Updated August 19, 2022

HSBC Premier Checking Review

Read more about HSBC Bank
Ad Disclosure: This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by using our links. (read more)

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.

© CreditDonkey

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.

The currencies supported in the Global Money Account are:[3]

  • 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.

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 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

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. 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

  1. ^ HSBC International. FAQ: How much is it to open and maintain an overseas account?, Retrieved 8/23/2022
  2. ^ HSBC. Global View Global Transfers, Retrieved 8/23/2022
  3. ^ HSBC Global Money Account. Retrieved 8/19/22
  4. ^ HSBC Premier Terms & Charges Disclosure. Retrieved 8/22/22
  5. ^ HSBC ATMs. Retrieved 8/18/22
  6. ^ HSBC. Premier Relationship Savings, Retrieved 8/23/2022
  7. ^ HSBC. Open HSBC Account, Retrieved 8/23/2022
HSBC Bank
Member FDIC

HSBC Premier Checking - $500 Welcome Deposit

Expires 2/15/2023
  • Receive a $500 Welcome Deposit for eligible new customers who open a new HSBC Premier checking account and complete the following qualifying activities.
  • Open your new HSBC Premier checking account online, using this offer page, by February 15, 2023.
  • Make recurring Qualifying Direct Deposits totaling at least $10,000 per month from a third party to your HSBC Premier checking account(s) for 3 consecutive calendar months from the second full calendar month after account opening.
  • You will automatically receive the $500 Welcome Deposit in your new HSBC Premier checking account approximately eight weeks after completing all qualifying activities. It's that simple.
  • Deposit products are offered in the U.S. by HSBC Bank USA, N.A. Member FDIC.
Citibank

Citi Priority Account - Earn up to $2,000 Cash Bonus

Expires 1/9/2023
  • 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
Member FDIC

Chase Total Checking® - $200 Bonus

Expires 1/25/2023
  • 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
Member FDIC

CIT Bank Savings Connect - 3.60% APY

  • Earn 15x the national average
  • $100 minimum opening deposit
  • No monthly maintenance fee
Discover Bank
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 CY922 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 30 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/15/2022, 11:59 PM ET. Offer may be modified or withdrawn without notice. See advertiser website for full details.

Expires 12/15/2022

Write to Kim P at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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.

Read Next:

Compare:

Leave a comment about HSBC Premier Checking Review?



How to Open a HSBC Account

HSBC is one of the largest banks in the world, with physical branches all over the globe. It focuses on banking and wealth management services for international high net worth clients.

Next Page:

About CreditDonkey
CreditDonkey is a bank comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

About Us | Reviews | Deals | Tips | Privacy | Do Not Sell My Info | Terms | Contact Us
(888) 483-4925 | 680 East Colorado Blvd, 2nd Floor | Pasadena, CA 91101
© 2022 CreditDonkey Inc. All Rights Reserved.