Personal Finance

HSBC Premier+Jade Thread

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Deal Addict
Jan 30, 2013
1255 posts
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RICHMOND HILL
bend3r wrote: Open up account in Jersey and then keep international accounts with that relationship. That’s how I did it before.
monthly account fee?
Deal Addict
Jan 31, 2007
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Richmond Hill
I just think the issue we facing is not about do we like RBC or not. The problem is a lot of us use HSBC not as local bank but their capability to tie overseas banking/investing together.

With RBC buy HSBC, it just created a capability gap.

Not sure did RBC even consider what are the reasons for people do business with HSBC. Plus have they even consider if they just move everything to RBC products, how many % of client will leave, because there are no reason to stay.
Last edited by cheapshopper on Dec 14th, 2022 11:52 am, edited 4 times in total.
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Bright side of RFD: Often find good deal
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Newbie
Aug 29, 2012
86 posts
75 upvotes
Toronto
goldenball wrote: monthly account fee?
Fee structure for HSBC Expat here : https://www.expat.hsbc.com/content/dam/ ... harges.pdf
To open the account requires an initial commitment of £50,000 GBP or equivalent - 62K US apprx, or 83K CAD apprx.
If you fall below the funding commitment required then a fee of £35GBP is charged per month to maintain the account.

But right now as HSBC Premier in Canada there are no funding requirements that apply today the question is what would apply in the future..

IF the funding requirement was applied then whilst the funds can be spread across bank, savings and investments, Canadian tax residents are not eligible to open any of the investment products i saw listed though i'm sure if you were looking to make a big investment they could find a way to make that happen.

Without the option to hold the required funding in investment products this would not work for me. If anyone on here has opened Expat as a Canadian tax resident and have be able to open investment products despite the notices on their site showing Canadians as non-eligible for them then that would be good to know.

I only have HSBC accounts in a couple of regions and there are non-premier fee free product in those regions so worst case for me those accounts get downgraded once my Canadian holdings dont qualify me.

HSBC here is my primary bank (Ive been very happy with them) but it means that RBC will take on a multitude of investments and mortgage products I hold with them. So ill be stuck with the replacement HSBC product that RBC puts into place for a couple years at least anyway.

I do tend to use interactive brokers and wise to do my transfers these days so losing the HSBC instant transfer function is not the end of the world for me. For those that do use HSBC for transfers then look at the HSBC Global money account. It has rolled out to many of HSBCs territories and it might be worth those that rely on HSBC for global transfers to be sure to open a Global Currency account in the US, UK , SG or Australia whilst they can as that account does allow sending funds to non-HSBC accounts internationally fee free and the exchange rates are not bad.
Sr. Member
Jan 14, 2017
663 posts
544 upvotes
From my experience, the Expat account is nearly useless for transferring funds to banks in Europe. Not sure how a Global Currency account could help if you still need to qualify for a Premier status in the US, UK, etc. and you still need a channel to transfer money from Canada. So far, Wise and IBKR only come to mind. If one has money to qualify, I would look into https://account.chase.com/sapphire/brand.
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May 7, 2017
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Vasyllaw wrote: From my experience, the Expat account is nearly useless for transferring funds to banks in Europe. Not sure how a Global Currency account could help if you still need to qualify for a Premier status in the US, UK, etc. and you still need a channel to transfer money from Canada. So far, Wise and IBKR only come to mind. If one has money to qualify, I would look into https://account.chase.com/sapphire/brand.
Is chase friendly to Canadian citizens? What documents do we need.
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May 7, 2017
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LOL808 wrote: Can the international account (premier?) be maintained without a local presence assuming RBC completely eliminate such service?
Yes. I did that with jersey. Never visited the place but had accounts there. You only need to qualify with one country to be premier everywhere.
Sr. Member
Jan 14, 2017
663 posts
544 upvotes
bend3r wrote: Is chase friendly to Canadian citizens? What documents do we need.
I've heard rumors the account is fairly easy to open, provided you have the funds. I will explore this option when we have a final picture with HSBC. I will probably go with Chase if they can give me their Sapphire Visa.
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May 7, 2017
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Vasyllaw wrote: I've heard rumors the account is fairly easy to open, provided you have the funds. I will explore this option when we have a final picture with HSBC. I will probably go with Chase if they can give me their Sapphire Visa.
Offering seems reasonable to me too. All I need is a debit card with no fees and a place to hold funds where transfer fees aren’t messed up. This fits the bill - it’s how I use HSBC even now.
Deal Addict
Jan 31, 2007
4968 posts
5084 upvotes
Richmond Hill
Vasyllaw wrote: I've heard rumors the account is fairly easy to open, provided you have the funds. I will explore this option when we have a final picture with HSBC. I will probably go with Chase if they can give me their Sapphire Visa.
Wait. So can open account with Chase without US address, SSN etc?
******************************************************
Bright side of RFD: Often find good deal
Dark side of RFD: Tons of stuff that I don't need but still got them because of RFD
******************************************************
Sr. Member
Jan 14, 2017
663 posts
544 upvotes
cheapshopper wrote: Wait. So can open account with Chase without US address, SSN etc?
I have an US address, but I do not have ITIN or SSN. I will post my experience when I explore this option. Maybe there will be something even better than Chase.
Sr. Member
Apr 6, 2003
788 posts
126 upvotes
Toronto
cheapshopper wrote: Wait. So can open account with Chase without US address, SSN etc?
You do not need an ITIN or SSN to open an account with Chase.
You can definitely use a US mailbox service as your address (or any friend or relative in the US).
They might even accept a Canadian address (I did not try, but you can call your nearest Chase branch and ask).

