HSBC US Premier customers are now limited to $500 per international ATM withdra

[Will2011]

I thought it might be interesting for some people, especially HSBC customers, to know that HSBC US now limit international ATM withdrawals to $500 per transaction. You still can withdraw $1,000 per day, but international ATM transactions are limited to $500.

As a matter of fact, about one month ago, I tried to withdraw the usual 20,000 baths from Aeon ATM when I got declined two times in a row. I called HSBC call center check about the issue, and the representative confirmed the new limitations for US HSBC Premier customers.

Another constraint added to HSBC customers...

[paz]

HSBC's value, in all the multiple countries I bank with them, is just going down, down, and further down, and I plan ditching them for good soon.

I asked HSBC USA Securties about their share dealing recently, it was like $40 per 1,000 shares. Same to say you better trade Apple because if the stock you like is "cheap", you will be paying commission thru your nose. One just wonder how they can still exists.

Now regarding ATM, since you have Premier, you should have no problem getting Citi Gold. No exchange commissions on ATM worldwide (compare to a good 2.5% for HSBC as well as any other). Got 20,000 Bt. at AEON to save on the Thai fee as well. Checked the rate and it was .37 Bt. better than published Kasikorn rate for the same day.

http://www.kasikornbank.com/EN/RatesAndFees/ForeignExchange/Pages/ForeignExchangeCurrency.aspx

[Will2011]

Hi Paz,

Where did you get HSBC commission rate from? As far as I know I don't pay any commission rate with my HSBC US Premier card.

As for Citi bank, the reason why I'm not with this bank is that its international presence is pretty limited unlike HSBC, which is convenient for international travelers who may live in several countries.

[jmccarty]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

[paz]

Hi Paz,

Where did you get HSBC commission rate from? As far as I know I don't pay any commission rate with my HSBC US Premier card.

You do not pay foreing transaction fee when using an HSBC Premiere Credit Card for purchases.

You do pay them when withdrawing cash from ATM using your HSBC Premier Debit Card, and even more if using (heaven forbids) a Credit cards for that.

As for Citi bank, the reason why I'm not with this bank is that its international presence is pretty limited unlike HSBC, which is convenient for international travelers who may live in several countries.

Actually Citi is in a lot of countries. These are the ones to which (if you have an account), you can transfer money at no fees:

• Australia
• Bahrain
• Belgium
• China
• Colombia
• Czech Republic
• Egypt
• Greece
• Guam
• Hong Kong
• Hungary
• India
• Indonesia
• Japan
• Korea
• Mexico
• Philippines
• Poland
• Romania
• Singapore
• Spain
• Taiwan
• United Arab Emirates
• United Kingdom

Thailand is not on the list, however Citi is present in Bangkok and Pattaya. They indicated they would have opened an account with a relatively high minimum, and no WP.

[bkk_mike]

If you're Premier, I'd suggest opening a bank account with HSBC in Hong Kong.

20,000 HKD a day ATM withdrawal limit when abroad. (about 80,000 baht).

Admittedly, it's using the Plus network, rather than Visa, which means you can't use Aeon ATMs, and there's a 20HKD charge (80 baht) for use abroad, but as Thai banks only charge 50 rather than the 150 they charge for visa, you're still better off than using non-Aeon ATMs here with a visa or mastercard.

[paz]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

There is no such regulation or restriction. You can freely transfer money from the US by any mean and in any quantity, without having to justing anything to the IRS or anybody else.

[tragickingdom]

Premier service!

[Will2011]

Hi Paz,

Where did you get HSBC commission rate from? As far as I know I don't pay any commission rate with my HSBC US Premier card.

You do not pay foreing transaction fee when using an HSBC Premiere Credit Card for purchases.

You do pay them when withdrawing cash from ATM using your HSBC Premier Debit Card, and even more if using (heaven forbids) a Credit cards for that.

As for Citi bank, the reason why I'm not with this bank is that its international presence is pretty limited unlike HSBC, which is convenient for international travelers who may live in several countries.

Actually Citi is in a lot of countries. These are the ones to which (if you have an account), you can transfer money at no fees:

• Australia
• Bahrain
• Belgium
• China
• Colombia
• Czech Republic
• Egypt
• Greece
• Guam
• Hong Kong
• Hungary
• India
• Indonesia
• Japan
• Korea
• Mexico
• Philippines
• Poland
• Romania
• Singapore
• Spain
• Taiwan
• United Arab Emirates
• United Kingdom

Thailand is not on the list, however Citi is present in Bangkok and Pattaya. They indicated they would have opened an account with a relatively high minimum, and no WP.

Paz, please, do share accurate information:

"This Foreign Transaction Fee does not apply to transactions using your HSBC Premier World MasterCard® card or Premier Debit MasterCard® card." Retrieved from http://www.us.hsbc.com/1/2/home/customer-service/ao-online-disclosures#eft

There is no commission with hsbc premier world master card. In HSBC language, Foreign transaction fee = ATM transactions

[ajarnmarc]

It's all very confusing to me, but thanks to all for trying to explain it.

