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HSBC Premier+Jade Thread

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May 7, 2017
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EDL67134234 wrote: No one is panicking. But the product offers between HSBC and RBC are miles apart. The chances of RBC delivering anything new beside their current offerings are quite small.
For example, RBC does not even offer no-fx cards like HSBC WE.

RBC's multi product rebate seemed like a mess to me last time I looked at it. Do they even have free chequing account or a free chequing account if you have investments like with HSBC Premier? The only big bank I know that does that is CIBC if you have over 100k with Investor's edge.

You can have multiple international accounts with HSBC. RBC does not have that only has RBC US based cards.

Those 3 things mean more to me. RBC is run of the mill Bank in Canadian landscape that does not deliver anything exceptional.

Putting my tinfoil hat on:

Credit cards will most likely get converted to Avion cards. FX feature will get eliminated.
HSBC premier-like service - will get cut.
International account feature - definitely cut.

I am just wondering when I need to cut ties with HSBC, since I will need to close international accounts as well such as HSBC USD, etc.
Already closed overseas hsbc accounts. Even if RBC deal doesn’t go through chances are slim hsbc will operate as an entity few years from now.
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bend3r wrote: Already closed overseas hsbc accounts. Even if RBC deal doesn’t go through chances are slim hsbc will operate as an entity few years from now.
Weren't you the one that had an expat account through Isle of Man?

If so, why did you close it? As far as I understand, that would give you access to European markets.
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franklin777 wrote: Great summary. How about creating a new thread summarizing different bank selfdirect brokerage offering with banking/credit card benefits?
Brief summary for anyone wants to switch from HSBC to other banks.

Code: Select all

VIP Banking               RBC    TD      BMO    Scotia  CIBC     HSBC     NBC        Desjardins
-----------------------------------------------------------------------------------------------------------
Monthly fee               $30    $29.95  $30    $30.95  $29.95   $34.95   $28.95     $21.95
Waive monthly fee
+ minimum balance         N/A    $5000   $6000  $5000   $6000    $6500    $6000      $5000
+ or minimum assets       N/A    N/A     N/A    $30000  $100000  $100000  $250000    Signature Service      
+ for professionals       N/A    N/A     N/A    N/A     N/A      N/A      $150/year  $125/year
Free/Rebate credit card   $120   $139    $150   $150    $139     $50      $150       $130 for professionals
Free small safety box     Yes    Yes     No     Yes     No       No       No         for professionals
Brokerage commission fee  $9.95  $9.99   $9.95  $9.99   $6.95    $6.88    $0         $0
https://www.rbcroyalbank.com/accounts/c ... ounts.html
https://www.td.com/ca/en/personal-banki ... nking-plan
https://www.bmo.com/main/personal/bank- ... s/premium/
https://www.scotiabank.com/ca/en/person ... ounts.html
https://www.cibc.com/en/personal-bankin ... count.html
https://www.hsbc.ca/chequing-accounts/products/premier/
https://www.nbc.ca/personal/accounts/ch ... total.html
https://www.desjardins.com/ca/personal/ ... /index.jsp
https://forums.redflagdeals.com/hsbc-pr ... #p37177166

We could see RBC is the worst in term of waiving banking fee and the credit card isn't good.
NBC and Desjardins win in term of $0 commission fee broker and their credit cards offer better extended warranty and travel medical insurance.
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bend3r wrote: Already closed overseas hsbc accounts. Even if RBC deal doesn’t go through chances are slim hsbc will operate as an entity few years from now.
I agreed. With the rising tension between West and East. HSBC already chosen East (China). They're selling/closing left and right all their banking in the Western countries. The HSBC global banking is dead. Well, better get out quick before the West / US sanction and frozen our money lol...
https://www.cnn.com/2020/07/09/business ... index.html
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EDL67134234 wrote: Weren't you the one that had an expat account through Isle of Man?

If so, why did you close it? As far as I understand, that would give you access to European markets.
Closed them and moved funds to HSBC USA. Bulk of savings and investments were in USD and I really do spend in USD so made sense to use USA. Closed HSBC USA when the news came out because I really do want a bank with local jurisdiction to handle my funds elsewhere.

I could've kept jersey account regardless too. But their offering has changed since I first opened with them back in 2015. Amex cards aren't available now which I used a lot and they don't have any USD credit cards to complement it. It started feeling like an account for British expats in the end. Then they demanded I keep funds in Jersey and charge 35 bucks if account ever went below their threshold.
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pedanticus wrote: There were a couple of mentions of National Bank's "Private Banking 1859" upthread. I enquired a couple of years ago and was told the following:

1. Entry point is $3 million in investable assets.
2. Fee is $125 a month and not typically waived. Gets you a fee-free credit card, estate planning, etc.
3. I mentioned that I'm a DIY investor, but was told that 1859 investment offerings are "managed and customized solution."