You MUST open the account in person (so they can verify your ID and signature).
After this, you can do everything online or by phone.
Deal Addict
Jan 30, 2013
1255 posts
345 upvotes
RICHMOND HILL
jameswc wrote: Fee structure for HSBC Expat here : https://www.expat.hsbc.com/content/dam/ ... harges.pdf








that link ends up with

Invalid Advertiser Id, Publisher Code, Offer, or Publisher - Advertiser Partnership Status.

Anyway do they have a cheap ETF platform? if I am UK resident (thinking of getting nondom)and UK qualified Jade? The Jade manager just wanted take a % of my wealth, ie Wealth Management PLAN
Newbie
Aug 29, 2012
86 posts
75 upvotes
Toronto
Sorry seems im not up with how you properly embed links on RFD
The link was to
www. expat.hsbc.com/content/dam/hsbc/mbos/docs/accounts/hsbc-expat-tariff-of-charges.pdf If you copy the main part and then paste into a webbrowser you can go there manually.

They do offer an investdirect international platform for eligable clients (Canadian tax residents are not eligable but UK residents, and many others are)
This is where you can purchase ETFS.
The dealing costs are not very competitivve though and anyone who is tax resident in the UK would find many cheaper options such as IBKR, Degiro, Freetrade etc.

Heres the pricing for Investdirect International to buy shares /etfs
Flat fee by deal type
Deal type Flat fee for deals placed online Flat fee for deals placed by phone
UK equities GBP 14.95 GBP 19.95
Euro-denominated shares EUR 21.95 EUR 41.95
US shares USD 24.95 USD 29.95 for orders up to 1,000 shares
USD 0.03 per share for orders above 1000 shares

Found at www. expat.hsbc.com/wealth/investments/products/shares/
Deal Addict
Jan 30, 2013
1255 posts
345 upvotes
RICHMOND HILL
jameswc wrote: Sorry seems im not up with how you properly embed links on RFD
The link was to
www. expat.hsbc.com/content/dam/hsbc/mbos/docs/accounts/hsbc-expat-tariff-of-charges.pdf If you copy the main part and then paste into a webbrowser you can go there manually.

They do offer an investdirect international platform for eligable clients (Canadian tax residents are not eligable but UK residents, and many others are)
This is where you can purchase ETFS.
The dealing costs are not very competitivve though and anyone who is tax resident in the UK would find many cheaper options such as IBKR, Degiro, Freetrade etc.

