HSBC Bank Arrount in France and in Philippines

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frederic26 New member

Member since 27 July 2013

frederic26New member06 August 2013 13:39:44

Hi everyone,

Has anybody open an HSBC Account in France before to open one in Philippines? What is your experience with that bank?

Also, once you have your account opened (advanced or Premier), is it necessary to open a local account in PH? What can be the advantages?

Thanks for your feedback

dhnindc Serial expat

Member since 06 September 2010

dhnindcSerial expat08 August 2013 04:35:48

583

If HSBC is like Citi (which I believe it is), you will have to open a local HSBC Philippine account. Reason is that they are affiliates and not actual branches. Philippine banking law does not allow foreign branches, only local banks with affiliations to international banks.

Advantages are usually easier transfers, quicker, online access and cheaper. May have better rates to the Euro, but that varies.

frederic26 New member

Member since 27 July 2013

frederic26New member08 August 2013 06:04:06

Thanks for your input. However, HSCB France confirms that there is no majoration in the currency rate and no additional costs if you withdraw money from their ATM.

But I agree that it is still worth it to open the local one.

Deca 2015 Active member

Member since 13 May 2016

Deca 2015Active member13 May 2016 04:02:19

Hi my name is Ian I have a uk HSBC Account one thing I have found is that HSBC in the Philippines is a different entity to any HSBC Bank in any part of the world Banking in the Philippines can be very complicated and expensive

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