HSBC Online Savings Account
 

Hi,

I was hoping that someone who'd already opened an Online Savings Account with HSBC Australia could answer a few questions for me :

1) Will they open the account without an opening deposit cheque ? I want to get the account details setup so that I can transfer the money electronically and not by cheque ?

2) Where did you send your application to ? It says on the instructions to send it to Sydney but some have said to send it to London ? Also, if it's Sydney, is it free postage as claimed in the instructions or is that just within Australia ?

3) Who did you use for a referee ? We've asked our local Alliance & Leicester branch manager, is that OK ?

Thanks for any help given.

Re: HSBC Online Savings Account
 

In iancurtis wrote:
    > Hi,
    > I was hoping that someone who'd already opened an Online Savings
    > Account with HSBC Australia could answer a few questions for me :
    > 1) Will they open the account without an opening deposit cheque ?

yes.

    > I want to get the account details setup so that I can transfer the
    > money electronically and not by cheque ?

not a problem. I did that. Most (all?) banks work this way.

    > 2) Where did you send your application to ? It says on the
    > instructions to send it to Sydney but some have said to send it to
    > London ?

Send it to Sydney.

    > Also, if it's Sydney, is it free postage as claimed in the
    > instructions or is that just within Australia ?

Within Australia. I think it'd have to be explicit about
being free internationally. I've seen a few free international
envelopes/addresses, and that isn't one of them.

    > 3) Who did you use for a referee ? We've asked our local Alliance &
    > Leicester branch manager, is that OK ?

that's your ONLY option if you are outside Australia. It has to be
a bank representitive, and one that has known you (not personally)
for 1 year. All the other referee professions are for Aus
professionals only.

Re: HSBC Online Savings Account
 

Excellent, cheers.

Re: HSBC Online Savings Account
 

Hi,

I am in the process of going through this application at the moment.

I have banked with HSBC in the uk for about 16yrs now. TAKE NOTE you need someone at the bank to be your referee. Magistrates, doctors or police will not be acceptable IF THEY LIVE IN THE UK.
I have to send all the copies of passports/visa's out again for verification.

It's not to much of a hassle, but I thought I would share it as will save you a bit of time and stampage!!

bottom line is...

Get your account manager at HSBC to write you reference. Get them to sign and date the copies of your visa/passport (id 1) and your driving licence (id 2)
Then all should (?) be ok!!

Cheers

Sy.

Re: HSBC Online Savings Account
 

In syropes wrote:

    > bottom line is...
    > Get your account manager at HSBC to write you reference. Get them to
    > sign and date the copies of your visa/passport (id 1) and your driving
    > licence (id 2)

The way I read it, the secondary ID is "second choice", for
people who don't posses a passport or document of equal
legal quality. So if you send a copy of the passport, there's
no need for a secondary document.

There's a section on the form to explain why you are
sending a secondary document instead of a primary one.

Re: HSBC Online Savings Account
 

Hi, see comments below:

"iancurtis" wrote in message
news:422086.1032702662@britishexpats-
.com...
    > Hi,
    > I was hoping that someone who'd already opened an Online Savings Account
    > with HSBC Australia could answer a few questions for me :
    > 1) Will they open the account without an opening deposit cheque ? I want
    > to get the account details setup so that I can transfer the money
    > electronically and not by cheque ?

yes, you can open with credit transfer, but you won't get any chequebooks
etc until you have made the transfer.


    > 2) Where did you send your application to ? It says on the instructions
    > to send it to Sydney but some have said to send it to London ? Also,
    > if it's Sydney, is it free postage as claimed in the instructions or
    > is that just within Australia ?

Send it to the International Banking department of HSBC in London. Very
quick and painless.

    > 3) Who did you use for a referee ? We've asked our local Alliance &
    > Leicester branch manager, is that OK ?

I think you have to use your HSBC bank manager in this country as referee.
Don't know if it's possible to open one if you haven't banked with HSBC for
a long time here in the UK. I may be wrong though. When they send the
application pack, they have a leaflet about what references they need. It's
pretty specific.

