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HSBC may be considering exiting U.S. market.


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On 11/28/2020 at 3:34 PM, cv91915 said:

Seems like I read a story like this every few years.

Hmmm, I don't know.  It looks more serious this time, but only time will tell.  Maybe they'll just become an online bank in the U.S., so they can at least maintain their footprint here.  They've marketed themselves as a bank that spans to something like 70 countries.  Without the U.S., there's a big hole in their coverage.  

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On 12/1/2020 at 2:38 AM, Burgerwars said:

Hmmm, I don't know.  It looks more serious this time, but only time will tell.  Maybe they'll just become an online bank in the U.S., so they can at least maintain their footprint here.  They've marketed themselves as a bank that spans to something like 70 countries.  Without the U.S., there's a big hole in their coverage.  


I just asked my account rep. about this after reading the Barfburg article yesterday.  He indicated it's just a rumor.  Duh!  Of course it's just a rumor, but the question is whether or not it's true.

 

If HSBC exits the US banking scene, it will not bode well for their China operations at all.  The HSBC Global Transfer service is a BIG thing here.  It offers commission-free and instant transfers between HSBC China and US linked accounts.  I'd hate to lose that.

 

On the other hand, the last time HSBC abandoned the US credit card market I ended up with a $100k Capital One card (thanks, of course, to @mrjuggalo9er).  I wouldn't be very upset if I ended up with three more.  😁

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Today I opened an HSBC Global Money Account (US).  I think it's invitation only for the moment.  It can only be opened through their app (you need a checking or savings account first to open it).  In order to open the account I had to get one of their digital security devices first.  It looks like a tiny calculator that generates numbers to do certain transactions.

 

As a first transaction I converted some funds in my checking account into €50.  The euro rate I got today was about US$1.229.  Conversion rates on Transferwise are much better.  The €50 will just sit there for now, as I don't have much use for this.  I'm just a sucker for opening these things.

 

HSBC Global Money page:  https://www.us.hsbc.com/checking-accounts/products/global-money/

 

 

Edited by Burgerwars
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2 hours ago, Burgerwars said:

Today I opened an HSBC Global Money Account (US).  I think it's invitation only for the moment.  It can only be opened through their app (you need a checking or savings account first to open it).  In order to open the account I had to get one of their digital security devices first.  It looks like a tiny calculator that generates numbers to do certain transactions.

 

As a first transaction I converted some funds in my checking account into €50.  The euro rate I got today was about US$1.229.  Conversion rates on Transferwise are much better.  The €50 will just sit there for now, as I don't have much use for this.  I'm just a sucker for opening these things.

 

HSBC Global Money page:  https://www.us.hsbc.com/checking-accounts/products/global-money/

 

 

 

I have that, too.

 

In general, HSBC exchange rates suck.  For me, the value is in being able to move money between international and even domestic locations instantaneously and without fees.

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