[senor123]

Something strange is certainly going on.

My missus lives in Bangkok and she has an atm card for an account on an Australian bank. She uses it for emergency money (and there are many emergencies )

About 6 months ago she could withdraw 30k baht in one go at any ATM. Then it dropped down to 20k baht. Now it is 10k baht no matter what ATM she uses. The daily limit on the card is 60k baht so no problem there.

Of course, there are transaction fees for each withdrawal!!!

Finally, she asked her bank what was going on and they told her that it was a Government regulation that limited the amount to 10k baht.

If there is no hurry, I transfer the money using OZFOREX who charge a small fee, use close to the mid-market rate, transfer directly to a Thai bank account and have a very high limit on the amount that can be transferred.

[paz]

Paz, please, do share accurate information:

"This Foreign Transaction Fee does not apply to transactions using your HSBC Premier World MasterCard® card or Premier Debit MasterCard® card." Retrieved from http://www.us.hsbc.com/1/2/home/customer-service/ao-online-disclosures#eft

There is no commission with hsbc premier world master card. In HSBC language, Foreign transaction fee = ATM transactions

Thanks, I wasn't aware of waiver for the debit card/ATM, it was not so at the time I opened the account. If you could mention the exchange rate you got that day I'd like to compare it with Kasikorn or MC published ones.

[Will2011]

The exchange rate is the same as the one displayed on Master Card's website.

As a side note, there is often confusion between banks' currency exchange rates and Cards exchange rates. Banks such as Kasikorn sell and buy currency. That's the currency market. However, cards such as Visa or Master Card apply their forex rates plus commission. As a result, comparing both exchange rates tends to produce inaccurate comments as both factors operate on a different level.

[iamariva1957]

I say change banks. HSBC is terrible anyway. Citibank is better and the only limit is the one that you have set with them. Also they give you a better rate of exchange at the ATM. Better is Bank Of America... but Citi has branches in in major cities here.

[paz]

...

About 6 months ago she could withdraw 30k baht in one go at any ATM. Then it dropped down to 20k baht. Now it is 10k baht no matter what ATM she uses. The daily limit on the card is 60k baht so no problem there.

Of course, there are transaction fees for each withdrawal!!!

Finally, she asked her bank what was going on and they told her that it was a Government regulation that limited the amount to 10k baht.

If it's a Gov. regulation, is not written anywere, and doesn't apply to Aeon, that I've used last time for 20,000. Ask your GF to try that and and then compare rates with the other alternative you mentioned.

[laocowboy2]

Iwas with HSBC Premier in Thailand, India, UAE and UK. I left India for Cyprus (no HSBC) and had my Thai account moved to BAY when the closed down retail in Thailand - (not even an ATM now) - where I already had an account. Service has been deteriorating badly and I have effectively also now moved my UK banking elsewhere. UAE will probably follow soon. Enough is enough.

PS While in India I also had an account with Srandard Chartered. Much, much better service and good Asia and Middle East presence.

[Will2011]

If you're Premier, I'd suggest opening a bank account with HSBC in Hong Kong.

20,000 HKD a day ATM withdrawal limit when abroad. (about 80,000 baht).

Admittedly, it's using the Plus network, rather than Visa, which means you can't use Aeon ATMs, and there's a 20HKD charge (80 baht) for use abroad, but as Thai banks only charge 50 rather than the 150 they charge for visa, you're still better off than using non-Aeon ATMs here with a visa or mastercard.

Bkk_mike, I'm not sure about that. Could you please elaborate a bit more? How would that be competitive against USD account?

The fact that if I have to transfer money from my US account to a HK account would perhaps be more costly than just using my Premier US card

[pmarlin]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

Not the case I use another American bank and do not have this restriction.

[jmccarty]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

Not the case I use another American bank and do not have this restriction.

Get ready for it. If the IRS can, it will make life harder for all Americans!

[Wimbledon]

And starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!

[Sealbash]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

There is no such regulation or restriction. You can freely transfer money from the US by any mean and in any quantity, without having to justing anything to the IRS or anybody else.

If only that we're true. Section 312 of the USA Patriot Act indicates your statement may not be totally accurate.

[paz]

Would expect it is some form of IRS regulating BS that is making the bank limit the withdrawl amount. Obviously if you withdraw more, you can invest it outside of the US and hide any dividend or return on the investment!

There is no such regulation or restriction. You can freely transfer money from the US by any mean and in any quantity, without having to justing anything to the IRS or anybody else.

If only that we're true. Section 312 of the USA Patriot Act indicates your statement may not be totally accurate.

I've read the article and found nothing that prevents people from moving money, as millions do everyday (one is me), and would be well known if they couldn't.

[paz]

And starting October 20th, HSBC USA's Premier clients will have to wait a minimum of five days before transferring funds to their OWN international accounts!

Not correct. I have asked the bank and here's the reply:

Global Transfers will no longer support transactions between day two and four from the current date. You may either initiate an immediate transfer or schedule transfers five or more days in the future.

That is, immediate transfers will be possible as now.