HSBC Bank offers a global banking account ideal for those who live and work overseas. Is it right for your needs? Read on for the pros and cons.
Overall Score | 3.7 | ||
Savings | 4.0 | ||
CD | 4.5 | ||
Checking | 3.0 | ||
Customer Service | 4.0 | ||
Mobile App | 3.0 | ||
Pros and Cons
- Global presence
- Transfer money globally
- Priority customer service
- Limited US presence
- High account minimums
Bottom Line
Full-service global bank ideal for high net worth expats and travelers
HSBC is one of the largest banks in the world, with physical branches all over the globe.
It's a good choice if you live, work, or frequently travel overseas. You can transfer money quickly and for free between your global HSBC accounts. Plus, you get support at any HSBC branch.
HSBC has significantly reduced its US presence. Is it still worth considering?
Read on for the full review.
What is HSBC Bank
With over 150 years of history, HSBC is one of the world's largest financial institutions. It serves over 40 million customers in 63 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America.
It has nearly 4,000 branches in the most popular countries like UK, Hong Kong, Singapore, UAE, Australia, and tons more.
If you live and work between two or more countries, HSBC helps you stay connected. Its mission is to open up "a world of opportunity." You get access to comprehensive international banking and investment solutions.
It offers a full range of services and products, including:
- Global Checking Account
- Savings Accounts
- Wealth Management Services
- Lending Services
- International Customer Service
Who is HSBC Bank Best for
HSBC Bank could be right for you if you:
- Live, work, study, or buy property abroad
- Frequently transfer money between accounts in different countries
- Are a relatively high net worth individual and can meet the minimum requirements
HSBC Premier Checking Account
HSBC only offers one checking account - HSBC Premier Checking. It's designed for high net worth individuals who need global banking access.
Just some of the benefits include:
- See all your accounts in one place with a single login
- Free money transfers between your global HSBC accounts
- No foreign transaction fee for debit card purchases
- No US HSBC ATM fees or at 55,000+ Allpoint ATMs
- Access to a Global Money Account that lets you hold, convert, and send money in 8 different currencies
- Priority service for all your financial needs
- Transfer your US credit history
The unique thing about it is that you can open accounts in countries where you live or work. You get access to all your accounts in one place and can easily transfer money between them in just seconds.
Once you're a Premier client, you'll have Premier status and privileges around the world.
But this isn't the only checking account to consider. Here are the best bank promotions.
Compare Checking Account Promotions
Citi Priority - Earn up to $2,000 Cash Bonus
Expires 1/9/2024
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their RelationshipTier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
Member FDIC
BMO Smart Advantage Checking - $250 Cash Bonus
Open a new BMO Smart Advantage Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Expires 5/3/2024
Member FDIC
Chase Total Checking® - $200 Bonus
Expires 1/24/2024
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account with qualifying activities
- Access to more than 15,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- JPMorgan Chase Bank, N.A. Member FDIC
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fees if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
Member FDIC
Bank of America Advantage Banking - $200 Bonus Offer
Expires 1/31/2024
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new checking customers only.
- Offer expires 1/31/2024.
- To qualify, open a Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new account within 90 days of opening.
- Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- Bank of America, N.A. Member FDIC.
Member FDIC
Discover Cashback Checking – Up to $30/Month Cashback
Earn 1% cash back on up to $3,000 in debit card purchases each month, for a total of up to $30 cashback per month. Discover Cashback Debit checking account has no minimum balance requirement, no fees, and free online bill pay. See website for details.
Member FDIC
Rewards Checking - Up to 3.30% APY
Expires 6/30/2024
- Use promo code AXOS300 and apply by June 30th, to earn up to a $300 bonus!
- Up to 3.30% APY
- Zero monthly maintenance fees
- Zero overdraft or NSF fees
- Zero minimum monthly balance reqs
- Unlimited domestic ATM fee reimbursem*nts
- Online debit card management
- Simple, 3-step process for direct deposit
- Only $50 to open an account
OneCard with Rewards Checking - $200 Bonus
- 3% cash back on everyday expenses (up to $500 in rewards per calendar year); 2% on everything else
- No annual fee
- Choose to Pay Now with no interest, or Pay Later
- $200 bonus when you also open and fund a new Upgrade Rewards Checking Plus account and make 3 qualifying purchases on your Upgrade OneCard and/or Rewards Checking Plus debit card within 60 days
Upgrade is a financial technology company, not a bank. Personal Credit Lines are issued by Cross River Bank, Member FDIC. The Upgrade Card is issued by Cross River Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc.
