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HSBC expat banking

HSBC expat banking

Old May 17th 2022, 1:06 pm
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Default HSBC expat banking

Me again!
I am still on my quest to find banks that will allow me to keep my Sterling in a decent fixed savings account. While HSBC doesn’t offer as much as if I’d get from banks in UK as a resident it appears to be better than the other “expat” banks.
They do however have a terrible reputation (as seen on some review sites)
I wonder if anyone has any experience of using them.
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Old May 17th 2022, 5:11 pm
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Default Re: HSBC expat banking

Originally Posted by bazzer70 View Post
Me again!
I am still on my quest to find banks that will allow me to keep my Sterling in a decent fixed savings account. While HSBC doesn’t offer as much as if I’d get from banks in UK as a resident it appears to be better than the other “expat” banks.
They do however have a terrible reputation (as seen on some review sites)
I wonder if anyone has any experience of using them.

We used hsbc and they did what they said on the tin, we don’t bank with them anymore and brexit has occurred since then so your mileage may vary.
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Old May 17th 2022, 6:46 pm
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Default Re: HSBC expat banking

Don't forget that HSBC has sold its French retail bank ( for 1 euro ) so it will not be part of HSBC group anymore in 2023.



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Old May 18th 2022, 4:46 am
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Default Re: HSBC expat banking

Bazzer
I can't remember - are you still officially resident in the UK? If so, I would leave my sterling there. Indeed I would even open a few more UK bank accounts while I still had the chance. Spread the money around.
There are quite a few banks/building societies that will let you keep your account after you move to France. Nationwide let me keep mine for example.

Opening an offshore account such as HSBC International is something I would only do as a last resort, ie if Nationwide suddenly announced they were closing non-residents' accounts.
I have many British colleagues here in Strasbourg and we're all in the same boat.
One guy panicked a couple of years ago when there were rumours about UK banks closing non-residents' accounts - he opened an HSBC International account. I asked him about it yesterday but he said he couldn't really comment on the bank's performance because he hadn't done any transactions since dumping a load of cash in it. He wasn't even sure whether he's paying a monthly fee or whether the account was free as long as the balance remained above a certain level. He has a lot on his plate at the minute so I didn't press him.

If you're looking for risk-free euro savings accounts in France, you won't find anything that offers a decent return. But you've probably worked that out for yourself by now.

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Old May 18th 2022, 7:25 am
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Default Re: HSBC expat banking

Thanks Helen - so far all the challenger banks (Atom, Shawbrook, Al Rayan, etc ) where I currently spread my funds have told me I will have to close any accounts should I no longer be a UK resident. It is these banks that give better interest rates. The larger banks like Halifax have said I can keep my current account - I didn’t even ask them about savings accounts because like all of the major banks they pay pitiful rates. I will look at Nationwide but I am guessing they likely give poor savings rates too. So I had thought of opening accounts before leaving but so far this has not been a likely route.
If anyone knows definitively of any of the challenger banks that would allow me to keep accounts after becoming non-resident then please tell.
you are right about France - not possible to invest without getting terrible rates. My pension/s are paid in Sterling and I will continue this way, into a current account, and transfer as and when using Smart currency, who I’ve found to be excellent. So - I’d like to keep my larger sums in UK for now.
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Old May 25th 2022, 12:49 pm
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Default Re: HSBC expat banking

Hi Helen - I sent you a message a few days ago but maybe you’ve not seen it? Apologies if you have and have decided to ignore it.
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Old May 26th 2022, 7:47 pm
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Default Re: HSBC expat banking

Originally Posted by bazzer70 View Post
Hi Helen - I sent you a message a few days ago but maybe you’ve not seen it? Apologies if you have and have decided to ignore it.
Abject apologies - am on holiday in Antibes and just replied to your message.
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Old May 27th 2022, 6:51 am
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Default Re: HSBC expat banking

Have things changed in recent times? Before I left the UK I opened more bank accounts knowing I wouldn't be able to afterwards, and provided them with my French address promptly afterwards. As long as the accounts are opened before you officially leave the country for residency elsewhere, there shouldn't be a problem.
With that said, after several years of living in France, I moved address within France, and had Santander on my back insisting I couldn't have a bank account in the UK while living in France. After much anguish, phone calls (one chap tried to tell me he'd never heard of anyone living in France with a UK bank account!) and finally a strongly worded letter, the manager got reprimanded and I received financial compensation, and kept the account of course.

