Did you have a similar experience with some other banks? Comment below with your suggestions or ideas for new topics you want us to discuss. Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.
I just had this exact thing happen to me with HSBC Malaysia. Good thing I was able to limit the funds I had in the account. Totally agree HSBC is the worst bank in the world and I will now be closing my Canadian account with them. Thanks for the video
I had an account open at the Hangseng bank from 2013 to 2107. Then it was closed because I did not have sufficient funds (which is not true - there was enough money on the other subaccounts) and I did not receive their letter timely. Anyway, I have tried to reopen it this year... after 1 month, my application was rejected. In the application they wanted to know everything, even wanted to have my sallary bank statements from the bank in my country... I am considering to move to Singapore!
haha this is so true. I've lived as an expat in HK for over 12 years. HSBC is one of the worst Banks in the world. So called 'Premier Banking' has been downgraded now due to the invention of 'Jade' class meaning you have to have minimum of 1 million US with the bank. Who the hell would park 1 million with them for god's sake. I heard from my so called relationship manager 3x in 10 years. I recently opened an account with a competitor simply because they provide better rates and better customer service. I'll maintain HSBC as I work in HK but done with them. A good feature they have is the multicurrency account but many banks have that. Compare that with Cambodia... been here 4 days and I now have residency and 2 bank accounts, a fixed deposit and an online banking app set up on the spot. HK used to be like that. In short, why bank with a bank that makes you feel like a criminal because they have been criminally convicted more than once AND that it's somehow a privilege to be able to bank with them! Go where you're treated best. As a HK resident... not HSBC!
It is possible that we could expand a little more the issue of deposits in Cambodia, actually I am interested in managing several credit accounts with a lower rate, with multi-currency, that is possible where and thanks for the observations.
True, i was a foreigner living in HK, i open a account in HSBC, 25 year's ago (1995), but 10 year's later HSBC start to be worst. I open another account with another bank, and same 10 year's later it's start to do the same HSBC, i close my account, and try to open to another one, extremely difficult, finally i find one, but i am not confident with the bank now in hk, i am looking for cryptocurrency.
Times have changed. Banks big or small are all struggling to keep up. No amount of advertisements or track records can assure you of anything. It all depends on your needs. Never unilaterally rely on a single bank or banks when alternatives are available.
After 2 separate incidences where HSBC have created problems for me and willfully contributed to offshore banking problems, I can say with certainty HSBC is a terrible bank for nomads, this is timely and I hope it influences manly nomads to switch or consider other options, great info as always Andrew.
Hong Kong is killing the business. Opening a bank account in Hong Kong is a very long process with stupid questions, non dedicated staff, huge call centers. Much better in other jurisdictions with smaller banks which offer better service and try to understand your business instead of box ticking! Thank you very much Andrew for your great videos!
I have 3 bank accounts in Hong Kong-- BEA, BOC(HK), and Hang Seng (which is part of the HSBC family). These are personal accounts, not business ones, but no problems with any of them. I opened an HSBC account in Penang, and although it took a month to open (I'm a US citizen), the customer service has been great.
I tried banking with them in both Canada and Vietnam. Overall it seemed the staff were overworked and undertrained. I came to the same conclusion as many others and ended my relationship. I liked some of the products they were offering but just wasn't worth the headaches.
I have an old HSBC business account in HK I would love to have it closed, but even no money in it, they hang on to it like life depends on it. This sucker won't die, what can I do?
Yeah same, ironically they are very quick and efficient, plus it’s beneficial for me as student anyway. The information in this video is handy. When I do my business I won’t associate with them.
Clever move buying Household Finance in the US, then ordering closure of all physical branches, leaving unbanked clients who paid in cash with no options, other than to pay via money order, IF able. Those who could not, defaulted, allowing HSBC to further penalize these subprime clients by filing and being granted summary judgment, and the ability to essentially fill out a court endorsed blank check consisting of exorbitant fees, interest and penalties.
Still hard for me to think of them as the worst, I'm a young American living in HK and they are practically the only bank that would open an account for me. I'm not very savvy with this stuff, still trying to find a way of investing my income, seems like no banks here want my business because of the additional paperwork required. What do you suggest young professionals without too much capital like myself do?
U r talking my heart boss. HSBC sucks. Since last 4 5 years they are giving problms for every transaction. They are closing accounts.. they will soon need to close the bank I had accounts there.. fortunately moved out to other banks.
I gave up trying to get any sense out of them , you send a message on their online messaging Service they Just pass the buck onto someone else who then passes you on to someone else and so on waste of time
Banked with hsbc when i worked in hk.tranferred 30000hkd to my uk account, 250hkd charge then to my shock 3 days later 7,500 hkd charge for exchange rate. Get charged in uk £14 to use card at atm abroad,hk branch said it would charge£3. Hk hsbc wouldnt change me a demand draft to ppine pesos. Dont use this bank they are thieves.
