British Expats

British Expats (https://britishexpats.com/forum/)
-   USA (https://britishexpats.com/forum/usa-57/)
-   -   HSBC Premier changes (https://britishexpats.com/forum/usa-57/hsbc-premier-changes-924468/)

penguinsix Apr 26th 2019 4:54 pm

HSBC Premier changes
 
Hi

Not to be an advert, but the issue of banking between the US and UK comes up and I've often recommended HSBC's Premier service as a good way to link US and UK bank accounts and transfer funds between the two (instant and no fee). Unfortunately to get Premier status you needed to have $100k USD in your account balances with HSBC which put it out of reach of some people.

However, HSBC just sent me a note that they are changing the rules. Now you need only have $75,000 balance (or) having recurring monthly direct deposits of $5,000 each month (i.e. a payroll deposit) (or) a $500k mortgage with HSBC. These changes might put Premier status in reach of more people an option to help them with the UK-US banking needs (once you are considered Premier in one country, your other HSBC accounts are also considered 'Premier'). I was able to open a UK Premier account by having my US Premier account manager vouch for me with HSBC London, which was also a nice benefit.

Anyway, not trying to spam but thought this might be of interest.

newadventure Apr 26th 2019 5:02 pm

Re: HSBC Premier changes
 
Thanks for the update. I too am a Premier customer, but have always shied away from using their FX. Have you ever done a comparison the rates you receive at HSBC compared to Transferwise/online broker? (i appreciate that the latter comes with more risk than the money remaining in the same bank). For the record, i have found them to be no better or worse than other banks. The Premier credit card does come with some nice benefits though

penguinsix Apr 26th 2019 5:32 pm

Re: HSBC Premier changes
 

Originally Posted by newadventure (Post 12676110)
Thanks for the update. I too am a Premier customer, but have always shied away from using their FX. Have you ever done a comparison the rates you receive at HSBC compared to Transferwise/online broker? (i appreciate that the latter comes with more risk than the money remaining in the same bank). For the record, i have found them to be no better or worse than other banks. The Premier credit card does come with some nice benefits though

I generally feel the rates are better than those sites but I don’t do a regular check. Most of my fx is HKD->USD or HKD->GBP and for those pairs the rates from HSBC HK account are better, not to mention the convenience. Will check the USA one later and see.

TheKingOfHearts Apr 26th 2019 6:12 pm

Re: HSBC Premier changes
 
I'm actually interested in this so I contacted them to check, they confirmed the changes, but they don't go into affect until June 3rd.

penguinsix Apr 26th 2019 6:17 pm

Re: HSBC Premier changes
 

Originally Posted by TheKingOfHearts (Post 12676149)
I'm actually interested in this so I contacted them to check, they confirmed the changes, but they don't go into affect until June 3rd.

thanks for that. I’ve kind of lost track of what month it is so that just blew past me.

cranston Apr 26th 2019 9:15 pm

Re: HSBC Premier changes
 

Originally Posted by newadventure (Post 12676110)
. Have you ever done a comparison the rates you receive at HSBC compared to Transferwise/online broker?

A few years ago I did a comparison between HSBC and xe trade GBP/USD (before I knew of Transferwise), HSBC was worse. No surprise. Can't remember the actual figures.

Lion in Winter Apr 27th 2019 1:32 pm

Re: HSBC Premier changes
 
Irrespective of exchange rates, I'm guessing that having an HSBC premier account while based in the US would help in the opening of a UK account and establishing some sort of UK credit rating for someone who moves back after spending most of their working life in the US? And I'm also guessing that it would have to be the premier account and not the regular one?

I have a US-based Barclaycard credit card, but not sure that that would do me any good at all in the UK.

Novocastrian Apr 27th 2019 2:04 pm

Re: HSBC Premier changes
 

Originally Posted by Lion in Winter (Post 12676410)
Irrespective of exchange rates, I'm guessing that having an HSBC premier account while based in the US would help in the opening of a UK account and establishing some sort of UK credit rating for someone who moves back after spending most of their working life in the US? And I'm also guessing that it would have to be the premier account and not the regular one?

I have a US-based Barclaycard credit card, but not sure that that would do me any good at all in the UK.

