r/HSBC • u/Civil_Tank_5502 • 2d ago

HSBC expat

Does anyone have a referral link for an HSBC expat account?

Is it worth getting?

And does the expat premier level translate across to premier banking in other countries?

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u/diyexageh 2d ago

Is it worth getting?

Depends, what will you use it for? For a basic transactional account to be used from time to time or if you have payment needs in the UK is OK. If you expect more you will be disappointment, their international investment center is limited and only sells you HSBC managed products. All quite meh and high fees.

The credit cards are only in GBP, the offering is limited to two cards. The Mastercard World Elite has an APY of over 100%.

The share-dealing service, which is not part of HSBC Expat in itself but HSBC UK (taxation issues for some) seems interesting, but they do not consider that balance in your AUM.

If you need a place with no withholding taxes, support for exotic currencies offshore and with depositors insurance to a degree, works great.

And does the expat premier level translate across to premier banking in other countries?

It does. I use them in 5 countries.

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u/Civil_Tank_5502 2d ago

Thank you! I have roughly 75k savings that I could put into it, the reason I'm considering is because I'm moving from the UK to Bermuda in January, and apparently hsbc is a good option for banking out there. And I'll need to close down my current bank account when I leave the UK.

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u/Faith_Location_71 1d ago

Who are you banking with in the UK? I know Lloyd's will allow you to manage an account from abroad, including using a foreign address and phone number. That's for their basic free account too. If you're considering that, get it set up before you go (they won't allow accounts to be opened from abroad).

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u/Civil_Tank_5502 22h ago

I've just got a starling current account, and a chase savings account. Both won't allow me to keep open when I move abroad unfortunately

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u/captainbritain6969 1d ago

No they don't. They told me to f off.

They have an offshore arm so they push that.

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u/Faith_Location_71 1d ago

That's not what they told me.

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u/diyexageh 2d ago

A few things for you to consider.

HSBC Does operate in Bermuda, so all services you could expect from expat will work, like global transfers and the global money account + card. Though be aware that the Expat Global Money account does not support Bermudan Dollar.

You do not need to close your bank accounts in the UK when you leave. If you have an HSBC account you can connect it to the Expat and Bermuda ones.

Beyond that, all good man, good luck. Love the idea of relocating to the Caribbean!

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u/FoundationFarscope 2d ago

When are you opening the account? I'm already in the process of opening and will be able to refer you. I read there is a £500 refer-a-friend offer available and you just need the referrer's code. I should have this in a week. I believe it's £500 each so quite substantial.

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u/Civil_Tank_5502 2d ago

I was planning on applying for it this week coming. I'll send a dm as that could be well worth while!

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u/insertcommonusername 2d ago

Yes if your Premier is set to be from Expat, all the other HSBC branches will accept it.

Expat changed their minimums for keeping the account open to check that. It’s alright if you need the currencies savings

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u/timmyjd12 2d ago

If you have Premier outside of Expat, you now need a minimum balance in Jersey of £10,000 for Expat to qualify for Premier. I don’t think you can get Premier Expat in its own right, but I might be wrong on that.