Why Do You Even Drink?

[Pattszero]

I'm ready to move capital out of the UK into Hong Kong, my preferred bank is HSBC. I was in HK a few days ago and I noticed a branch of Bangkok Bank virtually next door to the HSBC I'll be using. I'm not going to pretend to be an expert on expat banking, it's been a few years since I had the need to use it.

I do have a Bangkok Bank account here in Thailand - but I really don't fancy committing my capital to a Thai based bank. Would it be worth my while opening an account in HK BKK Bank and transferring to Thailand? Or even go with plan A, commit the capital to HSBC - then transfer to HK BKK branch as need be?

[Suradit69]

Most likely, like New York, the Hong Kong branch is primarily meant to facilitate transactions on behalf of the bank and its customers doing business overseas, in this case in China & Hong Kong and to accept deposits as would any Bangkok Bank branch for transmittal to your account in Thailand.

It appears from what is shown below that the branch in Hong Kong does allow customers to open deposit accounts (unlike the branch in New York).

Not sure why you want to put your money in Asia, but not in Thailand or a Thai based account. Why not just keep the money in UK and transfer money as needed to Thailand via the Bangkok Bank branch in London? The more banks you deal with and the more transfers you undertake the more you'll end up spending on banking fees.

I transfer money to the branch in New York but it is deposited more or less immediately to my account in Thailand. If you have an deposit account at Bangkok Bank in Hong Kong, there might be a slight savings transferring to your Thai based account, but you could also just transfer from HSBC to Bangkok Bank Hong Kong using your already existing account number in Thailand.

Bangkok Bank has an extensive network in Asia including wholly-owned subsidiaries in China and Malaysia, and branches in Hong Kong, Indonesia, Japan, Laos, Myanmar (representative office), Philippines, Singapore, Taiwan and Vietnam. Those wishing to expand their operations in the region can do so confidently with the support of our local branches. These not only provide a range of financial services but also business-matching assistance, advice on local regulations, and other useful knowledge.

Hong Kong

Central and Kowloon Branches

The first ever Bangkok Bank overseas branch was opened in Hong Kong in 1954. We can tailor the following products to suit your needs:

• Corporate Lending
• Trade Finance
• Remittance
  • Inward Remittance
  • Outward Remittance
• Foreign Exchange
• Deposit Accounts
  • Current Deposit Accounts
  • Savings Accounts
  • Fixed Deposit Accounts

http://www.bangkokbank.com/BangkokBank/InternationalNetwork/InternationalBranches/Asia/Pages/BranchesinHongKong.aspx

Edited June 24, 2014 by Suradit69

[Pattszero]

Thanks for the answer. My simple reply is I must go into tax exile.

[Jeffrey346]

Looks like the BKK in HK is a full service bank where NY is just a deposit facility in an office building with no retail offerings.

[schietkop]

I lived in HongKong and travelled a lot to Thailand and had the same idea. I already had a BKK Bank account and went to BKK Bank in HK to open an account. Basically they told me they are not "connected" in any way. So there is no advantage to gain and they even advised me there was no need to open. I wanted to deposit quite a nice sum but they didnt seem very interesting:). My suggestion is go with HSBC, perfect service and global offices, cant go wrong.

Edited June 25, 2014 by schietkop

[boriga]

Given your existing plan A, I would suggest you look at what HSBC can do for you in Thailand, they have been very aggressive marketing to expats in Thailand in the past.

HSBC offer very useful linkages between accounts in Taiwan, HK and China, despite banking regulatory firewalls, to gain these privileges is a matter of having enough money in one of the jurisdictions to gain the 'Premier' or whatever status. Given your move offshore you should be eligible for these services.

From personal experience it works well within Greater China, would imagine Thailand would work well also, or at least as well as BKK Bank etc.

[Jeffrey346]

I lived in HongKong and travelled a lot to Thailand and had the same idea. I already had a BKK Bank account and went to BKK Bank in HK to open an account. Basically they told me they are not "connected" in any way. So there is no advantage to gain and they even advised me there was no need to open. I wanted to deposit quite a nice sum but they didnt seem very interesting:). My suggestion is go with HSBC, perfect service and global offices, cant go wrong.

If they owned and operated by BKK Bank, and I would think they are... They are definitely connected.

[BKKdreaming]

is there anything like FDIC insurance (USA) in Hong Kong just in case the bank goes belly up ?

[Pib]

I lived in HongKong and travelled a lot to Thailand and had the same idea. I already had a BKK Bank account and went to BKK Bank in HK to open an account. Basically they told me they are not "connected" in any way. So there is no advantage to gain and they even advised me there was no need to open. I wanted to deposit quite a nice sum but they didnt seem very interesting:). My suggestion is go with HSBC, perfect service and global offices, cant go wrong.

If they owned and operated by BKK Bank, and I would think they are... They are definitely connected.

While the parent company is Bangkok Bank, branches in other countries like the US, UK, Hong Kong, etc., have to operate under the financial laws/regulation of that country which effectively makes that branch a separate business unit for all practical purposes with little banking connectivity "that really benefits the customer."

