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making your HSBC account international

making your HSBC account international

Old Dec 11th 2010, 8:40 am
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Default making your HSBC account international

Hi All,

I've been reading various threads about the numerous deposits and down payments we will have to pay up when we move in order to rent a flat, get a mobile, set up utilities etc due to us not having a credit history.

I'm probably being incredibly naive here but my husband has a good credit rating with HSBC and the last time we were in there they told us about moving our account when we move (they also keep showing adverts about it on the TV here). So my question is if we do this will our credit rating move with us, or at least will part of it? Has anyone on here used this HSBC international system?

I've never owned a house or got a loan (except a student one!) and I got my first credit card two years ago so I'm not very knowledgeable about these things. I imagine that it won't help us but I thought someone might have some experience of this on here. Also they don't appear to have any branches in MA but even so if it is useful at all it may be a good starting point for us.

Thanks in advance.
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Old Dec 11th 2010, 11:35 am
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Default Re: making your HSBC account international

Originally Posted by cdf85 View Post
Hi All,

I've been reading various threads about the numerous deposits and down payments we will have to pay up when we move in order to rent a flat, get a mobile, set up utilities etc due to us not having a credit history.

I'm probably being incredibly naive here but my husband has a good credit rating with HSBC and the last time we were in there they told us about moving our account when we move (they also keep showing adverts about it on the TV here). So my question is if we do this will our credit rating move with us, or at least will part of it? Has anyone on here used this HSBC international system?

I've never owned a house or got a loan (except a student one!) and I got my first credit card two years ago so I'm not very knowledgeable about these things. I imagine that it won't help us but I thought someone might have some experience of this on here. Also they don't appear to have any branches in MA but even so if it is useful at all it may be a good starting point for us.

Thanks in advance.
Don't get too excited abou this, I'm afraid. HSBC does a good talk but can't usually follow up - and the staff in your local branch won't know the first thing about US banking (chances are).

HSBC has a Premier account for those with megabucks who can then access their account in the US with no/minimal fees involved. If you qualify as a Premier customer then you would almost certainly be one already if your local branch is any good (as the branch has a sales quota for these and the account itself is not specifically for expats).

HSBC does exist in the US but with a patchy network for most (most branches are concentrated on small, well-defined geographical areas).

There are many "building up credit" threads on here (you mentioned you'd searched around so you probably have read some of them). AFAIK there are no magic answers above and beyond what's been written already on the subject.
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Old Dec 11th 2010, 12:15 pm
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Default Re: making your HSBC account international

Thanks for your reply tonrob, I thought this would have been the case. I was dubious when they first mentioned it to us (they wanted us to pay £150 or something). We definitely don't qualify for premier status, so I guess we'll just be opening a normal american bank account when we arrive.
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Old Dec 11th 2010, 1:08 pm
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Default Re: making your HSBC account international

Originally Posted by cdf85 View Post
Hi All,

I've been reading various threads about the numerous deposits and down payments we will have to pay up when we move in order to rent a flat, get a mobile, set up utilities etc due to us not having a credit history.

I'm probably being incredibly naive here but my husband has a good credit rating with HSBC and the last time we were in there they told us about moving our account when we move (they also keep showing adverts about it on the TV here). So my question is if we do this will our credit rating move with us, or at least will part of it? Has anyone on here used this HSBC international system?

I've never owned a house or got a loan (except a student one!) and I got my first credit card two years ago so I'm not very knowledgeable about these things. I imagine that it won't help us but I thought someone might have some experience of this on here. Also they don't appear to have any branches in MA but even so if it is useful at all it may be a good starting point for us.

Thanks in advance.
I've got a HSBC International account, its awful, theres no benefit to it at all. Neither my credit card or debit card work for on line ordering, it gets declined every time I try to use it on line as my address doesn't match. I've spent hours and hours on the phone to them trying to sort it out, every time they assure me they have, next time I try to use it, declined, its a waste of time.
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Old Dec 11th 2010, 9:55 pm
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Default Re: making your HSBC account international

I thought they had a branch in Boston?

