This article aims to provide a detailed analysis of opening an account with HSBC, covering many terms related to overseas bank accounts. However, I want to emphasize that this article is not an objective report and does not intend to be one. It has not received advertising fees from HSBC and is not a promotional intermediary; there are no advertising links included. Additionally, this article will not teach you to engage in any fraudulent activities, nor can it replace the process of opening any bank account.
Please note that this article does not include cases where HSBC cannot accept applications from non-local residents in certain regions or where applications cannot be made using a Chinese ID/passport or Hong Kong ID.
Most of the content in this article is based on my personal experience with card applications and daily usage.
Please prepare some reading time, as this article may be quite long. This article is not suitable for money laundering enthusiasts, practitioners of black and gray industries, KYC document forgers, or those who wish to directly cash out cryptocurrency through HSBC.
Introduction#
In today's increasingly interconnected world, having an overseas bank card has become increasingly important. Whether traveling abroad, binding to an Apple ID in a different region, or subscribing to the popular ChatGPT Plus, an overseas bank card has become an essential tool in people's daily lives. Among many overseas banks, HSBC, as one of the world's leading financial institutions, is favored for its excellent (expensive) service quality and extensive global network.
However, for many people, obtaining their first legitimate overseas bank card may seem like a cumbersome task. From choosing the right bank and understanding the account opening process to overcoming various challenges, this process can be daunting. In this article, I will share strategies for opening overseas bank cards, particularly detailed records for global account opening with HSBC.
This article will provide you with a one-stop guide, starting from the basics of account opening to discussing credit card applications. Next, let’s explore how to start from scratch to obtain your first legitimate overseas bank card and understand the entire process of opening a global account with HSBC.
Terminology Explanation#
IBC: International Business Centre. This is a service provided by HSBC aimed at offering cross-border business support and solutions to clients. Each location will have its own IBC.
RM: RM (Relationship Manager) is a dedicated banking service personnel assigned by HSBC for its high-net-worth individual or corporate clients. They are the primary contact between the client and the bank, responsible for managing the client's banking relationship and providing personalized financial solutions.
DD: For the United States only. "Direct Deposit." Direct Deposit is a method of electronically depositing funds directly into an individual's or business's bank account without the need for paper checks or cash. It is widely used for payroll payments, government benefits, pensions, and other financial subsidies.
ACH: An electronic payment network and processing system in the United States. ACH is a centralized electronic payment system used to process batches of low-value payment transactions, such as direct deposits, direct payments, electronic checks, and electronic transfers. It allows for electronic funds transfers between individuals, businesses, and governments.
FPS (Faster Payment System): The FPS in Hong Kong is a real-time payment system developed jointly by the Hong Kong Special Administrative Region Government and the Hong Kong banking industry. Launched in 2018, it aims to provide fast, secure, and convenient cross-bank payment services. FPS allows individuals and businesses to make real-time payments and transfers within Hong Kong, whether for person-to-person transfers, merchant payments, or bill payments.
FPS (Faster Payments Service): The FPS in the UK is a real-time payment system regulated by the UK Payment Systems Regulator. Launched in 2008, it aims to provide 24/7 real-time payment services for instant transfers between individuals and businesses. The UK's FPS allows individuals to make quick payments and transfers through mobile apps, online banking, and telephone banking.
GT: (HSBC Global Transfer) allows HSBC customers to transfer funds quickly and conveniently between HSBC accounts in different countries. This feature is one of the irreplaceable reasons why HSBC is able to achieve true instant transfers.
GMA: For EXPAT/UK/UAE/USA only. HSBC Global Money Account is a service provided by HSBC aimed at offering clients solutions for global currency account management. The exchange rates for this service are very poor outside the UK and are not recommended for regular currency exchange.
HSBC Premier: HSBC Premier offers a range of exclusive services and privileges. If you do not open Premier with HSBC, you will lose most of the features and benefits. HSBC adheres to the philosophy of "local excellence, global excellence," meaning that as long as you meet the standards in one location, all global accounts can be exempt from management fees.
