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[chiang mai]

Thai banks can be difficult, sometimes impossible, but once you find a good branch you're made.

In Chiang Mai my experience of BAY has been excellent, other good banks here include Kasikorn and Bangkok Bank, but can I open an account at TMB or L&H, not a chance, others will no doubt report different experiences and that same diversity exists everywhere across the country.

[letitbe]

w11guy, on 2012-01-26 10:11:48, said:

Estrada, on 2012-01-26 09:25:30, said:

The deal is not yet approved by the shareholders. An extraordinary general meeting (EGM) has been called to be held on 20th March 2012. News is sketchy and confusing as the press report that it only affects its premier, credit card and personal loan business, yet the news also refers to selling HSBC's retail banking business which by inference would include personal and savings accounts. Personally I am not happy with the deal unless we can get exactly the same standard of service or better. Although I have an account with Bangkok Bank, I opened an account with HSBC because BBL took 45 days to clear my pension cheques against HSBC's 19 days. I can get a letter from HSBC for immigration stating B800,000 in my account without problem on the day of my visit to immigration to renew my visa, BBL give me hassle if I request a letter as I have to go to head office and apply then return later. HSBC accept applications for the letter for immigration by e-mail. Much better.

Anyone have any better information?

Interesting. I'm with Bangkok Bank and need to get a letter for immigration next month. Luckily I live near the head office.

w11guy, on 2012-01-26 10:11:48, said:

Estrada, on 2012-01-26 09:25:30, said:

The deal is not yet approved by the shareholders. An extraordinary general meeting (EGM) has been called to be held on 20th March 2012. News is sketchy and confusing as the press report that it only affects its premier, credit card and personal loan business, yet the news also refers to selling HSBC's retail banking business which by inference would include personal and savings accounts. Personally I am not happy with the deal unless we can get exactly the same standard of service or better. Although I have an account with Bangkok Bank, I opened an account with HSBC because BBL took 45 days to clear my pension cheques against HSBC's 19 days. I can get a letter from HSBC for immigration stating B800,000 in my account without problem on the day of my visit to immigration to renew my visa, BBL give me hassle if I request a letter as I have to go to head office and apply then return later. HSBC accept applications for the letter for immigration by e-mail. Much better.

Anyone have any better information?

Interesting. I'm with Bangkok Bank and need to get a letter for immigration next month. Luckily I live near the head office.

i wish people like you would stop talking nonsense Ive got my bank statement from local Bangkok bank branch no problem on same day for last 5 years or so and we live in sticks. HSBC are great if you use them in Hong Kong Singapore or other places in Asia but total crap here. They even told me I was better off with one of Thai banks and were Premier customers in Hong Kong Singapore UK USA and Jersey. The only reason we opened a premier account here was for free global transfer facilities but even that here in Thailand was no good while in all other places it is great. Ive also given up on Thailand as a place to keep money or investments but will continue living here as weve done for last 16+ years. Its a shame the thai people decided to let that crook Taksin run place again. They will pay for that in end and of course its poor who will pay most

[ExpatJ]

chiang mai, on 2012-01-27 14:42:42, said:

HSBC TH is offering Exclusive Privellege customer status at B of A for one year, in which time the account balance must be made up to 5 mill., yawn, I'm off - but like the previous poster, this screws up my highly efficient and convenient Global View and its associated transfer facilities, oh well, nothing lasts for ever.

This sucks- where did you read it?


Regarding the BoA staff not speaking english as mentiikned by several other posters- im hoping that in the premier customer service centers there will be good levels of english!

Im only moving to BaY because i have a mutal fund with HSBC TH that i want to hold for a while longer so its either move it for free to BoA or close it.

[TallGuyJohninBKK]

The info on the required account balance with BoA was in HSBC's we're outta here announcement.

[rgs2001uk]

ExpatJ, on 2012-02-13 08:44:32, said:

chiang mai, on 2012-01-27 14:42:42, said:

HSBC TH is offering Exclusive Privellege customer status at B of A for one year, in which time the account balance must be made up to 5 mill., yawn, I'm off - but like the previous poster, this screws up my highly efficient and convenient Global View and its associated transfer facilities, oh well, nothing lasts for ever.