I passed on that.

I haven't a clue what HSBC offerings RBC will keep and which they'll bin, but I plan to just wait it out and hope for the best. Annoying a large, mobile, wealthy customer base that you just purchased doesn't seem like a good business decision, so I kind of think things will work out, but what do I know?
I am waiting around too.

HSBC still seems to be rolling out stuff... mobile trading just rolled out for iOS. New Metal cards with new benefits coming in February. They do not seem to be just sitting around waiting... although it is annoying they continue to neglect their Android customers.

You never know, RBC COULD maintain the current products. Look at what happened when TD acquired MBNA... it has been 11 years and MBNA brand and all their products still exist as a stand-alone subsidiary. RBC could do the same with HSBC Premier+Jade if it was profitable to do so (obviously they would need to re-brand but they could keep the business)

I have to assume that if the transaction closes, RMs will be reaching out individually to their clients to advise them what to expect.
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
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X360 wrote: I agreed. With the rising tension between West and East. HSBC already chosen East (China). They're selling/closing left and right all their banking in the Western countries. The HSBC global banking is dead. Well, better get out quick before the West / US sanction and frozen our money lol...
https://www.cnn.com/2020/07/09/business ... index.html
They won't quit USA. But I don't feel it is right to leave funds with them. Also USA service was the jankiest of all the overseas services I've used.
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brunes wrote: I am waiting around too.

HSBC still seems to be rolling out stuff... mobile trading just rolled out for iOS. New Metal cards with new benefits coming in February. They do not seem to be just sitting around waiting... although it is annoying they continue to neglect their Android customers.

You never know, RBC COULD maintain the current products. Look at what happened when TD acquired MBNA... it has been 11 years and MBNA brand and all their products still exist as a stand-alone subsidiary. RBC could do the same with HSBC Premier+Jade if it was profitable to do so (obviously they would need to re-brand but they could keep the business)

I have to assume that if the transaction closes, RMs will be reaching out individually to their clients to advise them what to expect.
All RBC needs to do is give a no fx fee option on debit or credit cards. That's it for retail side of things. If they are wise, they'd know what's good for them. Else I am entirely out.
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X360 wrote: Brief summary for anyone wants to switch from HSBC to other banks.

Code: Select all

VIP Banking               RBC    TD      BMO    Scotia  CIBC     HSBC     NBC        Desjardins
-----------------------------------------------------------------------------------------------------------
Monthly fee               $30    $29.95  $30    $30.95  $29.95   $34.95   $28.95     $21.95
Waive monthly fee
+ minimum balance         N/A    $5000   $6000  $5000   $6000    $6500    $6000      $5000
+ or minimum assets       N/A    N/A     N/A    $30000  $100000  $100000  $250000    Signature Service      
+ for professionals       N/A    N/A     N/A    N/A     N/A      N/A      $150/year  $125/year
Free/Rebate credit card   $120   $139    $150   $150    $139     $50      $150       $130 for professionals
Free small safety box     Yes    Yes     No     Yes     No       No       No         for professionals
Brokerage commission fee  $9.95  $9.99   $9.95  $9.99   $6.95    $6.88    $0         $0
https://www.rbcroyalbank.com/accounts/c ... ounts.html
https://www.td.com/ca/en/personal-banki ... nking-plan
https://www.bmo.com/main/personal/bank- ... s/premium/
https://www.scotiabank.com/ca/en/person ... ounts.html
https://www.cibc.com/en/personal-bankin ... count.html
https://www.hsbc.ca/chequing-accounts/products/premier/
https://www.nbc.ca/personal/accounts/ch ... total.html
https://www.desjardins.com/ca/personal/ ... /index.jsp
https://forums.redflagdeals.com/hsbc-pr ... #p37177166

We could see RBC is the worst in term of waiving banking fee and the credit card isn't good.
NBC and Desjardins win in term of $0 commission fee broker and their credit cards offer better extended warranty and travel medical insurance.
I feel it is pointless to compare and we will have to compromize in Canada. So something like:

1. Any chequing account in US that can pay amex us cards (I will however look into Chase sapphire offering next time I am in US)
2. Any chequing account in Canada Face With Tears Of Joy (they're all bad - I don't even mind tangerine etc)
3. IBKR for brokerage + bulk savings

Looking at banks around here I realize how good it was with HSBC all these years. Even my mortgage was entirely too easy with just an email to RM and him taking care of all paperwork for me.
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brunes wrote: HSBC still seems to be rolling out stuff... mobile trading just rolled out for iOS.
NBC provides the trading platform for HSBC InvestDirect.
NBC just provides mobile trading for iOS ==> HSBC get it.
NBC will probably provide mobile trading for android in summer 2023 ==> HSBC will get it.

