Frequently asked questions: HSBC Expat

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Why bank or invest with HSBC Expat?

We offer:

Access to your money anywhere in the world, in a range of currencies
Tax-efficient offshore savings and investments*
A name you can trust

*All interest is currently paid gross. However, if you are residing in the EU, credit interest may be subject to a retention tax or reporting tax. Learn more

Is HSBC Expat a member of a Depositor Protection Scheme?

HSBC Expat, the trading name for HSBC Bank International Limited, is a participant in the Jersey Banking Depositor Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details of the scheme and banking groups covered are available on the states of Jersey www.gov.je or on request.

HSBC Bank International Limited is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for 'qualifying deposits' up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period.

Deposits made with our offices in the Isle of Man are protected by the Isle of Man Compensation of Depositors Regulations 2010.

Deposits made with non UK members of the HSBC group do not benefit from the UK Financial Services and Markets Act 2000, including the financial Services Compensation Scheme and the UK's Financial ombudsman Service.

Where can I get more information?

Jersey: www.gov.je
Guernsey: www.dcs.gg
Isle of Man: www.gov.im

What is 'offshore' banking and investing?

Offshore banking / investing is simply banking or investing in a jurisdiction other than the one in which you live.
Jersey is an established offshore centre.

Who can benefit from banking, saving or investing with HSBC Expat?

You could benefit if you're planning to move or retire abroad, or are already living in another country. You may also benefit if you have homes or commitments in more than one country.

If you live in a country which is politically or economically unstable, you may choose to place your money offshore in order to protect your assets more effectively.

Where will my accounts be held?

Your account(s) will be opened and held in Jersey, Channel Islands.

Do I have to pay tax on income I've earned with HSBC Expat

Some countries require residents to declare their income on a worldwide basis, where tax is payable on all your income. In certain circumstances the income of an entity which you control may also be taxable.

Tax obligations

Whilst banking offshore may have tax benefits for you, tax rules differ from country to country. For example, residents of the EU are subject to the European Savings Directive. Our Global Tax Navigator can give you more guidance, but if you are unsure about your personal tax obligations, you should seek professional advice. It is your responsibility to disclose your income to the tax authorities.

What is the minimum account opening deposit / investment amount?

The minimum Relationship Balance required to bank with HSBC Expat is £25,000.
Read more about this

We offer two service levels, HSBC Advance and HSBC Premier.

HSBC Premier service

Our best interest rates on savings
A Premier Relationship Management service
Minimum balance of £60,000
No monthly fee applies
A £35 underfunding fee will apply for any month where your
Relationship Balance falls below £60,000.

Currency equivalent applies to all figures quoted.

HSBC Advance service

A dedicated HSBC Advance team
Minimum balance of £25,000
No monthly fee applies
A £15 underfunding fee will apply for any month where your Relationship Balance falls below £25,000.

Currency equivalent applies to all figures quoted.

You can make lump sum investments from just £/US$/€10,000
Or you can make regular investments into an investment plan from just
£/ US$/€200 a month subject to achieving a minimum investment of £/US$/€2,000

Investments - Wealth Management

You can make lump sum investments from just £25,000 (US$/€50,000)
Or you can make regular investments into an investment plan from
just £/ US$/€200 a month subject to achieving a minimum investment of £/US$/€2,000

Can I view my accounts and investments online?

Absolutely. Our Internet Banking service gives you direct control over your money, from anywhere in the world, anytime.

You never actually need to visit us in person. You can manage your money remotely, from wherever you are.

You can also give instructions to top up, sell or switch many of your HSBC International investments online.

What are the fees and charges for opening accounts / investing with HSBC Expat?

Bank accounts and savings accounts

After choosing your account(s) you must then choose which offshore service you would like your account with. Your chosen offshore service will then determine the fees applied.

HSBC Premier service

Minimum balance of £60,000
No monthly fee applies
A £35 underfunding fee will apply for any month where your
Relationship Balance falls below £60,000.

HSBC Advance service

A dedicated HSBC Advance team
Minimum balance of £25,000
No monthly fee applies
A £15 underfunding fee will apply for any month where your Relationship Balance falls below £25,000.

Currency equivalent applies to all figures quoted.

Initial Charge

There is an initial charge for all new investments.

This is reflected in the difference between the offer price at which you buy shares and the bid price at which you can sell.

The difference between the offer and bid prices is commonly referred to as the 'bid - offer spread'.

The initial charge for each of our funds is as follows:

Freedom plus - HSBC Global Investment Funds - up to 5.54% - please refer to the simplified prospectus for the exact charge
Freedom Plus - HSBC Amanah Investment Funds - up to 5.54% - please refer to the simplified prospectus for the exact charge
International Select Fund - 5.25%

Annual management charge

There's also an annual management charge to cover investment management and administration costs.

This fee is calculated on a daily basis and deducted from the capital value of the fund. The charge varies between different funds and fund classes, and you'll find the details in the fund brochure and prospectus.

In which currencies can I bank or invest?

Our Bank Account is available in sterling, US dollars and euro. We also have savings accounts in 14 currencies - from Australian Dollars and Swiss Francs to South African Rand and Japanese Yen.

The on offer are in sterling, US dollars and euro. And we have foreign exchange solutions that allow you to make transfers in 20 different currencies.

Can I get cards to access my money with an offshore account?

Yes. We can arrange internationally-accepted cards in sterling, US dollars and euro.

If I'm unsure which investment may be best for me, can I talk to someone?

Our Wealth Managers can offer help and guidance on everything from investments to life cover, including saving for the future, mortgage protection, and retirement and estate planning.
Request a financial planning review

Does HSBC sell investments offered by other reputable companies?

Our Wealth Managers are able to offer you a choice of investments from a wide range of well-established and reputable companies.

We aim to ensure that any investment we recommend meets your requirements in terms of investment performance, financial stability and service.

Learn more

Rather than making a lump sum investment, could I make regular, smaller investments?

Absolutely. It's up to you how you invest.

If you want, you can build up your investments through a series of small, regular monthly payments over time.

Contributions can be made direct from your account by standing order, eliminating unnecessary administration on your part.

How can I monitor the prices of my HSBC funds?

You'll find the latest share prices on this website. We'll send you an update about the performance of your investment every six months. Internet Banking customers can also monitor the value of investments online.

Frequently asked questions

Expat tax

Why HSBC Expat

FAQ - common questions answered

Why bank or invest with HSBC Expat?

Is HSBC Expat a member of a Depositor Protection Scheme?

What is 'offshore' banking and investing?

Who can benefit from banking, saving or investing with HSBC Expat?

Where will my accounts be held?

Do I have to pay tax on income I've earned with HSBC Expat

What is the minimum account opening deposit / investment amount?

Can I view my accounts and investments online?

What are the fees and charges for opening accounts / investing with HSBC Expat?

In which currencies can I bank or invest?

Can I get cards to access my money with an offshore account?

If I'm unsure which investment may be best for me, can I talk to someone?

Does HSBC sell investments offered by other reputable companies?

Rather than making a lump sum investment, could I make regular, smaller investments?

How can I monitor the prices of my HSBC funds?

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