<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=3003101069777853&amp;ev=PageView&amp;noscript=1">

REVIEW SUMMARY

HSBC Expat

HSBC is one of the largest banking and financial services organisations in the world, with operations in 64 countries and territories.

HSBC Expat is a division of HSBC Bank plc, Jersey Branch.

HSBC Bank plc, is registered in England and Wales number 14259. Registered office 8 Canada Square, London, E14 5HQ.

HSBC Expat products and services are available only in jurisdictions where and when they may be lawfully offered by them - not all of their products or services mentioned on their website will be available to residents of all countries/regions, due to HSBC's Policy.

HSBC Expat's range of services includes an expat account, expat mortgages, expat savings, the discover FX app and market insights.

HSBC Expat is regulated in Jersey by the Jersey Financial Services Commission for banking, general insurance mediation, investment and fund services businesses.

Our Verdict
A Closer Look
FAQs
Customer Reviews

Expat account provides a place for your money to grow in a convenient, central location. All of HSBC Expat's accounts are based in Jersey, Channel Islands – a secure offshore jurisdiction.

New HSBC Expat customers must be 18 years or over, currently live or be situated in an eligible country or region, and meet one of these criterion:

  • hold a minimum of £50,000 (or currency equivalent) with them
  • have a sole salary of £100,000 (or currency equivalent)
  • have already qualified for HSBC Premier in another country / region

Additionally, you must currently reside or be situated in an eligible country* or region.

*You can learn more about these eligible countries in the FAQs section of this review.

Key features of the HSBC Expat account include:

  1. You can get an extra 0.20% AER / Gross welcome bonus interest on GBP, USD, HKD and AED fixed term deposit accounts opened within 90 days of opening your first expat bank account. Please note that this offer could change in the future.
  2. Current accounts available in Pound Sterling, United States Dollar and Euro.
  3. Open additional savings accounts in Hong Kong Dollar, United Arab Emirates Dirham, Australian Dollar and 16 other currencies.
  4. HSBC Expat offers a mobile banking app, online banking and 24/7 telephone banking.
  5. Complimentary travel security services from WorldAware® (more information in the brochure attached below).
  6. International offices based in Jersey (Channel Islands) and Hong Kong.

Types of accounts offered by HSBC Expat can be summed up below:

1. HSBC Expat Bank Account 2. Fixed Term Deposit 3. Little Expat Savings Account 4. Quarterly Bonus Saver
Their premier relationship managers are there to help you and your family manage your finances Get the latest interest rate on Sterling and US Dollar Open an account with just £1 or currency equivalent Bonus interest rates paid after each qualifying 3 month period
Travel security services from WorldAware Choose a term to suit you from 1 month to 1 year Keep savings in one place, wherever in the world you relocate Standard rates paid regardless of withdrawals
Available in Sterling, US Dollar and Euro Available in 19 currencies Choose from 4 currencies: GBP, USD, HKD and AED Available in Sterling and US Dollar
Minimum balance required: GBP 5,000, USD 5,000 or EUR 10,000 Minimum balance required: GBP 5,000, USD 5,000 EUR 10,000 or GBP 10,000 currency equivalent - Minimum opening balance: GBP 5,000 or USD 5,000

 

5. Online Bonus Saver 6. Currency Savings Account 7. Saver Account
Additional bonus interest paid for any calendar month in which you make no withdrawals Interest is calculated daily and credited to your account in April and October A flexible savings account with easy access to your money
Standard rates paid regardless of withdrawals    
Available in Sterling, US Dollar and Euro Available in 16 currencies Available in Sterling, US dollar and Euro
Minimum balance required: GBP 5,000, USD 5,000 or EUR 5,000 Minimum balance required: GBP 10,000 currency equivalent Minimum balance required: GBP 5,000, USD 5,000 or EUR 10,000

 

HSBC Expat bank account interest rate:

  • The HSBC rates change several times daily, so they have created an interest rate tool for indication purposes. 
  • Potentially higher rates may be available for amounts over £1,000,000 (or currency equivalent).
  • Other currencies may also be available.
  • Credit interest on sterling accounts is calculated on a 365-day basis. Interest on most other currency accounts is calculated on a 360-day basis.
  • Interest rates are set according to the type of account and the amount deposited.
  • Credit interest is not payable on all our accounts. Interest is credited to the balance of the account to which it applies.
  • Negative interest may be applied to credit balances* for some currencies.