Just sounds like you had a bad experience along with the people you've talked to. That will happen to any bank when your global footprint is that large. There will always be dissatisfied customers no matter how much a company tries to focus on client experience. But if you start moving funds to a less risk averse bank, good luck with that because those banks tend to have significant skeletons in their closet. At least HSBC is enhancing their KYC process unlike other banks who are just now receiving monetary fines from regulators around the world (e.g., Standard Chartered Bank and Societe General's recent settlements), and these banks will have to go through the same rigorous transformation and de-risking. I wouldn't trust any China-based bank or other Asian banks in that region. Maybe some US banks are better like Citi or JPMorgan in terms of AML controls, etc. But I'd stay away from Asian banks in general. The US enforcement agencies like OFAC are now focusing their enforcement actions on banks headquartered in Asia (e.g., Bank of China, ICBC, etc). So beware.
China government shall impose 60% company shares holding by Chinese peoples & 40% by foreigner if this foreign company still want to continue doing business in China. This has happened in Malaysia in past, and Malaysia had taken over most of the foreigner company after that.
I think after this coronavirus, more entrepreneurs from usa and uk would love to set up a branch in hong kong. even rich mainlanders want to come to hong kong.
Hey Andrew, Another HSBC vid? You must be having lots of hsbc custoners nagging you... 😉 as always i enjoyed it and the retro music intro. I watch your vids over my morning cuppa. Keep up the good work. Also love the chair and back ground in this video.
You have just described my nightmare and I had a business account in France 😂that I closed and left the bank with their fees - I still love that when a rip off does not work. Beware folks beware ☝️🕵🏻♂️
The margins for error are thin. Owing to public ire at the banks for "tax payer funded bailouts", accusations of being "too big to fail" in addition to "fat cat pay", the alleged hyper accountability bemoaned in this video is par for the course (surely). And yet when HSBC executives are summoned for public hearings at the behest of Governments to explain compliance breaches - all of a sudden they find themselves chastised for being too lax, and face public outrage at their lack of oversight!
"when you fly to Hong Kong, you go to the basement of their business centre in Central" --> nope, no such basement in the Central building. 6th floor rather :/ :D
1988,sir William P. Was serious about one compliant, 600 compliance officers sitting in hq just to go through every application. When a bank highly automated, lost of human touch. Mind that Cantonese style English. London wake up.
I spoke to one HSBC call Centre who asked me “ How do I know your in the Philippines “ even though he phoned me , what an idiot I refuse to call them unless I really need to
You have a totally wrong understanding of the banking industry as a whole. You are comparing banking with years ago and times we live in now.... Money laundering, terrorist activities, fraudulent accounts and fake companies have multiplied a zillion times and are creeping into the financial system every single day. Regulations have changed, screening process for each customer has changed, KYC process has become more thicker and layered with many more checks. HSBC as a global banking giant adapts to the highest standard possible when comes to managing its money and clients. May be they are operating in Hong Kong but they would still have chosen US or UK standards for operating considering which is the most highest. It's called Global standards. It is good to make such videos, but my humble request would be to have a good study done before you do that. I have personal account with HSBC and I get more number calls from them compared to others, but end of the day they are making sure they don't indulge in any wrong financial doings and so as a responsible individual I am bound to oblige by it. Thank you.
You should have gotten to know someone at HSBC. Too bad. Your loss. This is a really crappy report. You cannot get through ... that's your problem? Then you had problems closing the account. Wow ... you really don't know this bank at all.
Did you have a similar experience with some other banks?
Comment below with your suggestions or ideas for new topics you want us to discuss.
Also, if you enjoyed this video, give it a thumbs up and click on the subscribe button.
Nomad Capitalist UBS did the same for me in Zurich, but that’s because I deal in Blockchain so they kinda crapped themselves when they looked at that
I just had this exact thing happen to me with HSBC Malaysia. Good thing I was able to limit the funds I had in the account. Totally agree HSBC is the worst bank in the world and I will now be closing my Canadian account with them. Thanks for the video
I had an account open at the Hangseng bank from 2013 to 2107. Then it was closed because I did not have sufficient funds (which is not true - there was enough money on the other subaccounts) and I did not receive their letter timely. Anyway, I have tried to reopen it this year... after 1 month, my application was rejected. In the application they wanted to know everything, even wanted to have my sallary bank statements from the bank in my country... I am considering to move to Singapore!
there better not be a "similar" experience with other Banks, maybe "roughly similar" in a few regards,,
U r talking my hearts..
haha this is so true. I've lived as an expat in HK for over 12 years. HSBC is one of the worst Banks in the world. So called 'Premier Banking' has been downgraded now due to the invention of 'Jade' class meaning you have to have minimum of 1 million US with the bank. Who the hell would park 1 million with them for god's sake. I heard from my so called relationship manager 3x in 10 years.