This sucks- where did you read it?


Regarding the BoA staff not speaking english as mentiikned by several other posters- im hoping that in the premier customer service centers there will be good levels of english!

Im only moving to BaY because i have a mutal fund with HSBC TH that i want to hold for a while longer so its either move it for free to BoA or close it.

I visited the HSBC last week, downstairs there were about 5 or 6 reps from BAY who would assist in the opening of acounts.
I got the impression they were catering only to those who were looking for Exclusive accounts with BAY.
The lady I spoke to offered me the choice of 3 locations, Phuket, Thong Lor and All Seasons Place on Wireless Rd.
I havent yet opened an account because the locations were of no use to me, and I have decided not to become an Exclusive customer.

I also spoke to my HSBC relationship manager, I also hold an ING fund.
There is no need to close the fund, but you will have to deal with ING yourself.

In short you do not need to transfer to BAY to keep hold of you mutual fund.
However if you keep control of it yourself it may well be you fall below the threshold for Exclusive status with BAY.

I was also told all accounts will be closed on 31st March, I still havent decided where to move the money as I still have to investigate a couple of local banks.
However I may well just opt for a couple of normal accounts with these banks and keep control of my ING funds and deal with ING myself.

[4evermaat]

pimay11, on 2012-01-26 10:14:39, said:

Speaking about BBL they say the charge for using their ATM for foreign withdrawls is 150 baht. Not ture. They also charge a foreign transaction fee based on the amount of the withdrawal. If you doubt it check your foreign bank statement.

Bkb and other thai banks only charge 150 baht fee for withdrawing from their atm with a non-thai atm card.  Your home bank may have additional charges, like the foreign transaction fee.

"2nd best time to plant a tree is today."  Sent from ThaiVisa app.

[GarryP]

Just this morning got a letter from HSBC. Basically, they told me that I need not do anything for the time being. It is business as usual and HSBC credit card holders are free to get themselves further into debt.

[SantiSuk]

rgs2001UK reports that HSBC bank staff told him that accounts need to be closed by 31 March. The literature HSBC sent out, received this week, says it slightly differently.  HSBC will remain open for retail banking until 30 June, but you will not get any interest and the branches will have been closed. Online banking remains until 30 June.

I wonder where they will do their corporate banking from (not that I care much) and I wonder if they have realsied that some corporates have special banking arrangements for employees with their corporate bank and may not see their 'focus on corporates' as being quite the plus point that HSBC expect

[chiang mai]

I've already agreed with HSBC Bangkok to not close my account until end April, that way I can get twelve full months of statements plus the necessary letter for the renewal of my visa, they said fine.

[Kered]

The Chief Executive of HSBC Thailand sent out a letter stating that Krugsri would supply a comparable service to HSBC Premier but that appears to be a complete lie as there appears to be very little which is comparble. Krungsri service would appear to involve additional charges and requires a 5 million deposit in Thai Baht. In addition there are no international services and this causes a problem for those with HSBC accounts in other countries and depending on easy transfer and Global view.

Has any ex HSBC Premier customer managed to find anything comparable to the Premier service?

[TallGuyJohninBKK]

Remembering that this is Thailand, "comparable" would be considered a very relative term.

But re the minimum account balance required with BAY for their perky account, I believe the earlier posts indicate they'll accept 3 million baht for the first year as a courtesy to former HSBC folks. But then expect the balance to be brought up to the normal 5 million amount after that. Or you'll get de-perked, so to speak.

[rogerdee123]

I'm also looking for a comparable alternative to my HSBC Premier Acct and have spent the last couple of days bank shopping.

My arrangement as been HSBC accounts here in Bangkok and also in Singapore. I qualified for Premier status here and that automatically gives me premier status in Singapore.  BTW ... minimum balance for HSBC Premier in Singapore is 200k$ (sing $). But if one has a HSBC Premier account elsewhere ... you are automatically "Premier" at other HSBC branches where you hold accounts.

