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Topic: Opening a UK HSBC account from the US~Could it be true?  (Read 5123 times)

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Opening a UK HSBC account from the US~Could it be true?
« on: January 05, 2006, 05:07:26 AM »
I called HSBC International today to get some information on what type of accounts they have for expats. The rep told me that whilst they do not have dual currency accounts, I CAN open a current account in the UK from here (CA). First I need to open a US HSBC account, and then I can start the paperwork to open my UK account. She said there should be no problem, and that sometimes it gets a bit involved in terms of paperwork, but that it is doable within my time frame. Wowie! It would be great to have one less thing to do when I get there so I am going to go to the nearest HSBC branch this Saturday and get things moving. I'll report back on how it all goes.  :)

http://www.us.hsbc.com/1/2/3/personal/other-services/international-services
The only meaning anything has is the meaning you give to it.       ~Author Unknown

2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen


Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #1 on: January 05, 2006, 05:19:20 AM »
PLEASE report back!  HORAY!  If its true, Ill be following you and getting an account here!


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #2 on: January 05, 2006, 02:50:26 PM »
Will do. :)
The only meaning anything has is the meaning you give to it.       ~Author Unknown

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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #3 on: January 05, 2006, 04:40:29 PM »
Will anxiously await details. I have opened a NatWest account in London already but am not sure how the funds transferring will work or what kind of fees to expect from UK-US transfers.
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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #4 on: January 05, 2006, 04:46:39 PM »
there are two branches here in san francisco, I might get over to one of them today, if so Ill report back!! ;D


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #5 on: January 05, 2006, 05:53:22 PM »
do keep us informed.

i've been in the uk for 5 years now and have made do with a uk and us citibank account. stupidly i thought there would be this fantastic advantage of having citibank accounts in both countries, but not so much the case. the only benefit i've been able to get is that wire transfers are instantaneous, but all the same charges apply and there is no cohesion b/c the two... [rant over]

point is - seems that if you can open an account whilst in the states - you might be on to something good b/c normally opening a bank account in the uk is a more involved process than you'd imagine.

good luck




Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #6 on: January 05, 2006, 05:59:21 PM »
well, I called and spoke to someone for ten minutes.  Im going down to the branch here in SF probably next week to open an account and speak to someone in person.  It does sound like opening acct here is the way to go.  And she said once I have it here, I can open UK account before I even get over there!  I still want to hear all this again in person though.  ;)


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #7 on: January 05, 2006, 06:01:37 PM »
jennredd, I would be very interested in learning if there is any advantage to having a US account and a UK account with the same bank. Mimsy posted that she thought she'd save on fees but that didn't prove to be true. Please let me know what HSBC says.
Forty is the old age of youth; fifty is the youth of old age
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***********************************************
Happiness is having a large, loving, caring, close-knit family
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              -George Burns-
***********************************************
The leading cause of death among fashion models is falling
through street grates.
               - Dave Barry -


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #8 on: January 05, 2006, 06:34:02 PM »
Hi Paula!

I went the other way around and approached HSBC to enquire about a US account. I've been with HSBC for around 20 years so I thought it would be ideal to approach them first. I got a slight run around in so far about paperwork issues and proving xyz. For now, I don't actually need an account over there but once I do i'll go through the rigmarole of sorting it all out.

I think that's where you'll have 'issues' - sorting all the paperwork out in order to have a HSBC account here. Once you have a US HSBC account I'll assume they (UK HSBC) will want to know all about your credit score, banking history and whatnot in order to open it.

I suppose one advantage may be that online banking will be familiar - although I don't know if US HSBC use the same online engine as the one here - Hence my soon in the future request to communicate with you all who use online banking in order for me to gain some insight to help my business consultancy.

Overall though, as you are in the process of moving - I think it should be 'easier' to complete the process than my experience of the other way round seeing as I was only enquiring.

Cheers for now!
Dennis! West London Slough UK!



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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #9 on: January 05, 2006, 08:57:32 PM »
Thanks for the info, Dennis. As I said, I already have a NatWest account in the UK. It was very easy to set up from here (US) but I think that's because my agency banks with NatWest and the local government who will employ me (also banks with NatWest) let me use the office address for my account. It appears that since my employer will auto deposit my salary to the NatWest account, it cleared the way for me to open the account even though I'm not over there yet.

Once I get there and am a little more established, I may change banks, hoping to find the one with the most favorable funds transfer fees.
Forty is the old age of youth; fifty is the youth of old age
               - Victor Hugo-
***********************************************
Happiness is having a large, loving, caring, close-knit family
.......in another city.
              -George Burns-
***********************************************
The leading cause of death among fashion models is falling
through street grates.
               - Dave Barry -


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #10 on: January 06, 2006, 04:12:46 AM »
According to the person I spoke with there will still be wire transfer fees to move money between the 2 accounts. The benefit to me would be that it would be done and over with before I left, and I can hit the ground running when I arrive.

