Global View just allows you to see what balances you have in your accounts at other HSBC entities.
This is helpful if either
A. You only bank with HSBC in two countries; eg. AUS & HK; as is the case that @bdw described
B. You have HSBC relationships in many many entities (nightmare) and are very regularly moving money around.
Frankly, third party services such as mint.com or even Gini here in HK give you a better view of money around all your bank accounts, investments etc. regardless of whom you bank with.
Now, Global Transfer!
If you are making an AUD (HK) to AUD (AUS) transfer and HSBC lets you do it without fees, that's great. Because you aren't losing money. But in most cases, if you do any form of currency transfer, you are likely to be better off doing that with third party services like Instarem or Transferwise. Just for the better rates!
I stand to be corrected but I haven't found HSBC FX rates to be competitive nor their overseas transactions to be quick.
How annoying though.
How did you find the customer service?
I just went over to Hang Seng to buy some gold coins and was told I had to open an account at Hang Seng to do so. Makes no sense to me!
After some time dealing with Hong Kong banks, they do the things they do because of banking regulations. It's not that they want to be that way, it's just legally they are bound to do those things. Believe me, banks want to do more business, but when it's a total headache for them legally, they will just let it go. If they ever get into trouble it's always not worth it for them. Just how things are. I don't like Hong Kong banking system but what choice do we have living in Hong Kong?
You are right HSBC rates are shit, their service is shit, I left them as my main bank in HK 10 years ago when I bought my HK property and decided to go with Standard Chartered. But now I am looking to move some business back to HSBC because they do have the tools that I want and unfortunately SC doesnt have.
I asked HSBC if my wife can open a new Premier account, she doesnt work but I will write a cheque for $1m to deposit into her new account. They accused me of unethical behaviour trying to avoid paying Australian taxes and kicked me out of the branch. It was a premier center I was in by the way, some people say I have to go to central to open a premier account but then what the f*ck are all these premier centers for then?
Last edited by jrkob; 25-10-2019 at 02:06 PM.
HSBC Global View and Global Transfer has some quirks.
HSBC Global View - allows you to see balances, but cannot do any specific transactions in other accounts. I.e, if you log into HSBC HK (app or website), you can see balances in your HSBC AU (for example), but if you need any account details, transaction inquiries etc, you will have to log into your HSBC AU account separately.
HSBC Global Transfer (specially if you're a premier customer) - this is what I like the best. I do 1-2 transfers a month between HK and US. I have checked rates on few 3rd party transfer services and compared FX rates provided by them vs what HSBC quotes me, and there is not much of a difference. The beauty comes what @bdw is trying to do. Earlier this year, HSBC had a promo running where you could convert your HKD in HSBC HK to USD in HSBC HK using mobile app on inter-bank spot rates (i.e no markups). Did a few transfers that way and would send USD from HK account to my US account without the need for any conversion. In one of the transfers. I received USD 2.22 in interest income on the USD balance I held in HK, which I was able to transfer to US eventually at zero cost!.
Just an observation on FX rates:
There is a difference in rates offered for a) Transfer from HSBC HK HKD to HSBC HK USD account (fx conversion) vs. b) HSBC HK HKD to HSBC US USD through Global Transfer. the latter has always been cheaper, except for the time when they had this promo running.