For "global" banking, there appears to be only Standard Chartered & Citibank .... i.e. if one is looking for a reasonable number of branches around the world including US and Europe.  I want global banking facility because I travel a lot and like the idea of hassle-free access to my funds thru the local branch should an emergency arise. In the last 5 years I've only used that facility twice but that was enough for me to conclude it's a valuable benefit.

My enquiry experience this week with Citibank here in Bangkok was disappointing. This opinion is entirely based upon my experience with their staff ... who seem to me to not be up to the same levels of HSBC and Standard Chartered. The first thing out of their mouth was ... "you must have a work permit" (I'm here on retirement visa or "permit" or whatever it is). In the meeting their staff also did not listen or did not hear (or poor English) my initial introduction when I told them I am an HSBC Premier account holder and am looking for a bank to replace my HSBC Premier account. It was only 15 minutes into the conversation that they finally realized I already had bank accounts in Thailand. Prior to that a couple of times they incorrectly told me that "in Thailand you cannot do that".  They also told me (and I think this is wrong also) that I would have to transfer my funds at HSBC out of the country and then transfer them back in again in order to open the account. Indeed they told me that as a foreigner I could not open an account with a transfer from another bank in Thailand (although after the account is opened it's acceptable), which I think is wrong also.  They also said they would charge 1% fee for incoming foreign currency transfers ... and since my balance at HSBC Bangkok is more than 200k$ this means it would cost me $2k to open the account. OK I think a lot of what they told me was incorrect, but I have no interest in dealing with staff like this on a regular basis. Also Citibank requires a larger balance than Standard Chartered for their "premier" level. However Citibank benefits re credit cards and shopping discounts (I could care less) seem a little better than Standard Chartered.

Standard Chartered ("priority level") staff inspire confidence and Standard Chartered only requires 3 million for their "priority status". When I told them I was an HSBC Premier Account holder, they knew exactly what to say and began telling me the difference between HSBC Premier and their "premier" level, called "Priority".   HOWEVER ... they told me that Standard Chartered in Thailand does not provide "global" banking services like HSBC and they recommended I open an account at Standard Chartered Singapore (which does provide "global" services) and link it up with a Standard Chartered account in Bangkok. hmmmm .... this is an option. One can be a "priority" account holder at Standard Chartered with a minimum balance of 3 million baht, similar to HSBC Premier and this would automatically qualify me for "Priority" account at Standard Chartered Singapore. So it would be something similar to my present set-up (I have HSBC accounts here and in Singapore).

Although I haven't yet made the final decision, after talking with a few acquaintances in similar situations as I,  I'm leaning towards opening an account at BAY and keeping my HSBC account in Singapore. I'll transfer most of my funds now held at HSBC Bangkok to HSBC Singapore and keep about 2 million baht in BAY in Bangkok to keep me (and wife) qualified for retirement visa ... as well as provide cushion for living/operating expenses ... which I can top up now and then. I'm thinking I will do this for the first year and enjoy the BAY benefits of one-year grace period (i.e. no minimum balance for HSBC Premier refugees) at their Premier level. Then I will decide if I need to change or open accounts at CitiBank or Standard Chartered.

Many years ago I had bank accounts at Bank of America and when they gave up consumer banking in Thailand and became a merchant bank here, I changed to Chase Manhattan and then when they gave up on consumer banking and became a merchant bank I changed to HSBC. Now HSBC has given up on consumer banking here and is becoming a merchant bank.  It makes me wonder if Standard Chartered and Citibank may follow this trend in the next year or two. It seems clear to me that the "non-Thai" banks here are operating at a disadvantage and like almost everything else in Thailand,  there isn't a level playing field for the banking industry here ... Some of you readers in the banking industry may have some comments to make in this regard.