[Pattszero]

I lived in HongKong and travelled a lot to Thailand and had the same idea. I already had a BKK Bank account and went to BKK Bank in HK to open an account. Basically they told me they are not "connected" in any way. So there is no advantage to gain and they even advised me there was no need to open. I wanted to deposit quite a nice sum but they didnt seem very interesting:). My suggestion is go with HSBC, perfect service and global offices, cant go wrong.

If they owned and operated by BKK Bank, and I would think they are... They are definitely connected.

While the parent company is Bangkok Bank, branches in other countries like the US, UK, Hong Kong, etc., have to operate under the financial laws/regulation of that country which effectively makes that branch a separate business unit for all practical purposes with little banking connectivity "that really benefits the customer."

Yes, that was the issue that got me thinking. I'd feel more secure depositing a substantial sum in HK as I feel the regulatory regime is far more stable. I think it will be plan A then, HSBC it is.

Edited June 25, 2014 by Pattszero

[schietkop]

I lived in HongKong and travelled a lot to Thailand and had the same idea. I already had a BKK Bank account and went to BKK Bank in HK to open an account. Basically they told me they are not "connected" in any way. So there is no advantage to gain and they even advised me there was no need to open. I wanted to deposit quite a nice sum but they didnt seem very interesting:). My suggestion is go with HSBC, perfect service and global offices, cant go wrong.

If they owned and operated by BKK Bank, and I would think they are... They are definitely connected.

It means that if you have a BKK account at BKK bank as well as a BKK Bank HK account there is no connection between the accounts like i.e. you cannot use one internet banking and see all your accounts, as you can with HSBC. Also no special fees or whatever. They work independent and are as such not "connected" other then in name! Maybe if you transfer millions there is an advantage but putting a million THB in the HK account didnt make them interested in helping me out. I think its more for the Thaksin style Thai people who need a HK account for shopping....

PS this was about 2 years ago, maybe things have changed...

Edited June 25, 2014 by schietkop

[trajan]

please note: HSBC in Bangkok have already closed their retail operations (and transferred all customers (who were willing to transfer instead of closing their account) to Bank of Ayudthaya (Krungsri))

[kinmaew]

What's the point? Noi is gonna get the lot anyway one day, you may as well just deposit the entire amount to her now!

[Seducedbytheseas]

I have an established business registered in Hong Kong and a business account with HSBC. I have had no issues for 3 years now. Money in is tax free, as long as it is from an offshore source.

I saw your main concern is tax... Try Asia Business Services to set you up with a registered Hong Kong business license, then apply for a business account, get a linked credit card and open a separate saving as well. Very easy to establish with less risk. There will be transfer fees to your Thai bank, but you could do one transfer per month to Thailand (call it a salary and pay tax on this sum in the UK).

Edited June 25, 2014 by Seducedbytheseas

[gchurch259]

What I am reading is basically what I was told by BKK in HK, they do not do the regular day to day type customer service, but rather heavy duty commercial banking.

I use BKK NYC for all my consulting business payments and it shows up in my Internet Banking and there are no fees involved.

I do need an account in Hong Kong for my business as US IRS is getting to where they want to control your life even though you have moved out of the country. They are trying to catch the Fat Cats Millionaires, but on get us little fish like a gill net catch at sea.

[Seducedbytheseas]

Lots of small fish get caught in the nets while trolling... don't be fooled, they are watching.

[oTwoPies]

I opened two Bangkok Bank accounts, one in Thai Baht and another, completely separate account, in the currency of my home country.

I transfer monies once or twice a year from my home country to my foreign currency account thereby minimizing bank charges. I only transfer small amounts from my foreign currency account as and when needed. Access to the foreign currency account is with passport only and therefore I feel the currency is quite safe. An added bonus is, apart from a small handling fee, I can also return the monies in my Bangkok bank foreign currency account to my home country without any hassle of exchange rates or paperwork complexities. Yeah, I know this will be refuted but just go into any BKK branch and ask them about repatriation of funds from a foreign currency account or look at the links below......

http://www.bangkokbank.com/bangkokbank/personalbanking/dailybanking/accounts/foreigncurrencyaccount/Pages/Default.aspx

Please note: I have not, for security reasons, enabled Internet banking on my foreign currency account

http://www.bangkokbank.com/BangkokBank/PERSONALBANKING/DAILYBANKING/ACCOUNTS/FOREIGNCURRENCYACCOUNT/Pages/FCDFees.aspx

cheers

[NanLaew]

Why not just keep the money in UK and transfer money as needed to Thailand via the Bangkok Bank branch in London? The more banks you deal with and the more transfers you undertake the more you'll end up spending on banking fees.

I transfer money to the branch in New York but it is deposited more or less immediately to my account in Thailand.

I am not sure if the Bangkok Bank London branch has the same remittance facility as the Bangkok Bank NYC branch; ie. transfers to your Thai domiciled Bangkok Bank account. I understood it was unique to the US branch due to the national banking regulations of that country.

I would be interested to know if I am mistaken and there is a similar remittance route via Bangkok Bank in London.

