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  • Jan 19th, 2019 12:09 pm
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Jr. Member
Feb 10, 2018
194 posts
67 upvotes
s33n wrote:
Jan 3rd, 2019 5:46 pm
Just checking, but do you have a US SSN? My prior assumption was that you needed one to build credit history in the US, but I see now that some US financial institutions will accept ITINs. Curious to hear if other Canadians have established credit history in the US this way, since I do have US Premier accounts (including MC).
I don't have a US SSN. I was looking at the ways of getting ITIN, I see some people were rejected, some got accepted.

I am little confused still. If you apply through Global Amex, wouldn't that build your credit history? Why would you need SSN?

I cancelled my HSBC WE. And no, they don't accept 100K from outside institutions, it has to be with HSBC. Spoke with multiple reps about this.
Deal Addict
User avatar
Feb 1, 2006
2143 posts
496 upvotes
Ontario
EDL67134234 wrote:
Jan 3rd, 2019 9:24 pm
I cancelled my HSBC WE. And no, they don't accept 100K from outside institutions, it has to be with HSBC. Spoke with multiple reps about this.
They're misinformed (no surprise there).

" In order to qualify for HSBC Premier you must have an active HSBC Premier chequing account, and meet at least one of the following eligibility criteria:
• Total Relationship Balance of $100,000 (CAD) or more, or
• Total Mortgage Amount of $500,000 (CAD) or more, or
• Total Monthly Income Deposit of $6,500 (CAD) or more plus confirmation of $100,000 or more in deposits and/or investments in Canada"

https://www.hsbc.ca/1/2/personal/bankin ... er/contact

Why would they have that third way to qualify if the 100K has to be with HSBC as in the first way to qualify?

This third way to qualify is something new (monthly inc dep of 6.5K + 100K at any FI in Canada) and sounds like most advisors don't know about it. Why would they introduce this if not to allow 100K from other FIs?
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery 4% CTC 5 c/L CTC/Husky free roadside 1% on bill pay
Bank: Alterna (2%+, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Jr. Member
Feb 10, 2018
194 posts
67 upvotes
I asked all those questions you listed. HSBC has the worst customer service out of all them, bunch of incompetent tools. I even called a premier line and they told me it is investments with HSBC only. Regardless, I already cancelled my HSBC WE. Good riddance.
Newbie
Nov 15, 2007
30 posts
5 upvotes
EDL67134234 wrote:
Jan 3rd, 2019 9:24 pm
I am little confused still. If you apply through Global Amex, wouldn't that build your credit history? Why would you need SSN?
I had been told (years ago when we opened our US accounts) that I needed a SSN to establish credit history in the US, since it is the default ID that is used to check credit status (HSBC US Premier didn't require it since I qualified based on my CDN status). However, I am no expert here so I'm curious about others' experiences. I'm going to see if I can get a US credit report despite not having an SSN or ITIN.
Deal Expert
User avatar
Dec 11, 2005
18922 posts
1352 upvotes
ozzie16 wrote:
Nov 29th, 2018 9:42 pm
I just noticed that HSBC added a new qualification category for Premier. You can now get it with a $6,500/month income deposit, with proof of $100,000 in deposits/investments in Canada with any other bank.

Maybe now I can switch out of the craptastic InvestDirect to Questrade and just move my payroll over!
I am just curious - what specifically is it about QuesTrade that is so much better you want to move...

I've been a client of both QuesTrade and InvestDirect (and also TD Waterhouse). InvestDirect UX has some warts - esp no mobile app! - but none of it would ever be enough for me to go through the incredible hassle of moving accounts to QuesTrade. And you're not going to save any money most likely unless all you ever do are onesy-twosey trades, because some trades are going to end up costing more at QuesTrade (since every trade at HSBC is $6.88 but at QuesTrade they can go up to $100). I am just curious why you want to move so badly.
To be nobody but yourself - in a world which is doing its best, night and day, to make you everybody else - means to fight the hardest battle which any human being can fight; and never stop fighting. -- E. E. Cummings
Deal Addict
Dec 10, 2007
1871 posts
7 upvotes
s33n wrote:
Jan 4th, 2019 2:15 pm
I had been told (years ago when we opened our US accounts) that I needed a SSN to establish credit history in the US, since it is the default ID that is used to check credit status (HSBC US Premier didn't require it since I qualified based on my CDN status). However, I am no expert here so I'm curious about others' experiences. I'm going to see if I can get a US credit report despite not having an SSN or ITIN.
If u bank /w TD; u can open a US TD and I believe they share credit history. At least I was able to get a CC /w US TD. Not sure about CIBC/US CIBC but potentially the same thing there.
Deal Addict
User avatar
Feb 1, 2006
2143 posts
496 upvotes
Ontario
EDL67134234 wrote:
Jan 3rd, 2019 10:11 pm
I asked all those questions you listed. HSBC has the worst customer service out of all them, bunch of incompetent tools. I even called a premier line and they told me it is investments with HSBC only. Regardless, I already cancelled my HSBC WE. Good riddance.
Yes, I agree that HSBC CS is the pits. It takes 4-5 days to reply to a simple secure message.

