Personal Finance

HSBC Premier+Jade Thread

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Deal Fanatic
Jan 30, 2012
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multi city dweller
angel_wing0 wrote: US Premier account.
Any luck?

I was told that I need to have a passport that is valid for at least 6 months before they will start the application. :(
wow!
Deal Fanatic
Jan 30, 2012
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multi city dweller
angel_wing0 wrote: Canada or us passport? nothing yet. Going to talk to my rm again
Canada ... mine has 2 months left so the agent stop the application.
(Should have told me about that requirement before starting the application process ... ;) )
I think you need to contact the International Banking Center contact number: (toll free) 1888-280-4722.
RM may not have country specific details/requirement ...
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Mar 23, 2004
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Markham
ValueHunter999 wrote: Canada ... mine has 2 months left so the agent stop the application.
(Should have told me about that requirement before starting the application process ... ;) )
I think you need to contact the International Banking Center contact number: (toll free) 1888-280-4722.
RM may not have country specific details/requirement ...
will do, thanks for the hints.
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Dec 11, 2005
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Immortal wrote: I had a premier account for years and no longer have it as I don't think the benefits are worth it to me. I can get equal or close to the same level of benefits as a premier at the TD bank with just 5000 balance. I started with TD select and slowly but surely, I started transfer my money over slowly... now, I keep a minimum amount in my HSBC account just for old time sakes / international reasons.

I've gone to a separate queue, even a separate floor with coffee while I was traveling to other countries but I don't use it enough to make it worth while. Even a separate floor (premier type lounge) has a different queue within them. I took a number, grabbed a free coffee and waited. I was just there to do mundane stuff like take some cash out, update something or another. A guy comes in with about 100,000 in cash and of course he got to the counter first. I don't mind because I had time and was on vacation but come on, that's bound to piss some people off.

I've even had the relationship manager be so courteous as to stay after 5 pm for me to answer a few questions. Isn't that nice... guess what, I get that at TD bank standard as their opening hours are until 8pm on certain days or something. I tried opening an investment account with them too but for some reason, wasn't able to for months and I got tired, went to another HSBC I happened to drive by and said 'Hi, can I open an investment account with you?". I was a premier member then, the bank looked empty on a Saturday and they asked, "Do you have an appointment?"... I go, "No and this is not home branch and yes, I know I should talk to my relationship manager but I just want to open an investment account." They said I needed an appointment so I walked out a tad miffed. My GF wasn't happy with the level of service a 'premier' member got and she said I should try other banks..

I walked to TD bank next door and said, "I don't have an account with you but I'd like to open an investment account".. They took me right in and opened it for me right on the spot. Then I started slowly transferring money over and now I have a few accounts with them.

There are a few good tidbits about HSBC premier but the cons outweigh the pros. They did waive many fees and such which is nice but that's about it. It is the world's global bank but if you're mainly domestic in Canada, there are better choices in Canada. Even the global bank bit tagline is a bit off... I moved to England for a bit and wanted to open an HSBC account while I was there. I walked in with about 10,000 pounds in cashiers check from HSBC Canada. I figure it'll be an easy peasy opening as I have an existing account in multiple countries... I went up to the receptionist and said 'I'd like to open an account and deposit this cashier's check'. She goes, 'oh we don't do that here (or something like that), there's a computer there where you can fill out the form online, wait for the package to arrive in 2 weeks and then come back and we'll be able to open it for you... (it's more efficient!) or some such bull crap she said..."... efficient for who? Not me for sure!.... So on my way home, I passed by a Barclays and said I wanted to open an account, within a couple of hours, I got it all set up and ready... just have to wait a week for my debit / credit card to arrive...

Oh HSBC... I wanted to like you... I tried so many times... I still have multiple accounts with you because well, I've had it since I was a kid and it's just a hassle to cancel now...
Great post!
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
Deal Addict
Feb 25, 2007
1240 posts
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Ottawa
dmehus wrote: As a footnote, they're focusing more on "high net worth Premier" customers so we could see the qualifier for Premier upped to $250,000 (from $100,000) and a number of branch closures in Canada to focus on targeted markets (I estimate as many as 40-65 branches could close within 4 years or less). ;)
Well, I'm not sure how they make their money on their low-end premiers, so I would not be terribly surprised. We have $100k parked in the InvestDirect discount brokerage where we spend less than $20 in commissions buying ETFs per year. The margin on that must be puny, but in return they give us free bank accounts in 3 countries, free cheques, free global transfers, free bank drafts, no-free premium credit cards (including no forex spread on the US one). If there are many Premiers like us, it's wonder they can afford to serve us.

