[Official] HSBC Premier

[hwmook]

SCB PB: 0
SCB PP: 8, no minimum spending
HSBC Premier - SGD12,000 of eligible purchases during the previous calendar quarter
HSBC ELITE PREMIER - no minimum spend when you keep a total relationship balance of >SGD1.2 million or its equivalent in foreign currency with HSBC Singapore

1.5m in SCB and 1.2m in HSBC then can get all the free limo. Other then this, not much useful benefits.

 

[quekkb]

hi quekkb,

If I intent to just keep MYR 300k eqv in HSBC Malaysia, do I initiate the first account opening with them? Or the system clever enough to identify that 300k balance in MY branch is sufficient to waive all fall below fees, or do i need to indicate Malaysia as my "home" account? And if nxt month I empty out the MY account and keep S$200k in HSBC SG, the status still remains as Premier?

are there fall-below fees for the other zero-balance accounts/ markets?
does HSBC enforce this strictly?
Also, what's attractive about the HSBC Premier credit card apart from the 1.4mpd?, limou will be difficult to qualify and

If one your HSBC account (any countries) meet the premier requirement, you just need to inform the local RM to make the account as your premier home country. When you link your global account, HSBC system in any of the country can see your premier status. For example, HSBC Singapore can view globally the account you have and which country meets the premier status.

HSBC Singapore is my premier home country but I have HSBC HK, HSBC AU, HSBC UAE, HSBC UK, HSBC Jersey, HSBC USA. I also meet HSBC Australia premier requirement but I did not make Australia as my premier home country (you can only select one premier home country). The rest of the account, you don't have to meet the TRB.

When you move the fund from MY to SG and meet HSBC SG premier, you need to inform your RM to set HSBC SG as your premier home country. They will update the HSBC global directory. This is how the information being send to all your HSBC accounts globally.

I have once walk into HSBC Australia branch and they show me their system which they can see where I have HSBC account and which countries meet the TRB and which countries is my premier home country. This is how the international banking services who help premier customer to open account overseas. They can see if you are a premier customer.

 

[ericcsn]

If one your HSBC account (any countries) meet the premier requirement, you just need to inform the local RM to make the account as your premier home country. When you link your global account, HSBC system in any of the country can see your premier status. For example, HSBC Singapore can view globally the account you have and which country meets the premier status.

HSBC Singapore is my premier home country but I have HSBC HK, HSBC AU, HSBC UAE, HSBC UK, HSBC Jersey, HSBC USA. I also meet HSBC Australia premier requirement but I did not make Australia as my premier home country (you can only select one premier home country). The rest of the account, you don't have to meet the TRB.

When you move the fund from MY to SG and meet HSBC SG premier, you need to inform your RM to set HSBC SG as your premier home country. They will update the HSBC global directory. This is how the information being send to all your HSBC accounts globally.

I have once walk into HSBC Australia branch and they show me their system which they can see where I have HSBC account and which countries meet the TRB and which countries is my premier home country. This is how the international banking services who help premier customer to open account overseas. They can see if you are a premier customer.

So do you use the HSBC USA account to do US investments? Or use the HSBC SG account to do them?

I am told that if I have US$ in the HSBC US account and I want to trade in US exchanges using the US bank account, I need to get the HSBC agent in US to clear it?

 

[tehhalia]

If one your HSBC account (any countries) meet the premier requirement, you just need to inform the local RM to make the account as your premier home country. When you link your global account, HSBC system in any of the country can see your premier status. For example, HSBC Singapore can view globally the account you have and which country meets the premier status.

HSBC Singapore is my premier home country but I have HSBC HK, HSBC AU, HSBC UAE, HSBC UK, HSBC Jersey, HSBC USA. I also meet HSBC Australia premier requirement but I did not make Australia as my premier home country (you can only select one premier home country). The rest of the account, you don't have to meet the TRB.

When you move the fund from MY to SG and meet HSBC SG premier, you need to inform your RM to set HSBC SG as your premier home country. They will update the HSBC global directory. This is how the information being send to all your HSBC accounts globally.

I have once walk into HSBC Australia branch and they show me their system which they can see where I have HSBC account and which countries meet the TRB and which countries is my premier home country. This is how the international banking services who help premier customer to open account overseas. They can see if you are a premier customer.

as a foreigner in other countries, the HSBC bank in those foreign countries allow foreigner like you to set up account?

i have plans to move abroad when i retire, and i heard hsbc is a good account to manage asset across 2 countries, in particular that it allow transfer of funds between hsbc accounts without transaction fee

but i wonder if it is worth it to fund a hsbc account to premier status just to use their global fund transfer service, when major banks in singapore can also do overseas transfer with a reasonable fee

so i wonder if i'm missing something exceptional about hsbc premier for this purpose...

