Personal Finance

HSBC Premier+Jade/PCS Thread

  • Last Updated:
  • Mar 29th, 2024 3:52 am
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Newbie
Jan 7, 2022
6 posts
4 upvotes
I'm planning to open a premier account because of the international account opening, I just had a few questions.
First, can you move where your "main" account is? So if I moved from Canada to the UK and want to keep the account minimums of the UK instead of Canadas.

Second, has anyone used an HSBC Expat account that has a requirement of $50k pounds witch is $86k CAD and then opened a Candian premier account?

Third, does the Canadian premier account still charge $28 CAD a month?

Fourth, if you open an account in another country can you get cc without being a resident of that country?
Newbie
Jan 7, 2022
6 posts
4 upvotes
Can you open an HSBC expat account with $50k GBP ($86k CAD) and then get a free premier in Canada?
Does HSBC Canada still charge $28 CAD a month for Premier?
Can you open bank accounts in other countries and get cc without being a resident of that country?
Deal Addict
User avatar
Mar 23, 2009
1110 posts
1048 upvotes
Toronto
Diegomp wrote: Can you open an HSBC expat account with $50k GBP ($86k CAD) and then get a free premier in Canada?
Does HSBC Canada still charge $28 CAD a month for Premier?
Can you open bank accounts in other countries and get cc without being a resident of that country?
If you're premier in one country you're premier in all other countries, but if you're moving the qualifier country you may want to call and confirm you want to use that account as the qualification for premier (ie. Call Expat to notify them)...I not sure it's automatic.

The Canadian premier account charge is only charged if you no longer qualify for premier... So it's whatever the price is currently on the website.

Yes you can open an account in another country and get the cc without being resident, but I think lately you need a good reason to justify opening the account.
Newbie
Jan 7, 2022
6 posts
4 upvotes
astroboy100 wrote: Yes you can open an account in another country . . . but I think lately you need a good reason to justify opening the account.
How hard is it now, and if you could not to international account transfers and moving locations would you still use HSBC premier?
Moderator
User avatar
Mar 23, 2004
47726 posts
13898 upvotes
Markham
Diegomp wrote: How hard is it now

if you could not to international account transfers and moving locations would you still use HSBC premier?
It's much harder because you need to give them a legitimate reason to justify opening an account (work, live there, go there a lot and proof needed).

No.
Deal Addict
User avatar
Mar 23, 2009
1110 posts
1048 upvotes
Toronto
Diegomp wrote: How hard is it now, and if you could not to international account transfers and moving locations would you still use HSBC premier?
If you're moving to the UK that's a valid reason for them to open up an account there.

But honestly Premier in the UK and US is nothing special and you might as well open up a Wise account and card which is much easier to open up accounts in other countries via the app. You get full account numbers for each country. Once you're resident in the UK you can select a better bank to open an account with if you need branch access, etc.

I use premier here because I like the other benefits as well (good cc, free business bank account, etc)
Deal Addict
User avatar
May 7, 2017
1359 posts
861 upvotes
Diegomp wrote: Can you open an HSBC expat account with $50k GBP ($86k CAD) and then get a free premier in Canada?
Does HSBC Canada still charge $28 CAD a month for Premier?
Can you open bank accounts in other countries and get cc without being a resident of that country?
Yes you can. I did that for a long time. There are no fees in Canada if you do that.
Newbie
Jan 7, 2022
6 posts
4 upvotes
I made a google sheet with all the requirement options to get premier in different countries in CAD. Currently, in Turkey, you only need $22k CAD to get premier but from what I understood from the website it had to be in TRY and could not include investment, or $1.3k CAD deposit monthly to a annual amount of $14k CAD.



Here
Last edited by Diegomp on Jan 9th, 2022 9:15 pm, edited 1 time in total.
Deal Addict
User avatar
Mar 23, 2009
1110 posts
1048 upvotes
Toronto
Diegomp wrote: I made a google sheet with all the requirement options to get premier in different countries in CAD. Currently, in Turkey, you only need $22k CAD to get premier but from what I understood from the website it had to be in TRY and could not include investments.



