Personal Finance

HSBC Premier+Jade Thread

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Sr. Member
Sep 22, 2005
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BC
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.
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?
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Jan 31, 2007
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Richmond Hill
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.
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.
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Member
Dec 27, 2017
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Ontario
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?
I fear you are right they will force people to use their platform. They may even not cooperate with global HSBC at all so that it will just be like dealing with an external bank account in another country instead of seamless.
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.
Agreed! I really do hope they do something like this though: https://www.privatebanking.hsbc.com/jade-us/

But I'm not too hopeful they will.
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May 7, 2017
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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.
Can waive wire transfer incoming and outgoing fees to counter it to an extent.
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Dec 27, 2017
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Ontario
bend3r wrote: Can waive wire transfer incoming and outgoing fees to counter it to an extent.
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. :rolleyes:
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Oct 27, 2012
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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. :rolleyes:
They probably will just say you can use their existing International Money Transfers: https://www.rbcroyalbank.com/banking-se ... nsfer.html and pay their horrible FX rates.
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May 7, 2017
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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?
I don't think it's possible. HSBC and Citigold both operate within their own bounds. It's easy to have compliance work when you say we are same entity. It's not easy and for example HSBC might question RBC's incoming transfers or otherwise citing KYC regulations.
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May 7, 2017
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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. :rolleyes:
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.
Sr. Member
Sep 22, 2005
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BC
For me, I have no need for overseas transfers. I am worried that RBC will gut no FX Credit cards and TEC.
Newbie
May 31, 2018
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Calgary
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.
Sr. Member
Sep 22, 2005
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BC
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.
it already says HSBC metal world elite Mastercard on Hsbc app.
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Dec 11, 2005
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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.
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?
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Member
Dec 27, 2017
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Ontario
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?
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.
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May 7, 2017
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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.
100%. Hopefully the RBC US offering waving fees and helps with cross country mortgages.
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Jun 3, 2008
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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.
Hopefully it's just a card design change, not a number change, have a friend travelling during that timeframe with one of my supplementary cards...
Deal Fanatic
Jan 31, 2007
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Richmond Hill
would be cool if the new design follow US one and match our client card

Image
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Newbie
Sep 29, 2009
44 posts
39 upvotes
HSBC can't quit USA completely. It still need its account with the Fed.
Newbie
Sep 29, 2009
44 posts
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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?
Sr. Member
Aug 27, 2013
673 posts
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cloud
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?
The beauty of HSBC Premier/Jade is that you can qualify with self-directed investment assets, and not purchase any HSBC investment products. Many of us love their credit cards in particular for to the annual free money via TEC (Travel Enhancement Credit) rebate.
Sr. Member
Sep 22, 2005
826 posts
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BC
cheapshopper wrote: would be cool if the new design follow US one and match our client card

Image
It's vertical though in Canada. Seems it's still not open to public. Maybe HSBC thinks the offer is still quite good?

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