[samtam]

Yes, sadly this is an all too familiar story. I am a Premier account holder, based on my Premier status in Hong Kong, UK, Jersey etc. I've only ever used HSBC here for the visa extension, (viz deposit for three months and the bank letter). My relationship manager was easy to deal with, and easy to contact etc. She said she might transfer to BAY, but hasn't yet decided. But with the one year limit on Exclusive Banking being made available on the same terms to existing HSBC Premier account holders, I think I will probably switch to UOB where I have held a small savings account to take care of local Thai bills. I made my number with one of the staff, and she seemed to be familiar with visa extension requirements, (specifically the letter for Immigration). This year, (third week in May), HSBC will take care of all of that for the last time. Next year I will try UOB, and I think it should be OK. HSBC's closure here for retail is annoying, but probably more of a mental annoyance than anything significant.

[ExpatJ]

I just closed my HSBC premier account in Thailand and did not open one with BAY- I was able to swtich my mutual fund from HSBC to BAY without needing a bank account with them so that was handy.

The big problem for BAY with me, is that after one year you will need 5 million baht in your account at any time in order to keep premier status. The one benefit that would have kept me with BAY is the use of the first class Thai airport lounge for BAY premier members- unfortunately this can only be used twice per year and since i travel 1-2 per month it means nothing.

[griffer]

well, sorry to say, I'm not taking the chance...

i've been moving my money from LOS to HSBCSingapore over last few days and just leaving a nominal amount in my thai baht, UKpound and USD account here in BKK.

I want to see what happens with the switch over.. I will be pleasantly surprised if it goes well.. and hope to be proved wrong.. I've enjoyed the HSBC premier experience here..

I also looked at opening an account with HSBC malaysia and was surprised that for premier status you only require  RM 200,000 (UKP 42,000) (?)...

[rogerdee123]

To follow up my post of yesterday .... today I discovered a couple of more unexpected tidbits regarding the HSBC/BAY arrangement.

I have a joint account with my wife at HSBC. However at BAY, they will not issue joint credit cards (i.e. a supplemental card for my wife who is on the joint account). Apparently she would have to open a separate and individual account to get a credit card and an ATM card in her own name.  This probably means another minimum amount balance for this new account. Another 5 million baht? probably not .... yet still this is a unnecessary hassle from my point of view and a disappointment.

Also both HSBC and BAY are vague as to exactly what kind of credit card BAY will issue to the new customers from HSBC. They say they are still negotiating and discussing this. However at BAY they say that they require 6 months of 5 million + balance before the top level "exclusive" VISA card would be issued. I pointed out that I understood that HSBC Premier customers would qualify for "exclusive" status at BAY for their first year at BAY and although they agreed that this is the case, they said that the credit card issue is still being discussed/negotiated. At the moment HSBC & BAY have apparently agreed that HSBC Premier customers can still use their HSBC Premier Credit cards until November ... but it isn't clear what happens re the Credit Card issue after that. At BAY they can only say now ... "you must apply and wait for 6 months for approval".

Also for all you folks here on retirement visas, I have discovered that these banks here in Thailand have (upper) age limits for approving new customers for credit cards. At Standard Chartered I was told it's 60yo UNLESS you have a priority account.  At BAY it's 70yo UNLESS you have their exclusive account.  I didn't ask this question at CitiBank.  I also did not ask BAY the question ... "When I become 70 yo will my credit card be renewed".   If you are a new customer above their maximum age limit, they will only issue you a debit card.

Edited by rogerdee123, 2012-02-24 15:29:43.

[TallGuyJohninBKK]

It seems as though HSBC, as would be expected, has been trying its best to put lipstick on a pig in terms of shoving its customers out the door to BAY....

The one thing, I suspect, that appealed to many HSBC customers in Thailand, especially Premier accountholders, was the available online international funds transfer function to different HSBC accounts in different countries...

Unless I've missed something, I haven't seen anything comparable offered as a replacement.

Edited by TallGuyJohninBKK, 2012-02-25 10:36:02.

[zebnow]

Has anyone found a BAY branch in Bangkok where English is spoken fluently?

[SantiSuk]

^^ Bump ^^

Anyone else had any good or bad experiences in tranferring away from the moribund retail banker HSBC?