Here
Lol

Turkish Lira - That could prove a costly way to get premier the way that currency is devaluating lately!
Moderator
User avatar
Mar 23, 2004
47726 posts
13898 upvotes
Markham
Diegomp wrote: I made a google sheet with all the requirement options to get premier in different countries in CAD. Currently, in Turkey, you only need $22k CAD to get premier but from what I understood from the website it had to be in TRY and could not include investment, or $1.3k CAD deposit monthly to a annual amount of $14k CAD.



Here
requesting access. Would be interested to see all countries in one spreadsheet. Why don't you do one for Jade as well?
Newbie
Jan 7, 2022
6 posts
4 upvotes
angel_wing0 wrote: requesting access. Would be interested to see all countries in one spreadsheet. Why don't you do one for Jade as well?
Sorry, I thought I let anyone with the link access it, I just changed it.

Below is a list of Jade requirements and what I could find of HSBC Private Banking requirements.
Newbie
Jan 9, 2022
3 posts
ejohan wrote: The advantage of HSBC is you don’t have to keep $5k in your chequing account to keep your account from having no monthly fee. You also get a dedicated relationship manager. Your experience will depend a lot on how good this person is, so it’s very YMMV.

HSBC telephone customer service is mostly based overseas but is decent in my experience. Their branch hours are the worst though. Many are only open 10am-4pm Monday-Friday. There is no Visa/MasterCard Debit, tap, or digital wallet support on the HSBC debit card.

I have used all of the big 5 banks + HSBC and two credit unions, and find myself using BMO as my main one right now. Their Premium Plan is similar to TD All Inclusive but I find BMO a has the best branch experience (at least in my area), the best telephone customer service, and better technology/app experience versus TD and HSBC.
I opened my account in January through IBC (was in Shanghai back then), and no dedicated RM was assigned to me. So I visited my home branch (Yorkville) in person in June, and they said they were "understaffed" and unable to give me a dedicated RM. I was given, instead, the card of a Premier rep. How do I request a dedicated RM? With the call center or do I just do a walk-in at Yorkville some other day to try my luck
Newbie
Jan 9, 2022
3 posts
what was the old card like? i got this one as my first card (honestly it's like the reverse of a good design - cute at first, but an aversion grew on me). can't believe they're using the same design for the new vertical credit cards...
Deal Addict
Oct 27, 2012
3063 posts
4997 upvotes
Toronto
Heads up to anyone with Premier Checking in the US:

Looks like the unlimited ATM rebates are coming to an end. Only 5 rebates a month for third party ATM surcharges now. It says U.S. only on the terms but for many years they’ve refunded all the surcharges on foreign ATMs including the very steep fees in countries like Thailand and Peru.

They’ve zapped their branch network and now are also limiting the ATM rebates, so wonderful of them!

As a side note they did up the daily ATM withdrawal limit to US$5,000/day. I was able to make a $5,000 CAD withdrawal at a TD ATM here in one go.
Sr. Member
Dec 12, 2016
620 posts
659 upvotes
ozzie16 wrote: Heads up to anyone with Premier Checking in the US:

Looks like the unlimited ATM rebates are coming to an end. Only 5 rebates a month for third party ATM surcharges now. It says U.S. only on the terms but for many years they’ve refunded all the surcharges on foreign ATMs including the very steep fees in countries like Thailand and Peru.

They’ve zapped their branch network and now are also limiting the ATM rebates, so wonderful of them!

