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Opening an investment account at HSBC

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  1. #1

    Join Date
    Apr 2020
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    5

    Opening an investment account at HSBC

    Hello everyone,

    I am relatively new in Hong Kong, just been around a year plus...and just starting to save and looking to invest upon reading some finance/investment books.

    I would appreciate if you could offer some advice on my situation.

    A bit of myself: Before turning 30 years, and I wanted to invest in index funds - I thought that the good starting point was through HSBC (thought its safer than using a broker).

    So today i visited one of the branches. but disappointingly i was told that HSBC has a policy of not opening an investment account for non-permanent residents. I explained to them I am planning to stay in hong kong for the long term at least over five years.. But they rejected to open an investment account because I was foreign national with no permanent address in hong kong...


    Could anyone advice how to/ where to open an account to buy indexes?

    I originally planned to set aside 12k every month (after rent and other living expenses) and am looking to automate my investing, but after HSBC refusal, i feel clueless and dejected..

    This is my first time investing (first time committing to savings as well), and would like to hear your insights.

    Thank you so much for reading this!!


  2. #2
    cwd
    cwd is offline

    Join Date
    Aug 2019
    Posts
    8

    I'm not sure why they gave you that advice, I don't believe it's correct. I'm a non-permanent HK resident and was easily able to open an investment account when I first moved here. Are you a US citizen?

    The notes on applying give some relevant information: https://www.hsbc.com.hk/content/dam/...ation-form.pdf

    Taihanggirl likes this.

  3. #3

    Join Date
    Apr 2020
    Posts
    5

    thank U CWd for the response!

    Im not a US resident. when i questioned if it is because of my nationality the bank manager come out and said that even the US residents wont get the investment account open if freshly arrived...

    Again thanks for the attached I will talk with them again


  4. #4

    Join Date
    Aug 2013
    Location
    The World
    Posts
    1,129

    Good news - now you have the perfect incentive to try a bank which is better than HSBC.

    Taihanggirl likes this.

  5. #5

    Join Date
    Jul 2016
    Posts
    21

    I don't think it's because you're non-pr. They might have hidden policy to be at least Advance level customer for opening brokerage accounts.

    Taihanggirl likes this.

  6. #6

    Join Date
    Dec 2002
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    ???
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    32,075

    What sort of hsbc branch did you go to?

    Walk into a larger branch or Central main office and you are probbay going to deal with more informed and slightly more competent staff.


  7. #7

    Join Date
    Apr 2020
    Posts
    5

    It was one in Festival Walk (kowloon tong)... yes i will go to the CWB and see how it goes.

    Now that i think abt it it took 3months to get my first credit card from the Kwun tong branch...


  8. #8

    Join Date
    Apr 2020
    Posts
    5

    It was one in Festival Walk (kowloon tong)... yes i will go to the CWB and see how it goes.

    Now that i think abt it i see why it took 3months to get my first credit card from the Kwun tong branch...


  9. #9

    Join Date
    May 2012
    Posts
    467
    Quote Originally Posted by Taihanggirl:
    Im not a US resident
    The question wasn't if you are US resident, but if you are a US citizen

  10. #10

    Join Date
    Jan 2019
    Posts
    322

    Why don’t you have an address?

    chuckster007 likes this.

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