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HSBC Premier / Expat / InvestDirect - UK Shares

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  1. #131

    Join Date
    Oct 2006
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    Hong Kong
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    15,557
    Quote Originally Posted by Kowloon72:
    Fair enough. I knew someone had stated it but couldn't find the post. Got lucky by quoting you anyway.

    Not 100% sure what I'll do now. I want to hold more UK ETFs and I know long term I'll want them in a bank so can't be bothered to get a new broker here in HK that caters to it, as transferring/divesting and reinvesting later will be a pain. Also can't really be bothered to "fight" HSBC expat on this. Think I'll just keep building towards Premier status here in HK then open an expat account, should only take me an extra few months doing it that way.

    Thanks for responding.
    Why do you need Premier to have expat? Can you have it at Advance level as well?

  2. #132
    Quote Originally Posted by Kowloon72:
    Fair enough. I knew someone had stated it but couldn't find the post. Got lucky by quoting you anyway.

    Not 100% sure what I'll do now. I want to hold more UK ETFs and I know long term I'll want them in a bank so can't be bothered to get a new broker here in HK that caters to it, as transferring/divesting and reinvesting later will be a pain. Also can't really be bothered to "fight" HSBC expat on this. Think I'll just keep building towards Premier status here in HK then open an expat account, should only take me an extra few months doing it that way.

    Thanks for responding.
    I assume you will want to build your wealth through ETFs therefore through HSBC Expat in your example. Do you feel confortable keeping 1m HKD in HK at all times solely for Premier status? I assume you wouldn’t want to keep that much in HK when you can invest it in ETFs.

  3. #133

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by pin:
    Why do you need Premier to have expat? Can you have it at Advance level as well?
    I thought it was only available for Premier customers. If it's available to Advanced customers that could be an option.

  4. #134

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by TheRoadAhead:
    I assume you will want to build your wealth through ETFs therefore through HSBC Expat in your example. Do you feel confortable keeping 1m HKD in HK at all times solely for Premier status? I assume you wouldn’t want to keep that much in HK when you can invest it in ETFs.
    I think your conflating two issues here. Most of my money in my HK HSBC account is in ETFs, they're not mutually exclusive.

    So, considering that, yeah I'd be relatively comfortable having 1m in HK HSBC. After a few years, due to the introduction of this TVC scheme, MPF alone would cover the sum.

  5. #135
    Quote Originally Posted by AliT:
    Yes - they are specific offshore investment products through Jersey.

    Others have commented that InvestDirect balance counts, but as I said previously these may not have been picked up initially. It’s a very grey area tbh. If you are Premier elswhere already, this obviously doesn’t apply.
    Quote Originally Posted by pin:
    Why do you need Premier to have expat? Can you have it at Advance level as well?

    Official HSBC response: "The Invest Direct account balance will not be counted into Expat account relationship balance as it is a separate account operated by HSBC UK but not Jersey.
    Jersey only provides a platform for customer to set it up.

    Term deposit and savings will be counted into GBP50k total relationship balance requirement, but not investment."

    Tagging @shri as well
    AliT, pin and shri like this.

  6. #136

    Join Date
    May 2019
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    783
    Quote Originally Posted by TheRoadAhead:
    Official HSBC response: "The Invest Direct account balance will not be counted into Expat account relationship balance as it is a separate account operated by HSBC UK but not Jersey.
    Jersey only provides a platform for customer to set it up.

    Term deposit and savings will be counted into GBP50k total relationship balance requirement, but not investment."

    Tagging @shri as well
    Can confirm I had the same response from two different people at HSBC expat also. Whatever loophole there once was, or if the was an oversight, it's now been closed/tidied up - or it would least appear that way.
    TheRoadAhead and AliT like this.

  7. #137
    Quote Originally Posted by Kowloon72:
    Can confirm I had the same response from two different people at HSBC expat also. Whatever loophole there once was, or if the was an oversight, it's now been closed/tidied up - or it would least appear that way.
    Yes, seems like it. Not worth the trouble at this point. Also too much uncertainty. HSBC could divest a lot of their retail business in US and Europe and is on the way to lose everything that made HSBC a global bank.

    i will go to IB and invest everything through it. Premier relationship is not worth it anymore as the main goal was to centralize everything under one roof and enjoy Global view etc. Not worth it anymore.

  8. #138

    Join Date
    Mar 2018
    Posts
    124
    Quote Originally Posted by TheRoadAhead:
    Yes, seems like it. Not worth the trouble at this point. Also too much uncertainty. HSBC could divest a lot of their retail business in US and Europe and is on the way to lose everything that made HSBC a global bank.

    i will go to IB and invest everything through it. Premier relationship is not worth it anymore as the main goal was to centralize everything under one roof and enjoy Global view etc. Not worth it anymore.
    Very presumptive.
    shri and Kowloon72 like this.

  9. #139

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by TheRoadAhead:
    Yes, seems like it. Not worth the trouble at this point. Also too much uncertainty. HSBC could divest a lot of their retail business in US and Europe and is on the way to lose everything that made HSBC a global bank.

    i will go to IB and invest everything through it. Premier relationship is not worth it anymore as the main goal was to centralize everything under one roof and enjoy Global view etc. Not worth it anymore.
    I don't feel that way personally, but better to make the investment decisions that best fit your own feelings and circumstances.
    AliT likes this.

  10. #140
    Quote Originally Posted by AliT:
    Very presumptive.
    Official announcement made last week: "The bank, which has seen its share price tumble to new lows this year, is looking to leave under-performing or non-strategic markets, including the US, France and Turkey"

    "Besides, executives are also revisiting a long list of small, non-strategic countries including Malta, Bermuda, the Philippines and New Zealand"

    https://www.internationalinvestment....erhaul-reports

    I don't see how my statement is "very presumptive"

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