Although I hate the CS, I love the WE card's unique features: 3% on travel, MC acceptance (read not Amex), no FX fee, $49 effective AF, 31 day medical. It's a unique "all in one card" in that sense. I'm just hoping to minimize my need/contact with CS.
Cards:HSBC WE MC 1.5%/3% travel 0 FX MC acceptance 31 day med AF $49
CTC WE MC 3% grocery 4% CTC 5 c/L CTC/Husky free roadside 1% on bill pay
Bank: Alterna (2%+, no fees)
Brokers: IB (For. stocks/low comm)/Reg. RBCDI(service, USD)
Newbie
Mar 7, 2008
74 posts
22 upvotes
Saskatchewan
HSBC Premier will only give $2 ATM credit if using a non-HSBC ATM. Any clue which non-HSBC ATM we can use to withdraw cash without going over the $2 ATM credit limit?
Newbie
Nov 15, 2007
30 posts
5 upvotes
THINKPOD wrote:
Jan 6th, 2019 11:08 am
HSBC Premier will only give $2 ATM credit if using a non-HSBC ATM. Any clue which non-HSBC ATM we can use to withdraw cash without going over the $2 ATM credit limit?
Credit unions (of which there are many in BC) don't charge ATM fees for HSBC customers. I think everyone else charges over $2 to non-members these days.
Deal Addict
Oct 21, 2014
1026 posts
922 upvotes
Burlington, ON
THINKPOD wrote:
Jan 6th, 2019 11:08 am
HSBC Premier will only give $2 ATM credit if using a non-HSBC ATM. Any clue which non-HSBC ATM we can use to withdraw cash without going over the $2 ATM credit limit?
Usually the ATM inside of Costco is $1.50
Sr. Member
Nov 10, 2018
814 posts
521 upvotes
s33n wrote:
Jan 6th, 2019 8:56 pm
Credit unions (of which there are many in BC) don't charge ATM fees for HSBC customers. I think everyone else charges over $2 to non-members these days.
You're referring to "The Exchange" network.
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.
Newbie
Mar 7, 2008
74 posts
22 upvotes
Saskatchewan
How's the Line of Credit interet rate with HSBC Premier account? I am hoping to get a good deal from this. My current RBC LOC is 5.75%....

What kind of LOC rate are you getting with HSBC Premier account?

Secondly, I have a safety deposit box with RBC that I am considering moving over. Anyone able to get a freebie or discount as HSBC Premier account holder?

Thirdly, is Interac Email Money Transfer free? I dont see anywhere stating it is free.

Lastly, the hours with my local HSBC branch is pretty crappy.... They dont open after 5pm nor the weekend... So how else do you deposit cash without paying fees?
Member
Aug 27, 2013
473 posts
202 upvotes
cloud
THINKPOD wrote:
Jan 6th, 2019 10:43 pm
Secondly, I have a safety deposit box with RBC that I am considering moving over. Anyone able to get a freebie or discount as HSBC Premier account holder?

Thirdly, is Interac Email Money Transfer free? I dont see anywhere stating it is free.

Lastly, the hours with my local HSBC branch is pretty crappy.... They dont open after 5pm nor the weekend... So how else do you deposit cash without paying fees?
Premier customers do get 25% discount on safety deposit box rates. Search for "safety" in this PDF to see the rates:
https://www.hsbc.ca/1/content/canada4/a ... ure_en.pdf

Yes, Interact e-transfers are free. I use it to deposit money into my Paytm account. Search "e-transfer" in the above PDF.

Yes their hours suck... Can't help you there. The branches in my area do open on the weekend.
Newbie
Mar 7, 2008
74 posts
22 upvotes
Saskatchewan
Any idea on LOC rate? So far, HSBC Premier seems to be working good with all the savings.
Sr. Member
Nov 10, 2018
814 posts
521 upvotes
THINKPOD wrote:
Jan 7th, 2019 8:23 am
Any idea on LOC rate? So far, HSBC Premier seems to be working good with all the savings.
You really need to specify what type of LOC you're referring to. Unsecured/Secured?
For legal topics and discussions, the opinion, guidance, and thoughts provided are my own and are not considered to be legal advice, in any manner.

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