 

[Garlic & Butter]

Almost all the proper banks, local or foreign, charge huge fees for consumer tier (not sure abt digital banks):

that 0.125% commission with a minimum $10 + another 0.125% in lieu of exchange + another $20 cable fee + another $30 correspondent fee

FX spreads are also generously wide at 1.5 - 2%
side note: just saw DBS has a maximum $55 fee excld agent bank charge.

 

[sglandscape]

Almost all the proper banks, local or foreign, charge huge fees for consumer tier (not sure abt digital banks):

that 0.125% commission with a minimum $10 + another 0.125% in lieu of exchange + another $20 cable fee + another $30 correspondent fee

FX spreads are also generously wide at 1.5 - 2%
side note: just saw DBS has a maximum $55 fee excld agent bank charge.

Which is why the recommendation is to not use the banks as the main broker, unless you intend to pledge it as collateral to borrow against or get a better rate. For most people, even if you're wealthy, it makes zero sense to pay the fees.

If you're ultra wealthy it starts to make sense.

 

[epigram]

So do you use the HSBC USA account to do US investments? Or use the HSBC SG account to do them?

I am told that if I have US$ in the HSBC US account and I want to trade in US exchanges using the US bank account, I need to get the HSBC agent in US to clear it?

I read that you need to be a US resident to open a self directed brokerage account with HSBC US.

 

[ericcsn]

I read that you need to be a US resident to open a self directed brokerage account with HSBC US.

doesnt seem to be the case. just need HSBC USA to assist u if trading using the HSBC USA account.

My approach:
1. Have succeeded in transferring USD from DBS to HSBC USA (zero fees).
2. Have moved USD from HSBC USA to HSBC SG.
3. Am now able to use my existing HSBC SG to trade.

 

[hwmook]

doesnt seem to be the case. just need HSBC USA to assist u if trading using the HSBC USA account.

My approach:
1. Have succeeded in transferring USD from DBS to HSBC USA (zero fees).
2. Have moved USD from HSBC USA to HSBC SG.
3. Am now able to use my existing HSBC SG to trade.

No need to waste time with step 2, I have been transferring USD directly into local HSBC EGA account. It work fine with no fees.

 

[maumu]

No need to waste time with step 2, I have been transferring USD directly into local HSBC EGA account. It work fine with no fees.

is it 'cos you're DBS Treasury member? so no fees.

 

[ericcsn]

No need to waste time with step 2, I have been transferring USD directly into local HSBC EGA account. It work fine with no fees.

Serious? Ok I will try it next time.

 

[hwmook]

is it 'cos you're DBS Treasury member? so no fees.

DBS remit no fees to transfer supported currencies. You transfer USD definitely no fees. It's the bank that received them might change a fees. HSBC doesn't charge a fees for receiving USD.

 

[maumu]

DBS remit no fees to transfer supported currencies. You transfer USD definitely no fees. It's the bank that received them might change a fees. HSBC doesn't charge a fees for receiving USD.

that's.. strange. I was charged by DBS transfer fees when transferring USD from DBS Multiplier to HSBC EGA (same currency). the fees (in SGD) were deducted from the amount transferred after converted to USD.

I think that was earlier this year (January).

 

[hwmook]

that's.. strange. I was charged by DBS transfer fees when transferring USD from DBS Multiplier to HSBC EGA (same currency). the fees (in SGD) were deducted from the amount transferred after converted to USD.

I think that was earlier this year (January).

You were charged by DBS or HSBC?

 

[maumu]

You were charged by DBS or HSBC?

DBS.

 

[iduncheckmail]

that's.. strange. I was charged by DBS transfer fees when transferring USD from DBS Multiplier to HSBC EGA (same currency). the fees (in SGD) were deducted from the amount transferred after converted to USD.

I think that was earlier this year (January).

Same here.
so now I use the HSBC USA method

 

[epigram]

So if DBS Treasures and SG Premier, can transfer USD from Multiplier to EGA with no fees? Confused

Edit: did a deep dive on DBS website. There are no fees for TPC. But T will have fees.

 

[epigram]

Wanted to test if multiplier to EGA had fees today. But chickened out. Will have to find time to open the USA account

 

[ericcsn]

Wanted to test if multiplier to EGA had fees today. But chickened out. Will have to find time to open the USA account

You could call hotline and check with Treasures (my own check with RM was a no goer https://forums.hardwarezone.com.sg/threads/official-hsbc-premier.6378696/post-158316648). Took ages to open HSBC account and very tedious. But happy i did it.

 

[quekkb]

So do you use the HSBC USA account to do US investments? Or use the HSBC SG account to do them?

I am told that if I have US$ in the HSBC US account and I want to trade in US exchanges using the US bank account, I need to get the HSBC agent in US to clear it?

Initially, I was using Etrade in US to trade US shares. So having HSBC US account is very convenience for transfer USD to HSBC USA and then domestic transfer to Etrade account. Last year, I have moved my US holding from Etrade to HSBC US. Now I use HSBC US for fixed deposit.