HSBC is one of the world’s major providers of banking and financial services, with operations in more than 100 countries. The bank has approximately 38 million customers in 67 countries and employs over 5,000 people.
It’s an excellent pick if you’re looking for a bank with a global presence, particularly in Europe, Asia, the Middle East, North America, and Latin America, as well as other parts of Europe.
In comparison to a standard basic checking account, the HSBC Advance checking account offers a number of features and services that are regarded to be enhancements.
It is intended for clients who maintain bigger balances in their checking accounts and who appreciate the convenience provided by the account’s numerous features and advantages.
In this HSBC Advanced Checking review, we’ll examine the bank’s rates, fees, and services in comparison to those offered by rival national and online banks.
Here’s an in-depth look at what you can expect from an HSBC Advance checking account to help you decide if it’s the perfect choice for your financial needs.
- ATM fee refunds
- Overdraft line of credit
- Free checks
- Mobile apps
- Monthly fee (can be waived)
- Interest earnings are at a low level.
Those who travel overseas are familiar with the difficulties associated with obtaining cash.
As a result, travelling with a credit card that does not impose a foreign transaction fee is frequently the most convenient option.
In order to withdraw money from an overseas ATM, you should be able to use your debit or ATM card. However, your bank may charge you a high price for this service.
In particular, the ability to use most ATMs across the world without incurring withdrawal fees is a noteworthy feature of the HSBC Advance checking account. Having a partnership with a bank that has branches all over the world has many advantages, one of which is the absence of ATM fees.
Keep in mind that foreign currency conversion rates may still be in effect, so make sure you budget appropriately.
Limited ATM Fee Reimbursements
Account holders will additionally receive an HSBC Advance debit MasterCard as a benefit of their account. This card may be used everywhere MasterCard is accepted, which is virtually everywhere in the globe. Additionally, this debit card may be used as an ATM card as well as a payment option for online transactions.
In addition to the benefit of being able to use ATMs in another nation without having to pay a charge, HSBC will also provide you with up to four ATM refunds every month. When you use your debit card at a third-party ATM, the bank credits your account with the funds.
Unfortunately, this benefit is not available in the state of New York at this time. Keep this in mind if you plan on utilising a third-party ATM in this state.
As a reminder, if you use your debit MasterCard to make transactions outside of the United States, you may be subject to international transaction fees. The international transaction charge is 3% of the total value of the transacted transaction.
Overdraft protection can be obtained through the use of a line of credit.
It is possible to make an expensive error by overdrawing your bank account. Overdraft costs vary from bank to bank, with some banks charging their clients as much as $36 per overdraft, while others charge less.
When you create an HSBC checking account, you have the option to enrol in Select Credit, which helps to prevent overdrafts. The term “personal line of credit” refers to a credit line that can be used for overdraft protection.
The line of credit is subject to approval based on credit history. However, if your application is granted, the bank will attach the line of credit to your checking account.
If you make a purchase with your debit card or write a check and do not have enough cash in your account to pay the purchase, money from your line of credit are automatically transferred to your checking account to cover the purchase.
In addition, if you’re authorised for Select Credit, you’ll be able to draw cash from your credit line as needed, up to the amount of your credit limit. A line of credit is commonly used for debt consolidation, home improvements, vacations, and medical expenses, among other things.
Online security features, as well as free checks
Regularly monitoring your account is a great way to catch suspicious activity early on before it becomes too late. Additionally, you will know precisely how much money is in your account, which will prevent you from overspending and incurring overdraft fees.
When you open an HSBC Advance checking account, you will have access to mobile and online banking services. You can access your account activity from any computer or laptop, at any time and from any location. Alternatively, you may access your account information straight from your mobile device. Transfer money, deposit checks, send secure communications, and pay bills are all possible with this tool.
Paying bills online is quick and convenient, and it also saves you the cost of a postage stamp. However, even if you prefer to pay your bills online, you may find yourself in a situation where you must write a check.
Are you on the lookout for low-cost, straightforward checks to use in situations when cash or a debit card will not suffice? Another advantage of opening an HSBC Advance checking account is that you will receive free checks in a variety of designs.
Maintain a sizable balance in order to avoid monthly fees.
Many checking and savings accounts charge a monthly maintenance or service fee, which is standard practise.
With an HSBC Advance checking account, there is a $25 monthly maintenance cost. This is comparable to the rates you’ll find at other financial institutions that provide similar services.
Several basic checking accounts are available without the need to pay a monthly fee. However, in the majority of situations, these accounts do not have many additional benefits such as interest checking or ATM charge reimbursements.
If you have an HSBC Advance Relationship, the bank will waive the monthly cost if you meet the following criteria:
Your HSBC accounts each have a cumulative amount of $10,000, or you have a combined balance of $10,000 in all of your HSBC accounts.
It is required that you maintain a combined account balance of at least $5,000 and that you get at least one recurring direct deposit from a third-party bank once a month.
With an HSBC Advance checking account, there is no minimum deposit necessary.
Therefore, you should not feel obligated to create a bank account with such a significant quantity of money. Just keep in mind that if your account balance does not reach these minimums, you will be charged a monthly fee.
Interest-bearing Checking Allows You to Increase Your Balance
Interest is earned on the HSBC Advance checking account. Unfortunately, this is a low interest rate that is equivalent to what many other brick-and-mortar banks give their customers in interest.
The minimum balance required to earn interest is $5, and there are no tiers of interest rates. As a result, whether you have $5 in your account or $10,000 in your account, the interest rate remains the same.