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Post by absvis on Nov 5, 2022 11:47:03 GMT
Hi guys,
If anyone can shed some light on the following from HSBC:
"Please
note that once you move you can not build on your profile and we are
unable to discuss your account with you. This is due to local
government restrictions and our internal policies and procedures."
I will ask them to clarify this but doesn't make sense. I applied for expat account from the UK based on my UK salary and residence and while filling the form specified that I will be moving to KSA. Then I got the reply as above. Is this not the right option to open an expat account from UK before reaching KSA?
Thanks
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Deleted
Deleted Member
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Post by Deleted on Nov 6, 2022 7:33:26 GMT
This is because the Jersey branch of HSBC does not have a licence from SAMA to give advisory etc… it’s them covering their backsides. I wouldn’t read anything into it.
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Post by rangerman on Nov 6, 2022 9:38:36 GMT
Could anybody explain the benefits of holding an offshore account for somebody who has a UK bank account? From what I’ve read through the forum, you can choose to split Aramco earnings to multiple accounts. And therefore can choose how much to have paid into local SAR account and UK account. I’m just wondering what the need for an intermediate offshore account would be. Thanks.
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Post by absvis on Nov 7, 2022 10:06:55 GMT
This is because the Jersey branch of HSBC does not have a licence from SAMA to give advisory etc… it’s them covering their backsides. I wouldn’t read anything into it. Thanks for the reply but does it mean there will be issues discussing the account from KSA or any other limitations? |
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Post by StarboyX on Nov 26, 2022 0:32:31 GMT
I don't think you can open HSBC expat once you start working in KSA. Yes, it's possible. I opened mine this year and it was seemless, approved within a few days |
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Post by StarboyX on Nov 26, 2022 0:35:18 GMT
This is because the Jersey branch of HSBC does not have a licence from SAMA to give advisory etc… it’s them covering their backsides. I wouldn’t read anything into it. Thanks for the reply but does it mean there will be issues discussing the account from KSA or any other limitations? If your existing Premier, you'll get any country you've got paperwork for, including HSBC Expat, as they ask for passport and tax number info In Saudi, it's SABB and when you're Premier here, you qualify elsewhere. However, SABB is not part of HSBC global view, so you'll have usual wire transfer and fee's |
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Post by kennyshtia on Nov 29, 2022 5:34:32 GMT
Hi,
By saying I will have wire transfer fees in SABB, did you mean while I am premier in SABB and have HSBC back in my home country, I will have to pay transfer fees?
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Post by StarboyX on Nov 30, 2022 15:28:51 GMT
Hi, By saying I will have wire transfer fees in SABB, did you mean while I am premier in SABB and have HSBC back in my home country, I will have to pay transfer fees? Yes wire fee's from SABB because it's not part of HSBC Global View. |
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Post by kennyshtia on Dec 9, 2022 2:06:26 GMT
Hi mates,
Can anybody please advise what is the swift code of HSBC expat (Jersey), just want to confirm what I have is right.
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Post by pierrefuly on Dec 12, 2022 11:31:15 GMT
o everybody.
Does anyone know if "digital bank accounts" are accepted by Aramco for payment?
I´m going from Brazil and we are unable to have a HSBC worldwide account.
Thanks in advance.
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Post by kennyshtia on Dec 13, 2022 0:33:30 GMT
Did anyone managed to open HSBC offshore account prior to arrive to KSA? Conditions to be able to do are: 1- Maintain a minimum of £50,000 (or currency equivalent) with us in deposits or investments 2- Have a salary of £100,000 (or currency equivalent) 3- Have an HSBC Premier account in another country And currently I have none of them although I have normal HSBC account in Australia Yes I opened this before coming to KSA. I already had a premier account and met those conditions so only took a couple of weeks. As long as you meet the income requirements (if you don't meet this with the Aramco offer then I'd seriously reconsider coming) they don't seem to worry about the rest. I don't keep any savings with them beyond a few grand, or maintain any of their other products Is this HSBC offshore account is the Jersy one in UK? |
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Post by pierrefuly on Dec 16, 2022 13:43:55 GMT
Does anyone use the "Wise" for the payment? Does Aramco accept it? Thanks in advance.
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Post by fedee on Dec 17, 2022 0:18:33 GMT
Could anybody explain the benefits of holding an offshore account for somebody who has a UK bank account? From what I’ve read through the forum, you can choose to split Aramco earnings to multiple accounts. And therefore can choose how much to have paid into local SAR account and UK account. I’m just wondering what the need for an intermediate offshore account would be. Thanks. I have the same question. What is the need for an offshore account when you can have your pay sent to your US or UK bank account? I’ve been reading a little about this and it seems that there are yearly reporting to IRS required if you have an offshore account and maintain some balance yearly. Sounds like a lot more work that you don’t need be using your current bank account. Thanks for any inputs on this. |
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Post by StarboyX on Jan 8, 2023 15:59:45 GMT
Hi, By saying I will have wire transfer fees in SABB, did you mean while I am premier in SABB and have HSBC back in my home country, I will have to pay transfer fees? Yes wire fee's from SABB because it's not part of HSBC Global View. SABB has now added Global View, including UK and Jersey (offshore) but excluding Canada/USA. In theory, if you have Jersey you can then transfer back to Canada/USA. |
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Post by kennyshtia on Jan 17, 2023 5:20:57 GMT
Yes wire fee's from SABB because it's not part of HSBC Global View. SABB has now added Global View, including UK and Jersey (offshore) but excluding Canada/USA. In theory, if you have Jersey you can then transfer back to Canada/USA. I have jersey in USD. Can I open bank account in USD with SABB? |
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