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HSBC Premier Lifehack

O

Overtrade

Mentor Group Gold
Sep 12, 2023
25
17
3
Europe
#1
HSBC is certainly not a perfect bank. On the other hand, it's "too big to fail," and it's definitely a far better choice than some banking experiment from a banana republic.

However, opening an HSBC Premier account isn't easy and requires a balance between $100,000 and $300,000, depending on the country. That is unless you already have an HSBC Premier account in some country.

There’s a certain lifehack. A solution.

Opening HSBC Premier in Turkey.

https://www.hsbc.com.tr/en/hsbc-premier/hsbc-premier

To open HSBC Premier in Turkey, you need 1 million Turkish lira...

which currently translates to just under $30,000.

After opening HSBC Premier in Turkey, it becomes significantly easier to open HSBC Premier accounts in the USA, Singapore, Hong Kong, or the Isle of Man.
 
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#2
I am glad not to have this kind of difficulties anymore, but I can only respect the way of thinking and sharing the idea.

About HSBC premier accounts, I remember one member here saying any HSBC bank officer in a given country where you have an account open, can see where you have all your other HSBC accounts in the world. Something to consider depending on the intended use of the account.
 
#4
Overtrade said:
HSBC is certainly not a perfect bank. On the other hand, it's "too big to fail," and it's definitely a far better choice than some banking experiment from a banana republic.

However, opening an HSBC Premier account isn't easy and requires a balance between $100,000 and $300,000, depending on the country. That is unless you already have an HSBC Premier account in some country.

There’s a certain lifehack. A solution.

Opening HSBC Premier in Turkey.

https://www.hsbc.com.tr/en/hsbc-premier/hsbc-premier

To open HSBC Premier in Turkey, you need 1 million Turkish lira...

which currently translates to just under $30,000.

After opening HSBC Premier in Turkey, it becomes significantly easier to open HSBC Premier accounts in the USA, Singapore, Hong Kong, or the Isle of Man.
Click to expand...
And what justification do they need to open such accounts? Do you need some residency or something or you can open with an “intention” to buy a property which you never end up finding?

And, after opening the accounts and getting premier account, let’s say in UAE, you close that account - then premier status is held in UAE/US or you need to again qualify?

Because let’s say I don’t mind leaving 30-40k in some investment account in turkey but definitely not in Liras. I see on the linked page it is equivalent convertible currency.
 
#5
That's how I am using them. The prodecure to open the account:

1. Get a passport and make a copy of it.
2. Go to Turkey and look for the closest "Vergi Dairesi" using any online map. You can use Beyoglu Tax Office (Google Map: 2XHF+45 Beyoğlu, İstanbul, Türkiye), the guys there are nice. It takes about 15 minutes and you will get a letter with your tax id (Vergi Numarası).
3. Go to HSBC and tell them the usual story about your amazing business venture in ... in Turkey. They will take a copy of your passport and your tax id.
4. They will write you in a few business days that it has been approved and that you can go back to open the account.
5. You get a TRY/EUR/GBP/USD account, you obviously won't put anything on the TRY account. Of course, you can if you want to.

They will ship your debit card to the country of your choice. It comes with free withdrawals in Turkey.

Points to note:
- They have been doubling the minimum balance about once per year when it fell under 15k USD.
- Turkey is not part of Global View.
- Don't go out at night with friendly Lebanese/Saudis, etc. you will end up in a prostitute parlour with ugly girls. If you still do and the girls are next to you, tell them you are not in a mood for them. Be nice and polite, they will go away and your scammer will be pissed off and ask you to leave too.

As a side note, most other HSBC Premier clients are from their home market in Hong Kong where they have a mortgage with them. The key is then to keep the mortgage open (i.e. not pay it back). You can then open a savings account which pays the same interest as you pay on your mortgage up to the mortgaged amount. (You borrow 10M HKD at 5%, your savings account pays 5% at up to 10M HKD, if you put the mortgaged amount, you pay nothing and have Premier).
 
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#6
daniels27 said:
That's how I am using them. The prodecure to open the account:

1. Get a passport and make a copy of it.
2. Go to Turkey and look for the closest "Vergi Dairesi" using any online map. You can use Beyoglu Tax Office (Google Map: 2XHF+45 Beyoğlu, İstanbul, Türkiye), the guys there are nice. It takes about 15 minutes and you will get a letter with your tax id (Vergi Numarası).
3. Go to HSBC and tell them the usual story about your amazing business venture in ... in Turkey. They will take a copy of your passport and your tax id.
4. They will write you in a few business days that it has been approved and that you can go back to open the account.
5. You get a TRY/EUR/GBP/USD account, you obviously won't put anything on the TRY account. Of course, you can if you want to.

