Has Anyone Done A Money Transfer With Hsbc?

[Theyreallrubbish]

I'm also an HSBC Premier account holder in the UK. When in Thailand I use my ATM card at any ATM machine and have to pay no fees but I do notice the exchange rate is 3 Baht or so lower than the rates in the exchange booths. I can withdraw £2000 a day on my ATM card so I could presumably take 280,000 Baht out by taking £2000 just before midnight and £2000 just after. (Probably have to use a couple of machines though. How much cash does each machine hold?)

What I was planning to do when I stay long term was to go to the HSBC branch in Bangkok and get sterling travellers checks (No fees for HSBC Premier customers) and then take those travellers checks to the exchange booths. £100 travellers checks are 7000 Baht approx each, so the fee of 15 Baht per check means a saving of 285 Baht per £100 changed compared to taking the money out of an ATM.

And by doing it this way I don't need to get large amounts of travellers checks in the UK and lose interest on the money between time of getting them and time of cashing them.

Anybody tried this before?

[Dave the Dude]

I suppose I ought to get a nationwide flex card when I next return to Blighty for a holiday - does anyone know if that can be done without proof of a UK address ?

Cheers BB

Hi BB

You do need two kinds of proof with Nationwide,usually a utility bill plus another . There was a thread last week that discusses options re this and you may want to have a read.

Hi theyreallrubbish

Its not common knowledge what value is kept in ATM's. Its sometimes surprisingly small in LOS and I think you would have fun trying to get 2000 squid out of a 'hole in the wall.' Seriously, though I'd be inclined to go into a branch and request assistance in getting your money out. this would be far quicker (& safer)

I used to have a HSBC account too but although I never got round to 'checking out' HSBC's one premises in BKK, I was under the impression that it was an OFFICE rather than a branch. I may be completely wrong but I'd double check you can obtain T/cheques there, if I were you.

Dave (happy and retired Bank Manager in Issan)

Edited December 12, 2007 by Dave the Dude

[jfchandler]

I suppose I ought to get a nationwide flex card when I next return to Blighty for a holiday - does anyone know if that can be done without proof of a UK address ?

Cheers BB

Hi BB

You do need two kinds of proof with Nationwide,usually a utility bill plus another . There was a thread last week that discusses options re this and you may want to have a read.

Hi theyreallrubbish

Its not common knowledge what value is kept in ATM's. Its sometimes surprisingly small in LOS and I think you would have fun trying to get 2000 squid out of a 'hole in the wall.' Seriously, though I'd be inclined to go into a branch and request assistance in getting your money out. this would be far quicker (& safer)

I used to have a HSBC account too but although I never got round to 'checking out' HSBC's one premises in BKK, I was under the impression that it was an OFFICE rather than a branch. I may be completely wrong but I'd double check you can obtain T/cheques there, if I were you.

Dave (happy and retired Bank Manager in Issan)

Dave, no, wrong about the HSBC branch in BKK, located near Silom Road and Lumpini Park (a 5 min walk from Saladaeng BTS station). I've been there several times, and it's a large operation. They're on the ground floor of a high rise building that also bears their name. Inside appears to be a large and full bank branch will a teller's counter and side desks for bank officers to assist with accounts and such. Outside, as I recall, they also have HSBC ATM machines. I'd assume they can sell traveler's checks, but I'm not sure about the fees involved or what currency checks would be available there.

The downside, however, is that for me as an American with U.S.-based HSBC accounts (but no Thai HSBC accounts for the reasons previously stated), they pretty much treat me as a non-HSBC customer. If I want to use my U.S. HSBC ATM card to withdraw cash at HSBC's BKK ATMs (the only location being the branch one near Silom), I still get hit with HSBC's standard 3% foreign currency transaction fee because my accounts are in U.S. $ and the local withdrawal is baht. I also had the experience of them seeming to not offer a very good exchange rate. I'd assume the same general situation would apply for Brit-based accounts, including the foreign currency fee, unless they're at Premiere status.

The lady there who was very helpful to me, and provided good and accurate information in English, was an accounts officer nicknamed named Kae, whose desk is the first one as you walk in on the far right.

--John.

[Theyreallrubbish]

OK. I called HSBC Premiere in the UK. Asked them if HSBC in Bangkok would issue sterling travellers checks. The guy didn't know and left me on hold for a while to find out. When he came back he said it was unlikely, but what I could do is set up free of charge an HSBC Premier account in Thailand which would also have the same credit rating and limits as my UK account and also have a foreign currency account based in Thailand in any currency I like, including sterling and then any transfers between any accounts are free and instant.

I could either move money from the foreign currency account to the Baht account or take the money out as cash sterling and take it to where I can get a better exchange rate.

He wasn't sure of all the details so is going to have Premier International call me back in the next day or two to give me more information.

Going to also ask them if they'd issue a mortgage in Thailand based on my UK credit rating as well as I could then buy a condo for a monthly payment not much different from the rent.

[Theyreallrubbish]

Spoke to HSBC Premiere International

They seem REALLY keen to get me to open a Thai account even though there are no fees. Not sure why, maybe they get measured on accounts opened?

It seems that HSBC in Thailand does issue sterling travellers checks, but she's not sure if they'll issue them with the payment drawn from my HSBC UK account, so she's sending an email to see if I'll need to open an HSBC account in Thailand, but even then I'll be able to open a Sterling account in Thailand and so avoid HSBC's lousy exchange rates.

Also checking if the transfer of my credit rating means they'll issue me with a mortgage in Thailand. It seems that without a Residency Permit the mortgage can only be issued in a major foreign currency. So it would seem to be an issue of getting the seller to accept foreign currency. Shouldn't be too hard.

[jfchandler]

Just passing this along for informational purposes.... I was trying to catch up on the details of some of my credit cards, so I'd be sure to know which ones to use how and where... U.S. vs. Thailand....

So, I have one Master Card through HSBC Bank in the U.S., and couldn't find anywhere on the credit card's web site the detail of their foreign currency fee % for purchases made outside the U.S., such as in Thailand... So I inquired of them by e-mail, and got the following answer:

"MasterCard converts any charges incurred in a foreign currency adjusted by 3%,

into a US dollar amount effective as of the processing date of the

transaction. MasterCard retains 1% and we retain 2% of this adjustment

factor.

The foreign transaction fee will post as a separate charge on your statement

with the description Foreign Transaction Fee Finance Charge."

I pretty much already knew they had a 3% foreign currency fee on credit card purchases abroad, so their e-mail confirmed it. But it was really interesting to learn that of the 3%, MC is keeping only 1% and the bank/credit card issuer is keeping 2%.... That's a pretty good profit margin for them.

And, that's another reason I won't use their credit card for purchases abroad, and instead, use another bank's Visa card that charges NO foreign currency fee on purchases. There are cards out there...that have no fee...