I have an HSBC account in the UK and France... I haven't had a good experience with HSBC France, although I suspect in part its down to the staff at my particular branch. I also have a sterling account with HSBC France, but it doesn't pay any interest and I haven't actually used it for 10 years+.
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Old May 27th 2022, 7:15 am
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Default Re: HSBC expat banking

I have contacted the various banks that I currently have fixed term deposits and I asked them if I could keep accounts open with them should I move to France and EVERY single bank has told me they would terminate the account once I became non UK resident. This would incur penalties. Hence I have been exploring HSBC who pay the best rates for an international account but still nowhere near as high as the UK mainland based banks. I am hoping that if I do open accounts BEFORE I leave then I am not actually doing anything illegal if I don’t actually tell the banks that I have moved to France.
Halifax have said I can keep my current account.
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Old May 27th 2022, 9:50 am
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Default Re: HSBC expat banking

Hallelujah!
At last somebody in banking business has given me a definite answer. Hargreaves Lansdown have said that any accounts I open through them (active savings) can legitimately be kept open until maturity so long as these accounts were opened BEFORE I became non resident. They say After I am no longer resident I cannot open new accounts. I understand now - just thought I’d pass on this info.
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Old May 27th 2022, 11:51 am
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Default Re: HSBC expat banking

Bazzer70, that's always been the case. Just open them now, and you can keep them, with very few exceptions. If you go to the HSBC UK FAQ page for example, it currently states:

I'm a UK citizen living in the EU; will I still be able to keep my HSBC UK Bank Account after Brexit?

Yes, your HSBC UK Bank Account will remain open providing that it is used at least once every 12 months. If there’s no activity, the account will go dormant.
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Old May 27th 2022, 2:41 pm
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Default Re: HSBC expat banking

I have an HSBC account in the UK (from when I was resident there), and recently opened an HSBC online account in France. Neither seems to be the slightest concerned that I live in Brazil. I suspect if you have US citizenship or a green card, things would be very different. I also have an offshore account with a private bank. They don't offer interest bearing accounts...I suspect there is little benefit of banking offshore if you are UK or EU resident.
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Old May 27th 2022, 3:02 pm
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Default Re: HSBC expat banking

Thanks for recent input
As I’ve said before, the challenger banks that offer decent interest have all told me that they will or could potentially close any fixed deposit accounts (even if opened prior to leaving) if I was to change my residential status. Bigger banks like HSBC Uk offer pitiful interest rates (their expat rates are better but still not as high as the onshore challenger banks). It is only Hargreaves that have actually said I can let any fixed deposit account mature via their platform without the threat of closure. Halifax current account has also said I could keep that account - but there’s no interest accruing there - so maybe that’s why. It’s very clear that once I am a French resident I cannot open new accounts on mainland UK. This is why I am wanting to get the money deposited on a higher rate onshore before leaving without the worry that the bank decides it has to be closed - therefore incurring penalties! It will at least give me possibly 2 years of decent interest while I then work out what I have to do beyond that time.
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Old May 27th 2022, 3:05 pm
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Default Re: HSBC expat banking

Perhaps it is to do with operating licenses - the big banks have these whereas the smaller challengers do not - but it’s the big banks that pay very poor savings rates
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Old May 27th 2022, 3:06 pm
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Default Re: HSBC expat banking

I’m in France next month and have a meeting scheduled with Blevin Franks - I’ll report back!
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