On the other hand, if they try to go up market to HNW, they will need to also provide true HNW service. InvestDirect is about 10 years out of date, and the branch service we get in Canada, with or without the relationship manager, is not really a premium experience....

If I were them, I would not increase the overall qualifier but exclude InvestDirect assets (and other low-margin - for them - assets). Basically their slightly more value-added, slightly more value-added service makes economic sense for them if it attracts people who give them $100k+ on which they can make a real management fee or commission, not if its sitting tight in ETFs.
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Jan 30, 2012
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houska wrote: Well, I'm not sure how they make their money on their low-end premiers, so I would not be terribly surprised. We have $100k parked in the InvestDirect discount brokerage where we spend less than $20 in commissions buying ETFs per year. The margin on that must be puny, but in return they give us free bank accounts in 3 countries, free cheques, free global transfers, free bank drafts, no-free premium credit cards (including no forex spread on the US one). If there are many Premiers like us, it's wonder they can afford to serve us.

On the other hand, if they try to go up market to HNW, they will need to also provide true HNW service. InvestDirect is about 10 years out of date, and the branch service we get in Canada, with or without the relationship manager, is not really a premium experience....

If I were them, I would not increase the overall qualifier but exclude InvestDirect assets (and other low-margin - for them - assets). Basically their slightly more value-added, slightly more value-added service makes economic sense for them if it attracts people who give them $100k+ on which they can make a real management fee or commission, not if its sitting tight in ETFs.
Premier clients also get preferential mortgage rates ... which seem much better than those offered by the big5.
Unfortunately, I no longer need a mortgage. Need to find a reason to get one ... :)

Also, don't forget the airport lounges free for premier clients ... .
Deal Fanatic
Jan 30, 2012
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angel_wing0 wrote: yeah, only brazil, turkey and mexico... :facepalm: I am sure there used to be one at HKG, dont know why they took it down...
Considering bank deposits in brasil offer +10% ... thinking of making a trip :D
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Feb 25, 2007
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Doug - you seem pretty knowledgeable about them from the inside. I'm curious -- who pays for the costs of servicing Premiers on their products in countries other than their own? So I'm Premier in Canada, fine. I now open accounts in the USA, Atlantis, and Timbuktu, sign up for credit cards etc (not capariciously, there is a reason for it, but still), maintaining pocket change there for when I travel. I pay no fees in any of the 3, and am served administratively very inefficiently (for instance one of the countries has now sent me the two-factor authentication dongle by overnight courier 5 times due to some administrative snafu, for instance). Who "pays" for those servicing costs? Canada (my Premier home) or USA/Atlantis/Timbuktu?

Don't get me wrong, I'm not complaining :) It just doesn't feel sustainable.
Deal Fanatic
Jan 30, 2012
7028 posts
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multi city dweller
angel_wing0 wrote: yeah, only brazil, turkey and mexico... :facepalm: I am sure there used to be one at HKG, dont know why they took it down...
I think it is still there.

I think you need to look at each country for the status of these lounges.

For example, here is the one for indonesia, which is sourced by prioritypass.
(you need to have the hsbc premier mastercard for this ... :cheesygri )
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Mar 23, 2004
40524 posts
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Markham
ValueHunter999 wrote: I think it is still there.

I think you need to look at each country for the status of these lounges.

For example, here is the one for indonesia, which is sourced by prioritypass.
(you need to have the hsbc premier mastercard for this ... :cheesygri )

hmm, HKG only have this for HSBC Premier, and it's not a lounge: http://www.hongkongairport.com/eng/shop ... /prem.html

and thanks dmehus for your pm.
Jr. Member
Jul 23, 2007
174 posts
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York
The airport location in HKG is mainly a bank but also a lounge.

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