Personal Finance

HSBC Premier+Jade Thread

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  • Mar 18th, 2020 12:17 am
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Newbie
May 12, 2006
17 posts
14 upvotes
A further consideration is that not all branches have a Jade RM. As a consequence, you may be dealing with someone that doesn’t know the ropes as well, even if they are the branch manager. My Jade RM also handles their private banking clients.

Their website branch locator showed which branches had “Jade Services” available. However, it seems to be down right now. I chose to deal with a branch further away to ensure that I had a Jade RM (and also had ample parking!). It seems like most are located at a major city’s main branch or near Asian communities.

My Jade MC was approved very quickly within days once a Jade number was issued, after some internal process pushing by my RM. Jade status review is apparently done periodically.

Also, the transfer of assets between brokers can take time depending on the broker transferring the assets out. Not HSBC’s fault, but the partial transfer I did took close to 7 weeks, even though I know that all of the assets were eligible for electronic transfer. My Jade RM was able to get the Jade MC in my hands before the securities arrived at HSBC ID, as they were fully aware of what was coming across.
Member
Dec 27, 2017
200 posts
88 upvotes
Ontario
wheelerdealer wrote: Also, the transfer of assets between brokers can take time depending on the broker transferring the assets out. Not HSBC’s fault, but the partial transfer I did took close to 7 weeks, even though I know that all of the assets were eligible for electronic transfer. My Jade RM was able to get the Jade MC in my hands before the securities arrived at HSBC ID, as they were fully aware of what was coming across.
This matches my experience as well. Within a few days of having submitted the transfer paperwork request to my RM the Jade status was updated and MC as well as new debit card was delivered - well before the assets made their way through the lengthy transfer delays.
Newbie
Jun 16, 2016
33 posts
16 upvotes
I’m with CIBC and TD DI right now. Debating if I should move my direct investment to HSBC and upgrade to Jade. but a few things concerns me:
1) Invest direct does not have mobile app.
2) Invest direct RSP RESP TFSA seems don’t offer US currency trading. Do they only offer USD with no registered account?
3) does it have a trading platform? I am using TD advanced dashboard and CIBC MarketLens now.
Newbie
Mar 11, 2019
10 posts
10 upvotes
I have a question on international account openings. Does anyone know what happens when you downgrade Premier to Advance in host country (Canada)? Do the accounts domiciled in other countries get downgraded automatically, or do I need to initiate downgrades myself? Any fees? Even HSBC counts investment against the 100K minimum balance, it often makes more sense to use Interactive Brokers and HISA at online banks (I'm willing to keep 5k to maintain Advance though) . However, international account service is where other banks fall short.
Thanks.
Moderator
User avatar
Mar 23, 2004
39730 posts
5845 upvotes
Markham
yfkuang wrote: I have a question on international account openings. Does anyone know what happens when you downgrade Premier to Advance in host country (Canada)? Do the accounts domiciled in other countries get downgraded automatically, or do I need to initiate downgrades myself? Any fees? Even HSBC counts investment against the 100K minimum balance, it often makes more sense to use Interactive Brokers and HISA at online banks (I'm willing to keep 5k to maintain Advance though) . However, international account service is where other banks fall short.
Thanks.
i would think you will need to downgrade/cancel them yourself. Probably best to ask your RM.
Newbie
May 11, 2018
23 posts
9 upvotes
franklin777 wrote: I’m with CIBC and TD DI right now. Debating if I should move my direct investment to HSBC and upgrade to Jade. but a few things concerns me:
1) Invest direct does not have mobile app.
2) Invest direct RSP RESP TFSA seems don’t offer US currency trading. Do they only offer USD with no registered account?
3) does it have a trading platform? I am using TD advanced dashboard and CIBC MarketLens now.
1. As far as I know, that's correct. Personally, I think that's a wise omission on their part, but that's just me.
2. I believe that's correct, but don't quote me on it. I have USD cash accounts, but no other USD accounts.
3. Their online functionality is consistently rated towards the low end. They've got some stock screening tools, etc., but if you're an active trader you may not find their platform sufficient for your purposes. That said, telephone customer service has always been fantastic and Jade customers do get a priority line.
Member
Mar 7, 2008
499 posts
127 upvotes
Leask
pedanticus wrote: 1. As far as I know, that's correct. Personally, I think that's a wise omission on their part, but that's just me.
2. I believe that's correct, but don't quote me on it. I have USD cash accounts, but no other USD accounts.
3. Their online functionality is consistently rated towards the low end. They've got some stock screening tools, etc., but if you're an active trader you may not find their platform sufficient for your purposes. That said, telephone customer service has always been fantastic and Jade customers do get a priority line.
I agree on phone support for InvestDirect. Is very good.

I am ok with there online platform but no trading app.

