in addition to Merrill/BOA: HSBC perks

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investing engineer
Posts: 115
Joined: Thu Aug 27, 2015 5:14 pm

in addition to Merrill/BOA: HSBC perks

Post by investing engineer »

BoA preferred rewards is an often-mentioned investment perk on this forum. There is another one: HSBC premier. Become an HSBC premier by having $75000 asset with them. Then apply for their Premier World MasterCard credit card: it can be awesome depending on whether you spend money on their partners.

Caveat:

1. I have never tried, the above are based on the info that I can collect from their website.

2. trading with their brokerage is expensive. So move assets and transfer out any dividend generated therein.

References:

https://www.us.hsbc.com/premier/

https://www.us.hsbc.com/credit-cards/products/premier/
ralph124cf
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Joined: Tue Apr 01, 2014 11:41 am

Re: in addition to Merrill/BOA: HSBC perks

Post by ralph124cf »

I have been an HSBC premier customer for 15 years, and I agree that the credit and debit cards are the best for a frequent international traveler.

Most cards that SAY that they don't charge a fee for international purchases have a "stealth" fee hidden in the exchange rate. I first found this about 20 years ago, when I had to do a return on an item that I had just purchased. The return was processed approximately two minutes after the purchase, for the exact same amount in the foreign currency. In total, I was shorted 4.5%. I called to complain, and was told that I could not expect the "big boys" rate of exchange on a small transaction.

HSBC does not play that game. You get the current exchange rate. Yes it can change by the minute, but not by much. Also, you get the best possible exchange rate with the debit card for foreign exchange withdrawals from any ATM, with reimbursement for any ATM fees.

The cost is lower earnings on the deposits, but their "high interest" savings accounts are competitive with all but a few banks.

Ralph
Shorty
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Joined: Sat Feb 23, 2019 4:54 pm

Re: in addition to Merrill/BOA: HSBC perks

Post by Shorty »

Chase does the same with their Sapphire bank account at $75k (youinvest counts). I highly recommend.
LifeIsGood
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Location: Atlanta, GA

Re: in addition to Merrill/BOA: HSBC perks

Post by LifeIsGood »

Is there any bonus for a brokerage transfer?
sbillertpa
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Joined: Sun Mar 18, 2018 9:22 am

Re: in addition to Merrill/BOA: HSBC perks

Post by sbillertpa »

Shorty wrote: Sat Aug 15, 2020 10:17 pm Chase does the same with their Sapphire bank account at $75k (youinvest counts). I highly recommend.
Do you get access to JP Morgan research with YouInvest? When you say Chase does the same, what are you referring to? Thanks!
Shorty
Posts: 54
Joined: Sat Feb 23, 2019 4:54 pm

Re: in addition to Merrill/BOA: HSBC perks

Post by Shorty »

sbillertpa wrote: Sun Aug 16, 2020 6:28 am
Shorty wrote: Sat Aug 15, 2020 10:17 pm Chase does the same with their Sapphire bank account at $75k (youinvest counts). I highly recommend.
Do you get access to JP Morgan research with YouInvest? When you say Chase does the same, what are you referring to? Thanks!
Yes, you get access to JP Morgan Research with YouInvest (just checked on my app). I'm 99% sure that the Chase Sapphire (and Private Client) waive both ATM fees and foreign conversion fees, so you could pull Euros out of a foreign ATM at the best (near actual) rate. I was going to move to Europe, then it recently fell through, so I didn't get to test. I set this up in advance of that, but abandoned the follow up for obvious reasons.
arf30
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Joined: Sat Dec 28, 2013 11:55 am

Re: in addition to Merrill/BOA: HSBC perks

Post by arf30 »

I always thought it'd be nice to have a premium level account at one of these huge banks for the travel perks (in addition to Schwab/Fidelity cards), but the minimums are high. I guess people are peeling off part of an IRA and parking it at the bank to avoid having to move their taxable brokerage?
student
Posts: 5159
Joined: Fri Apr 03, 2015 6:58 am

Re: in addition to Merrill/BOA: HSBC perks

Post by student »

ralph124cf wrote: Sat Aug 15, 2020 8:10 pm I have been an HSBC premier customer for 15 years, and I agree that the credit and debit cards are the best for a frequent international traveler.

Most cards that SAY that they don't charge a fee for international purchases have a "stealth" fee hidden in the exchange rate. I first found this about 20 years ago, when I had to do a return on an item that I had just purchased. The return was processed approximately two minutes after the purchase, for the exact same amount in the foreign currency. In total, I was shorted 4.5%. I called to complain, and was told that I could not expect the "big boys" rate of exchange on a small transaction.

HSBC does not play that game. You get the current exchange rate. Yes it can change by the minute, but not by much. Also, you get the best possible exchange rate with the debit card for foreign exchange withdrawals from any ATM, with reimbursement for any ATM fees.

The cost is lower earnings on the deposits, but their "high interest" savings accounts are competitive with all but a few banks.

Ralph
That's good to know. Schwab and Fidelity also do not play this game. I have taken money at ATM using their cards a couple of times and the exchange rates were exactly the ones published by VISA/MC.
tj
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Joined: Thu Dec 24, 2009 12:10 am

Re: in addition to Merrill/BOA: HSBC perks

Post by tj »

arf30 wrote: Sun Aug 16, 2020 9:02 am I always thought it'd be nice to have a premium level account at one of these huge banks for the travel perks (in addition to Schwab/Fidelity cards), but the minimums are high. I guess people are peeling off part of an IRA and parking it at the bank to avoid having to move their taxable brokerage?
I simply moved an IRA from vanguard to Merrill edge.
student
Posts: 5159
Joined: Fri Apr 03, 2015 6:58 am

Re: in addition to Merrill/BOA: HSBC perks

Post by student »

Shorty wrote: Sun Aug 16, 2020 7:23 am
sbillertpa wrote: Sun Aug 16, 2020 6:28 am
Shorty wrote: Sat Aug 15, 2020 10:17 pm Chase does the same with their Sapphire bank account at $75k (youinvest counts). I highly recommend.
Do you get access to JP Morgan research with YouInvest? When you say Chase does the same, what are you referring to? Thanks!
Yes, you get access to JP Morgan Research with YouInvest (just checked on my app). I'm 99% sure that the Chase Sapphire (and Private Client) waive both ATM fees and foreign conversion fees, so you could pull Euros out of a foreign ATM at the best (near actual) rate. I was going to move to Europe, then it recently fell through, so I didn't get to test. I set this up in advance of that, but abandoned the follow up for obvious reasons.
That's my understanding too. "There is no Chase fee at non-Chase ATMs. Chase will refund ATM fees charged by the ATM owner/network. This benefit will begin the next business day after opening the account. Some ATM owners/networks do not identify these fees in the information they send to us and, as a result, we may not automatically refund the fee. If for any reason the refund is not processed, please contact us. There is no Foreign Exchange Rate Adjustment Fee when conducting transactions in a foreign currency. If you choose to convert an international transaction to U.S. dollars at either an ATM or on a purchase, foreign currency commissions and fees included in the exchange rate charged by third parties are excluded from Chase reimbursements."
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