgit Posted July 25, 2012 Share Posted July 25, 2012 As an HSBC account holder I am disgusted but not surprised by this. After more than 5 years of making regular telephone banking transfers from my HSBC account to my account in Thailand I was prevented from making another. HSBC informed me that I'd need to authorise 3rd party transfers. They claimed that previous transfers I'd made were simply subject to their discretion. It took weeks for them to receive and authorise my 3rd party transfers nearly leaving me in a momentarily embarrassing financial tight spot. I was furious, but soon found out other backs are equally as poor... I'm still lookIng for the bank that serves instead of shafts me! Look on the bright side, you don't have to worry about that any more since HSBC Thailand is no more. I did not know that the main HSBC in BKK had closed. They were one branch that did give me excellent service. It's not strictly correct that the Bangkok branch is closed, the branch is still open for corporate clients though not private customers. Link to comment Share on other sites More sharing options...
IMA_FARANG Posted July 25, 2012 Share Posted July 25, 2012 This is not directly pertaining to that HSBC problem....but it may be of interest to all. I have had an account with a small regional bank in the U.S. for many years...I live in Bangkok and they know my mailing address. Last month....about 25 June...I recieved a letter from that bank informing me that any telephone or fax transactions....transferring funds from that bank to my Thai Bangkok Bank account for example....must be confirmed by using a new seperate PIN number. With that letter I also recieved that PIN number. I have a long-standing monthly transfer agreement with that bank (with I just re-signed and filed with that bank in May 2012) which allows me to recieve an agreed upon amount of funds sent to my Bangkok Bank account each month. SO FAR, that agreement is still working. But now, if I want to make a transfer by, for example, a telephone call to my U.S. bank requesting funds transferred to Bangkok, then I must: 1. Provide the correct answer to our agreed on list of "security questions" answers (been that way for years). 2. But NOW also provide that new PIN number during that telephone call. I have a MasterCard ATM/debit card from that bank also which I have used to purcahse on line also....so far it's still working. But the real point I want to make is that many banks....even this relatively small regional bank in the U.S. are adding another layer of "security validation" to their customers that make transfers....especially those overseas. So everyone, be prepared....I think it's going to get more difficult to make transfers, if my experience is any example. Link to comment Share on other sites More sharing options...
Maejo Man Posted July 25, 2012 Share Posted July 25, 2012 HSBC have just sent me their "electronic secure key" which is a credit card size ramdom PIN generator. Every time I access internet banking I have to generate a new PIN on this little device, that looks like a small calcutator. This came from Jersey where I have an account. Over and above that all seems normal. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 25, 2012 Author Share Posted July 25, 2012 Is there a minimum balance requirement for the type of account the OP has? If so, perhaps this has been increased. There very often is a required minimum balance with offshore banks and if it's not complied with some banks will ask you to close your account. I think that is very likely. I not that the minimum balance at all time for what HSBC call Expatriate Account is 25k. It looks as if they are ditching Mr Average in favour of high rollers; or, perhaps the high roller IS the Mr Average. I shall take several days to draft a damning response to their actions and mail it to the complaints department. It wont do the slightest good I'm sure but I shall enjoy reading the crap response! Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted July 25, 2012 Author Share Posted July 25, 2012 HSBC have just sent me their "electronic secure key" which is a credit card size ramdom PIN generator. Every time I access internet banking I have to generate a new PIN on this little device, that looks like a small calcutator. This came from Jersey where I have an account. Over and above that all seems normal. Yes, one was issued to me and has been in use since early this year. I shall return it and tell them where to put it! Link to comment Share on other sites More sharing options...
cmsally Posted July 25, 2012 Share Posted July 25, 2012 Maybe they are ditching non Premier customers? I think the balance for Premier is around 65k. I can't remember exactly. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
.thumb.jpg.bc523c85a8d558dbc282dca7a2e602c9.jpg)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now