As a side note they did up the daily ATM withdrawal limit to US$5,000/day. I was able to make a $5,000 CAD withdrawal at a TD ATM here in one go.
Well, they are part of the Allpoint ATM network in the US, so I’m sure there’s still a reasonable no-fee ATM footprint for HSBC customers.
Sr. Member
Oct 12, 2005
909 posts
821 upvotes
Vancouver
redflagakio wrote: I opened my account in January through IBC (was in Shanghai back then), and no dedicated RM was assigned to me. So I visited my home branch (Yorkville) in person in June, and they said they were "understaffed" and unable to give me a dedicated RM. I was given, instead, the card of a Premier rep. How do I request a dedicated RM? With the call center or do I just do a walk-in at Yorkville some other day to try my luck
I would say walk in.
Deal Addict
User avatar
May 7, 2017
1359 posts
861 upvotes
Diegomp wrote: I made a google sheet with all the requirement options to get premier in different countries in CAD. Currently, in Turkey, you only need $22k CAD to get premier but from what I understood from the website it had to be in TRY and could not include investment, or $1.3k CAD deposit monthly to a annual amount of $14k CAD.



Here
I've seen other forums do it in past. My suggestion please stop.

jurisdictions have cash rules and say you park money there and their central bank declares no outbound currency flow - your money is forever stuck there.
Jr. Member
May 31, 2018
119 posts
136 upvotes
Calgary
bend3r wrote: I've seen other forums do it in past. My suggestion please stop.

jurisdictions have cash rules and say you park money there and their central bank declares no outbound currency flow - your money is forever stuck there.
My feeling on this is that you absolutely need to do your due diligence before opening a foreign bank account, especially if they'll contain sizeable amounts. Many regions (e.g. USA, Channel Islands, Singapore) I'd be comfortable keeping active accounts, whereas others (e.g. Turkey, Greece and Argentina) I'd never even consider opening an account with. Some (presumably) stable countries can have unexpected policies during times of crisis (e.g. the UK's March 2020 prohibition on its banks from paying dividends or having share buybacks for the rest of the year - this extended to HSBC and its listings in markets like the Hang Seng and NYSE) and others could have absolutely boneheaded policies (e.g. India and its abrupt demonetisation of 500 and 1,000 rupee banknotes in 2016).

Out of curiosity I was poking around on the HSBC Taiwan website earlier today. It states that if you're a foreigner, you can open a Premier account, but you need an Alien Resident Certificate. As touched upon a few times earlier in this thread, it often isn't a totally straightforward process to open a foreign Premier account with HSBC.
Deal Addict
User avatar
May 7, 2017
1359 posts
861 upvotes
gainsbarre wrote: My feeling on this is that you absolutely need to do your due diligence before opening a foreign bank account, especially if they'll contain sizeable amounts. Many regions (e.g. USA, Channel Islands, Singapore) I'd be comfortable keeping active accounts, whereas others (e.g. Turkey, Greece and Argentina) I'd never even consider opening an account with. Some (presumably) stable countries can have unexpected policies during times of crisis (e.g. the UK's March 2020 prohibition on its banks from paying dividends or having share buybacks for the rest of the year - this extended to HSBC and its listings in markets like the Hang Seng and NYSE) and others could have absolutely boneheaded policies (e.g. India and its abrupt demonetisation of 500 and 1,000 rupee banknotes in 2016).

Out of curiosity I was poking around on the HSBC Taiwan website earlier today. It states that if you're a foreigner, you can open a Premier account, but you need an Alien Resident Certificate. As touched upon a few times earlier in this thread, it often isn't a totally straightforward process to open a foreign Premier account with HSBC.
Don’t think US is safe either. Just my 2cents.
You are keeping money in US. Any incident in US could trigger lawmakers to free foreign assets. USD is by far the most regulated currency out there.

Channel Islands etc are small operations. Something happens at the bank, you’d go to report to their ombudsman. The ombudsman just happens to be brother in law of the banks operations manager. He’d side with local bank.

FWIW. I see the appeal of Premier. Just that - doing it this way is not safe. In the end it’s your money. I frankly would put it in a place where it multiplies and not subsidizing my bank relationship.

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