[Bpuumike]

Why not just keep the money in UK and transfer money as needed to Thailand via the Bangkok Bank branch in London? The more banks you deal with and the more transfers you undertake the more you'll end up spending on banking fees.

I transfer money to the branch in New York but it is deposited more or less immediately to my account in Thailand.

I am not sure if the Bangkok Bank London branch has the same remittance facility as the Bangkok Bank NYC branch; ie. transfers to your Thai domiciled Bangkok Bank account. I understood it was unique to the US branch due to the national banking regulations of that country.

I would be interested to know if I am mistaken and there is a similar remittance route via Bangkok Bank in London.

Yes, Bangkok Bank London will transfer to Bangkok, I believe the same day and a fee of GBP25.

For various reasons I have to t/f USD from a UK offshore account and it's easier, though more expensive, to have them t/f direct to Bangkok Bank in BKK (instead of via London). Always arrives same day and a good rate here in BKK.

I believe my bank, Barclays, is a correspondent with Bangkok Bank which might facilitate things. Am sure they both benefit from every transfer.

It has been mentioned in the past but no, you cannot open any sort or personal account with Bangkok Bank London.

[NanLaew]

Why not just keep the money in UK and transfer money as needed to Thailand via the Bangkok Bank branch in London? The more banks you deal with and the more transfers you undertake the more you'll end up spending on banking fees.

I transfer money to the branch in New York but it is deposited more or less immediately to my account in Thailand.

I am not sure if the Bangkok Bank London branch has the same remittance facility as the Bangkok Bank NYC branch; ie. transfers to your Thai domiciled Bangkok Bank account. I understood it was unique to the US branch due to the national banking regulations of that country.

I would be interested to know if I am mistaken and there is a similar remittance route via Bangkok Bank in London.

Yes, Bangkok Bank London will transfer to Bangkok, I believe the same day and a fee of GBP25.

For various reasons I have to t/f USD from a UK offshore account and it's easier, though more expensive, to have them t/f direct to Bangkok Bank in BKK (instead of via London). Always arrives same day and a good rate here in BKK.

I believe my bank, Barclays, is a correspondent with Bangkok Bank which might facilitate things. Am sure they both benefit from every transfer.

It has been mentioned in the past but no, you cannot open any sort or personal account with Bangkok Bank London.

Thanks for that. I did check online and found the information here. Looks the same as their NYC setup that I have used in the past with my US bank account.

I note their charge is £25. My UK offshore bank charges £15 for a SWIFT transfer and if I file it online before 8 AM UK time, it usually posts in my Udon account mid-afternoon, same day. However, I will set it up and transfer an identical amount via each method and see if the exchange rate gives the 'domestic' method any edge.

Thanks!

[Bpuumike]

Why not just keep the money in UK and transfer money as needed to Thailand via the Bangkok Bank branch in London? The more banks you deal with and the more transfers you undertake the more you'll end up spending on banking fees.

I transfer money to the branch in New York but it is deposited more or less immediately to my account in Thailand.

I am not sure if the Bangkok Bank London branch has the same remittance facility as the Bangkok Bank NYC branch; ie. transfers to your Thai domiciled Bangkok Bank account. I understood it was unique to the US branch due to the national banking regulations of that country.

I would be interested to know if I am mistaken and there is a similar remittance route via Bangkok Bank in London.

Yes, Bangkok Bank London will transfer to Bangkok, I believe the same day and a fee of GBP25.

For various reasons I have to t/f USD from a UK offshore account and it's easier, though more expensive, to have them t/f direct to Bangkok Bank in BKK (instead of via London). Always arrives same day and a good rate here in BKK.

I believe my bank, Barclays, is a correspondent with Bangkok Bank which might facilitate things. Am sure they both benefit from every transfer.

It has been mentioned in the past but no, you cannot open any sort or personal account with Bangkok Bank London.

Thanks for that. I did check online and found the information here. Looks the same as their NYC setup that I have used in the past with my US bank account.

I note their charge is £25. My UK offshore bank charges £15 for a SWIFT transfer and if I file it online before 8 AM UK time, it usually posts in my Udon account mid-afternoon, same day. However, I will set it up and transfer an identical amount via each method and see if the exchange rate gives the 'domestic' method any edge.

Thanks!

That's interesting. My bank, mentioned previously, charge a total of £41 per SWIFT t/f which is a killer.

The exchange is done in BKK so you'll probably find it's the same, unless it varies during the day. I know, for example, Barclays fix a rate for the day before opening hours but I never do it that way.

My ex-wife had a vendetta against banks. For good reason.

[Pattszero]

I have an established business registered in Hong Kong and a business account with HSBC. I have had no issues for 3 years now. Money in is tax free, as long as it is from an offshore source.

I saw your main concern is tax... Try Asia Business Services to set you up with a registered Hong Kong business license, then apply for a business account, get a linked credit card and open a separate saving as well. Very easy to establish with less risk. There will be transfer fees to your Thai bank, but you could do one transfer per month to Thailand (call it a salary and pay tax on this sum in the UK).

God tip - I was talking to a friend the other day that mentioned I should incorporate in HK. I didn't get a chance to press for detail. I'll contact ABS as you suggest.