# HSBC closed my 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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## HKG3 (Jan 11, 2015)

mousefai

The answer to your problem is FATCA, please see link below - 

Foreign Account Tax Compliance Act - Wikipedia, the free encyclopedia

HSBC has been fined many times by the American authorities over the last few years. I do not think that they want to be fine by the Americans again. As a US citizen living overseas, FATCA requires HSBC needs to report your accounts to the IRS. It seems that having overseas American customers could be more trouble and cost than their worth.

As you are now in Hong Kong, you may want to go to the local Citibank and see whether it can open overseas bank accounts for you - 

https://www.citibank.com.hk/portal/home_english/hkcb_Home.htm


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