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[OP]
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Aug 24, 2008
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HSBC Premier

Any positive/negative comments about HSBC Premier? I understand there is a $28 monthly fee for the Premier chequing account. That seems excessive. Is it worth it? What about other benefits?
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ask tng, pretty sure he can give u some suggestions :D
「もし、奇跡を起こせたら……」
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Nov 18, 2008
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Just to note, I qualified for HSBC Premier in Hong Kong with HK$1,000,000 in deposits/investments (about $160,000). If you fall below HK$1M, there was a charge of HK$380 and it would be revoked if you remained below for 12 months. Otherwise it was completely free.

Since I had an HK account, I was able to open the Premier Chequing in Canada and have all the fees waived, as the rule is as long as you qualify in one country, you will get it for free everywhere else in the world as long as you maintain the level in your home country. I could have kept $1 with HSBC in Canada and still keep it because I qualified in Hong Kong.

In Canada, I understand there is a $28 fee EVEN if you have met the $150,000 qualification criteria. Canada is your home base in that case. That's total bullcrap to pay $28 a month for the account IMO. The bank account itself sucks, worse than TD Select Service. It's no better than the $10 packages other banks offer.

The other services are YMMV. You get a financial advisor who will sell you what makes him/her the most commissions. You get to open Premier anywhere in the world through your RM and it will be easier to get a credit card with your good Canadian credit history. You get to transfer funds instantly between your own Premier accounts in the world. It's a good service for people who have properties/investments all around the world and travels frequently to a few countries.

I have Premier accounts in Hong Kong, China, Australia, Singapore, USA and the UK because they were all free. I was able to contact my RM in Hong Kong and she opened them for me in 2 weeks. I understood I could also get the Premier Mastercards as well if I wanted to. I cancelled my Canadian account because of the really crappy service here.
The Ivory Actuary wrote:
Apr 8th, 2009 10:45 am
You need to qualify with $150,000 in investible assets or $350,000 in investible assets + loans. The greatest benefits are derived by those individuals who carry on international business.

If you just want a snazzy-looking debit card, check out CIBC Imperial Service. There is no fee and you need $100,000 in investible assets. You get a personal advisor, same with Premier from HSBC.
CIBC Imperial Service is a very domestic banking service. All you really get is a dedicated advisor who you can call anytime and get bonus rates on GICs and loans for example. In terms of international service it's non-existent. At least it's free.

And the $100K requirement is not written in stone. I had like $15K with CIBC and they gave it to me.
[OP]
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Aug 24, 2008
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The Ivory Actuary wrote:
Apr 8th, 2009 10:45 am
You need to qualify with $150,000 in investible assets or $350,000 in investible assets + loans.
The other way now is to hold $100 000 with HSBC Investdirect. That qualifies you for their Prestige programme, which in turn qualifies you for Premier on the banking side. The Investdirect Prestige programme has no real benefit other than reduced trading costs (in line with most other online brokerages).
[OP]
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Aug 24, 2008
404 posts
27 upvotes
tng11 wrote:
Apr 8th, 2009 11:09 am
In Canada, I understand there is a $28 fee EVEN if you have met the $150,000 qualification criteria. Canada is your home base in that case. That's total bullcrap to pay $28 a month for the account IMO. The bank account itself sucks, worse than TD Select Service. It's no better than the $10 packages other banks offer.

The other services are YMMV. You get a financial advisor who will sell you what makes him/her the most commissions. You get to open Premier anywhere in the world through your RM and it will be easier to get a credit card with your good Canadian credit history. You get to transfer funds instantly between your own Premier accounts in the world. It's a good service for people who have properties/investments all around the world and travels frequently to a few countries.
The $28/month fee is insane as far as I'm concerned. I currently have an unlimited chequing account with HSBC. I keep $4000 in there and haven't paid a single fee on that account. I'm sure the Premier chequing account has few if any additional benefits.

A financial advisor would be pointless for me. I'm not an expert by any stretch, but I'm also intelligent enough to realise I can make far better decisions with my money than some bozo looking for more commission to buy another boat.

The main reason I'm interested in Premier is that there is a good chance I will have financial dealings in HK in the future and I like the idea of being able to open accounts in other countries without difficulty.

Being that Premier is "an individually tailored package of exclusive premier financial services", I wonder if I could become a Premier client without getting the $28/month chequing account.
Member
Jan 20, 2009
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Ontario
Doesn't sound too exciting, looks like I will be canceling that appointment with the relationship manager.
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yyzvoyageur wrote:
Apr 8th, 2009 1:41 pm
The $28/month fee is insane as far as I'm concerned. I currently have an unlimited chequing account with HSBC. I keep $4000 in there and haven't paid a single fee on that account. I'm sure the Premier chequing account has few if any additional benefits.