As a last resort, does anyone have any comments on the interent banking experience in English with the main Thailand national banks - in particular the ones I have in my local town which would be

Bangkok Bank
Kasikorn
Bank Ayyudyah (yes - I've decided it might be cutting off my nose to spite my face to completely discount them)
SCB
Thannarchat
Krungthai

[chiang mai]

SantiSuk, on 2012-03-15 17:31:44, said:

^^ Bump ^^

Anyone else had any good or bad experiences in tranferring away from the moribund retail banker HSBC?

As a last resort, does anyone have any comments on the interent banking experience in English with the main Thailand national banks - in particular the ones I have in my local town which would be

Bangkok Bank
Kasikorn
Bank Ayyudyah (yes - I've decided it might be cutting off my nose to spite my face to completely discount them)
SCB
Thannarchat
Krungthai

I opened accounts at BAY and Kasikorn and both were pain free, I'm particularly impressed with BAY here in CM. I also opened an account with HSBC in Singapore which was really impressive, I now have more cards and cheque books from them than I can sensibly use when all I wanted was a savings account in SGD!

[RubbaJohnny]

I am happy with Citibank never liked HSBC ad I used to work for em
Of Thai banks Kasikorn seems keenest

[zebnow]

The following update is a bit long, but hopefully will provide some useful information to other forum members who are wondering what to do about the HSBC closure.

On Monday this week, I went to the main HSBC branch and talked with one of the Premier reps about moving to BAY. She could not answer all my questions, so she pulled in a woman who was there from the BAY branch at All Seasons Place on Wireless Road, and she helped fill in some of the information gaps.

I told them one of my main concerns was being able to walk into my bank and converse with someone in English, since I am not fluent in Thai yet. The woman from BAY said there are English speaking employees at the BAY ‘Exclusive’ banking center at All Seasons Place, so I told them I was going to drop in there the next day to chat before deciding to move any accounts to BAY.

The next morning I visited BAY at All Seasons Place and talked with a representative in ‘Exclusive’ banking. I told her that since I would likely not qualify for ‘Exclusive’ status after the one year grace period is up, that I wanted to see if anyone in the regular banking department can also speak English. They did have a teller who I spoke with, and she said they will be getting more English speaking employees transferring over from HSBC soon.

After that, I went back to the HSBC branch and did the paperwork to move my savings account to the BAY All Seasons Place Branch. When the account is transferred to BAY, it will become a resident type account and qualify to earn some interest, which is currently 0.75% APY. I am here on a retirement visa and that was enough to be able to get the resident type account at BAY. You must have a resident type of account to be able to have an ATM or Debit card, and to have online banking capability. Non-resident accounts at BAY can only be maintained through branch visits for withdrawals, deposits, updating passbook records, etc. There is no online banking access for non-resident accounts. By the way, as I understand it, the Thai Deposit Protection Act (DPA) only protects deposits for ‘resident’ type of accounts up to 1M baht. Non-resident accounts do not qualify for DPA protection. I did not realize that when I opened my non-resident HSBC savings account some time ago. BAY gave me an ATM card along with my new passbook. The card does not have my name imprinted, so I need to go to a BAY branch after 10 working days have passed, then I am supposed to be able to have an imprinted ‘Exclusive’ Debit card made on the spot.

I am supposed to qualify for the ‘Exclusive’ BAY VISA credit card automatically after November when the HSBC Premier MasterCard is phased out. I was told that I could keep the BAY ‘Exclusive’ VISA card until it expires, even if my account balance is below 5M baht. Upon expiration, if my account balance is below 5M baht, the card will be downgraded to a ‘normal’ BAY VISA card. When I asked what the deposit qualifications are for the ‘normal’ BAY VISA card, I was told a balance of 1M baht is required when applying. However, since I am moving over from an HSBC Premier MasterCard, I supposedly do not have to meet the 1M baht deposit requirement when the BAY ‘Exclusive’ VISA card is downgraded to a normal VISA card. They had me sign a form to set up the ability to automatically debit my BAY savings account to pay the HSBC credit card bill.

