If you have not heard what HSBC is, you are one of those people who have not encountered the amazing facilities of HSBC banking.
Hong Kong and Shanghai Banking Corporation Limited (HSBC) is an investment banking company, based out of London, United Kingdom.
It is one of the largest banks in Europe with more than 40 million customers from around the world and is the sixth-largest bank by total assets.
The reason for its popularity is that it offers an easy banking experience. Moreover, HSBC offers its activities in three business groups that are:
Commercial Banking (CMB)
HSBC offers commercial banking services to small, medium, and middle-market enterprises. This group has more than 2 million customers.
Global Banking and Markets (GBM)
This branch is the arm of HSBC as it provides investments and financing products for clients.
These investments include corporate and investment banking, capital markets, trading services, and cash management.
This branch of HSBC offers equities, credit, rates, international exchanges, money markets, and many other financing services.
GBM has over 60 countries and territories around the world, and the sector calls itself market-led and financing-focused.
Wealth and personal banking (WPS)
This financing service enables clients to take care of their day-to-day finances, so they can manage, protect, and increase their wealth.
HBSC offers services to more than 54 million customers around the world.
They have a vast range of personal financing – that includes current account, saving account, mortgage loan, insurance, credit cards, pensions, and investments.
HSBC has different product lines, which help it run its operations ideally. These product lines are:
HSBC Direct offers enhanced privacy and security by using telephone or online direct banking. It is available to HSBC customer accounts only, which use eStatements and personal banking services.
The hype about HSBC Direct is that it is an online-only bank account, ideal for international banking.
It also allows you to have an HSBC Hong Kong log-on, which you can access according to your ease. It offers the following features:
- Competitive APY:
You might be wondering that if there are other options available for international banking, then why HSBC? The answer is – HSBC Direct Saving offers a competitive online savings account as it is higher than regular brick and mortar banks. Moreover, it includes HSBC basic as an option that pays you 0.01% APY when you are low on balance.
- Low deposits on account opening:
When we talk about HSBC Direct as an ideal banking solution, it is not unusual for its online account to skip a monthly service fee and have an opening balance as low as $1, while other competitor accounts require you to have a thick balance and an initial deposit so they can earn higher interest rates.
However, if you are already an HSBC customer trying to open a direct account, you cannot transfer funds from your current account to direct savings.
More information and differences between HSBC and HSBC Direct
Services: While we cannot ignore the benefits of its saving account, HSBC Direct account offers you the ability to check CDs. Moreover, it offers you a wide range of financial products while enabling you to check your balance, savings CDs, and investments.
Checking: A basic HSBC account has four checkpoints that you have to pass. These checkpoints have a high monthly fee. However, with HSBC Direct, you can wave off that fee. You do not have to pay the monthly fee. In addition, there is also a possibility that you might qualify for a sign-up bonus.
CD: HSBC Basic and Direct offers credit deposit terms for up to two years, which is significantly much more than what their competitors offer.
Brand and ATM: One minor setback of HSBC is their branches and ATMs. They have fewer branches as compared to their competitors, and they only cover around 10 states. It also has fewer ATMs than many big banks.
Why use HSBC Hong Kong?
Being in control and aware of your banking helps prevent fraud and keep you protected. With HSBC online banking, you can stay in control and fulfill your everyday banking needs.
It allows you to pay bills, stop payments, track payments view balances, and make immediate fund transfers – around the world.
It means you can control all your banking needs with one touch. HSBCnet provides you with the necessary information and is a transaction portal where you can initiate and manage your payments globally. Are you an international student? Are you looking for a banking model to have financial transactions back home?
- HSBC allows banking for international students through the HSBC Hong Kong log on portal. When you select HSBC as your banking partner, it does everything for you. It will set up banking services for you before you arrive in the US. It makes it easier for students to pay their tuition fees, house rents, and other expenses. Moreover, they have financial relief when traveling to a foreign land.
- Another top benefit of using HSB is that it makes moving money easier. You can make secure transfers around the globe with just one click. HSBC charges no fee from US accounts. While you or your child studies abroad, they make it easier for parents and students to have easy and secure money transfers between countries.
- HSBC credit cards have wide options through which you can make payments. By doing so, you will improve your US credit score and redeem points on other purchases.
- Your bank knows that you are new to the States; therefore, it offers you complimentary relocation perks. These perks include a 30-day SIM card and exclusive price discounts on selected packages.
HSBC offers international banking experience in more than 64 countries. If you have not arrived in the US yet, you can open an account remotely. With HSBC Hong Kong log on, you can manage your account from anywhere in the world.
Moreover, you can link your existing accounts and transfer funds. For students and parents who are looking for ways to exchange expenses between countries, HSBC offers Global View Global Transfers. This feature enables them to move their money more safely and instantly. This service is connected to the RTP system (Real-Time System), which enables you to receive payments, check your balance, and access your account 24 hours a day, 7 days a week, and 365 days a year.