Benjamin.

    > Thanks for any help given.
    > --
    > Posted via http://britishexpats.com

Re: HSBC Online Savings Account
 

I was under the impression that it didn't have to be an HSBC bank manager. Am I wrong ? The actual phrase from the requirements is :

'International bank employees authorised by their institution to open accounts, where the international bank engages in a transaction with a cash dealer'

Any thoughts ?

Re: HSBC Online Savings Account
 

Ian,

Just walk into the largest UK branch of HSBC you can find. Take in all the forms off the web and any id that is required. HSBC will do the rest.

I've banked with HSBC for 20 years but they didn't even check that - seems it doesn't matter.

The reason you need to go into a large branch is that a small branch won't have a f***ing clue what you are talking about.

You don't have to deposit any money to start with, you will still get a letter informing you of your newly opened account and its account number etc. However, until you stick > AUD2000 in there you won't get sent a cheque book and card.

Be aware that the whole process is very slow. Each step takes > 1 month.

Still, it's still better than going to the traditional Aussie banks who charge you the earth.

I think HSBC and the like will really send a wake up call to the Aussie banking system. It's about time some of those dinosaurs started living in the 21st century.

Re: HSBC Online Savings Account
 

In iancurtis wrote:
    > I was under the impression that it didn't have to be an HSBC bank
    > manager. Am I wrong ? The actual phrase from the requirements is :
    > 'International bank employees authorised by their institution to open
    > accounts, where the international bank engages in a transaction with a
    > cash dealer'
    > Any thoughts ?

Use your own bank.

HSBC.au will reject (as they did to mine) a form completed
by a HSBC bank rep who hasn't known you (as a customer)
for 12+ months.

Re: HSBC Online Savings Account
 

In etlniwd wrote:
    > Ian,
    > Just walk into the largest UK branch of HSBC you can find. Take in
    > all the forms off the web and any id that is required. HSBC will
    > do the rest.

Well they didn't for me. The local branch was clueless
about opening foreign accounts.

    > I've banked with HSBC for 20 years but they didn't even check that -
    > seems it doesn't matter.

I did to me. I wasted about 3 weeks (when I was in a rush to open
the account) by using HSBC (as a HSBC.au rep suggested) instead of
using my own bank as the referee.

    > The reason you need to go into a large branch is that a small branch
    > won't have a f***ing clue what you are talking about.

that's true, but then, HSBC.au didn't care what size branch I used,
the HSBC referee didn't know me so my original application was
rejected.

    > Be aware that the whole process is very slow. Each step takes > 1
    > month.

Took me about 1 week to go from a valid application form to
having the account details emailed to me. This happened in the
last month.

--
http://www.imdb.demon.co.uk/Aus/li-
nks.html

Re: HSBC Online Savings Account
 

that's true, but then, HSBC.au didn't care what size branch I used,
the HSBC referee didn't know me so my original application was
rejected.

If thats the case, how did you find a correct referee??
I am in the same dilemma! I was about to nip into the small local branch to get this sorted. I was advised by my OWN bank to do this! What a pain.. So from what has been said so far, the best thing I can do is go BACK to my OWN branch and get them to sort it out. Thing is my account manager has left. bit of a problem that!! any suggestions!?!

cheers

SY

Re: HSBC Online Savings Account
 

Hi again,

Just spoken to HSBC here in the UK. Apparently according to them, armed with our I.D.'s we can go into any HSBC branch and get a HSBC staff member to verify we are who we say we are. This should be enough to fill in the S21 form and sign copies of the ID.
From what has been said before on this thread it isn't enough.

I explained the situation of HSBC staff's reference being rejected because they do not the applicant for more than 12 months.

This seemed to stump HSBC at this end!!

They are checking into it and will get back to me.

As soon as I find out what the deal is I will add it to this thread..

talk about burning blinkin hoops!!!


cheers

SY. :confused:

Re: HSBC Online Savings Account
 

    > I was under the impression that it didn't have to be an HSBC bank
    > manager. Am I wrong ? The actual phrase from the requirements is :
You are correct, it does not have to be an HSBC bank manager. Mine was
completed by the manager at my branch of Royal Bank of Scotland. I
sent the completed forms to Sydney and received notifcation via email
of the account number just over week later.

