HSBC Expat Bank Account: fees, features and more

Looking for a change of scenery, a chance to study abroad or the opportunity to work overseas?

If becoming an expat is on your mind, then you also need to think about how you’ll handle your banking in a different country. One option is opening an expat bank account.

In this guide, we run through everything you need to know about the HSBC Expat Bank Account. Learn about the fees, features, and eligibility criteria for this account, so you can make an informed decision on whether it’s the right account for you.

We also show you an alternative, the Wise account, a multi-currency account that lets you send, spend, and convert money for low, transparent fees* at the fair, mid-market exchange rate.

HSBC Expat Bank Account - what is it and how does it work?

The HSBC Expat Bank Account is specifically designed for expatriates living and working overseas. It includes a variety of features tailored to the needs of expats. It’s especially useful for people who live and work in various countries at different times.

Here are some of the account’s most useful features:

• Current accounts are available in GBP, USD and EUR
• Fixed-term deposit accounts can be opened in 19 currencies¹¹
• Fee-free global money transfers via the HSBC Expat app²
• A free physical and digital Global Money Debit Card
• Access your accounts anytime with the mobile app, or via online banking.
• Manage foreign exchange services (Forex) with the HSBC Expat FX App.³

Benefits of the HSBC Expat Bank Account

The HSBC Expat Bank Account is best suited for expats who are on the go. If you’re a frequent traveller, then having your money in one account makes managing your finances simpler.

On top of this, you can access a currency savings account that lets you choose from 16 major currencies, with no penalties for withdrawals.⁴

With that said, some of the top reasons for applying for an HSBC Expat Bank Account are:

• You can access a global money account that lets you transfer money in over 50 currencies.⁵
• There’s a relationship management service that helps you keep your finances on track, anywhere in the world.⁶
• You can manage your account online or via the HSBC Expat app. There’s no monthly fee, provided you meet the eligibility criteria.⁶

How to open an HSBC Expat Bank Account

UK individuals can open a HSBC Expat Bank Account using the short online form. Let’s explore the eligibility criteria and sign-up process step-by-step.

Eligibility

The eligibility criteria for an HSBC Expat Bank Account is fairly strict. You need to fulfil one of the following requirements:

• Save or invest at least £75,000, or currency equivalent, with HSBC Expat within three months of opening your account
• Have an annual salary of at least £120,000 or equivalent monthly credits, which must be paid into your HSBC Expat Account
• Already be an HSBC Premier customer in another country or region (applying as an HSBC Advance customer is no longer an option).

It’s for this reason that the HSBC Expat Bank Account might not be the right option for international students, or workers with less available income. It’s much better suited to people whose jobs take them around the world.

There is an alternative for students however, in the form of the HSBC International student bank account.

📚 Review: HSBC International Student Account

What is the minimum balance for an HSBC Expat Bank Account?

Unfortunately, this isn’t a straightforward answer. If you set up an HSBC Premier account to open an HSBC Expat Bank Account, you need at least £100,000 either as annual income or as savings or investments.⁷

Otherwise, meeting one of the two other eligibility criteria is a necessity. In theory, this means you’ll need a minimum of £75,000 in your account in the first three months.

If you have a Saver Account or Online Bonus Saver through HSBC Expat, you need to maintain a minimum balance of 5,000 GBP, USD, or EUR.^{8 9}

If you’re holding a fixed term deposit account, you need to maintain a minimum balance of 5,000 GBP or USD, or 10,000 EUR.¹

How to apply - step-by-step guide

There’s an online form you can use to sign up for an HSBC Expat Bank Account. The identification process is a bit more complex, so you’ll also need a smartphone or tablet to hand.

Here’s what to do:

1. On the HSBC Expat Bank Account page, click on the large red button that says ‘check eligibility and apply’.
2. Next, you’ll see a three-step eligibility check. Read through the criteria and click the boxes that apply to you.
3. Once you’ve filled out the form, if you’re eligible, you’ll need an identity document such as a passport, as well as proof of your current residential address, and a tax identification number if you have one.
4. From here, you’ll be taken to a nine-step application where you’ll need to fill in some personal details, take a photo of your ID, and record a short video of yourself as proof of identity.
5. If accepted, HSBC will open your account in 7-10 days, or they will get back to you beforehand for more information if needed.¹⁰

Fees to use the HSBC Expat Bank Account

Now we come to the important part - how much does it cost to use the HSBC Expat Bank Account? Let’s take a look:¹¹

Fees and exchange rates for international transfers

HSBC uses what it calls the ‘HSBC exchange rate’ to convert currency for international transfers. However, it doesn’t go into detail about how close this is to the mid-market exchange rate.

Sometimes, even if a bank is using the mid-market rate it may also come with a noticeable mark-up. This means a poorer rate for you, and makes your transaction more expensive. That’s why it’s important to check provider fees and exchange rates carefully before converting currency.

The good news is that there are alternatives available, which could save you money when sending transfers or spending overseas.

📚 Expat accounts in the UK

Save with Wise when you manage money internationally

Of course, it’s important that you do your research to decide on what kind of account might be right for you. But if the markup on the HSBC Expat Bank Account’s exchange rate is a deal breaker for you or you don’t meet the eligibility requirements, then consider an alternative: the Wise account.

With Wise, you can manage your money internationally in multiple currencies, so it’s great for expats, travellers and international students alike.

Open your Wise account

For everything from international transfers to ATM withdrawals abroad, Wise uses the mid-market exchange rate and only ever charges a small, transparent fee* so there are no hidden mark-ups or surprises.

What’s more, the accessible, easy-to-use Wise app makes the process of managing your money internationally easy.

You can also get dedicated support when sending large amount transfers. Simply email our large amount transfers team or request a call back at a time that is convenient for you below.

Request call back 📞

Sources used in this article:

1. HSBC Expat - Fixed Term Deposit savings account
2. HSBC Expat - International transactions
3. HSBC Expat - HSBC mobile banking app
4. HSBC Expat - Currency Savings Account
5. HSBC Expat - Global Money Account
6. HSBC Expat - Expat Bank Account
7. HSBC UK - Premier Bank Account
8. HSBC Expat - Saver Account
9. HSBC Expat - Online Bonus Saver
10. HSBC Expat - account opening FAQs
11. HSBC Expat - tariff of charges PDF

Sources last checked on 24th April 2025