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What are the options for UK expats in Thailand facing banking issues with HSBC?

Expats in ThailandHSBC Banking IssuesThai Bank AccountsForeign Currency AccountsFinancial Services for ExpatsWise Money TransferCitibank ThailandBanking Regulations Thailand
Sep 15, 2021
3 years ago
Dave *********
ORIGINAL POSTER
Anyone here run a UK bank account linked to an Expat account. Sadly I'm with HSBC and their advice (such that it has been) was shocking. Called in at HSBC Bangkok as advised only to be told they don't do private/expat banking anymore 🤷‍♂️
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TLDR : Answer Summary
Many UK expats in Thailand are facing difficulties with HSBC, which has not provided personal banking services for over a decade. Alternatives such as Wise and Citibank are discussed, with Citibank also reducing its presence in Thailand. Expats are exploring options for managing their finances while ensuring compliance with visa requirements that may necessitate having funds in a Thai bank account.
Bonnie *******
Why do you want a Thai account to do regular business? Just have one with the money to get your visa and do your regular banking from your foreign account
3 years ago
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Steve *******
@Bonnie ******
 You're missing the point.
3 years ago
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Dave *********
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@Bonnie ******
 Not quite sure of your point? If you have a visa eg 50+ long stay you need 800k or proof of regular income into a Thai account to qualify for visa renewal. If you have pension/income/savings etc in your home country you need to retain your home account. The shall I call it account for people living overseas from their home country account used to be a link between your current country and home country account so you were more easily connected. For example you get locked out of your account you would have been able to call the bank in country to sort it out not make international calls to do the same. Additionally if you had or wished to make any investments you could also do that in country. No longer.