Member FDIC
U.S. Bank Smartly® Checking and Standard Savings - Up to $800 Bonus
Earn up to $800 when you open a new U.S. Bank Smartly® Checking account and a Standard Savings account and complete qualifying activities. Subject to certain terms and limitations. Offer valid through December 29, 2023. Member FDIC.
Earn up to $500 with a new Bank Smartly Checking account. Complete the following within 90 days of account opening:
- Enroll in online banking or the U.S. Bank Mobile App
- Make two or more direct deposit(s) totaling $5,000 to $9,999.99 to earn $300 or $10,000 or more to earn $500
Earn up to $200 with a new Standard Savings account.
- Make new money deposit(s) totaling $25,000 by January 31, 2024
- Maintain that balance until July 31, 2024
Earn an additional $100 by fulfilling both the Bank Smartly Checking and Standard Savings requirements!
Offer may not be available if you live outside of the U.S. Bank footprint.
Expires in 5 days
Member FDIC
TD Beyond Checking - $300 Cash Bonus
- New customers who apply online for a TD Beyond Checking account can earn a $300 cash bonus after receiving direct deposits of $2,500 or more within 60 days. To qualify for this offer, you must be a U.S. resident and apply for the offer online. Offer is available in these states: CT, DC, DE, FL, MD, ME, MA, NC, NH, NJ, NY, PA, RI, SC, VT, VA
- Three ways to go monthly maintenance fee-free: Monthly Maintenance fee waived when you set up direct deposits of $5,000 or more within a statement cycle, maintain a $2,500 minimum daily balance, or have a $25,000 combined balance across eligible TD accounts.
- ATM perks: TD fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance
- A little extra time. A lot of extra relief: Avoid fees with Grace Period, which gives you until 11 PM ET the next business day to fix an overdraft. Make sure your available balance is at least $0 by depositing enough to cover the overdrawn balance plus any additional transactions and TD will refund the overdraft fee to your checking account.
- Fast and secure payments: TD Bank debit cards are backed by the Zero Liability guarantee and 24/7 fraud monitoring
- Convenient locations with the longest hours around: We have over 1,100 locations from Maine to Florida that's open early, late, and weekends.
- Get reimbursed for fees including two overdraft fees per year, all Rush Bill Payments, and one outgoing wire per statement cycle (domestic or international).
- Additional TD Bank checking account perks worth talking about: Get 24/7 access to all your TD accounts with Online & Mobile Banking, plus Bill Pay, Send
- Money with Zelle®, Mobile Deposit and Online Statements.
Key Select Checking℠ - $200 Bonus
Expires 3/8/2024
- Earn a $200 cash bonus when you open a Key Select Checking account by 3/8/2024 and make one direct deposit of at least $500 within 60 days.
- Convenient banking at 40,000+ KeyBank and Allpoint ATMs.
- Key Select Checking℠ is a premium checking account that earns interest and a $100 annual cash bonus with qualifying activities
- Set custom alerts so you can receive text or email updates about the account information that's important to you.
- Move money easily with Zelle, mobile check deposit, online banking and more.
- Enjoy chip security, Tap & Go technology and all benefits of Mastercard.
- FDIC Insured.
Eligibility and How to Waive the Monthly Fee
To be eligible for an HSBC Premier Checking account, you must fulfill one of the following requirements:
- Maintain at least a combined balance of $75,000 in deposit and investment accounts
- Have recurring direct deposits from a third party totaling at least $5,000 to HSBC Premier checking account every month
- Have any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
There is a $50 monthly service fee if the requirements are not met.