Re: HSBC Online Savings Account
 

In syropes wrote:
    > that's true, but then, HSBC.au didn't care what size branch I used,
    > the HSBC referee didn't know me so my original application was
    > rejected.
    > If thats the case, how did you find a correct referee??

I used my bank (Abbey National). Been with them for 20+ years.

    > I am in the same dilemma! I was about to nip into the small local
    > branch to get this sorted. I was advised by my OWN bank to do this!
    > What a pain.. So from what has been said so far, the best thing I can
    > do is go BACK to my OWN branch and get them to sort it out. Thing is
    > my account manager has left. bit of a problem that!! any suggestions!?!

They don't need to know you personally, or be able to reckognise you.
They just need to have you as a customer for 1+ years.

Take along your passport, and also any other ID you might have
handy - an old bank statement might be useful. I was asked to
show a credit card as extra proof of ID.
They can then certify your passport copy and complete the form.

Don't leave the bank until they've completed the form. The rep
at my bank said "we don't usually help with these requests", so I
just asked to speak to the manager. No point arguing with a sales
droid, go straight to the top and tell him/her that he/she is the
only person in the UK who can complete the form for you.

Re: HSBC Online Savings Account
 

In syropes wrote:
    > Hi again,
    > Just spoken to HSBC here in the UK. Apparently according to them,
    > armed with our I.D.'s we can go into any HSBC branch and get a HSBC
    > staff member to verify we are who we say we are. This should be enough
    > to fill in the S21 form and sign copies of the ID. From what has been
    > said before on this thread it isn't enough.
    > I explained the situation of HSBC staff's reference being rejected
    > because they do not the applicant for more than 12 months.
    > This seemed to stump HSBC at this end!!


Here's the email I had from HSBC..

"We received your ID forms, but they were incomplete.
Your suitable referee must know you for more than 12 months.
This was not indicated on your application (S21 form). Your
forms were sent back to the address indicated on your application
for you and your referee to correct. You should receive
them shortly."

I asked them to check because they were the ones who advised me to
use HSBC.uk. They came back with..

"We are sorry for the misleading information we gave you.

When an overseas HSBC Branch staff member verifies your ID
through this S21 form, the referee must state that they know
you for more than 12 months, in the Step 4, Q8 part."


    > They are checking into it and will get back to me.

Whatever they say, get the form signed by your own bank. You'll
be mightly pissed off if the forms come back rejected as they
did for me.

Re: HSBC Online Savings Account
 

'I sent the completed forms to Sydney and received notifcation via email
of the account number just over week later.'

Mark, did you send it 'freepost' or did you put stamps on it when you sent it to Sydney ?

Re: HSBC Online Savings Account
 

    > Mark, did you send it 'freepost' or did you put stamps on it when you
    > sent it to Sydney ?
UK stamps.

Like I said, it was not much over a week from posting the forms to
getting an email with an account number.

I've not yet paid any money in to it, so I can't comment on how long
it takes them to send a cash card out, assuming they don't send one
until money has been paid in.

The email said I have 6 months to pay in otherwise they'll deactivate
the account.

Re: HSBC Online Savings Account
 

In Mark wrote:
    >> Mark, did you send it 'freepost' or did you put stamps on it when you
    >> sent it to Sydney ?
    > UK stamps.
    > Like I said, it was not much over a week from posting the forms to
    > getting an email with an account number.
    > I've not yet paid any money in to it, so I can't comment on how long
    > it takes them to send a cash card out, assuming they don't send one
    > until money has been paid in.

I just picked up my ATM card at the local HSBC branch. It's been sitting
there since Sept 2nd, which by my calculations means it was sent before
money reached the account. Nobody told me the card was at the local
branch, the assistant just happened to reckognise my name when I asked
to transfer some money.

