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  • Nov 17th, 2017 7:14 pm
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Newbie
Jul 18, 2006
17 posts
Have to agree with Yannerd. HSBC, despite the lean operations, is still one of (if not the) best banks.

Only full service bank with no monthly fees with no minimum balance
Only international bank in Canada with free ATM withdraws internationally
Best No Fee redit Card (grandfathered - 1-2% unlimited cash back with health travel insurance, baggage delay, lounge access etc)
Lowest trading fees for a self directed brokerage with access to many international exchanges

Mind you I haven’t tried negotiating GIC rates like I have at other banks, but buying via the self directed brokerage is probably better anyways. Having worked as an expat before in China and one with money still trapped there I believe the issues angel_wing0 are facing are more to do with a tightened regulatory environment rather than HSBCs inability to execute.

For anyone with over 100k in investable assets HSBC is a top contender.
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Mar 23, 2004
36347 posts
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Markham
Yannerd wrote:
Oct 22nd, 2017 1:43 am
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.
Because to them it's still in the same bank (doesn't matter the type of account that the money is in). They don't mind 5-6k but 100k is another story. That's how they think and tbh, i dont understand.
xcommander wrote:
Oct 22nd, 2017 11:30 am
Have to agree with Yannerd. HSBC, despite the lean operations, is still one of (if not the) best banks.
I like them a lot, but I wouldn't say they are one of the best. In fact, I would say they are quite bad. Slow branch/phone services, have to call in to do a lot of things (redeem/buy investments, etc). They have a good start with all these promotions, but they can certainly use lots of improvements on other areas as well.
「もし、奇跡を起こせたら……」
Member
Oct 4, 2006
228 posts
33 upvotes
xcommander wrote:
Oct 22nd, 2017 11:30 am
Have to agree with Yannerd. HSBC, despite the lean operations, is still one of (if not the) best banks.

Only full service bank with no monthly fees with no minimum balance
Only international bank in Canada with free ATM withdraws internationally
Best No Fee redit Card (grandfathered - 1-2% unlimited cash back with health travel insurance, baggage delay, lounge access etc)
Lowest trading fees for a self directed brokerage with access to many international exchanges

Mind you I haven’t tried negotiating GIC rates like I have at other banks, but buying via the self directed brokerage is probably better anyways. Having worked as an expat before in China and one with money still trapped there I believe the issues angel_wing0 are facing are more to do with a tightened regulatory environment rather than HSBCs inability to execute.

For anyone with over 100k in investable assets HSBC is a top contender.
+1 in the absence of having to deal with people it's a fantastic offer. I will also say that their online banking is actually pretty good. I keep all my working capital in a savings account and transfer when I trigger my bill payments to my LOC/chequing. I was about to transition to TD and found that I couldn't set up "pre-authorized transfers" from my Savings to my LOC on a schedule. Not only that but once you've set one up, you can't see them, you need to call in to TD to talk about what scheduled transfers you have.
angel_wing0 wrote:
Oct 22nd, 2017 11:41 am
Because to them it's still in the same bank (doesn't matter the type of account that the money is in). They don't mind 5-6k but 100k is another story. That's how they think and tbh, i dont understand.
Are they risk adverse and trying to keep less than 100K in all their banks incase there's a run on the banks LOL. They might as well buy bitcoin then.

I find the lack of branch network is a deterrence for people. I have some friends who qualify for Advance and I tell them to go to HSBC. With 25K you get free banking as well just by doing what you already do. They are worried that the branch hours aren't as good as TD or that there isn't a branch close by. This to me is crazy since I go to the branch maybe once every 6 months. Barring bank drafts and account openings, everything you need to do can be done online or at worse over the phone.
Member
Aug 27, 2013
337 posts
141 upvotes
cloud
Yannerd wrote:
Oct 23rd, 2017 9:52 am
I find the lack of branch network is a deterrence for people. I have some friends who qualify for Advance and I tell them to go to HSBC. With 25K you get free banking as well just by doing what you already do. They are worried that the branch hours aren't as good as TD or that there isn't a branch close by. This to me is crazy since I go to the branch maybe once every 6 months. Barring bank drafts and account openings, everything you need to do can be done online or at worse over the phone.
I find many people very conservative when it comes to banking. They'd look for excuses to not considering switching bank. I've heard people trying to keep long-term relationships with banks while ignoring the scandal that the most loyal of the big 5 customers got scammed for signing up to services they didn't need. I've heard young, educated professionals being afraid to bank with more than one bank because it's a hassle to manage, or to have more than two credit cards because they think it'd be bad for their credit records.

