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[HSBC] Switch to HSBC to get up to $1000 back

  • Last Updated:
  • Oct 26th, 2020 3:09 am
Member
May 16, 2017
332 posts
155 upvotes
i was gonna try this but seeing that they are only open mon to fri from 10am to 4 am made me go-forget it. That is horrible hours, why cant u just do the dam thing online, like they seriously cant verify u online these days? i swear canadian banks are such dinosaurs
Sr. Member
Nov 22, 2012
555 posts
529 upvotes
NS
anthonys92 wrote: Where did you see you have to keep the account open for a year?
See the clawback clause in the offer terms and conditions. You may need to keep the account open for 18 months. It can take up to 6 months to receive the welcome bonus and then the account must remain open for an additional 12 months.
Newbie
Jul 23, 2011
23 posts
41 upvotes
Calgary
jevonb wrote: See the clawback clause in the offer terms and conditions. You may need to keep the account open for 18 months. It can take up to 6 months to receive the welcome bonus and then the account must remain open for an additional 12 months.
Goto Page 6 in the document at https://www.hsbc.ca/content/dam/hsbc/ca ... fer-en.pdf and look at the Clawback cause on Page 6 like @jevonb mentioned.
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Newbie
Jul 12, 2020
11 posts
13 upvotes
As per my interaction with a banker while opening HSBC Advance account, as it's not been 5 years for me in Canada, I was told I can withdraw my funds of $5000 value and there would be no charge for not maintaining min balance. So, if someone has been in Canada for less than 5 years, they would be considered a newcomer and after getting cashback you can just leave it with $0 balance. You can chat or call their customer care to verify this.
Jr. Member
Apr 2, 2004
177 posts
72 upvotes
Burnaby
Brewmeanie wrote: HSBC in Canada is covered by CDIC so as long as your'e not dumping it into a mutual fund or investment account for stock or ETF, and it's not over $100k, you will get your money one way or another if they do fold

Despite some of the bad crap going on with them, under trained staff in branches (it's usually only 1 senior staff who knows everything while everybody else are headless chicken in each branch, some will make it up along the way n BS you, while the ones with more integrity will actually ask the senior staff), w/ the horrendeous website and mobile app, they're probably still the easiest to transfer money to Asia
vaporize wrote: given the situation they are in Hong Kong and association with China, I would not trust it's viability long term especially with the way US is going for the next few months.
If HSBC was to go down, I think the world would have a bigger problem on its hand.

It's the world's 6th largest bank after all, based on asset size.

The world's 100 largest banks, 2020
Jr. Member
Aug 1, 2010
103 posts
54 upvotes
Hsharpreet wrote: You were wrong, these terms and conditions were for Credit Card. I have confirmed with representative as well.
Thanks for clarifying
HSBC should make it more clear however
Newbie
Dec 7, 2008
66 posts
6 upvotes
Well, I made my account at the end of July, I just got my referral bonus last week. Haven't gotten any of the other bonuses yet though. For anyone else opening this, apparently you can open the account first and find an referral after, not sure if this is in their T&C but the banker who open the account for me offered me this.
Deal Addict
User avatar
Oct 23, 2006
4677 posts
1672 upvotes
Winnipeg
Regarding the other bonuses:

$50 when you set up 2 recurring pre-authorized monthlydebits within 3 months:

"The first payment of each PAD must be debited and must clear from your acct... within 3 months"


Looks like you have to keep 2 PAD's for at least 3 months to get the bonus...



does a PAYTM / Tangerine $1 PAD work for this?





.
Last edited by canuckcolehead on Sep 13th, 2020 12:59 pm, edited 3 times in total.
Deal Fanatic
User avatar
Apr 29, 2008
6890 posts
3152 upvotes
Montreal
lillik wrote: Well, I made my account at the end of July, I just got my referral bonus last week. Haven't gotten any of the other bonuses yet though. For anyone else opening this, apparently you can open the account first and find an referral after, not sure if this is in their T&C but the banker who open the account for me offered me this.
Good to know, thanks for sharing !

A lot of people on RFD are getting into the HSBC business these days.
Deal Addict
User avatar
Feb 7, 2003
1941 posts
198 upvotes
SammyDavis wrote: Not a great bank.
Free money is free money. Extra $100 for both parties if you submit in a referral form.
Sr. Member
Jul 1, 2006
635 posts
432 upvotes
nitro wrote: Free money is free money. Extra $100 for both parties if you submit in a referral form.
Should I expect to hear from HSBC after having someone refer me? If so, any idea how long that would typically take?
Referral was submitted mid-last week, and of course I haven't heard anything back from them yet.
Deal Addict
User avatar
Feb 7, 2003
1941 posts
198 upvotes
sckor wrote: Should I expect to hear from HSBC after having someone refer me? If so, any idea how long that would typically take?
Referral was submitted mid-last week, and of course I haven't heard anything back from them yet.
The $100 shows up automatically in both parties account within a month after the account is set up and the referral form processed from my experience. HSBC only reaches out if the form wasn't filled in properly.
Sr. Member
Jul 1, 2006
635 posts
432 upvotes
nitro wrote: The $100 shows up automatically in both parties account within a month after the account is set up and the referral form processed from my experience. HSBC only reaches out if the form wasn't filled in properly.
Thanks @nitro ! Great data point. Smiling Face With Open Mouth

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