# HSBC premier keep closing my international accounts



## mousefai (Nov 19, 2013)

Did anyone encountered the same experience I had right now?

Because of business/work purposes, I used to ask my premier relationship manager to open overseas account (uk, sg, my, au and dubai) before I went offshore so I can have my banking need once I landed.

However, at very recently, these overseas account were getting closed for no reasons. They all stated that "due to regulations need, we need to close your account..........."

I usually funds these account at very minimum level (like about 500usd) to keep them active. However, I dont think i qualify as being "money laundering" since most of the account were not heavily funded and really not much transaction (before i arrive at its destination). So Im confused why HSBC closed all my account at same time.

I wondered who would use HSBC nowdays since they cant provide a really "international banking experience" to customers. If they wanted to capture high wealth individual but do not provide its service, then good bye.

Let me know if you encounter the same.


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## twostep (Apr 3, 2008)

What is the actual verbiage on the closure notice?


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## Bellthorpe (Jun 23, 2013)

Did you ask them "which regulations"? Difficult to see how anyone here can assist, rather than being very push to get answers from the bank.


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## Bevdeforges (Nov 16, 2007)

HSBC has gotten in trouble with the US banking authorities and seems to be particularly sensitive to the issues involved with FATCA. I know I had a letter from my HSBC branch claiming that my savings account in the UK would have to be rolled into the checking account I had had there for some 20 years. Two years later, nothing had happened, so I decided to close the account myself and transfer the balances to my account here in France.

It may simply be their internal policy on "non-resident" accounts. Or it may be (very likely) the FATCA regulations. You may want to at least ask the question.
Cheers,
Bev


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## Davis1 (Feb 20, 2009)

HSBC to pay $1.9 billion U.S

thsats probably making them tighten up


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## mousefai (Nov 19, 2013)

twostep said:


> What is the actual verbiage on the closure notice?



No extra reasons given, just said closing accounts due to a conduct reviews. Letters from different countries had different wording, but simply mean the same thing.


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## mousefai (Nov 19, 2013)

Bellthorpe said:


> Did you ask them "which regulations"? Difficult to see how anyone here can assist, rather than being very push to get answers from the bank.


I wasnt really try to against their decision at all. I am just checking to see did the same happen to others in this forum.

If they dont care taking my business, i just go elsewhere.


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## mousefai (Nov 19, 2013)

Bevdeforges said:


> HSBC has gotten in trouble with the US banking authorities and seems to be particularly sensitive to the issues involved with FATCA. I know I had a letter from my HSBC branch claiming that my savings account in the UK would have to be rolled into the checking account I had had there for some 20 years. Two years later, nothing had happened, so I decided to close the account myself and transfer the balances to my account here in France.
> 
> It may simply be their internal policy on "non-resident" accounts. Or it may be (very likely) the FATCA regulations. You may want to at least ask the question.
> Cheers,
> Bev



I knew about the FATCA, but hey, I wasnt expect my account was being monitored as those "money laundering" since I dont have heavy transaction and I kept a minimum deposit to keep it active. 

I was thinking it is maybe their foriegn address policy because right now I am living in HK and my HSBC HK account had no problems at all. So if you had a account in UK but u had a foriegn address, that might trigger them.

Just guessing afterall.


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## mousefai (Nov 19, 2013)

Davis1 said:


> HSBC to pay $1.9 billion U.S
> 
> thsats probably making them tighten up



yea that sucks, i just do business elsewhere.

Before, HSBC was kinda nice since they can pre-open all intenational account before u went offshore. 

but right, since they cancelled all foreign address account, I dont see any advantage of using them as my daily bank at all. Especially they do charge quite a premium (on fees) when comparing to some local banks.


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## BBCWatcher (Dec 28, 2012)

It's not a U.S.-only thing. HSBC is rapidly closing accounts at HSBC Jersey, and it's rapidly winding down most of its operations at HSBC Switzerland. HSBC Mexico is in turmoil, too. HSBC acted criminally, on multiple fronts, and they're trying to clean up their act.

Unfortunately that means they're also declining to do business with lots of ordinary individuals of many nationalities in many countries.

So you just find another bank (or credit union). There are many and many better.


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## Bevdeforges (Nov 16, 2007)

It's not only the FATCA thing - when I got that letter (several years ago now) they were closing all their "non-resident" accounts (or so they said). Except, of course, for their premium accounts where you have to maintain a minimum balance of 250,000 or so (GBP or USD). 

HSBC has always catered to their upper tier customers, so maybe it's not such a bad deal to be encouraged to switch banks. I know I'm getting a whole bunch higher interest rate on the funds I moved over from the UK.
Cheers,
Bev


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## ForeignBody (Oct 20, 2011)

As others have said, it is likely a combination of FATCA and "cleaning up" their act. Opening overseas accounts in several countries with minimal transactions is likely to trigger warning signals in many banks.