*They may change the interest rates applied to credit balances. 

Investing services offered by HSBC Expat are as follows:

  1. Financial planning service: 
    HSBC Expat claims that their wealth managers recommend products that can help you achieve your goals (we recommend you read our expert verdict). This is available if you are looking to invest either GBP 25,000+ / USD 35,000+ / EUR 25,000+ as a lump sum, or GBP 500+ / USD 750+ / EUR 500+ each month.
  2. Portfolio investment funds:
    HSBC World Selection funds are available in Sterling, US Dollars or Euro. A minimum investment of GBP/USD/EUR 10,000 or GBP/USD/EUR 250/month is required. It allows you to choose between five portfolios, each with different levels of risk exposure. Additionally, you can buy, sell, switch and track your investments using Freedom Plus Nominee Service.
  3. Single asset funds:
    Single asset class funds are available in Sterling, US Dollars or Euro and requires a minimum investment of GBP/USD/EUR 10,000 or GBP/USD/EUR 250/month. They claim to offer a wide range of investment, including all types of assets, from shares and bonds to alternative investment types.
  4. Sharedealing:
    Sharedealing is provided by HSBC UK Bank plc, and is available in 37 countries, to trade in Sterling, US Dollars and Euro. The minimum initial investment of 1 share with an initial trading limit of GBP 10,000 or currency equivalent.

HSBC Expat also has an FX app which is supposed to help you manage everything in one place, offer live market insights, news and get exclusive discounts subject to transaction size.


NOTE:

  • For investors, the HSBC Expat service may incur charges significantly higher than anticipated.
  • Investors are guided towards HSBC products and portfolios which are often white labelled versions of other insurance based products reviewed in this section of our website.
  • In general, we are surprised that HSBC refers business to insurance-based platforms when it is normally more flexible and cheaper for clients to manage their investments on a banking platform.
  • Investors on this platform should be particularly sensitive to product fees. Like many banks operating in the ‘retail space’, clients are encouraged to invest through structured products and ‘approved funds’ which carry high and potentially undisclosed fees.
  • Perhaps the greatest criticism of the HSBC Expat bank account, is that the service levels are poor. Clients are one amongst tens of thousands and on balance do not receive a high level of personal service or expertise in exchange for the relatively high fees they pay.  
  • High staff turnover and local coverage means that clients do not receive the bespoke, ‘home country’ service that is embodied by HSBC’s strong brand and excellent UK offerings.
  • We would highly recommend reading the 'expert verdict' section of this review to make an informed decision.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

  • Academic evidence only shared with a select few firms across the world
  • A real-life example of why you should never try to outguess the market
  • Why a fund's past performance is not enough to predict future returns
  • Why you need to focus on what you can control and why this leads to a better investment experience
  • Why you should accept the markets for what they are
  • What can impact behaviour and make people seek instant gratification

New call-to-action

 

The Pros

> Size and global presence
> Fixed term accounts up to 19 currencies
> Global view of accounts
> Expatriate lending – mortgages for both UK and offshore properties
> Global HSBC network for mortgage specialists in the expatriate country/region.

The Cons

> Poor service levels
> Charged additionally for premier services, if you are a HSBC premier customer
> Standard banking services
> Low expertise
> Operate on a tied basis
> Poor investment range
> Expensive
> Risk of hidden costs
What are the benefits of fixed term deposits?

The benefits of fixed term deposits as stated by HSBC Expat are as follows:

  1. Get the latest interest rate: Benefit from interest rates that track the market. Interest rates vary daily so please refer to their interest rates tool for indicative rates.
  2. Choose from a range of 19 global currencies: Save in a currency of your choice, that best meets your needs.
  3. Save for a fixed term between 1 month and 12 months: Enjoy the flexibility of saving for a period of time that you choose.
  4. Hassle free reinvestment: At the end of the term, your deposit will be automatically renewed for the same period, unless you tell them otherwise.
Does HSBC Expat offer international mortgages?

If you’re looking to purchase a property abroad, they can help connect you to their local HSBC mortgage teams who can support you through the application process of purchasing a property in another country / region*.

*Subject to eligibility criteria in the country or region you are applying in.

Which countries and regions are eligible to apply for a HSBC Expat current account?

The country or region you are located in when you apply for an account and the country or region you reside in can impact their ability to assist you.