Starting Point for Account Opening#
HSBC has multiple branches worldwide. You can directly check if there is a branch in your country through this link. If you are outside mainland China and there is an HSBC nearby, you can go directly to your local branch to open the corresponding HSBC account and request the IBC to open an account in another region.
Currently, the branches in mainland China are as shown in the image below:
However, if you are in mainland China, opening an account with HSBC (China) is meaningless, as HSBC (China) is essentially a domestic bank.
Of course, given the current restrictions on bank cards in China (where it is even impossible to open a normal Class 1 card, and most cards have a daily limit of one to two thousand, those in mainland China should understand what I mean), the minimum daily transfer limit after opening HSBC (China) is between 200,000 to 1,000,000 RMB per day, and if that is not enough, you can ask your RM to increase the limit, which is very suitable for those suffering from restrictions.
If you need to achieve overseas transfers or consumption, you must open an HSBC branch outside of China.
Additionally, all transfers are still subject to the annual foreign exchange limit of $50,000 in mainland China, and HSBC China cannot directly increase your foreign remittance limit.
Account Opening Strategies by Region#
Key Points:
With Money: Go directly to the offline branch and deposit 500,000 in HSBC CN, then ask the RM to open accounts in other places / deposit 50,000 GBP online in HSBC Expat.
Without Money: Go to the Hong Kong branch to open HSBC ONE / apply online to open HSBC Australia Day To Day.
Willing to Go Through the Process: HSBC USA requires a monthly DD of $5,000 / HSBC Australia requires a monthly transfer of 9,000 AUD.
HSBC CN (HSBC China)#
Currently, mainland China has gradually shut down the opening of HSBC Wealth Management accounts. The level that normal people can open starts with HSBC Premier, but the threshold for HSBC Premier in mainland China requires maintaining an equivalent of 500,000 RMB each month. If the requirement is not met, a monthly account management fee of 300 RMB will be charged, but you can avoid fees by meeting the requirements of HSBC Premier in other regions. (Of course, you can also deposit no money to prevent them from charging management fees, but if there is no activity for more than a year, the account may be closed.)
Currently, some intermediaries on Taobao are faking claims that only a deposit of 100,000 or a monthly transfer of 30,000 is needed to open HSBC Premier. Their deception is based on HSBC's employee program policy, and it is not recommended to find intermediaries to fake account openings. They will label your identity with a series of fake tags and create fake social security and employment proofs for you. If HSBC discovers this, the employee program may be canceled, and in severe cases, it may lead to global account closures.
Opening an account with HSBC China must be done offline. Due to HSBC's complicated account opening process, each account opening will take at least 1-2 hours. Please make an appointment on the official website before opening: https://www.hsbc.com.cn/premier/#eligibility-premier-ntb
After opening an account, you will immediately be assigned an RM, and you can consult the RM for any questions, whether for daily use or for opening other HSBC accounts abroad. (Some RMs may lack professionalism, so it’s advisable to check relevant information on HSBC's official website before confirming with the RM.)
It is not recommended to purchase investment products from HSBC China (although RMs will tirelessly promote them). The small currency fund I bought from HSBC China has yet to break even.
Credit Card: HSBC China adopts a one-person, one-credit card for life system, but currently, the cost-effectiveness of HSBC China's credit cards is relatively poor. The only card worth applying for is the HSBC Premier Travel Credit Card https://www.hsbc.com.cn/credit-cards/products/premier-travel/, which allows you to enjoy HSBC's benefits while binding to UnionPay for Diamond privileges.
Special: If you only want to open a Class 2 account and do not want to pay any management fees, and there are no HSBC branches locally, you can directly open an HSBC Class 2 account through this link: https://www.hsbc.com.cn/yicun/, but in 2023, you may need to bind a Class 1 card from Shanghai Rural Commercial Bank to open it. If you insist on finding a way to open an account through complaints to the banking regulatory commission, HSBC will only give you a basic account, and you may receive a passbook. Any operations will need to be done at the branch counter, and it is not recommended to do so.
