hsbc uae or hsbc expat jersey - barclays channel islands

[ShillGates]

Would you open straight hsbc expat in jersey or go to hsbc uae, quick open premier status and then try to open hsbc expat jersey?

Trying to push some funds in different jurisdictions

Heads Jersey/IOM is trickier these days?

barclays jersey is non responsive when it comes to applying for accounts, black hole?! Barclays uae only does wealth management at some stupid high numbers....

any advice re HSBC or Barclays

 

[Martin Everson]

I would open with both HSBC jersey and UAE. I am surprised Barclays Jersey is non-responsive. Did you try opening online with Barclay or did you just email them and got no reply?

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[ShillGates]

filled out application two weeks ago, with a video call request in a week (for barclays you can set the requested time for video call), but nothing nada, called them - whoever is dealing with it no response, emailed them, no repsonse.

hsbc - yeah why not, lets do both, (thought it would be for example hsbc uae premier, then request to open jersey)

Any other banks you think would be helpful to use as personal banking outside uae ? was thinking standard chartered premier banking (or whatever their equivalent is of "premier hsbc")

Last edited: May 7, 2023

 

[Martin Everson]

OffMyBack said:
hsbc - yeah why not, lets do both, (thought it would be for example hsbc uae premier, then request to open jersey)
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If I had to choose would take HSBC Jersey in first instance due to UAE FATF grey listing.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Forester]

OffMyBack said:
filled out application two weeks ago, with a video call request in a week (for barclays you can set the requested time for video call), but nothing nada, called them - whoever is dealing with it no response, emailed them, no repsonse.
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I am really surprised as well as Martin Everson 🙁. (I did not hear anything bad about Barclays in the past.)
I only recall that in the past Barclays Jersey did not serve international clients, just locals, and they were all directed to Barclays Isle of Man; but it was perhaps happening automagically during the application.
Did you called and/or e-mailed Barclays Jersey or Barclays Isle of Man? Nevertheless, the silence should not occur in any case 🙁

OffMyBack said:
Any other banks you think would be helpful to use as personal banking outside uae ? was thinking standard chartered premier banking (or whatever their equivalent is of "premier hsbc")
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Standard Chartered is IMO remarkably better than HSBC and their premier banking is definitely worth to consider.

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[nobel]

HSBC expat is not SEPA-compliant, so it is expensive for € incoming and outgoing money. SEPA is only possible with BARCLAYS IOM, SEPA direct debit as well.

All banks in the Channel Islands (except BARCLAYS) there is no SEPA! So is BARCLAYS IOM the best!

 

[Martin Everson]

nobel said:
HSBC expat is not SEPA-compliant, so it is expensive for € incoming and outgoing money. SEPA is only possible with BARCLAYS IOM, SEPA direct debit as well.

All banks in the Channel Islands (except BARCLAYS) there is no SEPA! So is BARCLAYS IOM the best!
Click to expand...

You know that most of the world don't care about SEPA including me....lol.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[PhantomOf ThePits]

Hi,
HSBC expat Premier Jersey, what's your experience with them?

I opened an account recently but it takes like two weeks until they answer?
Is that also your experience or they just got backlog over Christmas and usually reply faster?

 

[Martin Everson]

PhantomOf ThePits said:
Hi,
HSBC expat Premier Jersey, what's your experience with them?

I opened an account recently but it takes like two weeks until they answer?
Is that also your experience or they just got backlog over Christmas and usually reply faster?
Click to expand...

See below thread.

[IMG alt="Martin Everson"]http://localhost/data/avatars/s/8/8698.jpg?1727588489[/IMG]

Post in thread 'Hsbc account restricted'​

Jan 12, 2025

EliasIT said:
Is it world wide or only selected branches from some areas of the world ?
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Worldwide from UK to France to Hong Kong etc etc. Even in HSBC private banking Jersey and Singapore its terrible.

Look at HSBC HK...lol. Exactly as I described. If they have not got to your account yet then its because your a salaried employee, retiree or a big client using trade finance facilities. Any of class of other client will find out sooner or later there account will be closed.
https://www.trustpilot.com/review/www.hsbc.com.hk

---- quote start

HSBC wanted closing my account​

I...

• Martin Everson

Enjoy the account while you still have it.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[PhantomOf ThePits]

@Martin Everson A f**k, thank you, luckily didnt wire anything yet

Is there another Jersey bank you would recommend instead?

 

[Martin Everson]

PhantomOf ThePits said:
Is there another Jersey bank you would recommend instead?
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Sadly not at moment. All these banks have changed for the worse over last few years. It just ain't what it used to be like 10 years ago in channel islands.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[nobel]

PhantomOf ThePits said:
@Martin Everson A f**k, thank you, luckily didnt wire anything yet

Is there another Jersey bank you would recommend instead?
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I would only recommend BARCLAYS (IOM), it is the only bank in the whole Jersey area where SEPA credit transfers and SEPA direct debits are possible. No one else, not even HSBC.