I still want to hear all this again in person though. ;)

Yes! It sounds too good to be true so I will be skeptical till it actually happens!  ;D I am going on Saturday. One of the closest branches to me is in Pasadena (75 miles away) so a friend and I are going to make a day of it and do lunch, etc. :)

I think that's where you'll have 'issues' - sorting all the paperwork out in order to have a HSBC account here. Once you have a US HSBC account I'll assume they (UK HSBC) will want to know all about your credit score, banking history and whatnot in order to open it.

That's fine by me! I have very good credit here and if it benefits me in any way for them to supply HSBC UK my info, I'll take it! :)
The only meaning anything has is the meaning you give to it.       ~Author Unknown

2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #11 on: January 06, 2006, 05:23:39 AM »
It's a small world.  I just went to the Pasadena HSBC branch today to check on the possibility of opening a UK account here so it will be ready when I arrive.  They were very nice, but gave me a lot of paperwork to fill out, which I haven't done yet.  BTW, they told me I need to get a letter from my old bank stating that I am in good standing.

I start work in London on June 1.  There's a lot to do, but I'm getting a lot of good advice from this board.

John


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #12 on: January 06, 2006, 05:37:17 AM »
Hi John! Welcome to UKY. Small world indeed! :)

Glad to hear of your positive experience with them. Hopefully once I get the ball rolling they will allow me to mail them my paperwork since I live a bit further away. Good luck with your move! :)
The only meaning anything has is the meaning you give to it.       ~Author Unknown

2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen


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Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #13 on: January 08, 2006, 06:56:23 PM »
OK :)

I went to HSBC in Pasadena yesterday, and I now have a US account. I worked with a gentleman named Norman, who was WONDERFUL! This has been the best banking experience to date.

I also filled out all of the paperwork to open my UK account, which should take about 4 weeks to process, so YES it is true that you can do this from the states. I asked Norman how you would do this if you lived somewhere where an HSBC branch was not available, and he said that opening a US account online/phone/mail was very easy, but that the UK bit would be harder. I asked him if it was possible and he said it might be, but that he was not sure how because the UK group wants evidence that the US HSBC knows and has a banking relationship with you. He said for those of you wanting to do this, that the sooner you have a US HSBC account, the better. He also said they are expanding in the US so hopefully there will be more US branches soon.

I opened a US checking account and credit card with them, and he is starting the UK paperwork for me on Monday. It is helpful, but not necessary to have a UK address, know who your employer will be, know what your salary (direct deposit) will be, and what branch in the UK you would like to deal with. I ended up leaving lots of fields blank, but he said not to worry about it at the moment. If you are going into a branch, take your passport as they will need a copy of it. I have a form that I need to ask my HR department to fill in, and I may need to have my main bank write a letter for me stating that I am a customer in good standing. The forms I filled out were not that bad, and I think I spent about an hour total going over everything. It's a lot of paperwork, but considering the benefits, very worth it.

This is the first UK account Norman has set up, and he will be getting in touch with me on Monday after he finds out how the initial deposit to the UK account will be processed. It may need to be a wire transfer. I can update this information as we go along if folk are interested.

With regards to the sharing of credit information between the 2 countries, they have what is known as "Premier" customers. Premier customers have a combined minimum balance of $100,000.00 in their accounts, and this entitles you to have not only an assigned US account liaison, but a UK one as well. Your paperwork is processed faster, you are given special assistance when you arrive in the UK, you are eligible for better mortgage rates, (and other stuff), AND they will transfer your credit information from the states. Once you indicate your desire to to be a Premier customer, you have 6 months to bring your balance up to 100K. In the meantime, they will change you $50/month to remain a Premier. If you have good credit in the US, and want the extra benefits, it MAY be worth the $50/month to *intend* to be a Premier customer for a few months till you are set up. Whist this information was not stated to me directly by Norman, that is my interpretation of what I think he was trying to convey to me.  They do not share credit information with the UK for non-premier customers.

Norman really bent over backwards to assist me and if anyone wants his contact info, please PM me.

I hope that all made sense, and it's helpful!

:)
The only meaning anything has is the meaning you give to it.       ~Author Unknown

2006 Work Permit -> 2011 ILR -> 2012 Dual Citizen


Re: Opening a UK HSBC account from the US~Could it be true?
« Reply #14 on: January 08, 2006, 07:00:45 PM »
Yeah Courtney!  I am so happy things are going smoothly!  I loved my experience with HSBC here, they were so nice!


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