You can definitely trade in USd. In fact, you can trade is so many region around the world I lost count!
Sr. Member
Sep 22, 2005
650 posts
114 upvotes
BC
franklin777 wrote: I’m with CIBC and TD DI right now. Debating if I should move my direct investment to HSBC and upgrade to Jade. but a few things concerns me:
1) Invest direct does not have mobile app.
2) Invest direct RSP RESP TFSA seems don’t offer US currency trading. Do they only offer USD with no registered account?
3) does it have a trading platform? I am using TD advanced dashboard and CIBC MarketLens now.
1. no mobile app.
2. you could still buy US equities in RESP, RSP and TFSA, but you will hit with bad currency exchange and dividends will be converted to cad, at least that's what I was told when I inquired about it. They don't have a US component in US currency within these registered accounts.
3. HSBC DI only has the bare bone service, and some weird setup, like buying etf, you have to click the etf prospectus link, or download the prospectus before you can click buy. When you purchase stocks, there are so many places to click, then enter trading password etc. It's very cumbersome. TD DI interface is much better. But starting in April, active traders will pay zero commissions to trade.

I agree the phone support is good, almost no wait.
Member
Dec 27, 2017
200 posts
88 upvotes
Ontario
franklin777 wrote: 1) Invest direct does not have mobile app.
2) Invest direct RSP RESP TFSA seems don’t offer US currency trading. Do they only offer USD with no registered account?
3) does it have a trading platform? I am using TD advanced dashboard and CIBC MarketLens now.
1) Correct. But I've never needed to do trading on my phone. In fact I wouldn't really want to. But you can always access the investdirect website from your mobile browser if you really need to.

2) Last I checked that is correct. The USD trading was only available for non-registered accounts. You should check with your accountant, but given some of the recent tax changes with cross border and passive investment categorizations, you may want to keep your USD investments in a non-registered account and only invest in CAD denominated investments in retirement accounts.

3) The trading platform is its website, and it is minimal in functionality. While they are marketing a push for active trading, giving $0 commissions for active traders, the trading tools are really not designed for active traders.
Deal Addict
Oct 4, 2009
2556 posts
1386 upvotes
Montreal
Optimizer88 wrote: but given some of the recent tax changes with cross border and passive investment categorizations, you may want to keep your USD investments in a non-registered account and only invest in CAD denominated investments in retirement accounts.
What changes are you referring to?
Deal Addict
Oct 4, 2009
2556 posts
1386 upvotes
Montreal
wheelerdealer wrote: A further consideration is that not all branches have a Jade RM. As a consequence, you may be dealing with someone that doesn’t know the ropes as well, even if they are the branch manager. My Jade RM also handles their private banking clients.

Their website branch locator showed which branches had “Jade Services” available. However, it seems to be down right now. I chose to deal with a branch further away to ensure that I had a Jade RM (and also had ample parking!). It seems like most are located at a major city’s main branch or near Asian communities.
FWIW my Jade RM is more than happy to meet me at a branch of my choosing or even at my home. I’ve never set foot in his branch.
Member
Dec 27, 2017
200 posts
88 upvotes
Ontario
S5 wrote: What changes are you referring to?
The PFIC categorizations are continually shifting. It used to be just CAD mutual funds that were a concern, but the concern has expanded to some other types of investments (including CAD ETFs and some CAD stocks). So many investment advisors over the past 4 or 5 years are starting to suggest considering keeping USD denominated in non-registered and CAD denominated in registered if your diversification allocations work to do so. Some further details: https://www.bnnbloomberg.ca/are-you-a-u ... s-1.576805 and https://www.taxintl.com/private-canadia ... pfics.html
Deal Addict
Oct 4, 2009
2556 posts
1386 upvotes
Montreal
Optimizer88 wrote: The PFIC categorizations are continually shifting. It used to be just CAD mutual funds that were a concern, but the concern has expanded to some other types of investments (including CAD ETFs and some CAD stocks). So many investment advisors over the past 4 or 5 years are starting to suggest considering keeping USD denominated in non-registered and CAD denominated in registered if your diversification allocations work to do so. Some further details: https://www.bnnbloomberg.ca/are-you-a-u ... s-1.576805 and https://www.taxintl.com/private-canadia ... pfics.html
Thanks for the reply.

PFIC only applies to US tax filers. Is the poster you were responding to under obligation to file US taxes? I have no idea but for the vast majority of Canadians with no US tax obligations, doing as suggested is both unnecessary and counterproductive.
Member
Dec 27, 2017
200 posts
88 upvotes
Ontario
S5 wrote: PFIC only applies to US tax filers. Is the poster you were responding to under obligation to file US taxes? I have no idea but for the vast majority of Canadians with no US tax obligations, doing as suggested is both unnecessary and counterproductive.
I do not know the OP. But many Canadians who winter in the States when they retire, etc. do need to consider the residency issues and potential PFIC issues even if they are not US filers when younger - which is why many professionals are recommending it. I agree it can be unnecessary if the laws stay exactly as they are now, and they never plan to have any need to file US taxes. I can't think of a case where it is counterproductive unless it would require shifting assets and incurring capital gains to do so. But every individual's tax situation is unique and they should speak with their own advisors instead of relying on RFD advice. RFD is just intended to highlight potential issues for people to explore with their own professionals.

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