HSBC Launches Advance:Open Accounts Overseas

With CEO Philip Butterfield and Deputy CEO Richard Moseley present, “HSBC Advance” was launched this morning [Sept 7], and will offer locals a range of increased services, including the ability to open bank accounts in foreign countries right here on the island.

HSBC Advance, which is offered globally by the HSBC Group, is, says the HSBC press release, designed to provide customers with solutions for growing and protecting their money. With over 4,000,000 customers worldwide and a presence in 88 countries, HSBC is practiced in looking after trans-national accounts.

This offer is, however, limited to customers who can amass a minimum of $50,000 Bermuda dollars (or equivalent in other foreign currencies) in a collection or variety of deposits and/or investments with HSBC Bermuda.

Perhaps the most attractive feature, and an important one to today’s more mobile Bermudian professional, is the ability to use HSBC’s global network to open a bank account in any of 88 countries and eliminate most of the delays and hassles caused by various red-tape requirements.

If moving to work or live in another country, and according to Deputy CEO Richard Moseley, the process of setting up an operating bank account in the new country can largely be done from Bermuda – if you are an HSBC Advance customer.

According to Mr Moseley, the long waiting period while the new bank checks identities and references can be ongoing well before arrival – if the new account is with an HSBC branch in the new country. In this way, a person shipping overseas can, with HSBC Advance, arrive in-country and have an active bank account within hours rather than days or weeks.

This feature might be particularly interesting and convenient to those parents who ship their offspring – and a big chunk of their money – to universities and colleges overseas.

Some other features? HSBC Advance customers can also have access to advice about investments, will have global internet access, can receive emergency cash at any HSBC branch worldwide and transfer their credit history to a new place of work or residence.

Deputy CEO Richard Moseley says that “HSBC Advance is a huge opportunity for our customers to grow their wealth using an interactive and international banking relationship designed to enhance and protect their lifestyle.”

When questioned about interest rates for HSBC Advance customers, Mr Moseley said that with interest rates currently as low as they are, there was no special high or higher rate of interest for HSBC Advance customers. However, he said that HSBC Advance customers would enjoy much greater convenience in the handling of their assets and would have far greater ease of mobility when or if they choose to operate in another country.

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