The WORST offshore bank in the world
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- เผยแพร่เมื่อ 2 มี.ค. 2017
- www.nomadcapitalist.com/offsho...
Offshore banking isn't always as simple as opening an account at any foreign bank. In fact, many banks overseas offer terrible customer service and a lack of stability.
However, one bank stands out as the absolute worst around the world: HSBC.
Blogs will tell you that HSBC Premier is an easy way to move money around the world. Don't believe it. HSBC US is just as incompetent as HSBC Hong Kong. Global View doesn't work as promised. Premier benefits aren't offered in other countries, regardless of what is promised.
If you love endless bureaucracy, employees who don't know their own policies, hours waiting on hold, and being made an unpaid employee of your bank, then HSBC is for you.
For the rest of us, avoid HSBC.
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ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
Nomad Capitalist's TH-cam channel is based on Andrew's vision that focusing on the end result, rather than the latest shiny object, is the best way to actually obtain the benefits of the Nomad Capitalist lifestyle.
About Andrew: www.nomadcapitalist.com/about/
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Dealt with HSBC Canada, US, China, Expat, had 0 problems whatsoever.
I agree and I am personally dealing with HSBC suspending my account due to the most stupid reason and once resolved I am closing my account
I had an HSBC account for years. I can verify everything said in this video. I live abroad and travel often. It's amazing, for a bank whose tagline is 'The World Local Bank', just how inept this bank is at handling any transaction that doesn't take place in the country in which you originally opened the account. Everything you do is met with suspicion. I'd had my account frozen for 'suspicious activity' multiple times just by using my card in countries that have HSBC branches that I eventually just closed the account and moved on. Completely impractical bank to use unless you live in the city that you opened the account, have documented the exact date that you opened the account and how much you originally deposited (etc. etc. etc.), and never leave that city for any reason.
Funny how hsbc is also market in airport jet way bridges
THANK YOU for having the guts to be TRUTHFUL. Please keep it up!
True about HSBC
I was considering opening a account at HSBC until I seen this video. Thank you Henderson for the heads up. You have been a great help again.
Glad I could help!
@@nomadcapitalist Wow. So this still applies? They haven't changed?
great advice. Excellent hsbc video!!! I have had premier Banking with them and accounts in various countries. Their proposal is fiction. They make it soooo difficult for international transactions and close your account without even telling you until last minute. They are also very rude and arbitrary so beware.
Great information thank you.
so, if i understand you correctly, you are saying do NOT bank with hsbc?
just making sure i've got the point
@@oslifestyle
as far as cluelessness, you must be new here
the nomad capitalist has far more credibility than does criminal hsbc
hsbc doesn't need andrew to ruin their image
they've done that for themselves
So who SHOULD we bank with. I find Don't advice quite frustration without a do.
WOW... THANK YOU... you have the standing, and the platform, to SPEAK THE TRUTH.
Totally agree. HSBC Expat is the worse of all but with stiff competition. I have been a HSBC customer for 29 years across 4 countries and I used to love Global View and the international premier team. However, in the last 5 years the bank has become a sick joke. HSBC Expat particularly seems to amuse themselves by placing KYC freezes every single year with not even the decency of a phone call even if you haven’t done a single transaction and irrespective of the amount in your savings accounts. They are the dumbest people on the planet. The interesting part is that they are so dumb that they have likely found a way to lose money on client relationships even when the client parks 100k and never bothers them again. I personally am so livid with their incompetency that i just leave an amount in an online bonus saver account so that I can fight with a different “premier account officer” every year until they cry or admit that “yup sir, you are right. We suck”!!!! apparently, no one can work there for more than two years anyway any more
Omg everything you’ve said is true, especially the customer service and the questioning of source of wealth...and I’m employed by the frigging crown! I’d go into details but I’m exhausted after having dealt with them for nearly a month and making fuck-all progress. Apparently I need to sign documents this week in front of someone - couldn’t be next week because their ‘forms are subject to change’ in that time and we’d have to begin the process again...no.fucking.way, unless they want to spend three weeks calling *me* every two minutes (and being disconnected every time and unable to leave a message after pressing 1) for 45 minutes on multiple days. They couldn’t even contact me in a work hour that was convenient, even though I said I didn’t have a job that allowed me to just take a call ‘whenever’. They even skipped an appointment because they didn’t get documents in time that they weren’t clear about saying they needed before we could talk! So I was waiting and calling, and after being unable to get through by about 45 minutes, had to give up. Fucking hopeless!
