HSBC, and/or opening an account at a Thai Bank

[Sporty]

I also have Citi Japan (yen and US Dollars), as well as the USA and in BKK, Citi claims to have no link to the Citi in the USA

 

"I also have Citi Japan (yen and US Dollars), "

 

Can you freely move from your YEN to $, account at todays rate? Thinking about possible benifits from changes with the intervention ?

[cavanami]

Yes, I can.

 

...but not in Thailand

[Mekong]

I know HSBC has branches in Bangkok.

 

HSBC only has one branch in the whole of Thailand, 968 Rama IV Road (Corner of Rama IV / Sathorn)

[dave32]

Faulty assumption on my part, saw advert for BKK and assumed branch(es) opposed to a singular branch. Good to know.

 

--

 

Thanks for input all. Helpful. Not kidding. Back home to LA on Tuesday, will speak with people at the Bank (HSBC) next week, and post their feedback.

[USVirgin]

No real experience to give you. Citi and HSBC have been recommended by other nomads in the past.

 

However, if you intend to maintain a US account and draw from it in LOS without fees, one expat friend highly endorses Charles Schwab. Look into it.

[Mekong]

As Sporty indicated, HSBC Premier Account is the Dogs Bollox but you need approx USD 150K deposited to hold such an account.

 

Even though my home base is Thailand I opened my HSBC accounts in Hong Kong, even after nearly 20 years in Thailand I stil will not have more money in the Kingdom than I could afford to loose, in TH itself I use Bangkok Bank and K-Bank and transfer funds from HK as and when the FOREX rate is favourable, which it hasn't been for a long time now.

 

The "Local Bank" Mantra that HSBC claim is true, earlier this year I had dealings with them in Doha Qatar when I was working there and just last week I had a bankers draft issued in Madrid where I currently am working to secure deposit rent etc on the apartment I will call home for the next few months and all hassle and charge free.

 

From what I understand about your needs all you are looking for is a way to access your funds via a Thai bank, simple US$ / THB transactions. IMHO you would be better off keeping your funds in a US bank account that you have internet access to and then open up a Thai Bank account once you arrive here, I have never had an issue with either BBL or K-Bank and I am led to believe that SCB (Siam Commercial) also afford good service, I have to say that my Bro in Law is a commodities trader with SCB.

 

Just keep it simple Dave, local bank with a savings account / ATM Card and access to funds in your home country via internet banking.

 

[ThaiHome]

...

 

Just keep it simple Dave, local bank with a savings account / ATM Card and access to funds in your home country via internet banking.

 

 

Agree complexly.

 

Be sure to check how much your US bank will charge for a SWIFT transfer to Thailand bank account and can you initiate it via internet or fax. In the past year or so, BofA (and I assume others as well) have also started allowing ACH transfers (US interbank transfers) to Bangkok Bank’s New York branch (that has an ABA number) that is then sent to account in Thailand. This is the most cost effective way to move money from US to Thailand (unless your bank gives free SWIFT transfers).

 

The comment about Schwab checking account is good as well. They are one of few banks that will allow using ATM in Thailand without any fee at all (I think they refund any charges, including the 150 baht Thai fee).

TH

[TroyinEwa/Perv]

My experience has been my bank in the US charged 30 bucks to send the money and the bank I used charged a max of 500 baht to receive the money, depending on amount sent it could be lower.

 

I always sent it in USD as the exchange rate was better at the Thai bank, obviously.

 

The initial transfer I mostly did by email but some info the bank wanted over the phone, security code for wire transfer and account number. After one transfer, they can keep it all on file and all you need to do then is make about a 30 second call to tell them same account and security code along with the amount. Money is there in 1 or 2 days max.

[ThaiHome]

My bank charges $50 if you send USD, $30 if you let them exhange it. It actually comes out about the same. I only use SWIFT if I am tranfering over $5k or so, otherwise just use ATM.

 

I have read that Fidelity will do SWIFT for free, but don't know for sure.

 

TH

[The_Munchmaster]

As Sporty indicated, HSBC Premier Account is the Dogs Bollox but you need approx USD 150K deposited to hold such an account.

I have an HSBC Premier account in Jersey. The balance required for Premier status is £60K which equates to about $90K, but maybe it is different in the states?

 

The last time I used my debit card was in London in May and there was no withdrawal fee however prior to having Premier status there was a 1.5% fee every time I used it to withdraw from non HSBC ATM's in LOS.