I recently opened an account with a competitor simply because they provide better rates and better customer service. I'll maintain HSBC as I work in HK but done with them. A good feature they have is the multicurrency account but many banks have that.
Compare that with Cambodia... been here 4 days and I now have residency and 2 bank accounts, a fixed deposit and an online banking app set up on the spot. HK used to be like that. In short, why bank with a bank that makes you feel like a criminal because they have been criminally convicted more than once AND that it's somehow a privilege to be able to bank with them! Go where you're treated best. As a HK resident... not HSBC!
May I ask which banks you use in Cambodia? I want a multi-currency account alternative. I was looking at HSBC but of course all those problems
@@ddillard143 ABA bank although it doesnt have the breadth of multicurrency choices.
@@sinoxenon1005 Thanks
It is possible that we could expand a little more the issue of deposits in Cambodia, actually I am interested in managing several credit accounts with a lower rate, with multi-currency, that is possible where and thanks for the observations.
Citibank is Good right?
HSBC in Panama is also a nightmare. Avoid at all costs.
I can't agree with you more. HSBC is the worst bank on earth. Speaking as a banker!
Thank you. I transfered my funds and closed my account today.
To me HSBC Singapore is now becoming more and more like what you describe for HK.
Didier deNice Yep.
True, i was a foreigner living in HK, i open a account in HSBC, 25 year's ago (1995), but 10 year's later HSBC start to be worst. I open another account with another bank, and same 10 year's later it's start to do the same HSBC, i close my account, and try to open to another one, extremely difficult, finally i find one, but i am not confident with the bank now in hk, i am looking for cryptocurrency.
Times have changed. Banks big or small are all struggling to keep up. No amount of advertisements or track records can assure you of anything. It all depends on your needs. Never unilaterally rely on a single bank or banks when alternatives are available.
After 2 separate incidences where HSBC have created problems for me and willfully contributed to offshore banking problems, I can say with certainty HSBC is a terrible bank for nomads, this is timely and I hope it influences manly nomads to switch or consider other options, great info as always Andrew.
Hong Kong is killing the business. Opening a bank account in Hong Kong is a very long process with stupid questions, non dedicated staff, huge call centers. Much better in other jurisdictions with smaller banks which offer better service and try to understand your business instead of box ticking! Thank you very much Andrew for your great videos!
Do you have any recommendations
Thanks. Good to know.
I have 3 bank accounts in Hong Kong-- BEA, BOC(HK), and Hang Seng (which is part of the HSBC family). These are personal accounts, not business ones, but no problems with any of them. I opened an HSBC account in Penang, and although it took a month to open (I'm a US citizen), the customer service has been great.
I like HSBC since they don’t ask to many questions, worked well so far for me in the States
is it?
I tried banking with them in both Canada and Vietnam. Overall it seemed the staff were overworked and undertrained. I came to the same conclusion as many others and ended my relationship. I liked some of the products they were offering but just wasn't worth the headaches.
I have an old HSBC business account in HK I would love to have it closed, but even no money in it, they hang on to it like life depends on it. This sucker won't die, what can I do?
have an HSBC account in the UK... no huge problems and not parking all that much there but this is still useful to know.
Yeah same, ironically they are very quick and efficient, plus it’s beneficial for me as student anyway. The information in this video is handy.
When I do my business I won’t associate with them.
So what is your opinion on what the best bank in Hong Kong is...? Maybe a bit more productive than just bashing HSBC?
HSBC has always worked great for me! sometimes fantastic!!
Clever move buying Household Finance in the US, then ordering closure of all physical branches, leaving unbanked clients who paid in cash with no options, other than to pay via money order, IF able. Those who could not, defaulted, allowing HSBC to further penalize these subprime clients by filing and being granted summary judgment, and the ability to essentially fill out a court endorsed blank check consisting of exorbitant fees, interest and penalties.
Still hard for me to think of them as the worst, I'm a young American living in HK and they are practically the only bank that would open an account for me. I'm not very savvy with this stuff, still trying to find a way of investing my income, seems like no banks here want my business because of the additional paperwork required. What do you suggest young professionals without too much capital like myself do?
U r talking my heart boss.
HSBC sucks.
Since last 4 5 years they are giving problms for every transaction. They are closing accounts.. they will soon need to close the bank
I had accounts there.. fortunately moved out to other banks.
Thanks for sharing your experience, Rakesh.
So what is the alternative?
I gave up trying to get any sense out of them , you send a message on their online messaging Service they Just pass the buck onto someone else who then passes you on to someone else and so on waste of time
Banked with hsbc when i worked in hk.tranferred 30000hkd to my uk account, 250hkd charge then to my shock 3 days later 7,500 hkd charge for exchange rate. Get charged in uk £14 to use card at atm abroad,hk branch said it would charge£3. Hk hsbc wouldnt change me a demand draft to ppine pesos. Dont use this bank they are thieves.