 

[PhantomOf ThePits]

nobel said:
I would only recommend BARCLAYS (IOM), it is the only bank in the whole Jersey area where SEPA credit transfers and SEPA direct debits are possible. No one else, not even HSBC.
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thank you @nobel
Can you also buy stocks/ETFs with Barclays IOM?
https://ciiom.barclays.com/premier-banking/investments/

HSBC Expat premier until now pretty disappointed as looks quite unorganized. Thank you guys for information as I will close HSBC

Am wondering which jurisdiction to add besides Singapore as some Swiss/Liechtenstein banks are still quite expensive for what they offer...

 

[nobel]

PhantomOf ThePits said:
thank you @nobel
Can you also buy stocks/ETFs with Barclays IOM?
https://ciiom.barclays.com/premier-banking/investments/

HSBC Expat premier until now pretty disappointed as looks quite unorganized. Thank you guys for information as I will close HSBC

Am wondering which jurisdiction to add besides Singapore as some Swiss/Liechtenstein banks are still quite expensive for what they offer...
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But I think you have to live outside the EU for BARCLAYS IOM to be possible. EU citizens are excluded.
Stocks/ETFs are probably only possible from 300K € deposits.
You have to deposit at least 120K € or counter currency otherwise it costs 45 € per month in fees.

Here is the original page: https://international.barclays.com/who-we-help/international-clients/

 

[PhantomOf ThePits]

Just as FYI to follow-up for HSBC Expat Jersey with 100k GBP minimum:

Basically they do not offer any self directed stocks (like for example stocks/ETFs US or UK) it seems, only their own funds.
You'd need to open a separate account with stocks direct which is onshore UK.

So unfortunately another reason to check another bank

 

[nobel]

PhantomOf ThePits said:
Just as FYI to follow-up for HSBC Expat Jersey with 100k GBP minimum:
Basically they do not offer any self directed stocks (like for example stocks/ETFs US or UK) it seems, only their own funds.
You'd need to open a separate account with stocks direct which is onshore UK.
So unfortunately another reason to check another bank
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I wouldn't use HSBC Expat Jersey just because it doesn't work with SEPA. Only BARCLAYS IOM can be recommended. But don't expect much, the online banking is terribly old-fashioned. Standing orders in EUR do not work, only in British pounds.

 

[PhantomOf ThePits]

nobel said:
I wouldn't use HSBC Expat Jersey just because it doesn't work with SEPA. Only BARCLAYS IOM can be recommended. But don't expect much, the online banking is terribly old-fashioned. Standing orders in EUR do not work, only in British pounds.
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Thank you regarding SEPA, but for me its not the main thing as I wouldnt use it lot for transactions.

Whats important for me would be to have an 'ok' way to use the TotalRelationshipBalance and buy stocks/ETFs and such.

Dont know if then Barclays IOM would make sense if their UI is stone age

Guess best is what @Martin Everson wrote to look for another 'proper' banking jurisdiction besides SG,CH,Liechtenstein which would provide that.

 

[JustAnotherNomad]

I thought once you have an HSBC Premier account in one jurisdiction, you can easily open it in others as well?

 

[daniels27]

JustAnotherNomad said:
I thought once you have an HSBC Premier account in one jurisdiction, you can easily open it in others as well?
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Yes, they allow remote opening in many jurisdictions
https://www.hsbc.co.uk/international/overseas-account-opening/

• Australia
• HSBC Expat (Offshore banking services)
• China
• Hong Kong
• India
• Singapore
• UAE
• UK
• USA

Restricted places like Turkey, Vietnam are not part of this.

 

[nobel]

PhantomOf ThePits said:
Thank you regarding SEPA, but for me its not the main thing as I wouldnt use it lot for transactions.
Whats important for me would be to have an 'ok' way to use the TotalRelationshipBalance and buy stocks/ETFs and such.
Dont know if then Barclays IOM would make sense if their UI is stone age
Guess best is what @Martin Everson wrote to look for another 'proper' banking jurisdiction besides SG,CH,Liechtenstein which would provide that.
Click to expand...

Banks in Switzerland and Liechtenstein are completely unsuitable for buy stocks/ETFs because of the extreme fees. 1.9% per order (10K= 190€ fee) and 0.40% custody fee completely absurd.
IBRK would be only 0.08% (10K= 8€ fee) per order and no custody fee and just as safe. Swissquote is also too expensive if you trade a lot. If you want IBRK please write me privately for more info.