Exclude Finance Living In Hong Kong

Why you need an expat bank account

People decide to move overseas for a variety of reasons. For better economic prospects, to provide a better quality of life for their family, or simply to satisfy the quest for a new adventure. But living and working abroad comes with challenges. According to last year’s HSBC Expat Explorer survey, 70% of expats surveyed in Hong Kong say they need to manage their finances more closely.

We caught up with HSBC Expat to discuss how specialist expat banking could help make life easier if you’re moving or living abroad.

Why should I open an expat bank account?

An expat bank account provides the convenience of managing and growing your money in a central location. It’s a way to join your financial world together when you have interests in more than one country.  An expat bank account provides the opportunity to save and invest in multiple currencies.

It’s the one banking relationship you’ll always have as an expat. So, regardless of where you move to or how often you move, your money doesn’t have to.

HSBC Expat is based in Jersey, Channel Islands. This is one of the world’s leading international financial centres, regularly attracting global recognition for its political and economic stability and its robust but flexible regulatory system.

Applying for an account is easy. There’s an option to complete your application form, verify your identity and upload supporting documentation, all online. And 24/7 telephone, online and mobile banking means it’s easy to stay connected to your finances – wherever you are in the world.

HSBC Expat could be the one banking relationship you’ll always have as an expat.

What specialist services can I expect?

To help expats make the most of their money, HSBC Expat offers savings accounts with competitive rates in up to 19 currencies. Plus, a flexible bank account in sterling, US dollars and euros. There’s even a Little Expats account to help you save for your children’s future!

And with a range of global investment opportunities, including the option to invest with or without financial advice from a qualified wealth adviser, you can make your money work harder and build a brighter future for you and your family.

For anyone wanting to purchase property in the UK, we’re able to offer residential and buy to let mortgages with attractive rates. Plus, you’ll have access to foreign exchange solutions that could help minimise currency risk.

You’ll also benefit from access to the complimentary services of a leading security and risk management company who provide a comprehensive range of security advice, emergency support and assistance services. So you can be reassured by the knowledge that your finances and personal security are in safe hands.

Your property may be repossessed if you do not keep up repayments on your mortgage. Please remember, too, that the value of investments, and any income received from them, can fall as well as rise, is not guaranteed and you may not get back the amount you invested. This could also happen as a result of changes in currency exchange rates, particularly where overseas securities are held or where investments are converted from one currency to another.

What personal support will I get?

At HSBC Expat, our ethos is all about being at your side throughout your expat journey. Located in Jersey, our Contact Centre is on hand 24/7 to help with your day-to-day banking requirements. Plus, our relationship management team can help you find suitable solutions that meet your more complex, ever-changing needs. They can also introduce you to other specialist resources such as a qualified wealth adviser.

There’s even a large team of experts on the ground in Hong Kong.  Many of these experts are expats themselves, and their priority is to connect with you and understand your situation. If you’re new to HSBC Expat, they’ll answer all your questions and even help you complete and submit your account application.

Should you be planning to move again in the near future, our country guides and Expat Explorer survey tools can give a valuable insight into expat life in other parts of the world. And when you’ve chosen your next destination, we may be able to set up local accounts for you before you even arrive.

Written in collaboration with the HSBC Expat team
Level 5 HSBC Main Building
1 Queen’s Road Central
2822 3225 | hsbcexpat@hsbc.com.hk

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See more in our Finance section:

How much is enough for retirement?
Helpful tax info for UK property owners
Expat guide to where to live in Hong Kong