Had so many similar issues as he says.
Just sounds like you had a bad experience along with the people you've talked to. That will happen to any bank when your global footprint is that large. There will always be dissatisfied customers no matter how much a company tries to focus on client experience. But if you start moving funds to a less risk averse bank, good luck with that because those banks tend to have significant skeletons in their closet. At least HSBC is enhancing their KYC process unlike other banks who are just now receiving monetary fines from regulators around the world (e.g., Standard Chartered Bank and Societe General's recent settlements), and these banks will have to go through the same rigorous transformation and de-risking. I wouldn't trust any China-based bank or other Asian banks in that region. Maybe some US banks are better like Citi or JPMorgan in terms of AML controls, etc. But I'd stay away from Asian banks in general. The US enforcement agencies like OFAC are now focusing their enforcement actions on banks headquartered in Asia (e.g., Bank of China, ICBC, etc). So beware.
We do this for a living. This is not merely a "bad experience".
China government shall impose 60% company shares holding by Chinese peoples & 40% by foreigner if this foreign company still want to continue doing business in China. This has happened in Malaysia in past, and Malaysia had taken over most of the foreigner company after that.
I think after this coronavirus, more entrepreneurs from usa and uk would love to set up a branch in hong kong. even rich mainlanders want to come to hong kong.
Hey Andrew,
Another HSBC vid? You must be having lots of hsbc custoners nagging you... 😉 as always i enjoyed it and the retro music intro. I watch your vids over my morning cuppa. Keep up the good work. Also love the chair and back ground in this video.
You have just described my nightmare and I had a business account in France 😂that I closed and left the bank with their fees - I still love that when a rip off does not work. Beware folks beware ☝️🕵🏻♂️
it all started after entering into a DPA with US DOJ, triggered by HSBC mexico
The margins for error are thin. Owing to public ire at the banks for "tax payer funded bailouts", accusations of being "too big to fail" in addition to "fat cat pay", the alleged hyper accountability bemoaned in this video is par for the course (surely). And yet when HSBC executives are summoned for public hearings at the behest of Governments to explain compliance breaches - all of a sudden they find themselves chastised for being too lax, and face public outrage at their lack of oversight!
Best Bank ive used so far is Security Bank in Davao
It's the bank of Rody Duterte :)
"when you fly to Hong Kong, you go to the basement of their business centre in Central" --> nope, no such basement in the Central building. 6th floor rather :/ :D
Be shareholder and tell the chairman...
1988,sir William P. Was serious about one compliant, 600 compliance officers sitting in hq just to go through every application. When a bank highly automated, lost of human touch. Mind that Cantonese style English. London wake up.
Panama papers, crs, hkma, legislation rules all are building up, so they call aml avoidance.
I spoke to one HSBC call Centre who asked me “ How do I know your in the Philippines “ even though he phoned me , what an idiot I refuse to call them unless I really need to
hahaha, just make a video call with Mr Duterte :P
It sounds like AT&T, the former phone company?
Open in a Payments/Fintech bank account.
Yep, HSBC is fucking awful. Overcomplicates everything.
Worst bank in the world. Why do people bank with them? Rubbish customer service! Full disclosure: I used to bank with them. Never again!
These people Just dont care about their customers even though ive Been with them for almost 30 yrs
I believe that he went through this problem. That happens to me in the US. lol
Bloked all many the world how in hong kong and closed all the acunt
I tot HSBC is gd. Thanks for the video!
I`m glad you liked it 제이와이
It’s very. True
so true
Freez the relishn with japan in all the pisnis
You have a totally wrong understanding of the banking industry as a whole.
You are comparing banking with years ago and times we live in now....
Money laundering, terrorist activities, fraudulent accounts and fake companies have multiplied a zillion times and are creeping into the financial system every single day.
Regulations have changed, screening process for each customer has changed, KYC process has become more thicker and layered with many more checks.
HSBC as a global banking giant adapts to the highest standard possible when comes to managing its money and clients.
May be they are operating in Hong Kong but they would still have chosen US or UK standards for operating considering which is the most highest. It's called Global standards.
It is good to make such videos, but my humble request would be to have a good study done before you do that.
I have personal account with HSBC and I get more number calls from them compared to others, but end of the day they are making sure they don't indulge in any wrong financial doings and so as a responsible individual I am bound to oblige by it.
Thank you.
This is PRECISELY why Bitcoin is the future.
Fast forward 10 years, people will have Bitcoin wallets and not offshore accounts.
Mark my words.
Hi
Goblin leaf
You should have gotten to know someone at HSBC. Too bad. Your loss. This is a really crappy report. You cannot get through ... that's your problem? Then you had problems closing the account. Wow ... you really don't know this bank at all.