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Bank query / UK investments

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  1. #11

    Join Date
    Apr 2019
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    221

    You are in a very similar situation as many people on this forum and after some diligence here is what I would suggest:

    1) If you need to keep a bank account in another country than HK, I would suggest to open a HSBC Expat account to invest in UK ETFs (very low fees). You will qualify for Premier everywhere including in HK. The largest benefit by far is the convenience of seeing all of your HSBC accounts and investments in one place (you will see balances of your respective HK + UK + Expat accounts). Global Transfer is also very convenient and slightly cheaper than Transferwise after the FX markup. Besides the convenience, you will also benefit from no fees at any HSBC ATMs worldwide and their free credit card is also decent (partnerships with Michelin star restaurants (buy 1 get 1 free), Cathay vouchers etc. HSBC Premier doesn't really have any other real benefits than this but to me convenience and simplicity is key hence why I will probably proceed with this option.

    2) If you only need one bank account in HK, I would open an IB account and invest solely through it. Then you can just stay with Citi, Standard or HSBC for your checking account

    EDIT: HSBC Expat also allows you to take a loan to buy property in the UK, which might or might not be useful to you

    pin, shri, AliT and 2 others like this.

  2. #12

    Join Date
    Mar 2018
    Posts
    89
    Quote Originally Posted by Kowloon72:
    If It helps, I think that you don't even need Premier/Expat if you already have a HSBC account in the UK, I think you can link them as is. Not 100% on that mind you. Ring them and ask.
    You’ll need to be Premier or Advance to link. It’s classified as HSBC Global view. Each country website provides the details for anyone wanting to check.

  3. #13

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    13,961
    Quote Originally Posted by AliT:
    You’ll need to be Premier or Advance to link. It’s classified as HSBC Global view. Each country website provides the details for anyone wanting to check.
    For some reason I've managed to add my HSBC UK account to Global View. It isn't Advance or Premier, just a basic account with something like GBP50 in it, but I'm able to make transfers to and from HSBC Expat via Global View (haven't tried from HK to UK though). As HSBC Expat is on the UK banking system, HSBC Expat to HSBC UK transfers should be free in any case (GBP to GBP).
    AliT likes this.

  4. #14

    Join Date
    Apr 2019
    Posts
    221
    Quote Originally Posted by pin:
    For some reason I've managed to add my HSBC UK account to Global View. It isn't Advance or Premier, just a basic account with something like GBP50 in it, but I'm able to make transfers to and from HSBC Expat via Global View (haven't tried from HK to UK though). As HSBC Expat is on the UK banking system, HSBC Expat to HSBC UK transfers should be free in any case (GBP to GBP).
    Interesting. Have you tried to link up your HK account with them? If you are not Premier I don't think you will be able to enjoy Global Transfer but Global View could still be available for whatever reason
    Last edited by TheRoadAhead; 25-05-2020 at 04:56 PM.

  5. #15

    Join Date
    Mar 2018
    Posts
    89
    Quote Originally Posted by pin:
    For some reason I've managed to add my HSBC UK account to Global View. It isn't Advance or Premier, just a basic account with something like GBP50 in it, but I'm able to make transfers to and from HSBC Expat via Global View (haven't tried from HK to UK though). As HSBC Expat is on the UK banking system, HSBC Expat to HSBC UK transfers should be free in any case (GBP to GBP).
    That’s interesting. Never thought that was possible. That’s good though if you’ve managed to make that work!

    To your point, yes the global view transfers will be no charge for GBP to GBP.

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