HSBC - any reason to use them?

[SerenaJ]

Hi there, My family and I are due to be emigrating on a PR visa in October and are just looking into setting up a bank account. We will probably go with either ANZ or NAB. In the UK we currently bank with NatWest and were planning on keeping these accounts going. However, I've heard it said it would be much better to switch to banking with HSBC, since they have branches in Australia. I'm not clear on why this offers any benefit (since I assume the best way to transfer money would be via a broker not a bank). Am I missing something? Thanks in advance.

[Marisawright]

No I don't think you're missing anything. Banking with HSBC would mean you're able to have all your banking in both countries with the same bank, but I'm not sure I see any advantage to that.

[Guest]

I don't see the need to change UK bank if you are happy with your current one. You don't have to use the same bank in different countries. We don't and have had no issues transferring money between accounts or anything else.

[flatpack]

My sister was with HSBC in the Uk and they sold it to her that it would be better for her to open an HSBC account in Oz and use them to switch her money. As she was changing over £50k she would be a platinum customer for no charge. What did she get for that I hear you ask?

She got $30,000AU less than she would have done had she used a forex company but she was a platinum customer (for no extra charge)

My advice is to play the banks off against each other to get the best deal for yourself, show them no loyalty just as they would with you.

[JEM44]

We have just moved and were previously with the HSBC and so opened an account when we got here with them. There's no fees for transferring between the two countries, but think you need a certain type of account for this in the UK. It has been very convenient being able to see global accounts on one screen when doing Internet banking.

[SerenaJ]

Thank you everyone for your help - I think I'll just stick with the bank account we have in the UK. One less thing to sort out :-)

[JetBlast]

I have a HSBC account in the UK and Australia. I get "global view" in the online banking so I can see both accounts side by side. I can transfer money for free (and its instant!). I can call HSBC Australia by phoning the UK number and asking to be put through. No expensive calls!

 

However you can't just walk into a UK branch and do stuff with your Australia account and vice versa.

 

Im with HSBC in the UK because the service has been really good (compared to my old Natwest account!)

Edited June 30, 2016 by JetBlast

[Keith and Linda]

we came over way back in 1999, was with HSBC in UK (and still are) at that time we opened an Aus HSBC account from the UK as at that time it appeared to be our best option. once in OZ we found the limited number of HSBC branch's inconvenient and also got better service regarding a mortgage from another AUS bank.

It is a very good idea to keep your UK account live, we use ours regularly for purchase of presents for family back home and also for our holidays back there. We now use Currency Fair for painless and better rates on changing money.

I would say stay with your own bank and open a new Aus account in any bank of your choosing, just look for accounts which a fee free.

Good luck with the move.