Then, today, during the scheduled appointment, the case manager spoke to me as if I were retarded because I didn’t know how many times a month I’d need to use an ATM or various other bullshit that no one else would know:
“Do you expect to use ATMs and over-the-counter facilities?”
“Yes.”
“How often do you expect to make deposits?”
“I don't know.”
“We will say, ‘No’ to the question of using over-the-counter facilities. How many withdrawals per month do you expect to make from ATMs?”
“I don't know.”
[narky tone] “Mr *****, I need to have specific numbers in order to complete the application. If you do not know, I suggest that you wait until you are in the United States before opening an account.”
*thinking, well, then there’s no fucking way I’d be using your dumbass bank if I could turn up to one of the trillion others that are there. Plus, your bank in New York told me to do this*
Me [now narky and hating this, because I’ve been trying so hard to be patient and polite to this person who’s stuffed me around for days]:
“Let's say I make one withdrawal per week.”
“And how much do you plan to withdraw?”
“Let's say $50.”
...and so this bullshit dance went on for 35+ minutes.
“What will be the source of your funds?”
“Ah, a job..? The money in my other account?”
“How much will you be depositing per month?”
“I don’t know. I don’t know because I haven’t settled on a new salary.”
I had to just give her an amount that I’d be depositing (I’ve no idea if I can change this without them going nuts).
I was so pissed off for hours after that. Then they sent an email with ‘Dear valued customer’ with some ‘Mission Impossible’ PDF to open - oh, fuck off.
This upload has convinced me to quash this - I don’t trust them with something this important. They’re so fucking inept...and now rude = fuck off, I’ll take my money and business elsewhere. They’ve been so hopeless for years.
End rant.
"CRIMINAL" ----
By the way, this one video, raises your personal credibility rating to @ least a solid "B" / 85%, even if this was the only video a viewer were to see from you. Watch a few more vids @ random & your credibility rating rises again to @ least 90% / "A-" territory. Since I have seen & ingested many vids from you, your rating is a solid "A" / 95%, which for me is about as high of a rating I will give anyone I don't work with or know personally through some manner👍. Keep up the good work Andrew!
P.S. Love the raw passion / fire / transparency / honesty of this video!
Thank you, I really appreciate it!
My own experience from Baku, where I worked for 8 months last year, is extremely negative. A sinister Soviet style bureaucracy and an impossible banking system, the worst I have ever seen. If you manage to open a bank account at all, you will have to spend hours and hours at the bank for every single transfer or withdrawal, and if you do not provide the required "supporting documentation," whatever that is, to the bank's bureaucrats, just forget it. You are simply no longer the master of your money!
So what bank do you find better then? The problem I've had is that HSBC premier is the only game in its town that I've found.
I agree regarding the HSBC call center. HSBC’s e-banking for private customers is the worst I have ever seen.
It's almost impossible to get an account if you accidentally say anything about ever living overseas. (In spite of them billing themselves as an Expat bank.)
Ok!!! So which are the best?!?
Thank you.
This is true guys, hsbc is a waste of time, their process to do anything is so difficult, they close accounts for not strong reasons, customer service is slow, application doesn’t work at all, internet banking needs one hour to just get an access, my room is more organised than their branches.
That's why I opened a Citibank UAE account. Now a SWIFT wire takes ten minutes during business hours. Direct to Interactive Brokers Citi NYC account.
I lost money because of HSBC UAE delaying wires for verification to IB. After the bank got fined for AML breaches, their staff have put in extra compliance road blocks. Waste of their time and our money. #bitter
First transfer took 30 days, they didn't bother call me for verification, still took 20 days even after I visited the branch and verified many times.
Next wire transfer took 8 days.
Now I leave little cash at HSBC UAE and stopped using their cards.
