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If you’re in the market for a chequing account tailored to your needs, the (Hongkong and Shanghai Banking Corporation) HSBC Advance Chequing Account may be the ideal fit. This account offers Canadians a convenient, flexible banking solution with global reach.
The HSBC Advance Chequing Account offers unlimited transactions, free INTERAC e-Transfers, and a global reach. Drawbacks include a $25 monthly fee, potential non-HSBC ATM charges, and no interest on balances.
Special offers include the potential to earn up to $400 when opening an account and a $250 bonus for small business owners. HSBC offers other account options with unique features catering to various banking needs.
This article will delve into the notable features, benefits, limitations, fees, and other aspects related to the HSBC Advance Chequing Account. Let’s explore what makes this account stand out in the banking landscape.
HSBC Advance Chequing Account features
The HSBC Advance Chequing Account offers a variety of features designed to simplify your banking experience:
- Unlimited everyday banking transactions with no limitations
- Up to five monthly rebates on ATM convenience fees when using ATMs outside the HSBC Bank Canada or Exchange Network
- Complimentary Interac e-Transfers
- $25 rebate on select HSBC credit cards’ annual fees
- Secure online and mobile banking services
- Convenient options for online international money transfers
HSBC Advance Chequing Account pros
Personalized Banking on Your Terms
This chequing account is flexible, providing unlimited chequing account transactions, making it easier to manage your finances without worrying about transaction limits. The added benefit of free INTERAC e-Transfers further enhances the convenience of this account.
Global Reach, Local Service
As an international financial institution, HSBC provides customized services designed to meet individual requirements. The HSBC Advance Chequing Account enables seamless international money transfers between your HSBC accounts across 30 countries, ensuring convenient access to your funds worldwide.
Potential to Waive Monthly Fees
The $25 monthly fee associated with the HSBC Advance Chequing Account can be waived if you maintain personal deposits and investments of $5,000 or more. Alternatively, if you have an HSBC personal mortgage with an initial principal balance of $150,000 or greater.
HSBC Advance Chequing Account cons
Monthly Fee
Unless the conditions for waiver are met, you would have to pay a $25 monthly fee for maintaining your HSBC Advance Chequing Account.
Non-HSBC ATM Charges
While HSBC offers up to five rebates per month on ATM convenience fees when using non-HSBC Bank Canada or non-Exchange Network ATMs, using these ATMs more frequently might lead to extra charges.
No Interest Earned on Account Balance
In contrast to certain alternative banking choices, the HSBC Advance Chequing Account does not provide any interest earnings on the account balance.
HSBC Advance Chequing Account fees
With the HSBC Advance Chequing Account, there is a monthly fee of $25, which can be avoided by maintaining personal deposits and investments totaling $5,000 or above. Another option to waive the fee is to hold a personal mortgage with an original amount of $150,000 or higher through HSBC.
Please note that charges may apply for withdrawing cash from ATMs outside the HSBC or THE EXCHANGE network.
HSBC Advance Chequing Account special offers
By opening this chequing account, you have the opportunity to earn up to $400. Furthermore, if you are a small business owner, you may be eligible for a $250 welcome bonus by either already possessing an HSBC Advance chequing account or opening one and simultaneously opening any HSBC Small Business chequing account.
Other HSBC chequing account options
HSBC offers a variety of chequing account options to meet diverse banking needs, including HSBC Premier, Performance Chequing-Unlimited, Performance Chequing-Limited, and the Student Chequing Account, each with its unique features and benefits.
How to open the HSBC Advance Chequing Account
To open an HSBC Advance Chequing account, follow the steps below:
- Check your eligibility. To be eligible for application, you must be a new customer of HSBC Bank Canada applying for an individual account exclusively. And you’ll need to be at least 17 years of age with a residential address in Canada.
- Gather the necessary information: your current email address, mobile phone number, addresses you’ve lived at for the last three years, employment details, annual income details, and tax residency information.
- If you’re new to HSBC, you need to create an account. Visit the HSBC Canada website, and locate the HSBC Advance Chequing Account. Click on “Open Now.”
- Fill out the application form online with the necessary information you have gathered. This should take about 10 minutes if you have all your details ready.
- Once you have filled out the application form, review your details, read the terms and conditions carefully, and click on ‘Submit.’
- Once you have submitted your application, HSBC will promptly send you an email confirmation for your reference. The bank might also ask for further information or documents if necessary.
- Upon the approval of your application, you will receive the necessary account details. This will enable you to start utilizing your HSBC Advance Chequing Account straight away.
Remember to have the necessary identity and residency documents ready for verification. The entire process is designed to be efficient and uncomplicated, enabling you to establish your account without the necessity of visiting a physical branch.
Furthermore, it is important to note that banking services are contingent upon status and eligibility. As a result, the approval for an HSBC Advance Chequing Account is subject to the discretion of HSBC Bank Canada.
HSBC Advance Chequing Account conclusion
The HSBC Advance Chequing Account serves as a comprehensive and versatile banking solution for Canadians, offering a range of benefits, from unlimited transactions to the possibility of waiving monthly fees. Its reach extends globally, allowing seamless international transfers.
However, be aware of potential non-HSBC ATM charges and the lack of interest on balances. Attractive offers such as a welcome bonus and additional options like the HSBC Premier or Student Chequing Account make HSBC’s offerings diverse to suit a variety of financial needs.
It’s essential to weigh these features against your individual financial situation and banking needs, to make an informed decision. Remember, the right bank account can significantly enhance your financial management and future planning.
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