Through this service, you can perform bank-to-bank transfers, pay your bills, make international payments, and make global fund transfers.
How to benefit from HSBC Hong Kong if you are new to the US service program?
When you are finished with everything and intend to move and get comfortable in the US – this program will uphold you from each progression you take. It will give you the following complimentary benefits:
· Booking travel
· Quality referrals of moving companies
· Referrals of qualified international medical assistance
· A 30-day SIM card with free international calls.
If you are not an international student and already residing in the US, HSBC offers financial wellness plans, offers educational tools, and financial knowledge to ease your educational journey.
After you have graduated from your college successfully, do not think that HSBC has now nothing to offer you. They offer mortgages for foreigners so you can become a homeowner.
Whether you are buying a home for your lifestyle or buying it for an investment, HSBC can offer mortgages for non-US residents. Before you apply for a mortgage, here are some things that you should know:
- HSBC might use an international credit report for your application if you are an international browser and have qualifying documentation.
- They offer loans up to 75% on appraised properties.
- They have financing options up to $4 million.
- With HSBC preferred mortgage, you can access up to $3 million.
- With the Deluxe and Elite mortgage, you can access up to $4 million in financings.
- Summit mortgage – access up to $10 million in financing.
Global money account with HSBC Hong Kong: log on!
Along with many other great features, HSBC understands that your banking needs are not bound to one geological location.
Therefore, they are offering a Global Money Account. With this account, you can access your financials from all around the world with just one account.
This account allows you to manage your international transactions with HSBC mobile application with just one click. You can manage your financials in eight different countries.
You can send and receive money at your convenience from your smartphone while ensuring the security of your HSBC account.
HSBC offers a digital security device that is integrated with their mobile banking application. It uses two-factor authentication and provides you with an added layer of protection. There are many different currencies available, and some of them are:
- AUD (Australian Dollar)
- CAD (Canadian Dollar)
- EUR (Euro)
- GBP (Pound Sterling)
- HKD (Hong Kong Dollar)
- NZD (New Zealand Dollar)5
- SGD (Singapore Dollar)
- USD (US Dollar)
Opening a Global Money Account is very simple. All you need to have is an eligible deposit account that you can link it to.
Next, you must have the mobile banking app so you can do HSBC Hong Kong log on. Lastly, you should have a current residential address in the United States, Argentina, Armenia, Chile, Isle of Man, Switzerland, Uruguay, or Venezuela.
HSBC understands how important it is to perform a secure log-in when you are making online transactions internationally. Therefore, they give you three different options to log in safely. These options are:
- Without a security device or with a security device
- HSBC mobile banking app
A security device is an added layer of protection for your personal baking needs. It allows you to have safe and secure bank transactions. This device is available to download from the HSBC mobile app, or they can send you the physical device via mail. It serves as a two-factor authenticator when you log on to personal internet banking.
The device generates a security code that you are required to enter to authenticate yourself for a safe transfer. Once you receive your physical device, you can connect it to your iPhone or Android and turn it into a digital security device. It makes it much easier this way, as you do not have to carry an added load with you.
If you are adding or removing a beneficiary to perform a wire transfer or adding a company on Global view, you are required to use an HSBC security device.
However, it is essential to note that the requirement for having a security device can be changed by the bank anytime, so they can improve their services and enhance security.
Commercial Banking with HSBC
As HSBC is known and operates in 53 countries, it has customers from both developed and developing markets. They offer an exceptional experience of their digital capabilities and connect entrepreneurs with vast business opportunities. HSBC has business supporting managers in five various fields. These are:
- Global Trade and receivables:
This supporting field has a lot to offer. It provides financing services for buyers and suppliers in their trade cycle. This helps them use their working capital more efficiently, manage trade risk, and fund their supply chains.
- Global Liquidity and Cash Management:
It provides SMEs with greater control over their finances while helping them manage their liquidity efficiently. The purpose of this digital platform is to enable customers to make seamless payments throughout the globe.
Banking for commercial clients allows access to a wide range of capital finances, solutions, debt, and other advisory services.
- Markets and Securities Services:
HSBC market offers enhanced and better-secured credit card services. Moreover, they have better credit rates, foreign exchange, equities, and money markets.
- Insurance and Investments:
As we talk about commercial banking, one cannot forget insurance and investments. HSBC has business and financial protection, trade insurance, employee benefits, corporate wealth management, and a variety of other commercial risk insurance products.
Today in the modern world, when all we have around is technology – one cannot deny the importance of having banking services like HSBC. They are operated with safety and within just a click of a hand. You can reach out to their website and get all the assistance you want.