They will ship your debit card to the country of your choice. It comes with free withdrawals in Turkey.

Points to note:
- They have been doubling the minimum balance about once per year when it fell under 15k USD.
- Turkey is not part of Global View.
- Don't go out at night with friendly Lebanese/Saudis, etc. you will end up in a prostitute parlour with ugly girls. If you still do and the girls are next to you, tell them you are not in a mood for them. Be nice and polite, they will go away and your scammer will be pissed off and ask you to leave too.

As a side note, most other HSBC Premier clients are from their home market in Hong Kong where they have a mortgage with them. The key is then to keep the mortgage open (i.e. not pay it back). You can then open a savings account which pays the same interest as you pay on your mortgage up to the mortgaged amount. (You borrow 10M HKD at 5%, your savings account pays 5% at up to 10M HKD, if you put the mortgaged amount, you pay nothing and have Premier).
Click to expand...

Thanks a LOT for this, its really amazing tips.

To talk out loud my thinking: I am also eligible for an HSBC India account (EU Citizen / OCI Card Holder) which has about 45k EUR requirement in INR equivalent. Over last 20 years market returns have been around 8% adjusted for inflation (however, that doesn't take into account depreciation of INR against foreign exchange value). IN UAE HSBC premier minimum value is 500k AED (137k USD). I might be more comfortable dealing with Indian Taxes and Accounts because part of my family still lives there. And, Indian accounts are indeed part of Global View.

However, I am curious that if you open premier account in one country on basis of having a premier status in another - and, then, you don't meet criteria in the country on basis you opened the other account - do you lose premier in all accounts? This is hypothetical because I wouldn't mind keeping 50k in INR markets as it is not a bad investment region.

Don't go out at night with friendly Lebanese/Saudis, etc. you will end up in a prostitute parlour with ugly girls. If you still do and the girls are next to you, tell them you are not in a mood for them. Be nice and polite, they will go away and your scammer will be pissed off and ask you to leave too.
Click to expand...

This is absolutely priceless wisdom. :D :D
 
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#8
daniels27 said:
That's how I am using them. The prodecure to open the account:

1. Get a passport and make a copy of it.
2. Go to Turkey and look for the closest "Vergi Dairesi" using any online map. You can use Beyoglu Tax Office (Google Map: 2XHF+45 Beyoğlu, İstanbul, Türkiye), the guys there are nice. It takes about 15 minutes and you will get a letter with your tax id (Vergi Numarası).
3. Go to HSBC and tell them the usual story about your amazing business venture in ... in Turkey. They will take a copy of your passport and your tax id.
4. They will write you in a few business days that it has been approved and that you can go back to open the account.
5. You get a TRY/EUR/GBP/USD account, you obviously won't put anything on the TRY account. Of course, you can if you want to.

They will ship your debit card to the country of your choice. It comes with free withdrawals in Turkey.

Points to note:
- They have been doubling the minimum balance about once per year when it fell under 15k USD.
- Turkey is not part of Global View.
- Don't go out at night with friendly Lebanese/Saudis, etc. you will end up in a prostitute parlour with ugly girls. If you still do and the girls are next to you, tell them you are not in a mood for them. Be nice and polite, they will go away and your scammer will be pissed off and ask you to leave too.

As a side note, most other HSBC Premier clients are from their home market in Hong Kong where they have a mortgage with them. The key is then to keep the mortgage open (i.e. not pay it back). You can then open a savings account which pays the same interest as you pay on your mortgage up to the mortgaged amount. (You borrow 10M HKD at 5%, your savings account pays 5% at up to 10M HKD, if you put the mortgaged amount, you pay nothing and have Premier).
Click to expand...

With Sols and a few others, you definitely are one of the sharing pillars of knowledge of this forum Daniels.
 
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#9
lagloriacubana said:
However, I am curious that if you open premier account in one country on basis of having a premier status in another - and, then, you don't meet criteria in the country on basis you opened the other account - do you lose premier in all accounts? This is hypothetical because I wouldn't mind keeping 50k in INR markets as it is not a bad investment region.
Click to expand...
If you have Premier in Turkey and then open Premier in US and UK based on Turkey, you are not subject to any fees if you do not meet the requirements in US and UK. If you do not meet the requirements in Turkey anymore, you will be subject to fees in Turkey.

I am not sure if some linked HSBC countries will then charge as well. From my understanding, this should not be the case.
 
#10
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