For the record they gave me $2.833/£ at 11:05 this morning, which works
out at about $0.03/£ in commission/handling fee. Currency traders can
reduce this to 1.5-2c from my experience. I did the HSBC transfer this
morning to test how smooth things work.

If you have a lot of money to transfer and feel OK with the risk of
using a currency trader, or need to buy on a forward contract then
you do get a better deal than using the bank.. you can save ~£300-£500 per
£100,000 exchanged.

Personally I find the currency trader route less hassle (once you have
an account), becuase it means I choose when to buy the $s based on
monitoring the realtime prices, rather than taking a gamble that the
rate will be ok when I finally sit down with a bank rep.

Re: HSBC Online Savings Account
 

Hi,

Just got off the phone with HSBC's UK international Business Centre.
This is the deal with the OZ HSBC online account.
The easiest way to do this is as follows.

1) Goto your local HSBC and request the forms to set up the account.
2) when they arrive with you, arrange a meeting with your account manager or someone at the bank.
3) they will then fill out the forms with you, with the help of the international Business Centre.

At present the S21 form (previously used for referee's) is now defunct (has been for about a week and a half ago) the whole process should take about 4 weeks.

Any doubts about any of this ring HSBC for the international business centre's number. they are really helpful.
If HSBC won't give you the number (no reason why the shouldn't) send me a mail and I will post it on.

Hopefully this will put this one to bed!!!!

Cheers


SY

Re: HSBC Online Savings Account
 

In syropes wrote:
    > Hi,
    > Just got off the phone with HSBC's UK international Business Centre.
    > This is the deal with the OZ HSBC online account.
    > The easiest way to do this is as follows.



let us know how you get on because there's been a difference
in the past between what sales/help say is policy and what
rules the application processing departments enforce.

Re: HSBC Online Savings Account
 

Hi,

Update on what has happened so far.

Firstly, the s21 form that was needed to be filled out by a referee. Forget that, it's now defunct!! has been for about a month!
You need the new 100 points form. You can get this from the HSBC in OZ or the UK. But be warned as nobody at the high street branches in the UK has heard of it (don't know about OZ) you will have a job getting it.
I have an electronic copy, so if any body wants it, let me know and I will send it to them in an e-mail (unless this somewhere I can FTP it or something!)

So the bottom line is a) Do the online app on www.hsbc.com.au.
b) contact the HSBC international centre in the UK (your local branch should have the number) and get one of the 100 points forms.
c) Walk into any highstreet branch armed with passport, driving licence and credit card (or other pice of ID eg utility bill)
d) explain what you want to do, and tell the bank clerk to ring the international business dept. They should then direct the clerk through the form.

IT took me about 15-20mins from stepping into the bank! so it's not too bad!

Now I have been a customer of HSBC for about 12 years I don't know what the deal is if you are not. (sorry!)

If anybody wants the international business centre number, let me know.
I would put it up here but I don't know if would be a good thing to do or not.

Hopefully this should get things sorted!

Hope this helps, been a few burning hoops but I think I got there!

Cheers

Sy.

Re: HSBC Online Savings Account
 

Thank you. Helpful advice.
I've been thinking about setting one up in preparation, and I'm not an existing customer but I shall do it anyway, just in case.

Can you email me the form. Cheers
[email protected]

Mash...

Re: HSBC Online Savings Account
 

In syropes wrote:
    > Hi,
    > Update on what has happened so far.
    > Firstly, the s21 form that was needed to be filled out by a referee.
    > Forget that, it's now defunct!! has been for about a month!
    > You need the new 100 points form.

Just out of curiosity, can you please explain the 100 points form
for us.

BTW, if you open an Oz HSBC account and won't be in Oz for a
month or more, I highly recommend you open a "Term Deposit"
account (the money can't be withdrawn for a set number of months 1-12).
Get a term deposit account after opening the savings account. You
can setup a term deposit account online if the amount is
under AUD50k, or via fax/snail-mail for sums over 50k.
You get better rates on term deposits than from the instant access
savings account.

