[strich]

What I find regrettable is that they don't even grandfather in existing customers.

They did, because new customers can't even open an Advance since they phased it out to focus on Premier. HSBC doesn't want small s anymore, it started in the US, then UK, now Philippines and everywhere else.

 

[Rogercox39]

Hello,
Here's a shocking story for you.
I depend on my UK bank for pretty much everything. A week ago, the bank sent me an email out of the blue to say they were closing my . The reason given was that I failed to reply to an email from them last December (an email I don't receiving), asking me if I lived abroad and if I planned to move back to the UK any time soon. (They already knew the answers to both questions.)
I then appealed, stating the myriad ways this would make life impossible, only to hear they were "really sorry" but rejected my appeal anyway.
My mother lives with us here and uses internet banking, so in desperation I tried using her to receive a couple of payments to tide us over. That's when I found they had shut her as well, no reason being given.
There wasn't a great deal in my but it's all we have. Now they have put the balance in a holding and asked me to provide them with another UK in my name to transfer it. I don't have another and there is no way I can open one from here anyway. I have no address in the UK and cannot go to a local branch (the other thing they suggest) when I am 7,000 miles away.
In short, in the space of a week they have cut us off without a penny.
If anyone knows of a way to open a UK from here, I'd be glad to hear it. Otherwise I will be taking this to the press.

You posted on 1 April.

I hope you are not afflicted with the sense of humor I developed in Vietnam 55+ years ago. Gallows humor.

But whether or not this is real, I recommend finding a way to laugh about it. I have found laughter to be the best tool I use to solve complicated problems.

 

[Rogercox39]

Find a bank that is "international."

International banks

5 Best International Banks

J.P. Morgan Chase & Co.
Bank of America
CitiGroup
HSBC
Standard Chartered

Open an in the Philipinnes using one of these banks. Then ask them to your bank from the UK, but using their UK element . Your UK bank will transfer to the UK element of the International bank. The international bank can then give you access in the country you are in.

Be sure to check fees. The fees for different services in the banks vary widely. Also be sure to check timing. Some banks are a lot faster with money transfers than others.

Best of luck. Let me know how it ends up.

 

[sgtm7486]

Find a bank that is "international."

International banks

5 Best International Banks

J.P. Morgan Chase & Co.
Bank of America
CitiGroup
HSBC
Standard Chartered

Open an in the Philipinnes using one of these banks. Then ask them to your bank from the UK, but using their UK element . Your UK bank will transfer to the UK element of the International bank. The international bank can then give you access in the country you are in.

Be sure to check fees. The fees for different services in the banks vary widely. Also be sure to check timing. Some banks are a lot faster with money transfers than others.

Best of luck. Let me know how it ends up.

Although not applicable to the OP, or to many other expats, there is a group of banks, that are expat friendly. Those with US miltary connection. Two of the ones I have are USAA, and NFCU. USAA expanded their hip greatly over the years, and being a relative of a veteran can qualify you for an . For NFCU, one great thing about them, is that they are the only US financial institution I know of, that will finance a car that you buy overseas. Just a PSA for any that weren't aware.

 

[HK Blues]

Find a bank that is "international."

International banks

5 Best International Banks

J.P. Morgan Chase & Co.
Bank of America
CitiGroup
HSBC
Standard Chartered

Open an in the Philipinnes using one of these banks. Then ask them to your bank from the UK, but using their UK element . Your UK bank will transfer to the UK element of the International bank. The international bank can then give you access in the country you are in.

Be sure to check fees. The fees for different services in the banks vary widely. Also be sure to check timing. Some banks are a lot faster with money transfers than others.

Best of luck. Let me know how it ends up.

I think it's easier said than done.

 

[Rogercox39]

I think it's easier said than done.

Agreed. But it is possible.

 

[fruitcop2]

If outside the Philippines they won't open an in the Philippines, it can only be done in the Philippines

Sorry you are wrong. Mine was opened in the Philippines a year before I arrived. I still go to the branch for transactions in Davao.

 

[Gary D]

Sorry you are wrong. Mine was opened in the Philippines a year before I arrived. I still go to the branch for transactions in Davao.

Well I couldn't from the UK and had go to Makati to open the when I arrived. This was 5 1/2 years ago. About to close it because they are going to require a 1m pesos minimum balance from this coming August.

 

[danphone67]

Well I couldn't from the UK and had go to Makati to open the when I arrived. This was 5 1/2 years ago. About to close it because they are going to require a 1m pesos minimum balance from this coming August.

So that bank has 1M minimum balance or $20,000.00. For retired expats just to tie up 1m on nothing, even for those who can afford that, seems like a waste. In my case I generally set aside 1M as part of my self-insurance for health. But a minimum deposit requirement is more like a USA CD...the money is not liquid for emergencies unless you take it anyway and possibly get debanked unless you re-uplift the immediately. I would assume that bank is no longer focusing on regular expat business but rather businessmen like property developers, pogo and the like. Can you tell us the name of the bank that is moving to 1M?

 

[NewfieDrool]

Well I couldn't from the UK and had go to Makati to open the when I arrived. This was 5 1/2 years ago. About to close it because they are going to require a 1m pesos minimum balance from this coming August.