Other Banking Fees
In exchange for the high account requirements, HSBC waives a lot of the common banking fees.[1]
There are:
- No overdrafts / insufficient funds fee
- No outgoing or incoming wire transfer fees
- No ATM fees at US HSBC or Allpoint ATMs
- No foreign transaction fees on the Premier debit or credit card
- No stop payment fee
- No fees for cashier checks
HSBC will also refund up to 5 third-party ATM fees per month within the US.[2]
Some fees you may encounter are:
- ATM fees charged by the operator for HSBC ATMs outside of the US
- Incoming wire transfer fee charged by non-HSBC financial institutions
HSBC Savings Accounts
HSBC offers two different savings accounts. Both of those require you to first have a Premier Checking Account.[3]
They work a little differently. Here's how they work:
- Premier Savings
This is a tiered account, where you can earn a higher APY with a higher balance. Your rate only depends on your balance tier, so there's no qualification criteria. But the APY isn't very high. - Premier Relationship Savings
This account gives you the opportunity to earn a high Relationship APY. You must link your eligible Premier Checking Account and meet one of the following requirements:- Spend $500 on your debit card each month
- Receive $5,000 in direct deposits each month
- Have a $500,000 HSBC US residential mortgage
Your rate only depends on whether you meet the criteria. If you don't meet one of the requirements in a month, you'll receive the standard interest rate the following month.
- Spend $500 on your debit card each month
See HSBC's current savings rates.
HSBC Certificate of Deposit
With a Certificate of Deposit, you must leave your money in the account for the entire term, or you'll incur a penalty. You get a locked-in interest rate for the whole term. The minimum required to open an account is $1,000, and there are no service fees.[4]
HSBC offers 3 term CDs: 6-month, 12-month, and 24-month. The longer the term, the higher the APY.
Wealth Management Services
HSBC also offers a full range of investment services. Their Financial Professionals can help you with anything - from developing an investment strategy to saving for college.
Just some of the services include:
- Financial goal planning. A holistic financial review to help you meet both current needs and future goals
- Retirement planning. No matter what age you start, HSBC can help design a personalized retirement plan
- Living in retirement. Once you are retired, HSBC can help plan how to spend and invest your savings so you have enough to take you through the golden years
- Education planning. HSBC offers tax-advantaged investment solutions specifically for college savings
- Self directed brokerage account. Trade stocks, ETFs, mutual funds, and other securities with full control
- Managed portfolio. HSBC Wealth Track is a managed investment advisory service that will automatically invest for you based on your goals and risk level
Retirement Accounts
HSBC offers the following types of retirement accounts:[5]
- Traditional IRA
- Roth IRA
- SIMPLE IRA
- SEP Retirement Plans
- 401(k) Retirement Plan
- 403(b) Retirement Plans
For IRAs, you can choose between a self-directed or a managed account. The IRA has no maintenance or termination fee if you are an HSBC Premier client. For all others, the annual service fee is $50.[6]
Lending Services
HSBC also offers a range of loans, including:
- Home mortgages
- Home equity line of credit
- Mortgage refinancing
- Personal loans
If you have an HSBC Premier relationship, you can be eligible for lower loan rates.[7]
Customer Service
Money matters can get tough when you're living in between countries. Luckily, you can get support at HSBC branches worldwide.
Whether you're moving to new country, buying property abroad, investing overseas, or need emergency financial support, their local experts can guide you through it.
You also get a Relationship Manager who can help with all services HSBC offers. If you need help with anything, they can help you find the right product for your needs and connect you to an expert.
Plus, HSBC Premier banking customers get priority financial support 24/7 via phone. So no matter where you are in the world, you can reach someone if you have a problem.
Reasons to Bank With HSBC
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- New customer bonuses. HSBC often offers high cash bonuses to new customers for opening a new checking account (and meeting certain requirements). It's worth it to wait until a bonus offer comes out. Check out the list of current HSBC promotions.
- Global banking access. HSBC is a global bank operating in 63 countries. You can access all your accounts in one place from anywhere in the world. And you can transfer funds for free to your global HSBC bank accounts.
- International support. You can get help from any HSBC branch worldwide. So if you live, work, or travel abroad, it's nice to know that you'll still have your bank nearby.
- No ATM withdrawal fees worldwide. You can use the debit card to access ATMs globally, most with no withdrawal fees. However, the ATM operator or network may charge a fee for ATMs located outside the U.S.[8]
In addition, HSBC is part of the Allpoint ATM network. So you also get free access to 55,000+ Allpoint ATMs. They're at convenient locations like local grocery stores, 7-Elevens, and retailers.
- Potential for better loan rates. If you have a Premier checking account, you may be eligible for preferred loan rates or special financing options. If you're planning to take out a mortgage or need a personal loan, this can come in handy.