I set up the transfer of the savings account to BAY to take place at the end of March, to give myself time to consider whether I wanted to move further funds to top up the HSBC Thai account while I still have HSBC global account linkage. I decided to do a global transfer today and the transfer went through in about 2 hours. Unfortunately, a preferred exchange rate was not part of the deal, as had been the case in previous global transfers. Instead HSBC Thailand gave the ‘counter’ exchange rate, which was 0.15 points lower than I had expected based on the preliminary rate displayed on the global transfer web page. I ended up having a lengthy discussion with a Premier call center rep in Thailand and then his supervisor, but they would not budge and stuck me with the counter rate.

ATM withdrawals at machines other than BAY machines in Thailand should incur a fee of 20 baht. I went around with HSBC and BAY reps on that one after first being told it would be 15 baht, then 35 baht. My Thai wife has an account at another Thai bank and she has told me that she typically incurs a fee of 20 baht when using another bank’s ATM, so the 20 baht charge for BAY seems in line. I believe a fee will also apply at BAY ATMs, if they are outside the Bangkok area where my branch is located.

Account confirmation letters for visa renewals must be picked up and signed for in person at BAY, so no more mailed letters as HSBC has provided. The BAY rep at HSBC told me that I would need to visit my BAY branch (or possibly another branch), which would then have to send for advice to the main BAY office on Rama III Road. The process would take 2 to 3 hours before the branch could provide the letter for a fee of 100 baht (that may be the BAY ‘Exclusive’ rate, and the regular account fee might be higher, although I am not sure). BAY does not provide statements with savings accounts as HSBC has done. Instead, I will need to bring my updated passbook along with the confirmation letter to Thai immigration for visa renewal.

Lastly, one of the HSBC reps advised me that there are currently discussions going on between HSBC and BAY about the use of the HSBC main branch location. BAY may take that over to make it one of their branches, since HSBC customers are used to going there, but that is not final.

Now I am in waiting mode for April 1 hoping that my transfer to BAY goes without a major hitch.

[SantiSuk]

Very useful Zebnow. Thanks

On a point of detail, you said 'Instead HSBC Thailand gave the ‘counter’ exchange rate, which was 0.15 points lower than I had expected based on the preliminary rate displayed on the global transfer web page'. I have made many global transfers. The rate indicated at time of instigating the transaction has always been just that - the rate indicated. The actual rate is usually that of a day later and has always been different in my experience - I have had as much as 0.5 points higher (e.g 49.5 instead of 49.0) and 0.5 points lower and there's nothing you can do about it. I monitor rates very carefully and HSBC's rate over the last year has almost always been lower than the one indicated for Bangkok Bank per their website - typically around 0.2 points lower. The fact you can transfer much larger sums (and to a lesser extent the fact that there is no recieving bank charges) with HSBC global transfer view compensates for that.

Does anyone know what the deposit protection amounts are in Singapore?

[chiang mai]

Yes, Singapore Deposit Protection Insurance is $50k per account.

[TallGuyJohninBKK]

zebnow, on 2012-03-16 22:22:02, said:

ATM withdrawals at machines other than BAY machines in Thailand should incur a fee of 20 baht. I went around with HSBC and BAY reps on that one after first being told it would be 15 baht, then 35 baht. My Thai wife has an account at another Thai bank and she has told me that she typically incurs a fee of 20 baht when using another bank’s ATM, so the 20 baht charge for BAY seems in line. I believe a fee will also apply at BAY ATMs, if they are outside the Bangkok area where my branch is located.

I don't believe that info above is correct. And it's pretty sad that even the bank staff couldn't give you a clear and definite answer on the issue of using other banks' ATMs.

If I recall correctly, such things are governed by the Bank of Thailand. And without looking up the reg, my memory says that Thai banks typically allow a certain number (four or five) of foreign ATM transactions per month for free...and then start charging a 20 baht or so fee after that complimentary number has been exceeded.

But there are some Thai banks that do better than than... For example, Standard Chartered, perhaps because of their smaller branch and ATM networks, gives its account holders no fee use of any Thai bank ATM period... no fees ever.