Getting my money each month from a US bank account

[OnMyWay]

1 hour ago, Mike J said:

You will need to establish an HSBC account while still living in the USA.

<snip>Set up your account in USD, EUR or GBP and no matter how many times you move, your account with us stays the same. Once you've opened an Expat Bank Account, you'll be able to explore our whole range of specially tailored services including mortgages, investments and savings accounts.<end snip>

I don't know for sure, but it seems like you can open accounts while living overseas.

https://www.expat.hsbc.com/international-banking/what-is-offshore-banking/

Reasons to open an offshore account include:

you're already living or working abroad
you're planning to move abroad, for work, or to retire for example
you're an international assignee and move countries regularly for work
you make frequent trips between countries for business
you get paid in a foreign currency, for example, for freelance work
you own assets abroad such as investments, or property
you have family members abroad who you support financially, for example, for a child's school fees

[OnMyWay]

3 hours ago, Kingpin said:

https://www.expat.hsbc.com/

I think the last time I looked at HSBC the min balance was $100,000.  Now it is around $60.,000.  I might consider it.

Questions:

1.  Assuming your HSBC is USD, are you able to transfer the USD to a PG dollar account, free of charge?

2.  Are you able to transfer USD from a PH USD account to the HSBC USD account, free of charge?

3.  Are you able to transfer USD from USBC to US banking accounts, free of charge?

4.  Any good saving interest rates there?

[Mike J]

12 minutes ago, OnMyWay said:

I don't know for sure, but it seems like you can open accounts while living overseas.

https://www.expat.hsbc.com/international-banking/what-is-offshore-banking/

Reasons to open an offshore account include:

you're already living or working abroad
you're planning to move abroad, for work, or to retire for example
you're an international assignee and move countries regularly for work
you make frequent trips between countries for business
you get paid in a foreign currency, for example, for freelance work
you own assets abroad such as investments, or property
you have family members abroad who you support financially, for example, for a child's school fees

Here are the requirements.  Possible yes, likely Hmmm 

 

[hk blues]

3 hours ago, Mike J said:

Here are the requirements.  Possible yes, likely Hmmm 

 

So, unless you meet the 2nd and 3rd condition you're tying up 50k GBP indefinitely.  

[Mike J]

5 minutes ago, hk blues said:

So, unless you meet the 2nd and 3rd condition you're tying up 50k GBP indefinitely.  

That is also how I read it. 

[hk blues]

9 minutes ago, Mike J said:

That is also how I read it. 

It's something I will keep in mind for the future in the event I need an alternative 'non-local' bank but I'm not keen to tie up yet another lump sum.  Also, I get all my interest paid free of tax currently but I assume HSBC will tax it at 10% as per other 'local' banks.  

[Kingpin]

5 hours ago, OnMyWay said:

good saving interest rates there?

Very good rates, that's why the minimum balance doesn't bother me. There are requirements though but easy to fulfill; spend $500 monthly using the HSBC debit card.

 

5 hours ago, OnMyWay said:

1.  Assuming your HSBC is USD, are you able to transfer the USD to a PG dollar account, free of charge?

2.  Are you able to transfer USD from a PH USD account to the HSBC USD account, free of charge?

3.  Are you able to transfer USD from USBC to US banking accounts, free of charge?

 

The first two are free, immediate, and basically unlimited provided the PH account is also HSBC.

3 is free but with the usual delays of bank to bank transfers.

[Kingpin]

7 hours ago, Mike J said:

You will need to establish an HSBC account while still living in the USA.

Not anymore, you don't even need to use a US address or phone number. You do need to open the account via webcam though and show passports etc.

[OnMyWay]

4 minutes ago, Kingpin said:

The first two are free, immediate, and basically unlimited provided the PH account is also HSBC.

What about transferring from HSBC to BPI, for example?

[Kingpin]

28 minutes ago, OnMyWay said:

What about transferring from HSBC to BPI, for example?

I'd assume the same as any bank to bank transfer, the question is do you really need a BPI account if you have a PH HSBC account.