Reasons to Look Elsewhere
- Very limited US presence
HSBC only has 20 - 25 physical locations in the US repurposed into international wealth centers. If your US home isn't near a HSBC, you'll have to be okay with banking without a branch nearby. - Higher account requirements
The HSBC Premier Checking Account has higher requirements to waive the monthly maintenance fee. You need either $75,000 in combined balance or $5,000/month in monthly direct deposits. - Limited services in some countries
Not all banking features are available in all the countries. And not all countries will let you transfer your credit history or open an overseas account online.It's best to talk to a HSBC rep to find out exactly what features will be available to you in your destination country.
Who Can Open an HSBC Account
To open an HSBC banking account, you must:[9]
- Be 18 years of age
- Have a Social Security number
- Have a U.S. mobile number
- Have a current U.S. residential address and lived in the US for at least one year
Foreigners and non-residents can apply for a HSBC Premier account in the U.S. if you:[10]
- Have an HSBC relationship in another country
- Are working for a significant time in the U.S.
- Are a student or plan to be a student in the U.S.
- Own property or plan to own property in the U.S.
How It Compares
HSBC vs Citibank:
Citibank, a CreditDonkey partner, is also known for its premium checking accounts. The company operates in over 160 countries, though not all of them may have a banking presence.
It has a much larger domestic footprint with over 700 branches. So it could be a better choice if you're mainly located in the US. It has a variety of Citi checking promotions to choose from, including a basic banking account. Whereas HSBC only offers a premium account.
Citi Priority - Earn up to $2,000 Cash Bonus
Expires 1/9/2024
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day
- New to Relationship customers can choose their RelationshipTier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply.
Citigold® - Earn up to $2,000 Bonus
Expires 1/9/2024
- Earn up to $2,000 when you open a new eligible Citi checking account and enroll in the offer the same day.
- New to Relationship customers can choose their Relationship Tier.
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower Balance Level at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
- Restrictions apply
HSBC vs Bank of America:
Bank of America is one of the largest banks in the US with thousands of ATMs and financial centers throughout the nation. It's more designed for the average American, whereas HSBC is for high net worth folks.
It offers a flexible checking account with 3 distinct account options. You can switch between these accounts as your life needs change. The requirements to waive monthly fees are much lower.
Bank of America does have a global presence, but not for consumer banking. You can use your debit card overseas for purchases and ATM withdrawals, but there will be additional fees.[11]
HSBC vs Charles Schwab:
Charles Schwab is a big name among investment brokerages. It also offers online checking and savings with no service fees or account minimums. However, the interest rates are low.
The good thing about their checking account, though, is that it refunds all ATM fees worldwide.[12] Plus, the debit card has no foreign transaction fee, so it's great for travelers.
Charles Schwab's main business is investment. It offers both self-directed and a managed portfolio. The unique thing about the managed portfolio is that there is absolutely no management fee, and you only need $5,000 to open.[13]
Compare Bank Promotions:
- Chase coupon for National Bank
- Discover Bank offer code for Checking
- Citibank promotions for Checking + Savings
You might also consider:
Member FDIC
BMO Smart Money Checking - $250 Cash Bonus
Open a new BMO Smart Money Checking account and get a $250 cash bonus when you have a cumulative total of $4,000 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Expires 5/3/2024
Member FDIC
BMO Relationship Checking - $400 Cash Bonus
Open a new BMO Relationship Checking account and get a $400 cash bonus when you have a cumulative total of $7,500 in qualifying direct deposits within 90 days of account opening. Offer is limited to one per customer and is not available for existing BMO personal checking customers (including signers on joint accounts) or those who have closed a BMO personal checking account within the past 12 months. Conditions apply.
Expires 5/3/2024
Member FDIC
Chase Secure Banking℠ - $100 Bonus
Expires 1/24/2024
- New Chase checking customers enjoy a $100 checking account bonus when you open a Chase Secure Banking℠ account with qualifying transactions. Open online or at any Chase branch.
- Set up direct deposit and you may get your money up to two business days early-exclusively for Chase Secure Banking℠ customers.
- No minimum deposit to open an account and get started plus no overdraft fees with a Chase debit card that helps you stay within your balance.
- Track your credit score, get a personalized action plan provided by Experian™ to help improve your score and receive identity monitoring for free through Chase Credit Journey®.
- Chase Secure Banking℠ customers told us they save an average of $50 a month on fees after opening their account.
- JPMorgan Chase Bank, N.A. Member FDIC.
- Pay bills, cash checks and send or receive money with Zelle® all for a $4.95 monthly service fee.
