Lee Byers Asks Is Hsbcs Premier Offshore Bank Account Any Good?
You"ll notice that we currently have HSBC advertising their Premier offshore bank
account on Lee Byers "" but just because someone has an advert on their website, in their newspaper or in their shop window, it doesn"t necessarily mean that person endorses or rates that which they are advertising, does it!So, is HSBC"s premier offshore bank account worth the money? And is it worth you thinking about if you already bank offshore, or if you"re soon moving abroad and looking for a suitable offshore banking service? We thought we"d do an independent review of the product on offer and the services that are available that come with it, and speak to someone who already has a Premier offshore bank account with HSBC to get their feedback.
It seems that the account offers a truly substantial level of service and can be worth the fees and minimum account balance requirements, but if you"re going to struggle to stay within the "relationship balance" requirements, there are other accounts that could suit you more. The following is a review of the premier account so that you can find out more about it before you decide to buy in "" or not!
Why Choose HSBC for a Start?
HSBC markets itself as the world"s local bank "" clever "" what this really breaks down to is that it is probably the most prolific bank in terms of the branches it has all over the world. As a Premier account customer, this may well appeal to you, as will the fact that there are 300 dedicated "Premier offices" internationally as well. In other words, you will be able to get a high level of face-to-face service, rather than just managing your affairs anonymously over the Internet.
Our account holder reviewer told us that for him HSBC was the right choice because: "I consider HSBC to be the biggest name in "high street" banking terms, so I knew that for my day-to-day banking I"d probably be best served by them. Because I am based permanently abroad but work internationally, I needed massive flexibility and accessibility. I felt that HSBC would give me that and I was right."
HSBC chooses Jersey as the jurisdiction for the management of your wealth if you"re a Premier customer "" and it does so because the jurisdiction is internationally recognised and accepted as one of the most secure and reputable in the world.
What Immediate Advantages Can You Take Advantage of?!
Our reviewer said: "The fact that I live abroad now and work on projects all over the world, yet still maintain a home in the UK for my family meant that I knew my tax affairs were going to be complex. If I"m totally honest I am lazy and disorganised when it comes to my own administrative affairs, so one of the value added benefits of the Premier account for me was having preferential and heavily discounted access to Deloitte & Touche." (Deloitte & Touche LLP (Deloitte)
HSBC Premier customers can use Deloitte"s International Assignment Service with up to 25% discount on fees for the likes of tax advice, preparation and completion of HMRC forms, and completion of tax returns for employment income, rental income, or other more complex arrangements for both UK nationals and expatriates. This is not only valuable, it can be invaluable to those who have no idea how they"re going to manage their tax matters once they move overseas!
Wealth Management & Financial Planning
Most people prefer to take an independent view of their finances and call in an independent financial adviser to assist with their wealth management when they move abroad "" however, as a Premier account customer you don"t have to worry about finding someone to assist! You also have access to an HSBC International Wealth Manager as part of your account"s services.
This can really work for those who what to sort out their money management with the least amount of hassle possible! The wealth manager will look at the whole marketplace "" not just HSBC"s own product base "" and make recommendations based on your stated life goals.
"I have always meant to get a better handle on my money"s management. But I have ISAs here, a pension there, a trading account and too much money sitting in my current account. Having someone sit me down and work with me through my plans, goals, ambitions and base their advice on my expatriate status, my attitude to risk, my tax status and their knowledge of the whole marketplace was actually invaluable."
Benefits of HSBC"s Premier Account
As a Premier account customer you can withdraw your cash for free from ATMs around the world, move money around the world for less with reduced fees on international transfers, and get better interest rates on a variety of HSBC specific savings accounts.
You can have a debit card, credit card, you can get cards for your family members, have an American Express charge card and benefit from the "Home and Away Rewards Programme" which is linked to your Premier MasterCard. You get points on all purchases that can be used for shopping, travel, dining and even entertainment.
If you lose your cards or end up in a difficult situation with your wallet having been stolen for example, you can walk into any branch of HSBC and once you have identified yourself, HSBC will take the strain off you. Lost or stolen cards will be cancelled and replaced "" and there"s a superior online fraud protection policy in place too.
"I have all the cards I need to access my cash and give me the flexibility I need. I transact a lot online and have had my identity cloned somehow "" the first I knew about it was when HSBC contacted me and told me that it had happened, I hadn"t been charged, my cards were going to be cancelled and replaced. It was that easy for me to manage!"
So, Can You Have an HSBC Premier Account?
The Premier account does offer a lot to expatriate and international customers. It has been carefully crafted and thought out, planned and created by those who have genuinely taken time to determine what expatriates and international professionals want from an account, a bank, a service. So, if you like the basic overview of many of the account"s features as discussed above, it may be worth your while taking a closer look and contacting HSBC for more information.
What you need to know is that you have to maintain a minimum so-called "relationship balance" of 60,000 (or currency equivalent) "" and this can be quite an ask for many people, most people preferring to keep larger sums under wraps of better interest rates for example. But there are other options and alternatives in the HSBC armoury, such as HSBC Advance, their straight offshore current or cheque deposit accounts. All offer a range of features and benefits that have been well honed to suit an expat"s requirements, you just need to choose which account best suits you as an individual.
If you"re unsure how or even whether HSBC can help, fill in the application form and get them to give you a call. You have nothing to lose, you"re not going to be "sold" an account you neither want nor can necessarily comfortably or happily afford.
And a final word from our Premier account customer reviewer: "I feel my money"s secure with HSBC and I"m achieving a decent return on my instantly accessible contingency fund! That"s the way I look at it "" and keeping my balance in place doesn"t harm me "" it means I have access to tax advice, financial advice, rewards and a much higher level of customer service than I"ve ever been used to with a bank. Perhaps it"s just another perk of being an expat, I don"t know!"
by: Lee Byers