HSBC Premier+Jade Thread

Optimizer88 wrote: ↑ 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.

Optimizer88 wrote: ↑ 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.

iceage wrote: ↑
I think RBC will force people to use its platform for money transfers to and from the states. For overseas transfers, it may work with HSBC and charge a fee?

cheapshopper wrote: ↑ Yes, it is a real problem for them. Most people choice HSBC not for their local retail banking, but their global reach.
If this capability is gone, many client will leave.

Optimizer88 wrote: ↑ 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.

bend3r wrote: ↑ Can waive wire transfer incoming and outgoing fees to counter it to an extent.

Optimizer88 wrote: ↑ That is a good point. But for those that used their HSBC Canada relationship to get the reciprocal accounts in other countries they'll have to meet requirements in other countries going forward for that to work, unless they negotiate some grandfathered deal to maintain the client base. It would actually be in both RBC and HSBC's interest to do so most likely. But that still doesn't mean they will.

iceage wrote: ↑ I think RBC will force people to use its platform for money transfers to and from the states. For overseas transfers, it may work with HSBC and charge a fee?

Optimizer88 wrote: ↑ That is a good point. But for those that used their HSBC Canada relationship to get the reciprocal accounts in other countries they'll have to meet requirements in other countries going forward for that to work, unless they negotiate some grandfathered deal to maintain the client base. It would actually be in both RBC and HSBC's interest to do so most likely. But that still doesn't mean they will.

gainsbarre wrote: ↑ I noticed a few days ago (around January 25?) that when I logged into my HSBC Canada accounts, the title for "HSBC Jade World Elite Mastercard" had switched to "HSBC Metal World Elite Mastercard." Has this happened to any other HSBC Jade credit card holders? Certainly lends credence to what I heard from my relationship manager that all HSBC Jade Mastercard holders will be receiving an HSBC Metal Mastercard in March, regardless of the expiry date on their Jade Mastercards.

bend3r wrote: ↑ Unless they leave Premier running in Canada like they did in US - I highly doubt it. I've seen when HSBC pulls out from countries, it's a proper shutdown of all relationships.

brunes wrote: ↑ What I am interested in is what happens to my HSBC USA Premier account when this happens. Will HSBC close it down? Will they down-grade it since I no longer have Premier in another country?

Has this ever happened before?

Optimizer88 wrote: ↑ My guess is that if you don't meet one of the HSBC USA qualifications for Premier, after some initial grace period during the transition:

- Balances of $75,000 in qualifying balances
- Monthly recurring direct deposits totaling at least $5,000 from a third party to an HSBC Premier checking account
- HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000

and are not an HSBC Private Bank customer or HSBC Premier in another country, then they will start charging a monthly fee of $50 USD to maintain HSBC USA Premier.

You are also likely to be offered a USA account with RBC.

gainsbarre wrote: ↑ I noticed a few days ago (around January 25?) that when I logged into my HSBC Canada accounts, the title for "HSBC Jade World Elite Mastercard" had switched to "HSBC Metal World Elite Mastercard." Has this happened to any other HSBC Jade credit card holders? Certainly lends credence to what I heard from my relationship manager that all HSBC Jade Mastercard holders will be receiving an HSBC Metal Mastercard in March, regardless of the expiry date on their Jade Mastercards.

hevangel wrote: ↑ Sorry that I didn't read the thread from the very beginning.

I just got the Jade status due to real estate sell from HK and moving the money back to Canada

I honestly don't understand what is the appeal of private banking. Can private banking return beats the good old S&P or NASDAQ index long term?

cheapshopper wrote: ↑ would be cool if the new design follow US one and match our client card