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HSBC Premier / Account Offshore

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  1. #1

    HSBC Premier / Account Offshore

    Hello,

    my objective is to move some cash/funds overseas in other stable jurisdictions/out of Hong Kong. Just a precaution.

    Preferable Singapore or Switzerland.
    Contacted HSBC to open a premier bank account and based on their information.
    If a Premier customer intends to open a bank account in another jurisdiction, the branch refers to contact the IPB after premier account opening.

    Just wonder about the reality:
    If there are no red flags, will the account opening really be done? Or you need to give a lengthy explanation about the reasons to open in another jurisdiction?

    Any experience with other priority banking services like Citigold, Standard Chartered(?) ?

    Would it be fruitful to fly to Singapore and just try my luck to open an account there with a "local bank" like DBS, OCBC?
    I tried Switzerland and they were not really keen on foreigners.


  2. #2

    Join Date
    Feb 2011
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    Hong Kong
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    6,317

    HSBC premier or pretty much any bank or account type can open an overseas account. If you are not premier then it's simply a small service charge to do it. It's worth it because it saves the headaches of unknown paperwork's, going in person (often times requires an advanced appointment which could be difficult to plan on a visit), also they are more relaxed on the address proof requirements, if any.

    To do so, make an appointment with HSBC main office in central and go. I did it before and was pretty easy. Yet I didn't use one overseas account it and ended up closing. So make sure you use it. Be mindful to make at least one transaction per year to keep things on active status.

    For moving currencies, you can also look at a service called TransferWise. I find the fees+conversion rate collectively to be favourable. However receiving banks may have some questions if you deposit large amounts. So be prepared to save some documentation to make a smooth transition.


  3. #3

    Join Date
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    Original Post Deleted
    Have been discussing this with someone else on Geo ... quick and random question, did this give her the ability to invest using that account and did they give her a UK credit card, or was it just a simple multi-currency acct?

  4. #4

    Join Date
    May 2009
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    We did this several years ago (Malaysia) with HSBC and was indeed done quite easily (except for some forms you have to bring in person to the branch etc...)
    Tried to open an overseas account with SC (Singapore) but they said they can not! Have to go in person to that country.


  5. #5

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    When I first opened my HK HSBC account, I had a chequebook, account and credit card before moving to HK. This was shipped to me in the states as well. The credit limit copied my US limit and was independent I believe.


  6. #6

    What is an "IPB" ?

    Not sure to be honest, but it's the division, which you should contact to open the account overseas. My assumption had been International Personal Banking (same like Citibank)/Priority Banking. Surely worth to ask ;-)

    Any opinions on Citibank?
    But it sounds like HSBC is the way to go.


  7. #7

    Join Date
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    Original Post Deleted
    IPB - Citibank offshore thingy..
    IBC - HSBC (International Banking Center)
    jrkob likes this.

  8. #8

    Join Date
    Jul 2015
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    What’s the advantage of opening a bank a/c in Switzerland's?


  9. #9

    Join Date
    Nov 2014
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    458
    Quote Originally Posted by latex:
    What’s the advantage of opening a bank a/c in Switzerland's?
    They send you nice red pockets before Chinese New Year.

  10. #10

    Join Date
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    Original Post Deleted
    Are you able to easily transfer from from your HK HSBC account to the offshore account? Any fees involved? Do you do this online? Thanks