Basically, HSBC does nothing for trading platform except charges us $6.88 commission fee while we could get $0 commission fee at NBC using the trading platform.
https://forums.redflagdeals.com/nationa ... #p37163131
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X360 wrote: NBC provides the trading platform for HSBC InvestDirect.
NBC just provides mobile trading for iOS ==> HSBC get it.
NBC will probably provide mobile trading for android in summer 2023 ==> HSBC will get it.

Basically, HSBC does nothing for trading platform except charges us $6.88 commission fee while we could get $0 commission fee at NBC using the trading platform.
https://forums.redflagdeals.com/nationa ... #p37163131
Interesting... I never realized NBC was providing the trading platform.

Still, thats not the only example. The changes to Jade is another.
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brunes wrote: Interesting... I never realized NBC was providing the trading platform.

Still, thats not the only example. The changes to Jade is another.
I didn't know until dmehus mentioned it last month and I see the two brokers offer the mobile trading for iOS around the same time.
https://forums.redflagdeals.com/high-in ... #p36994670
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bend3r wrote: I feel it is pointless to compare and we will have to compromize in Canada. So something like:

1. Any chequing account in US that can pay amex us cards (I will however look into Chase sapphire offering next time I am in US)
2. Any chequing account in Canada Face With Tears Of Joy (they're all bad - I don't even mind tangerine etc)
3. IBKR for brokerage + bulk savings

Looking at banks around here I realize how good it was with HSBC all these years. Even my mortgage was entirely too easy with just an email to RM and him taking care of all paperwork for me.
IBKR for savings? You mean like buying High Savings ETF?

I got TD Bank US to pay Amex bill.

Never really understood the hype behind Chase Sapphire Reserve, even before changes.

Capital One X venture looks way more impressive.
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EDL67134234 wrote: IBKR for savings? You mean like buying High Savings ETF?

I got TD Bank US to pay Amex bill.

Never really understood the hype behind Chase Sapphire Reserve, even before changes.

Capital One X venture looks way more impressive.
Since my savings are in USD I buy US bills and notes. IBKR is perfect place for it. Also my tfsa is there in addition to normal trading accounts.

TD US charges for incoming wire transfers. So thinking of BMO Harris there.

Chase sapphire and MS cash plus are roughly similar IMO unless I missed some detail. I did speak with MS about opening account and they refused saying they will have some offering in Canada soon. It’d have been easier with them since I already have StockPlan with them.

Will see about other US cards later. Amex just seems easier to me (feels very similar to hsbc with their global transfer etc).
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bend3r wrote: Since my savings are in USD I buy US bills and notes. IBKR is perfect place for it. Also my tfsa is there in addition to normal trading accounts.

TD US charges for incoming wire transfers. So thinking of BMO Harris there.

Chase sapphire and MS cash plus are roughly similar IMO unless I missed some detail. I did speak with MS about opening account and they refused saying they will have some offering in Canada soon. It’d have been easier with them since I already have StockPlan with them.

Will see about other US cards later. Amex just seems easier to me (feels very similar to hsbc with their global transfer etc).
If you already have IKBR then you could open US Alliant Credit Union (free incoming wire) and you could transfer USD money between IKBR and ACU.

https://forums.redflagdeals.com/u-s-bas ... #p37059850
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I do think that at minimum RBC will grandfather the existing products and services for a long time... they didn't buy HSBC Canada to lose all the customers on Day 1.

I think there is actually a strong argument to qualify for HSBC Jade and get the Mastercard in case someone could be grandfathered.
Last edited by SoroSuub1 on Jan 24th, 2023 3:58 pm, edited 1 time in total.
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SoroSuub1 wrote: I do think that at minimum RBC will grandfather the existing products and services for a long time... they didn't buy HSBC Canada to lose all the customers on Day 1.

I think there is actually a strong argument to qualify for HSBC Jade and get the Mastercard in case someone could be granfathered.
We can only hope it is the case.
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SoroSuub1 wrote: I do think that at minimum RBC will grandfather the existing products and services for a long time... they didn't buy HSBC Canada to lose all the customers on Day 1.

I think there is actually a strong argument to qualify for HSBC Jade and get the Mastercard in case someone could be grandfathered.
cheapshopper wrote: We can only hope it is the case.
I do hope that is the case too. But I'm not sure how they will be able to maintain the international transfer capabilities for the HSBC accounts in other countries. Will be interesting to see how they attempt to deal with that, as there are a really large percentage of HSBC customers I'm betting that rely on that as part of their overall financial management of a global lifestyle. Hopefully they'll be an offer of Global Private Banking like in the States when they pulled out there. But I'm kinda doubtful RBC will agree to it.
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I was researching royal bank's private banking eligibility last week. And I found it is very much in line with HSBC's requirements barring the fees and CC rebate amount. They also use TEN life for concierge service. If they can grandfather for a while, it also gives people to increase investable assets to another level so that you can negotiate with them. If it doesn't happen this way, CIBC will be a good candidate to move to.

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