In my case if I use UK bank cards I would pay the banks crap exchange rate, a foreign exchange/service fee and the ATM fee to the Thai banks. That is not a great way to access your money.
3 years ago
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Dave *********
ORIGINAL POSTER
You mean use my UK bank card to withdraw cash from a Thai ATM? Surely not?
3 years ago
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Bonnie *******
@Dave ********
 why not?
3 years ago
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Steve *******
@Da**
 You're going to pay a fee whatever way. The easiest and cheapest way I found, and still use is the transfer through Bangkok Bank, London
3 years ago
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Dave *********
ORIGINAL POSTER
@Steve ******
 I'm surprised Bangkok Bank London offer a more favourable rate than Wise or other transfer services. I also just saw on their website they charge a fee of £15- £20?
3 years ago
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Steve *******
@Dave ********
 They dont give me the rate in London. Send the money in Sterling and get the rate on the day in Thailand. Biggest fee ive had was about 200bt
3 years ago
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Steve *******
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Bonnie *******
What's the point of linking the accounts? You have money going into your regular account. It will cost you to move that money into your Thai account. Just pull it straight from your account.
3 years ago
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Bobby ********
Bonnie Smith. It doesn't cost too much if you use an intermediary. I transfer
*****
baht each month into a Thai bank account, and use that money to live on, pay rent, bills etc and shopping, travel, groceries, entertainment. If I was drawing money from my home account it costs between 150 and 200 baht each time. I'd only have to make three withdrawals and I'd be behind when compared to a once a month transfer. No brainer. It's a criterion of the retirement visa to transfer anyway, so in reality I've got to pay the transfer irrespective
3 years ago
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Bobby ********
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Steve *******
Got a UK and a Bangkok Bank account. Transfer online through the BB branch in London, 24 hour transfer, best exchange rate and their fees are nominal.
3 years ago
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Dave *********
ORIGINAL POSTER
Thanks for all the comments. Very enlightening 👍Cheers.
3 years ago
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Greg ********
I just used WISE to transfer money between HSBC UK and Bangkok Bank here. If you use Bangkok Bank it shows as a foreign transfer as that is the bank it comes into Thailand from Wise
3 years ago
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Dave *********
ORIGINAL POSTER
@Greg *******
 Thanks Greg, I already do exactly the same with HSBC/Wise/Bangkok Bank funnily enough. I'm happy with that system but the expat link seemed to be an added bonus with my existing bank/account, but clearly not... 🙄😁
3 years ago
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Dave *********
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Greg ********
HSBC pulled out when the foreign bank account restrictions came in. Citibank hung on for a while but are leaving. To open an account at Citi you needed to deposit 1 million THB
3 years ago
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Dave *********
ORIGINAL POSTER
@Greg *******
 Shame HSBC in the UK seem to be blissfully unaware and happily advising people to open expat accounts 😂
3 years ago
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Greg ********
@Dave ********
 Really! I needed a UK Account as I had not had one for a long time. They were only one who would open one for me as an expat in Singapore - had HSBC there.
3 years ago
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Greg ********
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Darren ***********
HSBC closed in Thailand 2012.
3 years ago
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Dave *********
ORIGINAL POSTER
@Darren **********
 Interesting, I'll raise that point when I spend my savings calling the UK...
3 years ago
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Greg ********
@Darren **********
 Closed for Personal Banking.
3 years ago
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Darren ***********
@Greg *******
 yes correct. Wealth management is still available however my understanding is it is based under the Singapore arm of HSBC.
3 years ago
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Dave *********
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@Darren **********
 Is that via Bangkok? Or do you have to approach them directly? Plus would I be any better of contacting Singapore for advice than UK, not sure I'd be any better off?
3 years ago
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Darren ***********
@Dave ********
 I’m not sure. I would imagine you have to contact through Bangkok.
3 years ago
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Greg ********
@Darren **********
 I know the Singapore one - as mentioned in post below they were the place i dealt with when I wanted a UK Bank Account after 14 years. Only bank that would allow me to open an account as expat from a distance.
3 years ago
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Greg ********
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Dave *********
ORIGINAL POSTER
@Greg *******
 Yes business accounts only, no personal banking apparently.
3 years ago
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Dave *********
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Dave *********
ORIGINAL POSTER
@Darren **********
 I'm shocked! Almost as shocked as I was when I walked in to HSBC in Bangkok to be told no expat/private banking available 😂
3 years ago
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Darren ***********
@Dave ********
 I’m not sure if Citi bank would work for you.
3 years ago
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Dave *********
ORIGINAL POSTER
@Darren **********
 Sounds like they are shutting up shop too...
3 years ago
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Darren ***********
@Dave ********
 😯
3 years ago
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Darren ***********
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Bobby ********
I understand Wise is the option most expats are using now. Citibank have a foreign currency account, but they are also pulling retail out of Thailand.

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3 years ago
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Dave *********
ORIGINAL POSTER
@Bobby *******
 I already use Wise for transfers but it was more the convenience of being able to speak to a person in country rather than having to call the UK to sort out any issues eg locked out of account etc through a linked expat account with my existing account. Given the shocking way HSBC have advised me I'd love to bin them completely although that would be a lot of hassle...
3 years ago
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Bobby ********
Dave Procter. HSBC actually pulled retail out of Thailand quite a while back, but I agree their individual arms are not connected (not very well anyway) although they project the organisation as a "World Bank". I have HSBC accounts in Australia and UK, and they might as well be with two competing banks
3 years ago
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Dave *********
ORIGINAL POSTER
@Bobby *******
 Unreal. I also had an email and message from them yesterday saying now I'm living overseas I need to update my residential status, can no longer use my UK advisor and would have to call them to discuss options. I'm pretty pissed off as I could have looked at all this back in the UK. And yes so much for 'world banking'... 😎
3 years ago
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Dave *********
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David *******
Yes, I also tried to open a US$ account with my bank and they no longer have this option!
3 years ago
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Ray *****
They haven't done personal banking for over a decade (at least)
3 years ago
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Dave *********
ORIGINAL POSTER
@Ray ****
 Wow. And yet they were telling me to pop in to branch 4 weeks before I depart to open an account up until June this year before telling me in July to open it on arrival...
3 years ago
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Ray *****
@Dave ********
 somebody was not telling the truth sadly
3 years ago
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Ray *****
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