HSBC

[cnkbud 0]

Hi, anyone livng there have an experience with using an HSBC ATM to withdraw funds from their HSBC on-line savings acct(which currently pays 4.80% interest here in the US thru 30 April), they claim there is no currency coversion surcharge like Citibank currently charges(which is like highway robbery). I'm referring here only to their straigh ATM card, not their Master Card Debit card which has different terms. Appreciate your input here and have a great day. Old Bud

P.S. Also need to verify what they tell me about ATM usage changes, they say none for their own ATM in Bangkok, and 1.50 for each use of a non-HSBC owned ATM.

[Sammy 30]

Bud,

 

I have 2 HSBC accounts in Singapore. I am charged for using the cards at all ATM's, including the HSBC branch in Bangkok.

 

HSBC in Thailand sucks. They cater to very wealthy Chinese Thai and don't give a crap about foreigners and tourists. Both myself and a friend have had difficulties with the branch in Thailand.

[Sa-teef 44]

"HSBC in Thailand sucks."

 

Well, that's great news since I just got an ATM card with them after opening an on-line savings account with them for : 1) the good rate and, 2) the fact that they had a Thailand presence!

 

Guess I'll find out what their service charge is in about a week....

 

 

~Sa-teef

[cnkbud 0]

Hi guys and thanks for the input. However, neither of you addressed what the CURRERNCY conversion fee(the overide over and above the published wholesale currency conversion rate) is for the privilege of taking money out of savings acct using their straight ATM card(not their Debit Mastercard) I can live with the ATM USAGE fee of $1.50 for their non-owned ATM's(their rep did tell me this was not imposed for use of the ATM at their branch in Bangkok). For example if the pubished conversion rate is 100 baht for $1 and you convert $100 with a 1% overide rakeoff then then you get 9900, not 10000, that's highway robbery and and a great deal for the f........ banks, plus the little extra they get($1.50 or whatever) for use of the ATM machine each withdrawal, go tell. Maybe no big deal if you just there on holiday, but for expats living there permanently quess it's just got to be factored in for living in "paradise", maybe worth it at any cost. Have a great day guys and ejoy. Old Bud

[Sammy 30]

They apply the "override rakeoff" to my withdrawals. Can't say that will happen if you are using an ATM card issued by HSBC in the USA.

 

I plan on switching to United Overseas Bank (UOB). They have many branches throughout Thailand and they are very keen to get farang tourist business.

[Gary 4,119]

Citibank US charges no ATM fee if you keep a minimum of $6,000 US in your linked accounts. Sounds good right? NOT so good. On April 7th they raised their currency exchange rate fee from one percent to two percent. BASTARDS!

 

No ATM fee but they take two percent off the top of this exchange rate;

 

http://finance.yahoo.com/currency/convert?...from=USD&to=THB

[carpediem 0]

Is United Overseas Bank a practicable bank at which to have a local Pattaya-based account? Any disadvantages vs a thai bank?

 

I'll need to open an account very soon - am going there to put down money on a condo development - and presently am sifting through the various comments and recommendations on another thread on 'which thai bank is best/worst'.

 

cd

[nidnoyham 30]

I sometimes wonder, if Governments world wide, tell all banks to make money transfer to other countries as expensive as they can to disourage it. Or the banks are just greedy bastards, making money for old rope. The two biggest buildings in Docklands, London are next to each other, Barclays ans HSBC. They don't produce as much as a darning needle between them.

 

Banks I 'ate 'em.

[cnkbud 0]

Hi Gary, I looked at the Citibank e-savings(currently paying 4.5%) and companion checking accts, that I had looked at last year, and at that time the rake off was 1% like you say. They discontinued their offer for the e-savings for some time but are now promoting it again(take a look at bankrate.com). I called their customer service rep and he said the current rake off is still 1% but I was very suspicious that he really knew what the hell he was talking about as I know both VISA and MASTERCARD have raised their rates. A recent(15 Apr) article on kiplinger.com about best ATM cards for overseas travel also state the rate is 1%, go tell. As you have the e-savings and checking accts with them and are experiencing the 2% rakeoff just to take out your own funds, that just goes to show you how misleading these damn banks can be. As for one who still plans to get over there for future retirement(sooner or later), and who wants to keep their funds in a USA based bank for drawdown while there, it's damn difficult and frustrating to find the financial institution that won't put the screws to you, as they all seem to deal with VISA and MASTERCARD. Have a good one and enjoy.