Heres the pricing for Investdirect International to buy shares /etfs
Flat fee by deal type
Deal type Flat fee for deals placed online Flat fee for deals placed by phone
UK equities GBP 14.95 GBP 19.95
Euro-denominated shares EUR 21.95 EUR 41.95
US shares USD 24.95 USD 29.95 for orders up to 1,000 shares
USD 0.03 per share for orders above 1000 shares

Found at www. expat.hsbc.com/wealth/investments/products/shares/
Thanks. That is the high price one has to pay for non-remittance non doms.
Member
Jul 30, 2016
208 posts
295 upvotes
jameswc wrote: Sorry seems im not up with how you properly embed links on RFD
The link was to
www. expat.hsbc.com/content/dam/hsbc/mbos/docs/accounts/hsbc-expat-tariff-of-charges.pdf If you copy the main part and then paste into a webbrowser you can go there manually.

They do offer an investdirect international platform for eligable clients (Canadian tax residents are not eligable but UK residents, and many others are)
This is where you can purchase ETFS.
The dealing costs are not very competitivve though and anyone who is tax resident in the UK would find many cheaper options such as IBKR, Degiro, Freetrade etc.

Heres the pricing for Investdirect International to buy shares /etfs
Flat fee by deal type
Deal type Flat fee for deals placed online Flat fee for deals placed by phone
UK equities GBP 14.95 GBP 19.95
Euro-denominated shares EUR 21.95 EUR 41.95
US shares USD 24.95 USD 29.95 for orders up to 1,000 shares
USD 0.03 per share for orders above 1000 shares

Found at www. expat.hsbc.com/wealth/investments/products/shares/
Thanks for the great info! One question, what are the advantages to open an expat account vs open a HSBC USA account when Canadian residents are not eligable for investdirect anyway?
Newbie
Aug 29, 2012
86 posts
75 upvotes
Toronto
bij0520 wrote: Thanks for the great info! One question, what are the advantages to open an expat account vs open a HSBC USA account when Canadian residents are not eligable for investdirect anyway?
I think there are a few HSBC Premier multi-country folks who currently use Canada for their global Premier qualifications who wish to retain that facility and are looking at options for where within the HSBC world they can hold the qualifying balance if the Canada presence and its qualification goes once RBC is owner of HSBC Canada.

I am not aware of the capabilities of HSBC USA for nonUS residents or whether investing is available.
For sure if Canadian residents can hold a HSBC USA account and hold their qualifying balance with HSBC USA in investments then that would probably be a more effective way of retaining premier elsewhere so hopefully someone with HSBC USA premier can advise if they are able to trade on that account or hold investments in a taxable account there.
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
jameswc wrote: I am not aware of the capabilities of HSBC USA for nonUS residents or whether investing is available.
For sure if Canadian residents can hold a HSBC USA account and hold their qualifying balance with HSBC USA in investments then that would probably be a more effective way of retaining premier elsewhere so hopefully someone with HSBC USA premier can advise if they are able to trade on that account or hold investments in a taxable account there.
HSBC USA Securities allows Canadian residents to hold retirement accounts like IRAs. But last I checked they do not accept non-registered accounts. There may be some options to do so through the Global Private Bank though, which has offices in the States. But likely not.
Deal Addict
Jul 26, 2018
1781 posts
2827 upvotes
Canada, eh?
Got an email from HSBC US that they now have Self-Directed Brokerage Account (us.hsbc.com/investments/products/self-directed-brokerage/)

Given that they pulled out of the retail market little over 1.5 years ago, so weird to see their strategy change...launching new products/services similar to most retail banks. lol.

However, if you're someone who lives in US and has an SSN, this product isn't particularly attractive, tons of other brokers offer equities and ETF trading at $0 versus $10.99 (etrade, fidelity, etc.)
Member
Dec 27, 2017
411 posts
300 upvotes
Ontario
secretalcoholic wrote: Got an email from HSBC US that they now have Self-Directed Brokerage Account (us.hsbc.com/investments/products/self-directed-brokerage/)

Given that they pulled out of the retail market little over 1.5 years ago, so weird to see their strategy change...launching new products/services similar to most retail banks. lol.

However, if you're someone who lives in US and has an SSN, this product isn't particularly attractive, tons of other brokers offer equities and ETF trading at $0 versus $10.99 (etrade, fidelity, etc.)
They've had that for a while now. But it requires a us residential address, no?
Member
May 3, 2016
474 posts
58 upvotes
Investdirect charges a $25 quarterly maintenance fees for assets under $25k in the account. Assuming no trades done during the quarter and no Jade status, does this $25k asset level required to be maintained daily or just at each calendar quarter end to have the $25 maint. fees waived?

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