HSBC
Expat

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:

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.