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Interactive broker - coverage in case of default

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  1. #21

    Join Date
    Dec 2009
    Posts
    311
    Quote Originally Posted by pin:
    Any indication on pricing for this?
    I’ve done this. it cost 1000Hkd (3-4 years ago) to transfer into HSBC overseas securities account. you cannot transfer out after that (say to avoid trading at their ridiculous commissions) other than if you’re closing the account. even then it’ll cost you 1200hkd/stock

    to me, anyone who already uses hsbc expat investdirect has no need for the hsbc overseas securities account. i've closed mine.
    Kowloon72 and pin like this.

  2. #22

    Join Date
    May 2019
    Posts
    783
    Quote Originally Posted by Kronosoma87:
    this is what I got from Hsbc , asking them if I could transfer in my Hsbc investment account uk shares.
    Interested to learn more about this, as google turns up nothing really. I vaguely recall that they have a brokerage arm here, and you can buy shares in the UK via them, but that the prices were pretty eye watering and it wasn't technically part of the bank (so didn't count towards Premier status)

  3. #23

    Join Date
    Dec 2009
    Posts
    311
    Quote Originally Posted by Kowloon72:
    Interested to learn more about this, as google turns up nothing really. I vaguely recall that they have a brokerage arm here, and you can buy shares in the UK via them, but that the prices were pretty eye watering and it wasn't technically part of the bank (so didn't count towards Premier status)
    IMO unlike HSBC Expat/Investdirect, HSBC Overseas Securities account is not worth looking at. It's telephone trading only, 1% trading commissions. But the balance does count towards Premier relationship as the assets are still under the bank - at least it counted for me. To add to the confusion, they also have another brokerage division that trades UK market, HSBC Broking, that fits your description.

  4. #24

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,557
    Quote Originally Posted by foxwendal:
    IMO unlike HSBC Expat/Investdirect, HSBC Overseas Securities account is not worth looking at. It's telephone trading only, 1% trading commissions. But the balance does count towards Premier relationship as the assets are still under the bank - at least it counted for me. To add to the confusion, they also have another brokerage division that trades UK market, HSBC Broking, that fits your description.
    The pricing looks exactly like HSBC Brokering (HK). I wouldn't be surprised if they backend it to them and charge the customer the same price.

  5. #25

    this is the reply from HSBC

    Thank you for your e-mail of 21 October, regarding our stocks trading service.

    If you are eligible to open an Overseas Securities Account with us, please check with our staff if you can transfer the related UK stock to the account. Normally, we can only transfer in/out to/from supplementary Integrated Account via branch/manned PhoneBanking.

    The brokerage fee for trading UK stocks is 1% (Minimum GBP70), stamp duty 0.5% on consideration (for buy trade only). For keeping UK stocks in the account, a safe custody fee of HK$150 will be levied half-yearly.
    Please note that we do not levy any charge for opening or closing an Overseas Securities Account.

    If you have any other enquiry, please contact us through Live Chat which is available on HSBC website/Personal Internet Banking or our HSBC Advance Service Hotline on [852] 2748-8333.

  6. #26

    It's fairly expensive. How about going through a real broker? You will better trading tools, a better product selection, and lower fees.

    From my perspective it's a real no-brainer.