I can’t either, even if I had a 13a they would require me there to open a BDO as we asked. Maybe it’s a bank that’s ed in US that they can but we can’t

 

[NewfieDrool]

So that bank has 1M minimum balance or $20,000.00. For retired expats just to tie up 1m on nothing, even for those who can afford that, seems like a waste. In my case I generally set aside 1M as part of my self-insurance for health. But a minimum deposit requirement is more like a USA CD...the money is not liquid for emergencies unless you take it anyway and possibly get debanked unless you re-uplift the immediately. I would assume that bank is no longer focusing on regular expat business but rather businessmen like property developers, pogo and the like. Can you tell us the name of the bank that is moving to 1M?

I think it’s HSBC that requires that amount for an international

 

[danphone67]

I think it’s HSBC that requires that amount for an international

So, the reason that a person would tie up 1M is to have an from a bank that is present in the UK but allows residence in the Philippines?

 

[NewfieDrool]

So, the reason that a person would tie up 1M is to have an from a bank that is present in the UK but allows residence in the Philippines?

I have another bank and can simply send direct the BDO but that will disappear as I need a bank of non U.K. based to work on tax breaks. HSBC might be handy if one is near you but for me I would rather have a BDO as it’s the local bank for us. My other half already has an with them and deposits from me are instant unlike BPI and I can move large amounts unlike BPI who had a limit and was then hard work to get the money released.

setting her up with a bank was the first thing to setup when we knew our relationship was working. Banking and moving money should be high on the list to do for all expats and partners.

HSBC is not a bank I’m interested in, why have such money invested there when it can be better invested elsewhere.

 

[Gary D]

We are off to the UK next week so when I return I will apply for a voluntary ACR card and open an locally, we already have a t from many years ago but I like to have a separate so I don't impinge on the household . Further to HSBC they will charge 500 pesos a month for two months then debank you if you stay under the 1m.

 

[SkyBluesSeas]

I think it’s HSBC that requires that amount for an international

Most of the UK banks who offer expat/international s are requiring relatively large amounts or income.... Guess they know their business model but not helpful to most expats.

 

[danphone67]

I have another bank and can simply send direct the BDO but that will disappear as I need a bank of non U.K. based to work on tax breaks. HSBC might be handy if one is near you but for me I would rather have a BDO as it’s the local bank for us. My other half already has an with them and deposits from me are instant unlike BPI and I can move large amounts unlike BPI who had a limit and was then hard work to get the money released.

setting her up with a bank was the first thing to setup when we knew our relationship was working. Banking and moving money should be high on the list to do for all expats and partners.

HSBC is not a bank I’m interested in, why have such money invested there when it can be better invested elsewhere.

As an American I can see that UK expat issues with banks are completely different than USA issues, like apples and oranges. Both are bad and inconvenient for expats but for totally different reasons. I always thought Australia was quite reasonable but now it looks like they too are cracking down on similar KYC issues to the ones affecting Americans but UK has different issues as you mentioned. You also open up a new set of situations where transfers between Philippines banks differ as to availability of funds from bank to bank. In my case I have managed to avoid Philippines banks altogether but nothing here is fixed; in the future the situation could very well change that my pension deposits should go direct into Philippines banks due to changes in banks' KYC risk algorithms or just their policies. Of course that brings up proof of life issues with our SS and the non-functionality of PhilPost.The situation remains unstable for everybody.

 

[NewfieDrool]

As an American I can see that UK expat issues with banks are completely different than USA issues, like apples and oranges. Both are bad and inconvenient for expats but for totally different reasons. I always thought Australia was quite reasonable but now it looks like they too are cracking down on similar KYC issues to the ones affecting Americans but UK has different issues as you mentioned. You also open up a new set of situations where transfers between Philippines banks differ as to availability of funds from bank to bank. In my case I have managed to avoid Philippines banks altogether but nothing here is fixed; in the future the situation could very well change that my pension deposits should go direct into Philippines banks due to changes in banks' KYC risk algorithms or just their policies. Of course that brings up proof of life issues with our SS and the non-functionality of PhilPost.The situation remains unstable for everybody.

One thing about direct deposits is that damn exchange rate, I think the dollar is more stable than the pound. Recently our pound was high 75.6 and I put a lump sum over into other half’s . Can’t be avoided sadly.
have to say BDO has been good so far, no issues and local which suits us, I can recommend them for sure.

 

[grahamw57]

the non-functionality of PhilPost

To be fair I (out here in the Pangasinan jungle) have found Philpost to be fine ...both for sending and receiving.

 

[ThaitilDeath]

Although not applicable to the OP, or to many other expats, there is a group of banks, that are expat friendly. Those with US miltary connection. Two of the ones I have are USAA, and NFCU. USAA expanded their hip greatly over the years, and being a relative of a veteran can qualify you for an . For NFCU, one great thing about them, is that they are the only US financial institution I know of, that will finance a car that you buy overseas. Just a PSA for any that weren't aware.

sdfcu.org, a US bank offers full service to Americans without a necessary US phone number or address. Been a member 5 years and zero problems with money transfers and charge cards. Do not have to be a fed employee.

 

[sgtm7486]

sdfcu.org, a US bank offers full service to Americans without a necessary US phone number or address. Been a member 5 years and zero problems with money transfers and charge cards. Do not have to be a fed employee.

That would be even better, with a much broader hip eligibility.