HSBC HK (HSBC Hong Kong)#
HSBC HK, as one of the three major note-issuing banks in Hong Kong, can even be considered a quasi-central bank in a certain sense. Moreover, after the recent reopening of Hong Kong, opening an account only requires carrying an ID card, a Hong Kong-Macau travel permit/passport, and an entry slip; there is no need to find an intermediary to open an account.
Of course, for safety, you can also bring proof of address (if you don’t have it, call the credit card customer service of China Merchants Bank to request a paper statement to be sent to your home; the statement has an address and can serve as proof of address).
The account with no management fee is called HSBC One. If you do not want to pay any management fees, it is highly recommended to open this account. Those who cannot come to Hong Kong can open Premier in China and then downgrade to One, closing the domestic HSBC account and keeping only HSBC One. This level of account is sufficient to meet the requirements for binding to Apple ID / Google Play payments in Hong Kong, opening Alipay HK / WeChat Pay HK, and investing in Hong Kong and US stocks.
The accounts requiring management fees are HSBC Premier and Jade.
The standard for Premier is HKD 1,000,000, and for Jade, it is HKD 7,800,000.
Currently, HSBC HK has four ways to open an account:
Apply through the domestic IBC: After opening HSBC Premier in China, contact the RM to open Hong Kong HSBC Premier, and you can only open Premier. The RM will ask you to submit your ID card, Hong Kong-Macau travel permit, or passport, and generally, it can be opened after a month of waiting.
Apply through other regional IBCs: Same as above, the only difference is that other regions will not allow you to use the Hong Kong-Macau travel permit to open an account and will require you to fill in the local tax number (for example, in the United States, you will be asked to report your SSN).
Open online through the HSBC HK mobile app: This method is only available for HKID holders. If you live in Hong Kong, you will be more familiar with HSBC than I am, so I won't elaborate further.
Apply in person at a Hong Kong branch: It is advisable to make an online appointment in advance at https://forms.hsbc.com.hk/zh-hk/forms/make-appointment/ to avoid the awkwardness of waiting in line. Currently, after the reopening of Hong Kong, the number of people waiting in line is very high, and waiting for 3 hours is common. Many Hong Kong branches will explicitly refuse to open accounts for mainland residents, so please do not cause a scene at the branch. Learn to respect people; the bank does not owe you money, and they can refuse your account opening request without reason. If one branch does not work, try another; if all else fails, buy a cheap Hong Kong insurance policy. With nearly a hundred branches, there is bound to be one willing to open an account for you. When opening an account, please clarify whether you want HSBC One or Premier.
Opening an account in Hong Kong is currently under strict review, and it may take about 2 hours for the account opening process, so please be patient while the teller conducts KYC and other checks. It is not possible to open an account in ten minutes like in mainland China.
The Hong Kong account and card itself are not strongly linked. If you open an account and the branch does not have a pre-made card face, you may not receive the card immediately. The debit card organization is UnionPay, and after opening an account, you can directly apply for a Mastercard debit card through the app or website, which supports 12 currencies and has no currency conversion fees. Any level of account can apply for this card. Application link: https://www.hsbc.com.hk/zh-hk/debit-cards/products/mastercard-debit-card/
However, the delivery method is regular mail rather than the express delivery popular in mainland China. It is quite difficult for most mainland addresses to receive regular mail, so it is recommended to call customer service to change it to DHL or registered mail.
Credit Card:
Application link: https://www.redhotoffers.hsbc.com.hk/tc/home/#
For non-HKID holders, applying for a credit card is somewhat of a gamble; you might not have any money and still get approved, or you might deposit hundreds of thousands and still not get approved.
When applying for a Premier account, there is an option on the form to choose whether you need a Premier credit card. If you have a need for a Hong Kong credit card, please be sure to check it (but it may not necessarily be approved; if you do not check it, it will definitely not be approved), otherwise, you will need to meet the HKD 1,000,000 requirement later to get a card.
There are many types of credit cards in Hong Kong, and you can accumulate a Hong Kong credit record. Each card has an independent limit, and one person can apply for multiple cards without restrictions based on mainland identity. Moreover, having a credit record will facilitate subsequent applications for AMEX HK.