If you have over AUD250k that you want to put into term deposit,
give HSBC.au a phone call and they'll offer a better rate.
There isn't much of a difference between the rates for 1,2 or 3
months, so I'd opt for 1 month at a time because interest rates
are expected to rise 0.25% sometime in the next few months.

rob
--
http://www.imdb.demon.co.uk/Aus/li-
nks.html

Re: HSBC Online Savings Account
 

I have also opened an online HSBC account and I did it the easy way.

Ring HSBC International Buisness centre at Canary Wharf on
0207 9917278 and tell them you want a HSBC account in OZ.

They will then send you a full application pack containing all forms and information.

They also include a letter telling you how to fill the forms in and which ones to complete. This letter also includes a phone number for a staff member of your local branch to phone if they have any enquiry re the forms.

Once it all done (took me about 30mins at the local HSBC) send all documents and a bankers draft for A$2000 back to HSBC at Caanary Wharf and they post it to OZ for you.

About a week later I got a phone call from HSBC at Canary Wharf telling me that my OZ account was now up and running and the next day aletter arrived giving my account details.
As a previous poster said they were extremely helpful. Hope this helps.
Pat

I am not an existing HSBC customer and I tried calling the Canary Wharf office to request the forms for an Online Savings Account.

They told me that they could not send out forms to someone who wasn't an existing customer with HSBC and that I should apply online instead.

So not much help there!! Has anybody else had this experience?

Re: HSBC Online Savings Account
 

Just another point.
I am sending some dosh via HIFX who said they do not make a charge for this, but they said ask your receiving bank as they may. Do you know if HSBC charge you for this ?
Andrew

So I have just looked at the HSBC website at the accounts.

Can anyone explain which account I need to be able to do the everyday banking that most individuals do.

Cheque book, cash card etc etc. Something like my Barclays account that I have here.

There's a couple I have looked at but not sure which is the best option. Any ideas????

We had stuff returned using the postal route and loads of other hassles trying to do it at our local branch..
Once here we walked into the branch with passports, opened the account over the counter and it was that simple. We just needed 2 grand.
Just make sure that you do it within 3 months of arriving in the country, otherwise you need loads more ID.

We went for the on line savings account 4.5% interest. You get an eftpos card and free cash withdrawrals and use of eftpos.

Don't get a cheque book because you are charged a percentage everytime you use your account if you have this facility.

If possible open your HSBC account on a validation trip.
Its a lot less hassle as you only need your passport and A$2000.

I opened mine in January in the Perth Branch.
Its at St Georges Terrace.
The Cloisters stop on the Blue CAT bus line.

The girl who opened my account advised against getting a cheque book as I would be charged debits tax on every transaction, even if that transaction was not by cheque.
You can get one later if you need one anyway.

HSBC Australia also send you statements to the UK. I received one yesterday.

Hope this helps.

Just got off the phone to HSBC Int Banking Centre in London. I phoned them to get some help with some forms for opening an AUS account that were sent to me late last year.

Apparently all the application procedure has changed and the forms I were sent are now no use. Iif you are like me and NOTt a current HSBC customer you now have to open an account here in the UK first. The guy told me to open an account here then in about a month go to my branch and request an Oz account. My branch will them be able to refer me and complete the necessary paperwork.

Hope this helps.

TOB

You can open a online current Australian account with HSBC from any country in the world, I would not bother with HSBC in UK. they are not connected in any special way.
Try www.hsbc.com.au

Andrew

I have been HSBC customer for years and am in the process of setting up an account in Oz for the last month. My local branch manager had never seen a 100 point form in his life and didn't know what to do with it. I had to supply him with the HSBC fax no in Sydney. He kept the verified ID as instructed on the form and I sent off the application form. Reply was that I should send verified ID. When done HSBC Oz came back to say the copy of my wife's driving licence was no good as it did not have her name on it (which of course it did). So back to HSBC branch to get another verified copy which I sent off yesterday.

I expect the A$ to be 2 to the GBP by the time this is set up.

Just got off the phone to HSBC London International Banking and the girl said I would be better waiting until I get there and walking into a branch with my passport and open one there.

Could do it from the UK (I am an HSBC customer) but would take approx 5 weeks.