$200 fee for UK HSBC Account from US now

What a rip off!!! We have an HSBC account here in the US and I was planning to go the same route; opening a UK one from here before we leave. Thank you for posting this! Now I guess we'll just wait until we get there to open a local one.

Although like semaphore said, he's lived in the US all his life, so neither of us has any credit over there yet... I hope it's not going to be terribly difficult to get a flat. We're prepared to pay 6 months up front. Arghh... :/

6 months up front was pretty much what they all required.  One required passing a credit check (as in having some credit) in addition to that, which was ridiculous.  Luckily we found a private rental through an estate agent that only required 3 months up front.

Ooh, I hope we get that lucky! I just want somewhere to call home!!

I went this route and paid HSBC $200 to open an account. I opened a standard checking and savings account in the US. There is a ~$1000 minimum balance on the US accounts. If I keep this combined balance, there is no monthly fees. I am committed to keeping the US account open 6 months. After having the account for 1 month, I was allowed to pay HSBC $200 to open an account in the UK. The account they opened is a standard current (checking) account. It has no minimum balance and no fees.

To open the account I did not need a visa, an address, or a job in the UK. I also got a credit card. I did not open a saver (savings) account before hand. When I went into the bank in the UK to open a savers, it sounded like I could even without an address. I did not do this though since they told me that the interest for accounts opened on the web is better. I have not confirmed this.

When the current account was opened there was no money in it. I am not sure how long it can be open without money. Mine was open for about a week before I made a deposit. I think the sooner you put money in, the sooner you build a credit history.

Overall, it was worth the $200 to me.

Beeper, how recently was this? I ask because only this past summer there was no mention of any fee whatsoever.

Last week. Well, I opened my HSBC US account at the begining of Oct 2008 and my HSBC UK account middle of Dec 2008.

HSBC also offers a Passport account. This might be free to open, I really did not look into it. I heard bad things and it involves a monthly fee for the first 6 months or year (I do not remember which).

Ah, just as I suspected. HSBC is trying to squeeze us to make up for their other losses and potential loses because of the world financial crisis issues.

When I was preparing to move to the UK in July (didn't actually move until September, but was trying to make preparations), I opened an HSBC account in the US as well, hoping to pave the way for the account in the UK.  At that time, they were also charging the $200 to open the UK account from the US.  However, I was able to open an account at a local branch the day after I got here.  Although it was a good thing I had a US account, because without an HSBC US account, they wuoldn't have allowed me to open a regular checking and savings account at the HSBC here.

I did have the advantage of having already gotten a flat, so I could show them a signed rental agreement as proof of address.  By the way, the local estate agent was happy to work with me remotely.  I paid the normal security deposit and first month's rent via wire transfer from the US.  I didn't have to provide any credit history in the UK, nor did I have to pay several months in advance.  I did have to provide a reference from my landlord in the US, proof of employment, and I believe they did a credit check on me in the US.  With all of that, they were happy to rent to me without any 'extra' up front deposits.

So, first, if you can find a good local estate agent who is willing to work with you, you might be able to find a place to live before you come over (that was a HUGE load off my mind).  And, if you open an HSBC account in the US, HSBC in the UK is happy to provide you with a 'comparable' account in the UK upon arrival without any fee.

The only risk I ran was that I rented the flat unseen (except in a few pictures).  However, it was a furnished apartment on a one-year lease with a 6-month 'opt out' clause.  So, I figured if the place was terrible, I could bear living there for six months while I lookded for a better place.

Good to know. But as the purpose of the HSBC UK account is to pave the way for renting a flat, this solution puts the cart before the horse for me. Thanks anyway.

Btw, do you still like your flat?

Actually, getting the flat, along with getting the US account is what paved the way to get the UK account.  The trick is in finding an estate agent that'll work with you from afar.

And, yes, luckily I ended up really liking the flat.

how is this all better or much different than the passport account?
This costs $200 while the Passport account is ~$90 for 1 year...

Has Anyone who opened a PASSPORT Account used the RED24 (www.red24.info/relocate) Relocation Services and did they find them useful?

If not, I think opening a regular account for $100 ($200 * 50% off) seems better than opening the passport account for $90 (£60 *1.5), given than some people say that the PASSPORT Account can seem like a joke when it comes to proof of address...

Is that so?

It costs $200 to open a U.K. account with HSBC from the U.S. if using their international banking center. Has anyone simply opened an account by going directly into their local HSBC branch in the U.K. when home on holidays to save the $200? If yes what documentation did the local branch require? Was a copy of their HSBC statement from the U.S. along with their HSBC ATM card from the U.S. and their passport sufficient or was other documentation required?