If it helps, I think Chase Sapphire checking has free incoming and outgoing wire transfers including free international wire transfers. Worth double checking but it's mentioned here.

So do you maintain premier status as long as the foreign account has an average balance over $75k if converted to USD based on daily rates? Or does the foreign account have it's own bar in the local currency (e.g. 60k EUR)? I'd also be curious to here what HSBC's exchange rates are like compared to other options (I see TransferWise mentioned a lot).

You have to meet the Premier requirements in whatever country you maintain that qualifying balance (e.g., GBP 50K in the UK, HKD 1Mil in Hong Kong). There are some alternate ways in some countries such as having a certain level of income plus holding a mortgage or other specified product.

Another option is HSBC Expat (qualifying level is similar to UK), where you can hold accounts in a few different currencies. Anyone have any experience with establishing a Premier relationship through them?

As far as exchange rates, HSBC's are not very good compared to TransferWise. I just priced a $10K transfer--with HSBC it would equal GBP 7003.21 w/ TransferWise it would be GBP 7114.30.

Does anyone know if HSBC is still actively accepting credit card apps?

thanks!

Yep, Chase Sapphire Checking is likely what I'd move to eventually. They don't have the international presence but have everything else I'm looking for. There is 75K minimum and retirement accounts don't count unfortunately.

Retirement accounts actually do count for the minimum as far as waiving the monthly fee, just not for a new account bonus.

That's good to know! Makes things even easier. I can just transfer an IRA and call it a day :D

The Points Guy noted that IRAs didn't count. However, they may have been talking about bonus requirements though.

I see that HSBC is closing a co-branded retail bank in the UK. Announcement in March, all accounts must be closed by August. (A "current account" is the UK equivalent of a USA "checking account".)

https://www.theguardian.com/money/20...store-branches

Your premier status is maintained by keeping the average balance in the home country currency. Each country has it's own level - many of which differ from the $75k USD limit set here in the US. For example, Australia HSBC requires one to maintain a savings balance of AUD150,000. Canada requires 100,000 CAD. UK requires 50,000 GBP. Etc.

My experience is similar to Stan. HSBC global transfer rates are not good at all. Transferwise (now Wise) is much better.

Can you open a foreign currency account, e.g. a euro account in Spain, while still in the US, and without a mailing address in that country?

I don't think HSBC Spain offers personal bank accounts, only corporate.

I'm not sure about the local address requirement, while banks in many countries require local addresses in order to open accounts, my understanding is that banks in Spain offer accounts for non-residents.

If you're looking to stay with HSBC, as I mentioned in a previoius post, HSBC Expat offers multi-currency accounts (USD, GBP, and Euro), so you could presumably open an Expat Euro account with an address in the US.

I was able to open foreign currency accounts with HSBCs outside of the US. However, to open the account initially I had to visit the HSBC branch in person. A local address was not required for the countries I opened as an HSBC Premier member. This is not true for all HSBC countries, just the ones I ended up opening. I recall some requiring a local address. Contact your HSBC Premier Account rep (or 800#) and they can tell you what countries are available without local address to HSBC members. But remember, you will have to visit in person to open the account initially.

HSBC finally updated their online banking UI (not all pages). Just in time for them to sell off the business I guess :rolleyes:

Just had someone reach out to me wanting to chat. I've never had anyone reach out to me since I opened my Premier account about two years ago.

I'm guessing this is just a sales pitch? I don't see why I'd move any other assets to HSBC since they are looking to potentially close up shop.

I get that kind of a call every year from both the relationship manager and investment advisor. The investment advisor just wants to confirm I don't want to make any chages. The relationship manager's call is usually a "nothing in particular to discuss, just wanted to touch base" type. Never had a hard sales pitch, but I guess it might depend on how aggressive your relationship manager is.