Last year, I set a goal for myself to reach a six digit savings to open an account with Standard Chartered Bank, however, upon researching, SCB is a worldwide bank but only has consumer banking operation services in Asia and Africa. For a traveller like me who wishes to visit Europe, the United States and Canada, I came to choose between Citibank and HSBC. HSBC is by far larger than Citibank and Standard Chartered Bank combined in almost every aspect. My mom recommended it as well. Citibank has more reputation by their credit cards.
HSBC stands for Hongkong and Shanghai Banking Corporation but hey it’s not a Chinese bank but rather a British multinational financial institution headquartered in London, United Kingdom.
In the Philippines, a client has two options being a “preferred client”; through HSBC Premier or HSBC Advance from total banking relationship. To be an Advance client, you need 100,000pesos or US$2,500 initial placement; to be a premier client you need 4 million pesos or US$90,000. Either of them comes with a Visa Debit card, Advance Platinum or Premier Platinum credit card. You also have a dedicated relationship manager to handle your account and all other cool and luxury perks.
So for a 24-year old man like who is dependent on my monthly salary, I opted to open an account with HSBC as an Advance Client. I withdrawn my funds from my BPI (country’s largest bank by market cap) to transfer it to HSBC. I went to HSBC, however, i missed other required documentaries that postponed my plan. I ended up depositing my funds back to my BPI.
I plan to keep my BPI and HSBC for my finances so it won’t be any hassle to transact in any parts of the world.