I became an HSBC Premier client in Canada in about 2006 and have since opened similar accounts in the UK and in France. I routinely use Global View to move money around between these accounts and have Mastercards for two of them and a debit card in France, all based on my Canadian credit history. Apart from the threshold investment needed to qualify, I don't understand why more expats don't use them.

Lion in Winter Apr 27th 2019 2:41 pm

Re: HSBC Premier changes
 

Originally Posted by Novocastrian (Post 12676421)
I became an HSBC Premier client in Canada in about 2006 and have since opened similar accounts in the UK and in France. I routinely use Global View to move money around between these accounts and have Mastercards for two of them and a debit card in France, all based on my Canadian credit history. Apart from the threshold investment needed to qualify, I don't understand why more expats don't use them.

I don't have a lot of money, but if monthly paycheck deposits would now meet the standard that might work. I'm currently with Citibank, which does me no good at all.

durham_lad Apr 27th 2019 5:30 pm

Re: HSBC Premier changes
 

Originally Posted by newadventure (Post 12676110)
Thanks for the update. I too am a Premier customer, but have always shied away from using their FX. Have you ever done a comparison the rates you receive at HSBC compared to Transferwise/online broker? (i appreciate that the latter comes with more risk than the money remaining in the same bank). For the record, i have found them to be no better or worse than other banks. The Premier credit card does come with some nice benefits though

I regularly move money from the US to UK and often compare the rates by opening 2 windows in my browser and looking at much each will deposit into my UK HSBC account and Transferwise is always better.

I do like the Premier Credit Cards and have both a UK and a US card. I also like the worldwide travel insurance that is free to Premier customers up to age 70 provided that the journey starts and ends in the UK. (I'm resident in the UK, and my wife and I just had a 30 day vacation in the USA).

StuBear65 Apr 29th 2019 2:54 pm

Re: HSBC Premier changes
 
I have the HSBC Advanced account (UK and US) as I could not meet the requirements for the Premier Account, they have just changed the figures for the Advanced too, so might be an option for those without a huge amount of savings. HSBC was very good when I moved to the US and as I have a UK government pension (emergency services pension) it was an ideal situation for me. The exchange rates might be slightly lower than FX but the convenience I have of being able to transfer money quickly without fees outweighs that for me. I then write checks to my USAA joint account again free of charge.

mum 2 3 May 1st 2019 1:39 am

Re: HSBC Premier changes
 
We set up a HSBC Premier account before we left the UK. Took quite a bit of time and paperwork but all good. Arrived here, were just getting settled then out of the blue they said they were going to close our accounts. Tried calling and going to the branch but no-one could explain. We set up new accounts with a local bank and moved my OH salary etc. I went to collect the check on the day they said the account would close and they couldn't understand why I was closing. They had changed their minds and not told us. I got the check and we were done.

durham_lad May 1st 2019 8:56 am

Re: HSBC Premier changes
 

Originally Posted by mum 2 3 (Post 12677820)
We set up a HSBC Premier account before we left the UK. Took quite a bit of time and paperwork but all good. Arrived here, were just getting settled then out of the blue they said they were going to close our accounts. Tried calling and going to the branch but no-one could explain. We set up new accounts with a local bank and moved my OH salary etc. I went to collect the check on the day they said the account would close and they couldn't understand why I was closing. They had changed their minds and not told us. I got the check and we were done.

That is really weird but I’m glad it all worked out in the end,
.

Soko May 6th 2019 9:17 pm

Re: HSBC Premier changes
 

Originally Posted by mum 2 3 (Post 12677820)
We set up a HSBC Premier account before we left the UK. Took quite a bit of time and paperwork but all good. Arrived here, were just getting settled then out of the blue they said they were going to close our accounts. Tried calling and going to the branch but no-one could explain. We set up new accounts with a local bank and moved my OH salary etc. I went to collect the check on the day they said the account would close and they couldn't understand why I was closing. They had changed their minds and not told us. I got the check and we were done.

similar thing happened to me. For some strange reason I got letter about closing but OH did not. One of the issues was that we were not using the account for pay checks and there was not enough money coming in. Anyway reason we didn't use them is because even though we started the process while we were in the UK (we were hoping we would arrive with account and debit cards in hand) it took soooo long, ended up opening account with US bank a week or so after arriving.


All times are GMT. The time now is 8:04 pm.

Powered by vBulletin: ©2000 - 2020, Jelsoft Enterprises Ltd.
Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.