Among them, the Pluse card shown in the image below is highly recommended. This card is a dual-currency UnionPay card that can be bound to UnionPay for normal consumption in mainland China and can spend in RMB, offering extremely high cashback, surpassing any domestic credit card. Additionally, most cards offer a welcome bonus of 800 HKD.
Furthermore, all credit cards from HSBC HK have FTF (foreign transaction fees), and it is not recommended to pay bills in currencies other than HKD. All HSBC HK cards can be linked to WeChat and Alipay for payments in mainland China.
It is important to note that when applying for a credit card, you will be asked to upload salary records or proof of employment, but HSBC HK does not recognize mainland records, so you can choose not to upload them.
HSBC Bank USA#
HSBC US currently only has Premier accounts that are relatively easy to open; accounts below Premier have been sold off and can no longer be opened.
The requirements to qualify are as follows:
Maintain a deposit balance of at least $75,000 in the account.
At least $5,000 in total direct deposits (DD) per month.
If the requirements are not met, a maintenance fee of $50 will be charged each month.
Currently, HSBC US's requirements for DD are not strict at all; you can directly transfer $5,000 from a third party via ACH each month to waive the global Premier management fee. It is important to note that other methods, such as wire transfers, will not be considered DD.
Ways to open an account:
Apply at a physical branch in the U.S.
Apply through the local IBC, where you will be required to submit a long-term U.S. visa.
Apply directly on the U.S. website, where you will need to have any HSBC account in another part of the world. Application link: https://ico-ao.us.hsbc.com/triage.
When applying, you can use a complete set of Chinese documents. Please fill out the application truthfully. If the online application is instantly rejected, try switching the browser language to English and using a U.S. IP address to apply. After submission, there are two possible outcomes: one is that the account will be successfully opened and the card sent to your address within one to two weeks, and the other is that you will need to have a video call with the account manager via Zoom, who will ask you to show your passport and other information. If you do not speak English, you can request free translation services.
Once the account is opened, a card will be sent, which is also sent via regular mail, so please call HSBC US to request DHL delivery.
The debit card organization is Mastercard, and once received, you can directly bind it to Apple Pay and a U.S. Apple ID, and it can successfully pay for ChatGPT Plus without any risk of account suspension.
Credit Card:
Application link: https://www.us.hsbc.com/credit-card-resource-center/
If your online application is instantly rejected, it is advisable to call for a telephone application. Contact information: https://www.us.hsbc.com/customer-service/contact-us/
Please note that you may be required to upload salary slips. Mainland salary slips are recognized in the U.S., but they need to be translated into English.
Currently, due to earlier business sales, there are only two types of credit cards available in the U.S. Fortunately, the welcome rewards are excellent (the new account reward points can be directly exchanged for $300), and the limits are independent. The Elite card is still a metal card, and the benefits offered can completely cover the annual fee. Moreover, it can help accumulate U.S. credit, which can then be used to apply for AMEX US (you need to rent a U.S. address and change your address to the U.S.).
After the credit card is approved, you can also request DHL to send it back to China. It is important to emphasize that a domestic address cannot accumulate credit; you need to change it to the U.S. to accumulate credit. If you do not plan to apply for AMEX US, you can avoid using a U.S. address.
HSBC SG (HSBC Singapore)#
The purpose of opening an account here is generally for collecting stamps or achieving the milestone of opening an account in this region, or for high-net-worth individuals to transfer assets. The advantage is that HSBC SG currently offers free global wire transfers.
Non-local residents of Singapore can only open Premier accounts or above, with the requirement of maintaining a deposit balance of at least SGD 200,000 or more.
Ways to open an account:
Contact the domestic RM to apply through IBC: After contacting, they will call you to ask about your reason for opening an account, then send you an email for a Zoom meeting. The account opening process is extremely lengthy, and it can take 20-50 days. Generally, they will not refuse to open an account, so just be patient.
Direct online application (mainland China is not on the online application list): https://www.hsbc.com.sg/accounts/products/savings/
Credit Card: The currency is SGD and has FTF, and non-high-net-worth individuals need to deposit 50,000 to 100,000 SGD to get a card. This will not be discussed further.