- Bank from anywhere with access to more than 15,000 Chase ATMs, more than 4,700 Chase branches, the Chase Mobile® app and Chase.com.
Bottom Line
HSBC is a huge global bank with a solid reputation. It could be for you if you have international banking needs. High net worth individuals also have more of an incentive with premium service and better loan rates.
However, just make sure that you can meet the checking activity/balance requirements, or you'll pay a monthly service fee.
References
- ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
- ^ HSBC ATMs. Retrieved 8/18/22
- ^ HSBC. Savings accounts, Retrieved 8/27/2022
- ^ HSBC. Certificates of Deposit (CDs), Retrieved 8/27/2022
- ^ HSBC Securities (USA) Inc. What types of accounts does HSBC Securities offer? , Retrieved 5/10/2022
- ^ HSBC Securities (USA) Inc. HSBC Securities Commission and Fee Schedule: Retirement Accounts, Retrieved 5/10/2022
- ^ HSBC. Personal Loans, Retrieved 8/27/2022
- ^ HSBC. Are there any fees for using an ATM? , Retrieved 5/10/2022
- ^ HSBC. Open HSBC Account, Retrieved 8/27/2022
- ^ HSBC. Can I open an HSBC U.S. account if I am not a U.S. Resident or U.S. Citizen?, Retrieved 8/27/2022
- ^ Bank of America. International ATM Partners, Retrieved 8/27/2022
- ^ Charles Schwab. Do I pay ATM fees?, Retrieved 8/27/2022
- ^ Charles Schwab. Investment Management Fees and Minimums, Retrieved 5/10/2022
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
This content is not provided by Citi. Any opinions expressed are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Citi.
As a seasoned financial expert well-versed in global banking and international financial services, I bring comprehensive knowledge and expertise regarding banking products, investment solutions, and cross-border financial management. My familiarity spans various financial institutions, including HSBC, and their offerings tailored for diverse customer needs.
The article on HSBC Bank provides an in-depth analysis of its global banking account, highlighting the pros and cons of its services, particularly focusing on its HSBC Premier Checking Account. Here's an overview and breakdown of the concepts covered in the article:
-
HSBC Bank Overview:
- HSBC is a prominent global financial institution with a history of over 150 years.
- It operates in 63 countries and territories across Europe, Asia, the Middle East, Africa, North America, and Latin America, boasting nearly 4,000 branches.
-
Services and Products Offered by HSBC:
- Global Checking Account: Enables easy management of accounts across multiple countries.
- Savings Accounts: Divided into Premier Savings and Premier Relationship Savings, offering different APY structures.
- Certificate of Deposit (CD): Offers locked-in interest rates for specific terms.
- Wealth Management Services: Comprehensive investment solutions and financial planning.
- Lending Services: Home mortgages, personal loans, etc.
- Retirement Accounts: Various options like Traditional IRA, Roth IRA, etc.
-
HSBC Premier Checking Account:
- Designed for high net worth individuals with global banking needs.
- Benefits include consolidated account management, free global transfers, no foreign transaction fees, and priority service.
- Higher account requirements to waive monthly fees ($75,000 combined balance or $5,000/month in direct deposits).
-
Comparison with Other Banks and Offers:
- Comparative analysis with banks like Citibank, Bank of America, and Charles Schwab.
- Highlights on promotions, benefits, and geographical presence.
-
Reasons to Bank with HSBC:
- Global banking access with free ATM withdrawals worldwide (subject to certain conditions).
- Potential for better loan rates, especially for Premier clients.
- International support and a network of branches globally.
-
Reasons to Consider Alternatives:
- Limited US presence with a lower number of physical branches.
- Higher account requirements compared to some other banks.
- Limited availability of certain banking features in different countries.
-
Eligibility and Opening Requirements:
- Criteria for opening an HSBC account, including age, residency, and specific conditions for non-residents.
-
Comparison with Other Financial Institutions:
- Comparative analysis with competitors based on services, offerings, and geographical reach.
-
Conclusion and Recommendations:
- Emphasizes suitability for individuals with international banking needs and higher net worth but highlights the importance of meeting account requirements.
The article extensively covers HSBC's global banking services, account specifics, fees, eligibility, and comparative analysis with other banks. It emphasizes the advantages and drawbacks of choosing HSBC, providing insights for potential customers to make informed decisions based on their financial requirements and lifestyle.