Anyway, you need a wedge of cash for the international account and it doesn't really have any benefits for you.

Just open an account with whatever bank is most convenient when you move over and have a XE.com account set up to transfer the money.

As for credit, have a read of the wiki, which is up top...there's a good wedge of info on getting you started, but hindsight being what it is, best head start would be having an AmEx card, which won't help much if you don't already have one.
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Old Dec 11th 2010, 9:56 pm
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Default Re: making your HSBC account international

Originally Posted by traceym View Post
I've got a HSBC International account, its awful, theres no benefit to it at all. Neither my credit card or debit card work for on line ordering, it gets declined every time I try to use it on line as my address doesn't match. I've spent hours and hours on the phone to them trying to sort it out, every time they assure me they have, next time I try to use it, declined, its a waste of time.
If you're ordering online, it's probably down to the seller, a lot of them won't accept cards issued from abroad, even if they do have a US address attached to them.
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Old Dec 11th 2010, 11:18 pm
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Default Re: making your HSBC account international

We did find that at least HSBC allow you to change your address to an US one without any problems, unlike A&L/Santander.
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Old Dec 11th 2010, 11:31 pm
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Default Re: making your HSBC account international

Originally Posted by Bob View Post
If you're ordering online, it's probably down to the seller, a lot of them won't accept cards issued from abroad, even if they do have a US address attached to them.
I only use it occasionally these days as I have US accounts, but for someone with only this account it must be really difficult, not to mention very frustrating!
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Old Dec 12th 2010, 4:12 am
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Default Re: making your HSBC account international

You should ask if they have any offers on at present for Premier status. Sometimes they waive the minimum account balance for a year, and you can also satisfy the balance by placing other things (retirement accounts, mortgages, stock balances) into your HSBC 'relationship' such that you meet the minimum (which I think is $100,000 US).

We got our Premier status through a special offer. It's been nice to move money back and forth across countries in a matter of seconds when the need has arisen. Here in Hong Kong their are separate branches for Premier so you don't have to wait in the long lines of the regular facility.

However, in the US, with 50 different states and 50 different restrictions on banks you could easily end up with a situation where the nearest HSBC is 50 miles away or so. Worth checking on before you depart.
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Old Dec 12th 2010, 3:08 pm
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Default Re: making your HSBC account international

Unless you are mega rich, there is no advantage for an expat to have a HSBC account. Despite the fact that all their advertising is the first thing you see when when you come into Heathrow.

Some time ago I worked in India. I had a HSBC account set up through work with online banking. When I returned to he UK I was not allowed to move the account. I was told I must close it down and start from scratch.

If you have a HSBC account in the US, you can't walk into a branch in London and make a deposit. You must do a wire transfer and pay all associated costs.
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Old Dec 12th 2010, 3:50 pm
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Default Re: making your HSBC account international

Originally Posted by cdf85 View Post
Hi All,

I've been reading various threads about the numerous deposits and down payments we will have to pay up when we move in order to rent a flat, get a mobile, set up utilities etc due to us not having a credit history.

I'm probably being incredibly naive here but my husband has a good credit rating with HSBC and the last time we were in there they told us about moving our account when we move (they also keep showing adverts about it on the TV here). So my question is if we do this will our credit rating move with us, or at least will part of it? Has anyone on here used this HSBC international system?

I've never owned a house or got a loan (except a student one!) and I got my first credit card two years ago so I'm not very knowledgeable about these things. I imagine that it won't help us but I thought someone might have some experience of this on here. Also they don't appear to have any branches in MA but even so if it is useful at all it may be a good starting point for us.

Thanks in advance.
I had a standard UK HSBC current account before moving to the US. I paid £100 to have a US HSBC checking account, and credit card set up in advance of moving. The cards arrived a couple of weeks before I got on the plane. The credit card limit wasn't great - but it was invaluable during the first month while cash flow in $$ was limited.

Once I arrived I had checking account and credit card set up with a local bank (arranged as part of relocation package) so I don't really use the HSBC accounts much (nearest branch is hundreds of miles away). But is is nice to know the extra credit is available if needed.
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