Eligible countries include:

Argentina, Armenia, Australia, Austria, Bahrain, Belgium, Bermuda, Brazil, Canada, Cayman Islands, Chile, China, Denmark, Egypt, France, Germany, Gibraltar, Greece, Guernsey (including Alderney and Sark), Hong Kong SAR, India, Isle of Man, Israel, Japan, Jersey, Kenya, Kuwait, Lebanon, Macau SAR, Malaysia, Malta, Mexico, Netherlands, Norway, Oman, Philippines, Poland, Portugal, Qatar, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States of America, Uruguay, Venezuela, Virgin Islands (British).

What is the eligibility criteria for HSBC Expat's fixed term deposit?

If you’re new to HSBC Expat, you’ll need to hold a minimum GBP 50,000 or currency equivalent in deposits or investments with them or have a sole minimum salary of GBP 100,000 or currency equivalent.

You'll need to maintain a minimum balance of GBP 5,000, USD 5,000, EUR 10,000 or GBP 10,000 currency equivalent for other currencies.

What is the overview of their set off policy?

If you have money in one of your accounts, HSBC may choose to set it off against any amount you owe them, or any other HSBC group company, which is due for payment.

Amounts owed include amounts owed under a loan, credit card, mortgage or overdraft.

HSBC's set-off right applies to accounts in your name only and to accounts you hold jointly with another person (X) as shown below:

Money in account for: Set-off against money owed by:
You only You
You only You and X
You and X You
You and X X
You and X You and X

 

 

 

 

 



They can use money in your account even if there’s a court decision against you or you’re fined (including interest arising after the date of the final decision or fine), unless they are prevented by the court or by law.

If you have money in a foreign currency, they may convert it to pounds sterling using the HSBC exchange rate when they use their set-off right.

 

Can anyone apply for HSBC Expat's childrens savings account?

You must be an existing HSBC Expat customer before you can apply for a little expat savings account.

What are the benefits of HSBC Expat's online bonus saver?

The benefits of HSBC Expat's online bonus saver as stated by them, is as follows:

  • Earn bonus monthly interest if you make no withdrawals:
    Bonus interest is paid for any calendar month in which you make no withdrawals.
  • Earn standard rate of interest even if you make withdrawals:
    If you need to make a withdrawal, you'll still be paid the standard interest rate regardless of withdrawals.
  • Easy online access:
    Our online savings account gives you easy access to your money, any time of the day.
  • Manage your savings from anywhere:
    Wherever you are in the world, you'll be able to manage your savings account and watch your savings grow.
How is the interest calculated on HSBC Expat's quarterly bonus saver?

Standard interest:

  • Standard interest is calculated daily and paid monthly to your quarterly bonus saver on the first working day of the next calendar month.
  • Where the first day of the month is not a working day, the interest amount will include any interest accrued up to (but not including) the first working day of the month.
  • No interest will be paid for any day when the balance is below the minimum balance requirements.

Bonus interest

  • Bonus interest is paid for every three month period where your account meets certain criteria: a 'Qualifying Three Month Period'.
  • Bonus interest is paid after each 'Qualifying Three Month Period' on the first working day of the following month.
  • Bonus interest will accrue daily based on the daily closing balance of your account and be paid at the successful completion of each 'Qualifying Three Month Period'.

Very expensive

You get nothing from HSBC Expat that you can't get anywhere else for far less money.

Expert assessment of HSBC Expat

We do not recommend any type of investment advice is taken from HSBC.

Many of its advisers have a low level of expertise, they operate on a tied basis, the investment range is poor and the overall costs are, in our view, high and in many cases, undisclosed.

There are better options available for senior international professionals.

If your portfolio is worth £250,000 or more, we recommend contacting us for a Second Opinion.

There are likely to be cheaper options available with more transparent fee structures.

GET A SECOND OPINION

HSBC Expat - Customer Brochure

HSBC Expat - Banking Terms and Conditions

HSBC Expat - Tariff of Charges

HSBC Expat - Credit Scoring Guide

HSBC Expat - Online Banking Terms and Conditions

HSBC Expat - Mobile Banking Terms and Conditions

HSBC Expat - Inward Payment Form

HSBC Expat - Outward Payment Form

HSBC Expat - HSBC Assetmaster Brochure

HSBC Expat - World Aware Terms and Conditions

Start getting better results in just one phone call

Ready to start the conversation?

We'll call, learn about you and help you decide if we're a good fit. It's that easy.

Get Started