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  • Nov 17th, 2017 7:14 pm
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Sr. Member
Dec 20, 2006
519 posts
43 upvotes
angel_wing0 wrote:
Oct 13th, 2017 2:31 pm
Indeed, they have some credits but not enough to cover the af:

$100 Annual Air Travel Credit to reimburse ticket purchases, seat upgrades, baggage fees or in-flight purchases4.
$85 TSA Pre✓® credit to reimburse the application fee4.
$100 Annual Statement Credits for rides with Uber and Lyft.
That’s like a gimpy cross between the Chase Sapphire Reserve and the US Amex Platinum. It kind of mimics parts of both cards but falls way short of either. I have no idea who would consider this card at that annual fee.
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Mar 23, 2004
36347 posts
3284 upvotes
Markham
java wrote:
Oct 15th, 2017 7:06 pm
That’s like a gimpy cross between the Chase Sapphire Reserve and the US Amex Platinum. It kind of mimics parts of both cards but falls way short of either. I have no idea who would consider this card at that annual fee.
Certainly not at $400 USD. But doesnt look like they are grandfathering the World version like HSBC Canada.
「もし、奇跡を起こせたら……」
Newbie
Jun 7, 2011
26 posts
4 upvotes
Abbotsford, BC
Looks like some big changes coming to HSBC's fees and Premier eligibility rules come November 20th. Details posted below.

Huge thing I'm happy about is eliminating the fees for sending Interac E-transfers. It really struck me as odd that HSBC still charged for this, particularly to its Premier members. It's one of the only transaction types that still incurred a fee (and the reason why I maintained separate accounts at other institutions that charged no fee for this.) Good on them.

Also looks like they've expanding the eligibility requirements for Premier banking so that anyone with at least $500k of a mortgage balance qualifies. Previously the total relationship balance requirement was $100k but excluded mortgage and loan balances. Given that their mortgage rates are pretty competitive, this should presumably drum up a lot of new business. It'll be interesting to see whether it leads to an influx of new Premier banking clients and, if so, whether the attached benefits will be diluted accordingly.

Details of fee changes:
Updates and fee changes that may apply to you

Effective November 20, 2017
Services
Current Fee
New Fee
INTERAC e-Transfer (no more fee!)1 $1.25 per transfer $0.001
Paper statement fee2 (new)
Visit hsbc.ca/statementfee for details $0.00 $2.00 per statement
HSBC Premier – Below Minimum Qualifying Balance fee $28.00 $34.95
RRSP / RRIF / TFSA transfer-out fees – for full or partial
transfers to another financial institution $50.00 per transfer $75.00 per transfer
Copy of a full or partial statement3 $3.50 per statement $5.00 per statement
Certify a cheque (account owner) $10.00 per cheque $15.00 per cheque
Cheque not written in currency of account $15.00 per cheque plus exchange $20.00 per cheque plus exchange
Annual inactivity fee $25.00 per year $30.00 per year
Returned NSF items $40.00 per item $45.00 per item
Additional HSBC ATM fee for withdrawals at HSBC and non-HSBC ATMs outside Canada (all personal deposit accounts except HSBC Premier Chequing
Accounts)3.
Account transaction fee4 will continue to apply in addition to the fee above. Other banks may charge an additional fee. $3.00 per withdrawal $5.00 per withdrawal
HSBC Premier: Sending wire transfers to another HSBC office globally $15.00 per transfer
(discounted from standard wire transfer fee) Standard wire transfer fees apply – see new fee table below
Sending Wire Transfers: We’ve simplified our fee structure for outgoing wire transfers.
Current Fees New Fees
Funds in Canadian dollars
Less than $10,000
Between $10,000 and $50,000
Greater than $50,000
Up to and including $30,000
$30,001 and above
At an HSBC branch in Canada:
HSBC Premier $30.00 $50.00 $80.00 $45.00 $75.00
HSBC Advance $40.00 $55.00 $85.00 $50.00 $80.00
Other HSBC customers $45.00 $60.00 $90.00 $55.00 $90.00
Through Online Banking5:
HSBC Premier $15.00 $25.00 $40.00 $20.00 $40.00
HSBC Advance $30.00 $40.00 $45.00 $35.00 $45.00
Other HSBC customers $40.00 $45.00 $50.00 $40.00 $60.00
Note: Other banks that process or receive your funds may also charge fees, including foreign exchange fees, even if the wire transfer is rejected or returned.

Updates to HSBC Premier qualification and fee changes6 - effective November 20, 2017
You can now qualify for HSBC Premier if you reach a mortgage balance of $500,000 or more. You will enjoy HSBC Premier benefits with no monthly fees until the mortgage account is closed.
If you don’t meet HSBC Premier eligibility criteria in the current calendar month, you will be charged a monthly fee of $34.95 on the 2nd (or next business) day of the following month. This is the case even though we may have waived this fee in the past. There are some exclusions – ask us for details.
If you qualify for HSBC Premier, your spouse or partner will also enjoy the benefits on all your joint products.
If your joint account holder wants to have their own Premier Chequing account, they will need to qualify for HSBC Premier on their own.
Our Personal Service Charges Statement of Disclosure will be updated with the fee changes on November 20, 2017. You can get a copy at hsbc.ca/documents or at any of our branches.
If you have questions about any of these changes, call us at 1-888-310-4722. Thank you for your continued business.
1 Account transaction fees will continue to apply
2 Certain Personal Banking accounts only; exceptions apply. Visit hsbc.ca/statementfee for details.
3 This service charge change does not apply to HSBC Mastercard accounts.
4 Account transaction fees for ATM withdrawals are currently as follows: Canadian Dollar High Rate Savings Accounts ($5.00); TFSA High Rate Savings Accounts ($1.00); Performance Chequing Limited Accounts ($0.60); Performance Activity Accounts ($0.60); Performance Chequing Standard / Student / 60 Accounts ($0.60); Investment Savings Account ($0.85); Regular Savings Account ($0.85).
5 Sending wire transfers over $150,000 cannot be done online; please visit an HSBC branch.
6 Our Personal Service Charges Statement of Disclosure contains full details on HSBC Premier eligibility criteria and fees.

