I asked them, too.
They clarified that InvestDirect is counted towards the relationship balance.
Very strange.
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HSBC Premier Lifehack
- Thread starter Overtrade
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They clarified that InvestDirect is counted towards the relationship balance.
Very strange.
I know many users here which are "only resident" in at least 5 countries simultaneously.
Some associates (due to poor training and/or high turnover) still convey that but the system will still charge you. I know this from experienceI asked them, too.
They clarified that InvestDirect is counted towards the relationship balance.
Very strange.
I got a full year waived for underfunding fees after showing them the proof I got told the above. InvestDirect does not count towards the balance.
HSBC Turkey entry level just got cheaper...ERDOCOIN (TRY) just got nuked after another of his political maneuvres went wrong. Or maybe Erdogan wants to attract mroe Premier customers into Turkey? LOL
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No. In Türkiye, they automatically collect a 15% tax on interest. It used to be 10% until last year, but the S&P 500 is growing, NASDAQ is growing, Hang Seng is growing, crypto is growing, and taxes around the world are growing too
If HSBC Turkey approves you, do you get the debit card right away (in the branch)? Or do you have to wait for it to arrive in the mail? Do they want proof of a Turkish address?
Can they ship the card to a foreign address?
I'm considering doing this, but I'm very limited on time.
Can they ship the card to a foreign address?
I'm considering doing this, but I'm very limited on time.
The card can only be mailed. They can send it to your foreign address with DHL Express. They need a proof of address anywhere in the world.
So in theory, you can walk into the bank, open the account and leave? No need to wait?
Can you send them the documents in advance, so they can make sure nothing is missing?
Can you send them the documents in advance, so they can make sure nothing is missing?
They normally take your documents, check and then you hand to go back to sign the papers.
You could try to ask then to check all. Then go to Istanbul, go to the tax office for the tax id, then HSBC. Not sure it's that works but you could give it a try.
I have HSBC across HK, USA, and Jersey but I will be charged the 50 GBP Premier underfunding fee soon.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the products offered by HSBC Expat are high in fees, and the term deposits have bad interest rates compared to T-bill (at least 1% below T-bills) so it would still be cheaper for me to keep investing in T bills thru Interactive Brokers and pay the GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA could be good for US ETF investments but as a non US person I should never invest through this.
What would you do? Sometimes I am thinking of making things more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just use one Hong Kong bank account and invest everything through IB. Less headaches or things to think about.
HSBC HK, Expat and US have more or less the same requirement of about USD 100k for Premier.
I use HSBC to diversify the geopolitical risk (by investing in ETFs on the LSE through Expat in Jersey), and pay my credit card in the US (which provides a lot of benefits). I use Interactive Brokers (in Hong Kong) to invest in US T-bills. I like having my assets in both Jersey and Hong Kong to mitigate the geopolitical risk.
To keep the relationship balance, the products offered by HSBC Expat are high in fees, and the term deposits have bad interest rates compared to T-bill (at least 1% below T-bills) so it would still be cheaper for me to keep investing in T bills thru Interactive Brokers and pay the GBP 50 underfunding fee than letting HSBC invest and having that fee waived.
HSBC USA could be good for US ETF investments but as a non US person I should never invest through this.
What would you do? Sometimes I am thinking of making things more simple (close my HSBC USA account, my US credit card, HSBC Expat account), just use one Hong Kong bank account and invest everything through IB. Less headaches or things to think about.
HSBC USA allows purchase and custody of UCITS ETFS domiciled in Ireland traded on the LSE. You can purchase these as a non-US person and avoid inheritance tax issues as well. And qualify for Premier in all other jurisdictions.
This sounds like a great idea, I was not aware of this.
Is it truly separate of US juridiction? I want to avoid the inheritance tax altogether, and any tax withholding. Now the bank deducts interest tax automatically every month from my bank account.
You can also have direct deposits of $5k in the US to qualify.
The Premier Elite card? Which benefits are you enjoying most?
You can get it back by filing a tax return in the US. If they deduct interest tax, update your tax status in the US with them. Either a W-8 BEN or a W-9 should avoid this.
Per month? Would it work if I deposit the money from a EMI through which I have a unique US bank account under my company's name?
No, I have a Chase Sapphire Reserve. I get at least 4.5% redemption on all travel, transportation and food/dining spend (which represent 80% of my CC spendings), lounge access, insurance, great redemption programs through Hyatt, Air France etc. These benefits are too "great" to stop using this card
The IRS and HSBC are two big points of failure I do not want to deal with, especially the IRS. I don't want to get into a 3-year discussion to get the 30% they have withheld from my profits. My peace of mind is more important
May I ask you how you were able to open US HSBC and HK HSBC ? I also have the HSBC Premier expat (Jersey), living actually in Thailand. I was looking for HK (on the side) or SG
I did open all my accounts through my Premier manager.
On a side note, I believe we come from the same country. I’ll be in Bangkok in the next couple of days. Happy to meet if you there and down to share some beers.
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