A financial advisor would be pointless for me. I'm not an expert by any stretch, but I'm also intelligent enough to realise I can make far better decisions with my money than some bozo looking for more commission to buy another boat.
I was told that they may lower the fee (not eliminate) if you are bringing larger amounts like $500K.

The Premier Chequing account does have some perks beyond your regular account of course. Of course the TD Select Service blows the account away. I remember that the international withdrawals were only limited to HSBC Group ATMs.

A financial advisor to me is useless too. I like doing everything myself and I rarely contact any of my RMs around the world.
The main reason I'm interested in Premier is that there is a good chance I will have financial dealings in HK in the future and I like the idea of being able to open accounts in other countries without difficulty.

Being that Premier is "an individually tailored package of exclusive premier financial services", I wonder if I could become a Premier client without getting the $28/month chequing account.
That's the reason why my family joined Premier back in HK. We deal enough in HK to justify keeping money there. You can keep CAD$ and many other foreign currencies in the integrated HK Premier account and I also deal with HK equities as long as it all totals the equivalent of HK$1M.

It is a great service if you need to deal across borders regularly because account opening is easy and getting credit abroad is also easier.

You can get Premier free by keeping $100K in InvestDirect I assume. From what I read on the site, they imply that it's free but I'm not sure if that means they will waive the $28 monthly fee or if it's just an invitation to join despite not having $150K.

I was also told one could open a HELOC with HSBC to qualify. As long as the credit limit is over $350K then you will get it but you still have to pay that stupid and expensive $28 monthly fee.
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Jul 27, 2005
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Ottawa, ON
After hearing the BMO USD MC is going to impose an annual fee, I wonder if HSBC can issue me a real US credit card in Canada while having the HSBC Premier status without having a US presence.

Anyone tried?
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ebizimage wrote:
May 15th, 2009 6:33 pm
After hearing the BMO USD MC is going to impose an annual fee, I wonder if HSBC can issue me a real US credit card in Canada while having the HSBC Premier status without having a US presence.
I haven't tried but I'm told it's possible. I have a Hong Kong HSBC Premier Mastercard and I was told I can get one anywhere in the world based off my credit history in Hong Kong (must be your home country). I have a Premier account in the UK and they've been telling me I can get one there even though I'm not present in the UK.
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tng11 wrote:
May 15th, 2009 6:40 pm
I haven't tried but I'm told it's possible. I have a Hong Kong HSBC Premier Mastercard and I was told I can get one anywhere in the world based off my credit history in Hong Kong (must be your home country). I have a Premier account in the UK and they've been telling me I can get one there even though I'm not present in the UK.
But were you physically in UK when they told you that? Or, just via a phone call?
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ebizimage wrote:
May 15th, 2009 6:51 pm
But were you physically in UK when they told you that? Or, just via a phone call?
I was in Hong Kong. My RM told me to get the credit card as well when I had her open the UK account for me. I declined and in 10 days they had my chequebook, debit card and account documents from the UK ready for me.
Sr. Member
Feb 24, 2005
757 posts
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Toronto
Just to clear up one point. If you are an HSBC premier client in one country, you don't pay another money fee to be a premier in another country (incl canada)
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Dec 24, 2007
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GTA
My mom (in Shanghai) has 1.5 million (CHY) that she wants to wire transfer it to me in Canada. Can I take advantage of HSBC premier to save the transfer fee?
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pandorazw wrote:
Jun 8th, 2009 2:29 am
My mom (in Shanghai) has 1.5 million (CHY) that she wants to wire transfer it to me in Canada. Can I take advantage of HSBC premier to save the transfer fee?
You might be able to save money.

You have to qualify for HSBC Premier first. In China, the requirement is CNY 500K. Then you may open Premier anywhere in the world without meeting the minimum balance. So if you keep CNY 500K in China, you can easily move money between Canada and China without paying fees.

However, the transfers are only free between accounts in your OWN name. So if your mom has HSBC Premier, she has to move it to Canada first and then move it from her Canadian account to your Canadian account. If she directly moves it from her China Premier account to your Canadian HSBC account, then there will be fees.
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Dec 24, 2007
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GTA
tng11 wrote:
Jun 8th, 2009 7:53 am
You might be able to save money.

You have to qualify for HSBC Premier first. In China, the requirement is CNY 500K. Then you may open Premier anywhere in the world without meeting the minimum balance. So if you keep CNY 500K in China, you can easily move money between Canada and China without paying fees.

However, the transfers are only free between accounts in your OWN name. So if your mom has HSBC Premier, she has to move it to Canada first and then move it from her Canadian account to your Canadian account. If she directly moves it from her China Premier account to your Canadian HSBC account, then there will be fees.
Thank you for your reply!

Can I open joint account with my name and my mom's?

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