[Gary 4,119]

I just looked at the Citibank web site to make sure I read it correctly;

 

* Effective April 7, 2006, we will impose a charge equal to 2% on all foreign currency transactions except for transactions at a Citibank ATM, where the charge will remain at 1% of the transaction amount.

 

It appears that they are still charging one percent though.

[cnkbud 0]

Hi Gary, after I replied to your post I called Citibank again and tried to pin them down on this, alas got the usual non-definitive runaround but I did ask them them how many ATM do they issue and was told they have their own ATM card without the Mastercard logo for which they say they is no overide charge for currency coversion other than the "standard" conversion rate(whatever the hell that is), and they also issue the ATM/Debit card with the MasterCard logo for which there is an overide charge for which they say is currently still 1% for currency conversion, kind of confusing isn't it, go tell. Would be interesting to know which of these card ATM card you are using for taking funds from your accts. Don't know if I want to do business with these jokers or not, but what is the alternative, your guidance here please. Thanks and have a great day. Old Bud

[Gary 4,119]

My card says Citibank banking card on the front. On the back it says Cirrus, Maestro, Star, NYCE, and Cash Station. No Mastercard logo. I'm waiting for the baht to weaken so I can do a wire transfer. (If it weakens). I won't need to do anything for maybe two months. I'll see how things look then. I last used it on April 5th and they took one percent off the top. No ATM fee.

[cnkbud 0]

Hi Gary and thanks for that info, hope it holds at 1% as 2% is highway robbery. Have a good one and enjoy. Old Bud

[torrenova 644]

I retain Citibank Tokyo, no fees, but with a minimum balance.

[som nam na 0]

Just checked HSBC International and I am getting ripped off.

 

Background is I live and work outside of the UK (oil and gas industry) and get paid in USD so use a HSBC USD debit card for my cash withdrawals, HSBC charge me

 

1. 2.25% commisson on the foreign exchange rate for cash and purchases.

 

2. a handling fee of 1.5% (min USD 2.25) for cash withdrawals, no upper limit

 

At least Dick Turpin had the decency to wear a mask

 

Any advice on banks from BM's who are Brits and who work outside the UK would be welcome. Nothing against our cousins from across the pond but Brits will be tuned into the tax dodges.

 

P.S. just looked at the GBP to USD rate on yahoo ...its now gone up to 1.8263 ... so now going out to drown my sorrows.

Edited April 29, 2006 by som nam na

[som nam na 0]

Back in the UK for a short trip, so decided to take the plunge and open a Nationwide Account. The figures are quite good. No ATM withdrawal fee and better interest than my HSBC USD account. So its goodbye HSBC. ....bad news is the USD is getting worse, just looked on yahoo currency and the rate is now 1GBP=1.8514USD

Edited May 5, 2006 by som nam na

[jacko 8,822]

Just checked HSBC International and I am getting ripped off.

 

Background is I live and work outside of the UK (oil and gas industry) and get paid in USD so use a HSBC USD debit card for my cash withdrawals, HSBC charge me

 

1. 2.25% commisson on the foreign exchange rate for cash and purchases.

 

2. a handling fee of 1.5% (min USD 2.25) for cash withdrawals, no upper limit

 

At least Dick Turpin had the decency to wear a mask

 

Any advice on banks from BM's who are Brits and who work outside the UK would be welcome. Nothing against our cousins from across the pond but Brits will be tuned into the tax dodges.

 

P.S. just looked at the GBP to USD rate on yahoo ...its now gone up to 1.8263 ... so now going out to drown my sorrows.

Err it was 1.88 USD/£ when I looked today.

Your numbers look pretty close to what I paid using my UK based HSBC ATM car in Thailand, namely darned expensive. My Standard Chartered worked out about the same. Cash or travelers cheques were better.

 

I need to get to Nationwide I guess, what interest rates can one get?

[nidnoyham 30]

Nationwide give a better exchange rate than Barclays by 2 baht- GBP for ATM transactions. The ATM being free of charge, makes them a better outfit to be with.