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Looking for a change of scenery, a chance to study abroad or your work is taking you overseas?
If you’re about to become an expat, living in a foreign land, then it’s important to start thinking about how to handle your banking needs.
In this guide, we’ll run through everything you need to know about the HSBC expat bank account. This includes the fees, rates, features and much more, to make sure you’re fully informed - and able to decide if it’s the right account for you.
We’ll also be making some comparisons with an alternative, the Wise multi-currency account.
So, let’s get started.
The HSBC expat bank account is specifically designed for expatriates living and working overseas. It includes a wide variety of features tailored to the needs of expats. It’s especially useful for people who live and work in various countries at different times.
Here are some of the account’s most useful features:¹
The HSBC expat bank account is best suited for expatriates who are constantly on the go. If your work takes you around the globe frequently, then having your money in one fixed location is invaluable.
On top of this, the account is, as HSBC puts it, “fluent in 19 different currencies”. This means you can make effortless payments almost anywhere you are in the world with the same account.
This makes it also perfect for travellers who don’t want to worry about their account every time they touch ground in a new location.²
We would also say this is a great option for international students, but for reasons that’ll become clear in a moment, this is not the case.
With that said, some of the top reasons for applying for a HSBC Expat bank account are:
Think this could be the right option for you? If so, you’ll need to know how to open this account. We’ve put together some helpful information below, to guide you through the process.
Firstly, the eligibility for a HSBC expat bank account is pretty strict.
You’ll need to fulfil one of these requirements:³
It’s for this reason that the HSBC expat bank account is not a good option for international students. It’s much more suited to workers whose jobs take them across the globe.
There is an alternative for students however, in the form of the HSBC international student bank account.
If you meet the eligibility criteria, then signing up for a HSBC expat bank account is very similar to opening any other kind of bank account. However, the identification process is more extensive and requires the use of a smart device.
Here’s what you’ll need to do:
Now we come to the important part - how much does it cost to use the HSBC expat bank account? Let’s take a look:⁵
Transaction type | HSBC Premier | HSBC Advance |
---|---|---|
Monthly Fee | None | None |
Minimum Relationship Balance | £50,000 (or £100,000 annual sole salary) | £15,000 |
Cash Withdrawal Fee | None | None |
Underfunding Fee | £35 | £15 |
Global Transfers | Free | £5 (free via mobile app) |
Card payments and ATM withdrawals | No fee - but 2.75% Exchange Rate Adjustment applies to non-sterling payments | No fee - but 2.75% Exchange Rate Adjustment applies to non-sterling payments |
HSBC uses what it calls the ‘HSBC exchange rate’ to convert currency for international transfers. However, it doesn’t go into detail about how close this is to the mid-market exchange rate.⁶
It’s likely though that if HSBC is using the mid-market rate then it comes with a noticeable mark-up. This means a poorer rate for you, and makes your transaction more expensive.
The good news is that there are alternatives available, which could save you money when sending transfers or spending overseas.
If the markup on the HSBC expat bank account’s exchange rate is a deal breaker for you, then consider an alternative - the Wise multi-currency account.
With Wise, you can manage your money in 50 currencies at once, so it’s great for expats, travellers and international students alike.
For everything from international transfers to ATM withdrawals abroad, Wise sticks faithfully to the mid-market exchange rate and only ever charges only a small, transparent fee.
What’s more, the accessible, easy-to-use Wise app makes the process of managing your money internationally a seamless experience.
Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees
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Sources used:
Sources last checked on date: 04-May-2023
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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