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## twostep (Apr 3, 2008)

Accounts in several countries with minimum balances that sets off red flags.


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## mousefai (Nov 19, 2013)

BBCWatcher said:


> It's not a U.S.-only thing. HSBC is rapidly closing accounts at HSBC Jersey, and it's rapidly winding down most of its operations at HSBC Switzerland. HSBC Mexico is in turmoil, too. HSBC acted criminally, on multiple fronts, and they're trying to clean up their act.
> 
> Unfortunately that means they're also declining to do business with lots of ordinary individuals of many nationalities in many countries.
> 
> So you just find another bank (or credit union). There are many and many better.


that sucks man, i rather do business with more local banks.

but is truth that their international account opening avoid hassle for me before .


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## mousefai (Nov 19, 2013)

Bevdeforges said:


> It's not only the FATCA thing - when I got that letter (several years ago now) they were closing all their "non-resident" accounts (or so they said). Except, of course, for their premium accounts where you have to maintain a minimum balance of 250,000 or so (GBP or USD).
> 
> HSBC has always catered to their upper tier customers, so maybe it's not such a bad deal to be encouraged to switch banks. I know I'm getting a whole bunch higher interest rate on the funds I moved over from the UK.
> Cheers,
> Bev


I was using premier, but still getting closed down for no reasons at all.


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## mousefai (Nov 19, 2013)

ForeignBody said:


> As others have said, it is likely a combination of FATCA and "cleaning up" their act. Opening overseas accounts in several countries with minimal transactions is likely to trigger warning signals in many banks.


maybe, well, that i just change banks


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## BBCWatcher (Dec 28, 2012)

Back all the way up here.... What do you need from a bank (or banks)?


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## lovestravel (Apr 9, 2012)

We use Lloyds TSB offshore and we have had no trouble with our accounts. We opened a GBP, a EUR, and a USD account with them. There was no opening balance requirement and monthly fees only if your total balance falls below a certain amount. It is easy to transfer between the USD and EUR accounts but have to call to make a transfer out of the sterling account into the others. It takes about a month or so so get the account set up with quite a lengthy paperwork process but we have been happy with it thus far.


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## mousefai (Nov 19, 2013)

BBCWatcher said:


> Back all the way up here.... What do you need from a bank (or banks)?




huh?


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## mousefai (Nov 19, 2013)

lovestravel said:


> We use Lloyds TSB offshore and we have had no trouble with our accounts. We opened a GBP, a EUR, and a USD account with them. There was no opening balance requirement and monthly fees only if your total balance falls below a certain amount. It is easy to transfer between the USD and EUR accounts but have to call to make a transfer out of the sterling account into the others. It takes about a month or so so get the account set up with quite a lengthy paperwork process but we have been happy with it thus far.




there isnt any lloyds tsb in HONG KONG tho


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## lovestravel (Apr 9, 2012)

There are no Lloyds TSB in USA either. We opened our account prior to moving to the UK and plan to keep these accounts open as long as can. We had to ship everything to Isle of Man. Lloyds offers sterling, euro and usd accounts if you are interested. Not sure if they offer accounts to residents in your country but you can check.


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## BBCWatcher (Dec 28, 2012)

mousefai said:


> huh?


What do you use a bank for? What do you need a bank (or banks) to do for you?

HSBC doesn't want to serve you, so maybe we'll have some advice. Except we don't know yet what you need from a bank (or banks). Apparently you want to have a bank account in Hong Kong -- we learned that much. OK, why? Do you work in Hong Kong and want to receive you salary there? What do you want to use your bank for?

If we know that sort of information, then we might have some better recommendations for you.


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## mousefai (Nov 19, 2013)

new update:

hsbc just closed my hk premier acct (credit card).

**** them and saying good bye

i take my bsiness elsewhere


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## Bevdeforges (Nov 16, 2007)

I suspect that's precisely what they were hoping you'd do. 
Cheers,
Bev


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## Bellthorpe (Jun 23, 2013)

What reason did the bank give for cancelling this account?


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## ForeignBody (Oct 20, 2011)

You are not helping us to understand your position or contribute to the discussion. What reasons did the bank give for the closures? Why would you need accounts with minimal deposits in five countries?


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## Oceanstock (Sep 2, 2016)

I had a very bad experience with HSBC Jersey. Unless I assume you are very rich they are very incompetent. I lost two months just to try to open a stock account with them, which eventually failed. 

I am considering opening an account with TD Direct, anyone has done business with them ? 

Thanks.


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