HSBC AU (HSBC Australia)#
In the early days, you could apply directly through the official website without address verification, just providing your passport and a selfie. However, some irresponsible bloggers published incorrect tutorials encouraging high-risk operations, such as using alias accounts for large transfers, opening Wise accounts for intermediaries, cashing out cryptocurrency, and money laundering. As a result, this region has been widely abused by many people. Starting from May 2023, if you apply according to these tutorials, you will be 100% rejected.
Currently, the application requirements in this region are very strict. Non-local residents must apply through the local International Banking Centre (IBC) or visit an Australian branch in person.
Like HK, this region has a no-management-fee account called the Day to Day Account, which allows you to complete all the operations that an overseas bank card should have after application.
Moreover, becoming a Premier customer in this region is very simple; you only need to maintain a monthly flow of AUD 9,000 (if you are bored and transfer AUD 100 every month for 90 times, the bank is very likely to close your account).
Ways to open an account:
Apply through the Hong Kong IBC; the mainland IBC application requires a visa of more than six months.
Online application, with a very high failure rate. Before applying, you need to have an Australian address or any HSBC account in another part of the world; do not apply without an HSBC account (the entry has been closed).
Hong Kong IBC online application link: https://internationalservices.hsbc.com/zh-hk/overseas-account-opening/where-to-open/ select to open an account in Australia while in Hong Kong.
Credit Card: Credit cards in this region are only available for local residents, and this will not be discussed further.
HSBC EXPAT (HSBC Jersey)#
A department under HSBC that specifically serves clients living or working overseas. HSBC Expat offers global banking, investment, and financial planning services aimed at meeting the cross-border financial needs of overseas clients.
This region has the lowest application threshold for HSBC, and the entire process can be done online: https://expatexplorer.hsbc.com/apply/
Earlier, due to a high opening reward of £250, it attracted a large number of people to take advantage of it. They have stopped the practice of giving rewards for opening accounts, and now you need to meet the requirements to receive an account opening reward.
Requirements:
Save or invest at least £50,000 (or equivalent currency) within three months of opening your HSBC Expat account.
Annual salary of at least £100,000 (or equivalent currency).
Already a customer of HSBC Premier in other countries or regions.
They will not close your account just because you did not deposit £50,000 within three months; as long as you have HSBC Premier elsewhere, you can open an account here. After opening, you can apply for GMA, which has many currency options and is suitable as a daily spending card substitute.
However, the risk control in this region is likely the highest within the HSBC Group, and frequent high-value transfers can easily lead to account closures, so it is not recommended to engage in high-frequency transfers.
Credit Card: Credit cards in this region require notarized passports and addresses, with GBP as the currency. The benefit is that there are unlimited airport lounge accesses, and changing the address to the UK can accumulate UK credit. You can have the documents notarized at a mainland or Hong Kong HSBC branch and send them to the EXPAT email, or find a lawyer to notarize your passport. This will not be discussed further.
HSBC UK (HSBC United Kingdom)#
HSBC UK, as an important bank in the UK, can also be considered the headquarters of HSBC, enjoying a good reputation and wide recognition. Its long history and global business network provide strong support for customers. However, it is also very easy to face account closures in this region and globally.
Ways to open an account:
Hong Kong IBC online application link: https://internationalservices.hsbc.com/zh-hk/overseas-account-opening/where-to-open/ select to open an account in the UK while in Hong Kong. You may be asked for a Hong Kong tax number during the application; if you cannot provide it, the application may be terminated, so it depends on luck.
Contact the domestic RM to apply through IBC: you may be asked to provide a UK visa, and tourist visas are not recognized.
Direct online application on the official website: You need to have a local UK address or a European address. The UK address will require a UK credit record, so it is advisable to hold a record for more than a year before applying. Online application address: https://www.hsbc.co.uk/current-accounts/products/bank-account/
After opening, please apply for GMA, as the GMA exchange rate in this region is the best in the global HSBC Group.
