Updated August 19, 2022

HSBC Premier Checking Review

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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.

HSBC is one of the largest banks in the world and serves nearly 40 million customers across 62 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:[1]

  • 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.[2]

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.[3]

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 7 different currencies. You can also transfer money for free to someone else's HSBC account in another country.

The currencies available to convert and hold with Global Money Account are:[4]

  • AUD (Australian Dollar)
  • CAD (Canadian Dollar)
  • EUR (Euro)
  • GBP (Pound Sterling)
  • HKD (Hong Kong 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.[5] 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.[6]

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.

HSBC Premier customer service is available 24/7. You can reach them at
  • 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 7 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.[7]

To earn the higher rate, you must meet one of these requirements:[8]

  • Spend $500 on your debit card each month
  • Receive $5,000 in direct deposits each month
  • Have a $500,000 HSBC US residential mortgage
  • Hold Premier Elite status

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:[9]

  • 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

Foreigners can apply for a HSBC Premier account in the U.S. if you:

  • 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. HSBC operates in 62 countries and territories across Europe, Asia, Africa, the Middle East, North America, and Latin America.

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 global presence in 62 countries and territories, 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

  1. ^ HSBC. HSBC Premier Terms & Charges Disclosure, Retrieved 01/09/2024
  2. ^ HSBC International. FAQ: How much is it to open and maintain an overseas account?, Retrieved 8/23/2022
  3. ^ HSBC. Global View Global Transfers, Retrieved 8/23/2022
  4. ^ HSBC. HSBC Global Money Account, Retrieved 01/09/2024
  5. ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
  6. ^ HSBC ATMs. Retrieved 8/18/22
  7. ^ HSBC. Premier Relationship Savings, Retrieved 8/23/2022
  8. ^ HSBC. HSBC Premier Relationship Savings Terms & Charges Disclosure, Retrieved 01/09/2024
  9. ^ HSBC. Open HSBC Account, Retrieved 8/23/2022
HSBC Bank
Member FDIC

HSBC Premier

Start an HSBC Premier relationship today. Premium banking with local and global benefits. Plus, access to wealth solutions offered through HSBC Securities, (USA), Inc.

Bank of America
Member FDIC

Bank of America Advantage Banking - $200 Bonus Offer

Expires 9/30/2024
  • The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
  • The offer is for new checking customers only.
  • Offer expires 9/30/2024.
  • To qualify, open a new eligible Bank of America Advantage Banking account through the promotional page and set up and receive qualifying direct deposits totaling $2,000 or more into that new eligible account within 90 days of account opening. Bank of America Advantage SafeBalance Banking® for Family Banking accounts are not eligible for this offer.
  • Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
  • Additional terms and conditions apply. See offer page for more details.
  • Bank of America, N.A. Member FDIC.
Chase
Member FDIC

Chase Total Checking® - $300 Bonus

Expires 7/24/2024
  • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities
  • Access to more than 15,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • JPMorgan Chase Bank, N.A. Member FDIC
  • 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 fees 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*
Discover Bank
Member FDIC

Discover® Online Savings - $200 Cash Bonus

Expires 9/12/2024

To qualify for Bonus: Apply for your first Discover Online Savings Account, enter Offer Code CY624 at application, 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. Qualifying deposit(s) may consist of multiple deposits and must post to Account within 45 days of account open date. Maximum bonus eligibility is $200.

What to know: Offer not valid for existing or prior Discover savings customers, including co-branded, or affinity accounts. 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 subject to tax reporting. Offer ends 09/12/2024, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

CIT Bank
Member FDIC

CIT Bank Platinum Savings - 5.00% APY

  • 5.00% APY with a balance of $5,000 or more
  • 0.25% APY with a balance of less than $5,000
  • $100 minimum opening deposit
  • No monthly maintenance fee
  • Member FDIC

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Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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