HSBC Premier Checking Review
If you work, live, or travel abroad, the HSBC Premier Checking account may be what you need. Read on to see if this global checking account is right for you.
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HSBC is one of the largest banks in the world with nearly 4,000 locations in 63 countries and territories.
They offer personal and business accounts that cater to high net worth individuals with international banking needs.
If you're considering opening a personal checking account, you must check out these promotions.
What is HSBC Premier Checking
The HSBC Premier Checking account is a unique global banking account. You get free money transfers between your HSBC accounts worldwide. And you can manage all your global accounts from your mobile phone with one login.
Plus, you get financial support at HSBC branches worldwide.
Just some of the benefits include:
- Priority customer service anywhere you are
- Free ATM access at US HSBC and Allpoint ATMs
- No foreign transaction fee
- No wire transfer fees from HSBC
- Personal Relationship Manager
Read on to learn about HSBC Premier and all its features in more detail.
Who is HSBC Premier Best for
The HSBC Premier Checking Account could be right for you if you:
- Live, work, study, or buy property abroad
- Frequently transfer money between accounts in different countries
- Are a relatively high net worth individual and can meet the minimum requirements (see below)
How to Qualify for a Premier Account
To be eligible for an HSBC Premier Checking account, you must fulfill one of the following requirements:
- Maintain at least a combined balance of $75,000 in deposit and investment accounts
- Have recurring direct deposits from a third party totaling at least $5,000 to HSBC Premier checking account every month
- Have any HSBC U.S. residential mortgage loan with an original loan amount of at least $500,000
There is a $50 monthly service fee if the requirements are not met. You have 6 months after the account opening month to meet one of the requirements before being assessed a monthly fee.
The minimum opening deposit is $0.
HSBC Premier Checking Features & Benefits
In exchange for the high account requirements, HSBC offers some premium benefits, including fee waivers and international financial support.
Here's a rundown of all the benefits.
Global Banking
Free international account opening
It's free to open an HSBC account abroad in over 30 destinations. You can open an account before arriving, so it's all ready for you as soon as you're there. You may even be able to transfer your credit history to your new destination.[1]
See all accounts in one place
With Global View, you can see all your HSBC global accounts in one place with one single log-in. You can easily manage all your accounts from the mobile app or online banking.
Free transfers between your global accounts
Transfer money for free between your linked worldwide HSBC accounts for most major currencies. Transfers are quick - you get the money in your other account in just seconds. Or you can schedule future or recurring transfers.[2]
HSBC Global Money Account
Your Premier checking account includes access to a free Global Money Account. This account lets you hold and convert money in 8 different currencies. You can also transfer money for free to someone else's HSBC account in another country.
- AUD (Australian Dollar)
- CAD (Canadian Dollar)
- EUR (Euro)
- GBP (Pound Sterling)
- HKD (Hong Kong Dollar)
- NZD (New Zealand Dollar)
- SGD (Singapore Dollar)
- USD (US Dollar)
No HSBC Fees
HSBC does not charge fees for everyday banking transactions like bank-to-bank transfers, online bill pay, and check writing. Plus, it waives a lot of the common banking fees.[4] There are:
- $0 for overdrafts / insufficient funds
- $0 for stop payments
- $0 for outgoing and incoming wire transfers
- $0 foreign transaction fees on the Premier debit or credit card
- $0 for cashier checks
- $0 for US HSBC ATMs
HSBC will also refund up to 5 third-party ATM fees per month within the US.[5]
In addition, HSBC is part of the Allpoint ATM network. So you also get free access to 55,000+ Allpoint ATMs. They're at convenient locations like local grocery stores, 7-Elevens, and retailers.
Priority Customer Support
HSBC Premier customers get priority service for all your financial needs. Their customer support representatives are available 24/7. No matter what time zone you're in, you can reach someone.
You also get help from local HSBC experts when you're abroad. Whether you're opening an account overseas, having an emergency, or buying property in another country, their local experts can help you out.
You're also provided with a personal Relationship Manager. Your Relationship Manager can help you reach financial goals, set up other accounts, or make financial decisions.
- 888-662-4722 (within the US)
- 716-841-6866 (Outside the US or Canada)
Mobile Banking from Anywhere
You may not always be by a HSBC location. But you can access your account anywhere, anytime with online and mobile banking. The HSBC mobile app lets you:
- Access 24/7 support via live chat in the app
- Deposit checks by taking a photo
- Pay bills to virtually anyone in the US
- Transfer funds between your global HSBC accounts
- Make online transactions in 8 different currencies with the Global Money Account
- Send and receive funds in real time within the US via the Real-Time Payments (RTP®) network
- Search for HSBC ATMs and Wealth Centers
- See up to 7 years of e-statements
Higher Savings Rate
If you open an HSBC Premier Relationship Savings account and link your Premier checking account, you have the potential to earn a higher Relationship savings rate.[6]
To earn the higher rate, you must meet one of these requirements:
- Spend $500 on your debit card each month
- Receive $5,000 in direct deposits each month
- Have a $500,000 HSBC US residential mortgage
These requirements are very reasonable. Then you can enjoy a competitive savings rate and grow your funds.
