HSBC (Hong Kong and Shanghai Banking Corporation) is UK based one of largest financial institutions in the world providing both onshore and offshore banking services to its customers. HSBC’s world network of offices includes 10,000 service centers in over 85 countries and jurisdictions in Asia, Europe, Pacific, America and Africa. Assets of HSBC Global are estimated to be $22 billion. Loan to deposit ratio is 90% and HSBC International is one of the most liquid and capitalized banking institutions worldwide.
HSBC is incorporated in Jersey, Channel Islands, highly regulated offshore banking center. In 2008 it was named as the Best International Bank Group at International Investment’s Fund and Product Awards 2008.
HSBC focuses on providing offshore banking and investment services for individuals residing and working abroad. Offshore banking with HSBC provides much flexibility and quality. HSBC offers accounts in world’s all major currencies that are available anywhere worldwide and are tax-efficient.
HSBC offshore banking account has following advantages:
1. Is available in pound sterling, US dollars and euro;
2. Has 24/7 access through phone and online banking facilities;
3. Account comes with internationally accepted bank card (Visa, MasterCard, etc.)
4. Has chequebook available;
5. Enjoys low rates for money transfers and other transactions;
6. Enjoys 0% commission on foreign exchanges;
7. No account opening fee charged;
8. Interest on offshore banking account is paid without income tax deduction. In Jersey individuals do not pay capital gains and inheritance taxes and death duties;
9. HSBC is incorporated in politically and economically safe environment. 12,500 individuals are currently engaged in finance industry;
Disadvantages:
1. Minimum balance can be £5000, US$10,000 or €10,000. If balance falls below £25,000, £20 monthly service charge applies;
2. No interest is paid, if balance falls below minimum requirement;
