HSBC Expat Account

Old Apr 12, 18, 6:53 am
  #1  
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Question HSBC Expat Account

Hi all

Quick question - what would happen if I open a HK HSBC account through their "Expat" service, move all my assets into accounts in Hong Kong and close the original account in the UK. Is this something they allow, or would I sacrifice my Premier eligibility by doing that? I meet the UK requirements but not sure I'd meet the HK ones in the next few months, but would rather keep my money in HK accounts.

Cheers!
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Old Apr 12, 18, 7:19 am
  #2  
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For various reasons it's almost always wise to keep one or more bank accounts open back in your home country.

As for HSBC in HK, you really ought to deal with them a bit before you decide to make them your bank in HK. You may be happy, you may be not. In any event, I think most HK people spread their banking out among a few banks.
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Old Apr 12, 18, 10:25 am
  #3  
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Yes, you can switch your "home" country as far as Premier is concerned. A good friend of mine recently moved his "home" from Jersey to Hong Kong and closed the Jersey account. The criterion for HK to be your home country is a Total Relationship Balance of HK$1M.
But as per the previous poster I would keep the UK account unless you have strong reasons for cutting all links with the UK (perhaps for reason of tax domicile, which is my friend's motivation). I'm originally from the UK, I emigrated to HK 20 years ago, and HK is my home Permier account, but having my Jersey account (it's in the UK banking system, but outside, to some extent, the UK tax system) is quite handy in moving UK-originating pensions and other money around free of charge using Global Transfer.
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Old Apr 13, 18, 5:27 am
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We are sea turtle expats.

Home Premier is HK but we also have open and active HSBC accounts linked to our HK Premier from Canada, US, UK, SG and PH.

Also in not keeping all your eggs in one basket we also have active business relationships with other HK banks.
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Old Apr 15, 18, 11:50 am
  #5  
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Originally Posted by rubyOTA View Post
Hi all

Quick question - what would happen if I open a HK HSBC account through their "Expat" service, move all my assets into accounts in Hong Kong and close the original account in the UK. Is this something they allow, or would I sacrifice my Premier eligibility by doing that? I meet the UK requirements but not sure I'd meet the HK ones in the next few months, but would rather keep my money in HK accounts.

Cheers!
If you meet the Premier requirement from the U.K., you are qualified for a local Premier account without doing anything.

Simply open an account with all relevant document in Hong Kong and tell HSBC HK that you are a Premier customer from the U.K.

There is absolutely no need to use the so-called "Expat" service.
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