Offshore Banks

HSBC Expat

An independent review of HSBC Expat by our team of experts

Summary

HSBC Expat is the offshore banking service of HSBC, one of the world's largest banking groups, operating in 64 countries and territories. It is a division of HSBC Bank plc, Jersey Branch, based in Jersey, Channel Islands, and is regulated by the Jersey Financial Services Commission for banking, insurance mediation, investment and fund services.

The service offers multi-currency current and savings accounts (current accounts in sterling, US dollar and euro, with savings available in 19 currencies), fixed-term deposits, expat mortgages, sharedealing and an FX app, and deposits are protected under the Jersey Banking Depositor Compensation Scheme. To open an account you generally need at least £50,000 on deposit, a salary of £100,000, or existing HSBC Premier status.

HSBC Expat also offers investment services, including its World Selection portfolios and single-asset funds, which are examined in the verdict below.

Pros

Size and global presence
Multi-currency accounts (savings in up to 19 currencies)
Global view of all your accounts
Expat lending and mortgages (UK and offshore property)
Access to HSBC’s global mortgage network

Cons

Impersonal service levels
Standard, undifferentiated banking
Tied investment advice with limited expertise
Poor investment range
Expensive, with risk of hidden costs
Premier services can carry extra charges

Our verdict

HSBC Expat is a competent offshore bank account from one of the world's largest banking groups, based in Jersey and backed by HSBC's global network. As a place to hold money in multiple currencies, move it between HSBC accounts, and arrange expat mortgages, it does a reasonable job, and your deposits sit in a well-regulated jurisdiction with compensation-scheme protection.

The honest assessment, though, is that you get little from HSBC Expat that you cannot get elsewhere for less. Service levels are those of a large retail bank: you are one client among tens of thousands, staff turnover is high, and the personal expertise does not match the strength of the brand. To open or keep the account you generally need £50,000 on deposit or a £100,000 salary, and premier services can carry their own charges.

The more important caution is about investing. HSBC Expat's advice is offered on a tied basis, the investment range is limited, and clients are frequently steered towards structured products, 'approved funds' and white-labelled insurance-based platforms that carry high and sometimes undisclosed fees. A bank sells what a bank holds, and that is rarely the most flexible or cost-effective way to invest. Serious wealth work begins one level up, with advice that answers to you rather than to a product shelf.

Use HSBC Expat, if it suits you, for what it is good at: everyday international banking. For investing, look to a transparent, independent and low-cost approach instead. If your portfolio is worth around GBP 500,000 or more, a no-obligation Second Opinion will show whether your current arrangements are working as hard as they should.

FAQs

Is my money safe with HSBC Expat?
- Yes. HSBC Expat is based in Jersey, a well-regulated offshore jurisdiction, and deposits are protected under the Jersey Banking Depositor Compensation Scheme, which covers up to £50,000 per person. HSBC is also one of the world’s largest banking groups.
What is HSBC’s set-off policy?
- If you owe money to HSBC, or to another HSBC group company, the bank can use money held in your account to settle that debt, including from joint accounts. If the money is in a foreign currency it may be converted to sterling at HSBC’s exchange rate first. It is worth being aware of this before holding large balances alongside HSBC borrowing.