HSBC experience - need your advise regarding good banks

[Superglide]

Then again it is like anything and of course, they are all banks, you take your chances with any, enough said really.

Oh, soo true...

Always good to take a step back and look again...

[nkn1129]

I can add something in here as I have an HSBC banking account and a citibank credit card:

HSBC works for me based:

The Good:
1. High interest in their multi-currency account is the only one in SG that offers a great interest rate which is up to $49K 1.5% and $50K+ is 2.05%. No one is even close.
2. Was able to set up on the first day that I was in SG. No hassle what so ever. Just showed them my contract and that was it.

The Bad:
1. Internet banking sucks - very limited on what you can do. Basically can only tranfer internal accounts and billpay a small selection of retailers only. You cannot add any one else.
2. Branchs are always busy and slow.
3. Stupid need of a key fob to use online banking.
4. Limited ATM coverage - although this is not too bad as they share networks with 4 other banks such as citibank which seems to have an atm at every MRT stop.

Overall, I would recomend them as the high-interest rate is unbeatable against any other bank here.


Citibank for credit card is really good for me and easy to get. I would recomend signing up at the Paragon on Orchard as they can create the card in 5 hours and you can pick it up the same day. The only bad thing with them is when you call in they have this weird system where you sometime are routed to the secetary as they are too busy to take your call. Very lame.

[hagar]

My sentiments are the same as those of Barczar.

HSBC in Singapore have given and continue to give me the worst banking experience I have experienced in my working life. I have strongly recommended to many people contemplating setting up a commercial account in Singapore to avoid any relationship with HSBC.

I cannot speak on the personal banking side as I have no experience on this - nor will I have.

Cheers

[astr]

im not selling 4 them. but im a very satisfied citibank customer. be it the accout or the credit card. everything was soughted out quickly & smoothly.

my dad has been banking with hsbc....& has nothing good 2 say about them.

hope things work out 4 u...

[Matt26]

Hi All

Thanks for sharing your stories and views. It finally worked out for me. I walked to Paragon Citibank and got my account and the Credit Card within a couple of hours. The staff in the office was very professional and helpful. The guys at the CC counter acted not very friendly, but with the help of the ladies from the upper floor we could get everything done with no further pain.
Thanks once more for your input and feedback
Matt

[ckschua]

I am a local.
My advice is to stick to DBS/POSB or Citibank.

Cheers

[Last Hegemon]

I've had a pleasant experience with UOB and quite happy with them. Also there are no cues at the ATM's !! which could be a big plus when you're in a rush.

my 2 cents

[Taga-Bukid]

Signed up with HSBC for 3 accounts: multicurrency, powervantage current account and a USD current account. Experience was great. Person who attended to me was really helpful. In fact, even after opening my accounts, I would occasionally send her emails to clarify certain things and she always responded. Got my accounts established the same day, but didn't get the ATM cards, pins (lots of them) and security FOB until about a week later. Also signed up for their credit card. STill don't have it and it's about 3 weeks now. I signed up at the Suntec City Branch in Tower Four.

I would have to agree on an earlier post. When I compared HsBC to DBS, the interest rates were a little better with the multicurrency account.

I did end up applying for a POsB and a DBS Amex card as well. ONly nuance was despite my providing a copy of my "proof of employment" letter from my company stating my salary etc, they still wanted the actual contract that I signed. Faxed it in last week and received my Amex card today (2 weeks). Have not received the POsB card yet.

[Super_Star]

Service at Citibank is awesome too. Have gotten good feeback so far from other customers as well.

[itsuka]

I am a local. I also had some unpleasant experience with HSBC also.

They rejected my card application although i met the minimum requirement of >30k for gold card. And I have a good credit history and does not default payment further more i also hold Citibank, Standard Chartered and 3 locals bank credit card.

When i check with the phone banking officer i was shock to found out that the income reflected in the system was nearly 7k less than the income document i provided. I don't know how they calculate or come out with the figure in their system?

When i ask for a second review, the officer call me back and ask me to submit my CPF contribution online, as my company is contribute less % in CPF. So i told the customer service officer, even if i submit and they calculate base on my CPF. it will give them misconception of my annual earning. So i ask them to check on the income tax notice of assessment which i send in again as it is more accurate. However they did not bother and no follow up was done.

When i email the bank and explain to them, asking for a 2nd review and states my points. The reply given was asking me to send in my income document again through traditional mail again, instead of forwarding my email to the respective department for process or review.

Overall i feel they does not provide good customer service. As compare to other banks.

[durain]

They rejected my card application although i met the minimum requirement of >30k for gold card. And I have a good credit history and does not default payment further more i also hold Citibank, Standard Chartered and 3 locals bank credit card.

dude, how many more credit card you want?

[sundaymorningstaple]

As there is now a credit bureau here in Singapore a lot of the banks are starting to use it to find out how many cards an individual holds. All you normally have to do is be late in your payments a couple of times for them to notify the credit bureau. This could have an adverse effect if a new bank does a credit check and find out you have 4 VISA card already all over town. With this country have a roll-over debt equal to the US it's no wonder they are starting to cut their losses.

[itsuka]

They rejected my card application although i met the minimum requirement of >30k for gold card. And I have a good credit history and does not default payment further more i also hold Citibank, Standard Chartered and 3 locals bank credit card.

dude, how many more credit card you want?

If possible a card from every bank is enough. Normally i will have 5 or more transaction per month, so i think still is alright to have more card, most importantly is discipline and spend wisely. Anyway the income tax notice i submitted is year end 2006, yet to receive year end 2007 one, will try again.

As there is now a credit bureau here in Singapore a lot of the banks are starting to use it to find out how many cards an individual holds. All you normally have to do is be late in your payments a couple of times for them to notify the credit bureau. This could have an adverse effect if a new bank does a credit check and find out you have 4 VISA card already all over town. With this country have a roll-over debt equal to the US it's no wonder they are starting to cut their losses.

yes alot of people have roll over dept and the annual interest earn by the bank is alot (statistic from credit bureau credit pulse). In singapore even if you are in bad dept or even you are bankrupt, is a matter of time you have to pay back the money you owned. Unless you are not going to work forever. So eventually banks are the winner.

[sundaymorningstaple]

If possible a card from every bank is enough. Normally i will have 5 or more transaction per month, so i think still is alright to have more card, most importantly is discipline and spend wisely.

That is probably the stupidest thing I have ever heard of. I've got a question for you. Do you wear shirts with the labels on the outside?

[Callalily]

It must be bad luck as we have just opened a singapore based account from the UK and it was extremely straightforward. I have been with HSBC for 12 years and always found them to be very reliable.