Hi any review on Hang Seng Bank Limited ( Hong Kong ) would also help. Thanks .
HSBC Expat; everything is difficult, tons of unnecessary paperwork. Untrained staff don't know how to do their jobs. Add in pointless minimum account requirements, under-funding fees and no offshore benefits. Save a lot bother and try a less incompetent bank / broker.
Add Danske Bank and Nordea to this list! Speaking of business banking- everything you said in this video can be applied to these two banks as well!
And don't open an account with Europacific either. Denying legit transfers all over the place. And being very slow about transfers.
Worse than HSBC for Offshore banking, I would say CITI Bank, RAKBank, Ajman Bank and First AbuDabhi Bank (FAB)
What issues did you have with Citibank UAE?
+Sammy Hegab What bank do you find better then?
So what's your recommendation then? Which banks and why.
That depends entirely on how much money you have.
As you are in Azerbaijan. Would you mind sharing your views on my home country. Harsh and true preferably and what opportunities do you see if any. Thank you.
Agree.
I kinda wish I watched this before going through a month process to get my international account application withdrawn for no reason what so ever
I'd go with UBS (Union Bank of Switzerland). :-|
ally bank is holding my IRA funds and refuses to give me my funds. I'm suing them to get my money....
Love your style of criticism, so funny LOL
Is euro panic bank good?
@nomadcapitalist Can u tell me ur opinion about Transfervise
We cover it a little here: th-cam.com/video/kh789H80_pU/w-d-xo.html
You font sound like a man who banks all over the world cup, young man !!!
100%
Very biassed I am afraid. Enforcing compliance does not make HSBC the world's worst bank.
👌👌👌👌
lego star wars
I don't work for and I m not associated with HSBC. But this video sound more like a personal attack on HSBC because of your personal unpleasant experience.
You did not really give us very good reasons why HSBC is the worst bank in the world. You mentioned only 3 points without explaining how they make the bank the worst bank.
You said, they do extreme due diligence on their customers, freeze your account, and have poor customer service. Every bank does due diligence on their clients in compliance with the KYC regulatory requirement. Every bank reserves the right to freeze your bank account for various regulatory, security, or/and administrative reasons.
Your presentation raises lots of questions and doubts.
You said two things about your unpleasant experience:
1. The bank invited you to explain and prove your source of income.
MY COMMENT: Apart from when you apply to open your account, HSBC bank will not suddenly invite you to start asking questions about your source of income, after you've operated the bank account for many years, unless something extraordinary happened.
In fact, there is no bank any where in the world that will suddenly invite you to start asking you questions about your source of income after many years of operating the account unless something extraordinary happened.
MY QUESTION: Can you give us the details of the issues that led to HSBC asking you questions about the source of income for your bank account? What actually happened?
2. You said that the bank asked questions about your source of income. You told them about your source of income and provided documentary proofs, but the bank did not accept your proofs as valid.
MY COMMENT: If your source of income is 100% legitimate, not questionable, and it is verifiable, I don't see any good reason why your bank will reject your explanation and proofs about your source of income.
MY QUESTION:
2. What reasons did the bank give for not accepting your explanation about your source of income?
Your answers to the above questions will help clarify your point about HSBC being the worst bank or otherwise. Thanks
kinggodwinustar who has the authority to judge? The bloody banks who believe they OWN your PERSONAL ACCOUNT!
Nice office background.makes this young fella very credible...daddy must've cut off his allowance
Good information
Accurate review in my opinion, can attest to statements made with own personal experience. They're highly intrusive, require you to explain, verify and substantiate all manner of transactions. Highly suspicious of source of income for deposits into the account. Impatient, trigger happy reaction if not satisfied with your proof or explanation for transactions and will immediately freeze the account and cards. Generally treat you with mistrust, but happy to take your money or report you to regulatory bodies/ authorities for further investigation. Personally found dealing with them an admin intensive managing the account and satisfying their enquiries. Inconvenient and nuisance to deal with. Found overall experience a distraction from focus on business matters. No wonder customers leaving unless that is you have regular government job, and source of income is deemed legitimate in their eyes. "Not a bank to do business with".