® Mastercard is a registered trademark of Mastercard International Incorporated. Used pursuant to license.
® INTERAC e-Transfer is a registered trademark of Interac Inc. Used under license.
Member
Aug 27, 2013
337 posts
141 upvotes
cloud
ValueHunter999 wrote:
Oct 21st, 2017 1:46 pm
no mention of global transfer ... is it still free to use for premier client?
No mention on that page means no change (yet).
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Mar 23, 2004
36347 posts
3284 upvotes
Markham
ValueHunter999 wrote:
Oct 21st, 2017 1:46 pm
no mention of global transfer ... is it still free to use for premier client?
1000% certain that will never change.
「もし、奇跡を起こせたら……」
Newbie
Jun 7, 2011
26 posts
4 upvotes
Abbotsford, BC
angel_wing0 wrote:
Oct 21st, 2017 4:32 pm
1000% certain that will never change.
Wouldn’t make a lot of sense to charge for Global transfers. They’re self-directed, cost virtually nothing to perform, and if currencies differ they get to charge for conversion.
Newbie
May 7, 2017
46 posts
6 upvotes
They won’t charge for global transfers. Hsbc exists to move money between countries for expats. Remove that one feature and it’s a barely mediocre bank with limited offering. Citi-gold is similar to hsbc premier too, except that it charges for transfers and nobody I know banks with Citi-gold because they can transfer cheaply elsewhere.

I am however surprised that Premier clients weren’t already based on $500k mortgage size. I’ve seen other markets offer similar Premier status.
Newbie
Jun 7, 2011
26 posts
4 upvotes
Abbotsford, BC
bend3r wrote:
Oct 21st, 2017 10:51 pm
I am however surprised that Premier clients weren’t already based on $500k mortgage size. I’ve seen other markets offer similar Premier status.
It pretty much means anyone who owns a house in a place like Vancouver can have free banking (and all the other premier benefits) if they want it.
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Mar 23, 2004
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Markham
rounderjd wrote:
Oct 21st, 2017 10:44 pm
Wouldn’t make a lot of sense to charge for Global transfers. They’re self-directed, cost virtually nothing to perform, and if currencies differ they get to charge for conversion.
bend3r wrote:
Oct 21st, 2017 10:51 pm
They won’t charge for global transfers. Hsbc exists to move money between countries for expats. Remove that one feature and it’s a barely mediocre bank with limited offering.
Nicely said, the only reason I am with Premier is because of GVGT. If you can open all these international accounts but have no way to interact between all of them, then why bother?
「もし、奇跡を起こせたら……」
Member
Oct 4, 2006
228 posts
33 upvotes
angel_wing0 wrote:
Oct 21st, 2017 11:29 pm
Nicely said, the only reason I am with Premier is because of GVGT. If you can open all these international accounts but have no way to interact between all of them, then why bother?
HSBC has one of the easiest global transfer mechanisms. I have a BMO and BMO Harris account. Transferring Canada to US is easy but the other way is insanely onerous. TD is challenging too transferring back and forth.
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Mar 23, 2004
36347 posts
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Markham
rounderjd wrote:
Oct 21st, 2017 11:00 pm
It pretty much means anyone who owns a house in a place like Vancouver can have free banking (and all the other premier benefits) if they want it.
HSBC is ramping up their promos HARD this year to get ppl on to a Premier account (referrals, easier to get Premier, transfer bonuses, waive e-transfer fees, mortgage promo rates etc). Though tbh i wouldnt say it's working too well. A lot of my friends/ppl i know still dont want 100k locked up in one place, or dont want to transfer mortgage to get Premier and have no use for GVGT.
「もし、奇跡を起こせたら……」
Newbie
May 7, 2017
46 posts
6 upvotes
^^ which is why hsbc works better in Expat hub cities and elsewhere it’s not really considered a market leader.

100k locked up or mortgage is an ideal scenario for an Expat. He can earn abroad and pay off mortgage back home. But for locals, not so much.
Member
Oct 4, 2006
228 posts
33 upvotes
angel_wing0 wrote:
Oct 22nd, 2017 12:10 am
HSBC is ramping up their promos HARD this year to get ppl on to a Premier account (referrals, easier to get Premier, transfer bonuses, waive e-transfer fees, mortgage promo rates etc). Though tbh i wouldnt say it's working too well. A lot of my friends/ppl i know still dont want 100k locked up in one place, or dont want to transfer mortgage to get Premier and have no use for GVGT.
How is it "locked up" when you need 5K to get a TD select service account IN the account? All the big 5 banks either need a multiproduct "discount" or have a minimum balance requirement within the chequing account. That's locked up. Putting money into something you already use like an RRSP, TFSA and a trading account isn't that hard especially when they have one of the lowest trading fees out there for premier customers.

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