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Hsbc account restricted

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Vohogis764

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Dec 21, 2019
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Hello
I had a very good relationship as a Hsbc Premier client, but recently, they started asking me for a lot of papers, which I provided again and again. I have withdrawn my money for safety. I don't have any mortgages or debts in the bank.
I guess I'm not welcome anymore. For now, the account is restricted to deposit and withdraw.

Question:
Is it better to close the account on my own, like: "According to Terms and Conditions, I kindly ask to terminate my relationship with HSBC and close my account?".
”ŠOr
Wait until they will close my account because they consider documents to be not enough?
 
Welcome to HSBC..lol. Did‌ you look at trustpilot or Youtube before using them?

HSBC relationships always starts of great‍ with them and then end up being a messy divorce. In my case I was⁠ of no economic value to them as I used none of their services not even⁤ fixed deposits and they no longer liked where I lived.

Wise decision.

Trust your instincts and just close it to keep your dignity while you still︁ can.
 
well fair enough, if you still have︁ these options you might will wanna use these again (with small amounts).
i now always︂ wait and dont bother closing myself.

I have become like that because I tried to︃ close multiple accounts and many just play full blown dumb and dont not want to︄ close unless I travel across to world to visit their precious branch.
Can you believe︅ that? With one bank I had 30 emails and 3 phone calls and the account︆ is still open today. It seems I cant close it by digital means. I wonder︇ what I have to do, maybe I should ask for getting some scam money from︈ somewhere. Then they might close my account.
I dont wanna name the bank here but︉ its quite a popular one. Not hsbc tho but not far behind either.

Do they︊ charge you monthly fees? Its seems as long as they do this, they keep the︋ account open 😉
 
Ouch, I wasn't aware of HSBC is that bad. Is it world wide or only‌ selected branches from some areas of the world ?

Let them close your account, don't‍ bother with it, it can indeed be a pain!
 
Worldwide from UK to France to Hong Kong etc etc.‍ Even in HSBC private banking Jersey and Singapore its terrible.

Look at HSBC HK...lol. Exactly⁠ as I described. If they have not got to your account yet then its because⁤ your a salaried employee, retiree or a big client using trade finance facilities. Any of⁣ class of other client will find out sooner or later there account will be closed.⁢
https://www.trustpilot.com/review/www.hsbc.com.hk

---- quote start

HSBC wanted closing my account​


I have HSBC account for︀ many years. this year they send a message to me for closing my account soon︁ if I am not actively transfer some money or using ATM and etc. I was︂ shocked!! so I was forced to do something about it. It was never being like︃ this before. so if you also have a account, please also pay some more attention︄ about this

Date of experience: August 24, 2024

----- quote end

I hazard a guess︅ that HSBC run an annual economic viability report on each client. So if they have︆ not made money from you they target you.
 
Just to answer your question about HSBC around the world. HSBC Philippines was (we closed‌ our personal account there) and is terrible.

Although they offered some interesting products (multiple currencies‍ accounts with their own card) they were absolutely slow to handle customers.

I was a⁠ Premier customer for HSBC in HK when it was in its glory (2006) until a⁤ few years ago. Didn't have any problems but you know, I didn't use them much⁣ except for incoming transfers in multiple currencies (something they are great for). That was before⁢ they introduced debit cards in HK. So you were forced to get credit cards and︀ that fu***d me up a lot. But to be honest I can't complain too much.︁ They closed an eye about CRS and that was great for my situation.

Sad to︂ read HSBC in HK has become crap

I had also HSBC in UAE but they︃ forcibly closed it when the purge of non-resident accounts started (when UAE joined CRS basically).︄ An account manager asked for info. I didn't bother to answer as it was clear︅ they wanted me to be a resident although that account was opened from HK by︆ my account manager over there.

Oh one thing I hated about HSBC everywhere is that︇ in all countries they use those stupid keychain code devices to login on the account.︈ What a dumb security feature
 
No one love HSBC and they are doing what they are doing because so much‌ money laundering scandals that lead them to be monitored in their actions

Take it from‍ me

Once you hear your bank got problems on money laundry immediately take your money⁠ out because they will destroy your life not the money launderers
 
That's kind of their thing though. Afterall HSBC was founded after the first‌ Opium war between the British and the Chinese, to then finance (profit) from the drug‍ trade.
 
I agree with everything @Martin Everson said.

I've been both HSBC Premier and Citigold client‌ and left both after concluding that none of them is safe for holding large sums.‍ Both have lied me in my face. I have ongoing dispute with HSBC to this⁠ day. If you can get retail account for small minimum to enjoy their global wallets⁤ and low fx rates, then go for it, otherwise avoid.

Brand/Size/AUM/Solvency should not be the⁣ only measurement. You should also consider level of customer support and the overall reliability of⁢ the bank and his staff.

As part of these banks overall approach of cost-cutting in︀ favor of global presence, the problem with these ''Too big to fail'' banks, is that︁ at some point they also become ''Too big to serve''.

HSBC Expat is 90% staff︂ imports from Manila, and Citi IPB is 90% staff imports from Mumbai. Including management. When︃ you import your staff from third-world countries you get exactly what you paid for.
 
HSBC is not worse than a lot of American banks including Chase which went downhill very fast.

Chase Sapphire Reserve: 550 dollar per year card, all customer service is in India, whenever there is an issue good luck with getting back into your account/card.

HSBC is alright, but in 2024 most banks suck.
 
HSBC is not worse than a lot of American banks including Chase which went downhill‌ very fast.

Chase Sapphire Reserve: 550 dollar per year card, all customer service is in‍ India, whenever there is an issue good luck with getting back into your account/card.

HSBC is alright, but in 2024 most banks suck.
 
I think it actually got better the last‍ few years.

Last time I called in summer, they guy confessed that he⁣ is actually with his parents in southern France 🙂
 
I agree,⁤ it depends on the account holders business and not so much the bank. Most people⁣ having troubles with a bank here may be into something because others don't have any⁢ troubles for years.
 
nah dont assume this as⁠ only if youre a salaried worker getting paid around 4k a month then you most⁤ likely wont face much issues.
 
Just wanted to share my ongoing nightmare with HSBC Expat, in case it helps anyone‌ considering them.

HSBC has been holding my money hostage for over two months now-completely frozen,‍ zero access.
The worst part? I got absolutely no explanation or even an email when⁠ it happened. I only found out when I tried to use my account and couldn’t.⁤

I’ve lost count of how many times I’ve contacted their support (definitely 7+ calls/emails). Eventually,⁣ someone from their compliance department reached out, asking for a stack of documents and information.⁢ I sent everything they asked for, waited, then they came back asking for even more.︀ This cycle repeated multiple times-each time with long delays before they’d even reply.

As of︁ today, my money is still frozen, despite providing everything requested. No timeline, no real updates,︂ just generic responses and more waiting. It’s honestly outrageous.

From what I’ve read here and︃ elsewhere, it seems I’m not alone-random account freezes, lack of communication, and endless bureaucracy are︄ all too common with HSBC Expat. If you rely on your bank for anything important,︅ I’d seriously consider looking elsewhere.
 
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