On TD specifically, I tell people that I don't bank with TD because I know where their records profits come from. Winking Face And I wouldn't like to pay (indirectly) for all those long TD branch hours that benefit other customers.
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Mar 23, 2004
36347 posts
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Markham
cmchiu wrote:
Oct 23rd, 2017 1:23 pm
I find many people very conservative when it comes to banking. They'd look for excuses to not considering switching bank.
+1, i do admit there is an adjustment period when i moved away from TD LOC to CIBC LOC (all cheques deposit to LOC is held for 5 days, wtf orz) as my main bank account. But now I am loving it and tbh, not missing TD at all.

And putting 100k in one bank is a big amount. A lot of ppl wouldnt mind a few K but a 100k is a big amount.
「もし、奇跡を起こせたら……」
Member
Oct 4, 2006
228 posts
33 upvotes
cmchiu wrote:
Oct 23rd, 2017 1:23 pm
I find many people very conservative when it comes to banking. They'd look for excuses to not considering switching bank. I've heard people trying to keep long-term relationships with banks while ignoring the scandal that the most loyal of the big 5 customers got scammed for signing up to services they didn't need. I've heard young, educated professionals being afraid to bank with more than one bank because it's a hassle to manage, or to have more than two credit cards because they think it'd be bad for their credit records.

On TD specifically, I tell people that I don't bank with TD because I know where their records profits come from. Winking Face And I wouldn't like to pay (indirectly) for all those long TD branch hours that benefit other customers.
Banks are banking on the fact that most people don't switch for this very reason. It's amazing to me that people still pay for banking in this day and age. I do agree though that no matter the education, age, or line or work, most people just don't understand and don't care to understand how financial products work.
Deal Addict
Dec 30, 2005
2540 posts
380 upvotes
Got an email today from HSBC for a pre-approved HSBC Premier World Elite Mastercard with a FYF bonus. Can I then downgrade to a HSBC Premier Mastercard before the first year if I decide it isn't worth it?
Member
User avatar
May 1, 2015
211 posts
90 upvotes
Toronto, ON
dont see why not
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Member
Aug 27, 2013
337 posts
141 upvotes
cloud
yyz2hkg wrote:
Oct 23rd, 2017 7:01 pm
Got an email today from HSBC for a pre-approved HSBC Premier World Elite Mastercard with a FYF bonus. Can I then downgrade to a HSBC Premier Mastercard before the first year if I decide it isn't worth it?
Do you already have a grand-fathered Premier World MC with them? If you've to give up the grand-fathered Premier World MC to upgrade, and when you downgrade later they may give you the new, lesser Premier MC. Should ask them to clarify and let us know!
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Mar 23, 2004
36347 posts
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Markham
yyz2hkg wrote:
Oct 23rd, 2017 7:01 pm
Got an email today from HSBC for a pre-approved HSBC Premier World Elite Mastercard with a FYF bonus. Can I then downgrade to a HSBC Premier Mastercard before the first year if I decide it isn't worth it?
cmchiu wrote:
Oct 23rd, 2017 8:14 pm
Do you already have a grand-fathered Premier World MC with them? If you've to give up the grand-fathered Premier World MC to upgrade, and when you downgrade later they may give you the new, lesser Premier MC. Should ask them to clarify and let us know!
I asked my RM before i converted mine, and yes you are allow to, but only to the Premier MC as the World is grandfathered. Damn i should have waited for an offer!
「もし、奇跡を起こせたら……」
Jr. Member
Mar 23, 2009
135 posts
16 upvotes
Toronto
My RM is saying I have to fill in an upgrade form and drop it off at a Branch, which isn't exactly convenient. Not sure why they have such antiquated processes when the other banks can just upgrade over the phone.
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Mar 23, 2004
36347 posts
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Markham
astroboy100 wrote:
Oct 25th, 2017 8:53 am
My RM is saying I have to fill in an upgrade form and drop it off at a Branch, which isn't exactly convenient.
You dont have to, your RM can just scan you the form to fill in.
「もし、奇跡を起こせたら……」
Jr. Member
Mar 23, 2009
135 posts
16 upvotes
Toronto
He emailed me the form, but said an Original copy is needed so it needs to be dropped off at a branch. Did you send yours back electronically?
Deal Addict
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Jan 30, 2012
3697 posts
364 upvotes
Ottawa
astroboy100 wrote:
Oct 25th, 2017 9:35 am
He emailed me the form, but said an Original copy is needed so it needs to be dropped off at a branch. Did you send yours back electronically?
yes, hsbc needs to keep the original signature page on file ... for some reason ...

to rush the job ... you can simply scan it and email it to the rm and then just drop off the original at any branch ... internal mail to yr rm ...
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Moderator
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Mar 23, 2004
36347 posts
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Markham
astroboy100 wrote:
Oct 25th, 2017 9:35 am
He emailed me the form, but said an Original copy is needed so it needs to be dropped off at a branch. Did you send yours back electronically?
I sure did.
「もし、奇跡を起こせたら……」

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