Downsides
Here are reasons why HSBC Premier may not be for you.
- Very limited US presence
HSBC has reduced its US presence to just 20 - 25 physical locations. They are repurposed into international wealth centers. If your US home isn't near a HSBC, it'll be hard to get support if you need it. - High minimums to avoid the monthly fee
The requirements to waive the $50 monthly fee could be quite high for some people. That's why HSBC Premier is aimed towards more high net worth individuals. - Not all services are available everywhere
For example, the Global Money Account is only available in certain markets. And not all countries let you open an overseas account online and transfer your credit history.It's best to talk to a HSBC rep to find out exactly what features will be available to you in your destination country.
Who Can Open a HSBC Premier Account
To open an HSBC Premier Account online, you must:[7]
- Be 18 years of age
- Have a Social Security number
- Have a U.S. mobile number
- Have a current U.S. residential address and lived in the US for at least one year
- Have an HSBC account outside of the U.S.
- Are employed in the U.S.
- Are a student or plan to be a student in the U.S.
- Own property or plan to own property in the U.S.
Common Questions
Is HSBC Premier Checking safe?
The HSBC US account is insured by FDIC up to $250,000. They also offer a $0 Liability Online Guarantee. This helps protect you should you have unauthorized transactions on your account.
HSBC also uses two-factor authentication to help keep your accounts safe.
Where is HSBC located?
HSBC now only has 20 - 25 physical locations in the United States. They are mostly located on the East and West Coasts. But in total, HSBC has 3,900 offices throughout the world.
Does HSBC have mobile banking?
Yes, HSBC has a mobile app available on Apple and Android devices. The app allows you to manage all your global accounts from anywhere in the world, as long as you have an internet connection.
Does HSBC have other checking options?
The Premier Checking Account is currently HSBC's only checking option. It's meant to be a global checking account that fits all your international banking needs.
Bottom Line
If you live or work in another country at least part of the year, the HSBC Premier Checking account is one of the best international accounts to consider. Provided, of course, that you're in one of the regions that HSBC operates in.
With nearly 4,000 branches globally, you can get financial help at HSBC locations around the world. You can always be connected to your bank no matter where you are. And transfers between your global accounts are free and fast.
Just be sure that you can meet the minimum balance or monthly direct deposit requirements, so you can get the hefty monthly fee waived.
References
- ^ HSBC International. FAQ: How much is it to open and maintain an overseas account?, Retrieved 8/23/2022
- ^ HSBC. Global View Global Transfers, Retrieved 8/23/2022
- ^ HSBC Global Money Account. Retrieved 8/19/22
- ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
- ^ HSBC ATMs. Retrieved 8/18/22
- ^ HSBC. Premier Relationship Savings, Retrieved 8/23/2022
- ^ HSBC. Open HSBC Account, Retrieved 8/23/2022
Citi Priority Account - Earn up to $2,000 Cash Bonus
- Earn up to $2,000 cash bonus when you open a new eligible Citi Priority Checking Account with required activities
- Within 20 days of opening, deposit the minimum amount of new-to-Citibank funds.
- Maintain a minimum balance for 60 consecutive calendar days from the 21st day.
- If your balance falls to a lower tier at any point during the maintenance period, the bonus changes.
- Bonus will be paid within 30 days after you successfully complete all required activities.
Chase Total Checking® - $200 Bonus
- New Chase checking customers enjoy a $200 bonus when you open a Chase Total Checking® account and set up direct deposit
- Access to more than 16,000 Chase ATMs and more than 4,700 branches
- Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
- Open your account online now
- Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
- Chase Overdraft Assist℠ - no overdraft fee if you're overdrawn by $50 or less at the end of the business day or if you're overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day*
*With Chase Overdraft Assist℠, we won't charge an Insufficient Funds Fee if you're overdrawn by $50 or less at the end of the business day OR if you're overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts.
CIT Bank Savings Connect - 4.20% APY
- Earn 12x the national average
- $100 minimum opening deposit
- No monthly maintenance fee
- Member FDIC
Discover Online Savings - $200 Cash Bonus
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code CY223 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 6/15/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.
Business Checking - Up to 2.0% APY
- 2.0% APY on your balance up to $100,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
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