Credit Card: Credit cards in this region are only available to those with UK credit records, and this will not be discussed further.
HSBC CA (HSBC Canada)
If you only hold a mainland passport, HSBC CA will require you to provide a reason for opening an account. Writing "tourism" may lead to rejection, or you can try applying through the Hong Kong IBC. The difficulty for holders of mainland passports to apply in this region is very high, and it has been confirmed that HSBC Canada will be sold, so this region will not be discussed further. You can receive a reward of CAD 500 for opening an account.
Online application link: https://dco-cc.hsbc.ca/ccntb/mastercard/world-elite/ratesAndFees
HSBC MO (HSBC Macau)#
HSBC Macau cannot be applied for online or through IBC; you must visit a branch in Macau in person. You may be asked to purchase insurance or show a Macau blue card work visa when applying. The success of your account opening relies heavily on your communication with the local teller. Meanwhile, HSBC MO is in a very peculiar situation; its online banking and app versions lag behind those of other HSBC regions. Funds returning to mainland China may require proof of funds, and even if you manage to open an account, it may not be very useful locally, as even Macau's mPay cannot be linked. If you want to challenge yourself, you can try to open an account here.
HSBC FR (HSBC France)#
Currently, only residents living in Europe with a local long-term visa can apply, or you can apply through the Hong Kong IBC. The difficulty for holders of mainland passports to apply in this region is very high, and it has been confirmed that HSBC France will be sold, so this region will not be discussed further.
HSBC TW (HSBC Taiwan)#
Like HSBC CN, it requires offline application and local identity. The chances of non-TW residents successfully opening an account are nearly zero, so this will not be discussed further.
Long-term Personal Experience and Complaints about HSBC#
- HSBC's global excellent service is indeed commendable; you only need to deposit or meet the standards in one place to enjoy various conveniences. Accounts opened through IBC will automatically link to the main account as an IBC local account, but accounts opened online require you to call to complete the main account binding.
- HSBC's global transfers are fast and free.
- Thanks to HSBC for helping me accumulate U.S. credit and obtain a U.S. card, making digital payments seamless in my life.
- The threshold for Premier level may be slightly high for ordinary users, although their target audience for Premier is not the average person.
- I hope for stricter regulation of the use of intermediaries for fraudulent activities to avoid unnecessary troubles for normal users.
- As a large bank, it lacks even a function for online PIN code reset; everything must be done over the phone, which is somewhat inconvenient.
- HSBC is indeed a global bank; in contrast, other banks that claim to be global have a lower degree of integration and cannot achieve global account opening or instant transfers.
- Will there be consideration to change the card design back to the lion head? Some regions' card designs now just feature a large logo, which is not very attractive, even though the lion head has been a symbol for many years.
- HSBC's exchange rates are indeed not ideal; I need to exchange in other places before transferring to HSBC. Why is there a fee for such a small exchange rate difference?
- When will the APP transaction dynamic push notification feature be implemented? It is already 2023, and the push notification feature has not yet been realized.
Disclaimer#
This article aims to share personal experiences and knowledge regarding opening an account with HSBC, providing readers with reference. The views, opinions, and suggestions in the article represent only the author's personal perspective and do not constitute any official position or recommendation from any bank or financial institution. Readers should conduct necessary investigations and verifications before taking any actions based on the information provided in this article.
The bank policies, requirements, and fees mentioned in this article may change, so there is no guarantee of their accuracy and timeliness. Readers should contact HSBC or relevant institutions for the latest and accurate information before conducting any banking business or making decisions.
The author strives to fulfill the duty of caution and accuracy while writing this article but cannot be held responsible for any losses or consequences incurred by readers based on decisions or actions taken according to this article. Readers should bear the risks and responsibilities arising from the use of the information in this article.
Finally, any mention of bank names, products, or services in this article is for illustrative purposes only and does not constitute a recommendation or endorsement. Readers should make independent judgments and decisions based on their needs and circumstances when choosing and using any bank products or services.
Please maintain rational thinking while reading this article, and carefully assess and decide. If you have any questions or need further information, please consult relevant professionals or official channels of HSBC.