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HSBC Everyday Global Account: $100 Bonus With $2000/Mth Deposit for 3 Months + 2% Cashback on Tap & Pay (<$100)


HSBC ad showed up in my Gmail. Thought to share, may help someone!

  • $0 Monthly account fee
  • 0.90% p.a. 4 Month Introductory Variable Rate (with Serious Saver account)
  • 0.05% p.a. Ongoing Variable Rate
  • 0% Overseas Transaction Fee
  • $0 Overseas ATM Withdrawal Fee
  • 2% cashback on tap and pay under $100 (Max $50 cashback each month)
  • Foreign currency – buy, hold and spend in up to 10 currencies (including AUD)

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closed Comments

  • +19

    How do I cancel this bank account?

    • -6

      go HongKong or Shanghai, cuz HSBC is Hongkong Shanghai Banking Corporation

      • Bit useless to use in Shanghai though, their RMB accounts are completely separate. Tried to withdraw some from the ATM and I didn't know the policy before, it took the money (then charged me conversion fees) from my AU account.

      • +5

        Zlasuka you do realize that HSBC is a UK based bank that was made to trade with Hong Kong / Shanghai


        • +1

          I liked the deal and may go for it.

          Just an info.

          China's Ping An Insurance cements its place as HSBC's biggest shareholder. Ping An Insurance Group Co (2318.HK) has increased its stake in Britain's HSBC Holdings Plc - Sept 2020.

          Who is HSBC bank owned by?
          Hongkong and Shanghai Banking Corporation Limited
          It is part of the worldwide HSBC Group and is wholly owned by Hong Kong-based The Hongkong and Shanghai Banking Corporation Limited.

          HSBC Bank (China)
          Type Private
          Key people Vincent Cheng (Chairman) Helen Wong (President and CEO)
          Products Financial Services
          Number of employees 5,500
          Parent The Hongkong and Shanghai Banking Corporation

          • -1

            @BargainMac: I see this and felt like if you really want to go down the rabbit hole then…

            DYK HSBC is the majority stakeholder of many many AUS household names, $WPL, $WES, $MAQ, $CAN (speaking from memory).

            e.g. $WPL largest institutional shareholder is HSBC Custody Nominees (Australia) Limited holding 257,312,685 shares or 27.31%

            You could argue HSBC Custody Nominees (Australia) Limited is not HSBC, then I would say HSBC is also not 平安保险. But hey, whos got the money whos in control, right? So… :)

            • -1

              @meegao: Well, HSBC is a shareholder in several Australian and other nation's companies. Good for their business and to all stake holders irrespective of nationality.

              And, I really want to go down the rabbit hole but definitely not this one. :)

            • @meegao: this is misleading, custodianship does not mean ownership.

              HSBC is used by local brokers who hold assets on behalf of their respective clients, HSBC itself is certainly not the beneficial owner.

      • -3

        Lol, you either need to increase your web research skills or increase your general knowledge. it's a British bank.

        • +1

          Lol, you may need to check for prime promoters as well.

        • so HSBC stands for wat? u tell me

    • +1

      It appears that you need to write stuff on a piece of paper and post it. Opened a couple of accounts last time this deal was around and haven't got around to closing yet.

      • +1

        Yeah, pretty archaic as you need to close it in person. However, their app has improved by leaps and bounds, you can actually login without having to play 30 questions with it. Just your finger print will do. Good deal, I make back heaps of money with tap and go.

        • Good to see they're making progress.

      • +3

        I think at this rate I'll just keep deleting the incoming statement emails until it seems easier to cancel. How lazy.

        • +2

          You can also cancel on live chat.

  • +19

    This deal has been around for quite some time.

    Just for those considering signing up. Once you deposit your $2000 every month for 3 months, the $100 comes automatically into your account (i.e. right after the 3rd deposit has been registered into the account).

    • Yup, and be aware if you've already got a HSBC account with them, you're not eligible for the $100 bonus.

      • +1

        I signed up last time to get the $100. Been using it ever since as a transactional. Can transfer money into the account instantly from ING as of about last month.

      • @zrmx do you mean got as in have current active accounts? or have EVER had one?

        • I had an active account, so not sure if ever having one counts. Best to enquire with HSBC. Although the 2% cashback is still quite something.

    • +1

      Can vouch that it does immediately appear in your account, you can even draw down on it by spending all you need is the actual deposit registered. I deposited mine via cash at a branch

    • If you sign up for the three months and get the $100. Can you close the account and apply again to get another $100 / be considered a new customer? Has anyone done this?

    • do i get 100 dollar back every 3 month for depositing 2000 dollar for 3 month? or is 100 dollar one time thingy.

      • One time… it is not Bitcoin :p

  • +15

    great card, easy 2% back.

      • +2

        Excuse me… but tap and wave has EFTPOS now. Also, PayWave is marketing speak for Visa tap and Pay.

        • PayWave = Visa and PayPass = MasterCard.

      • Let me entertain the thought for a moment: so then what alternatives do you suggest?

        • +9

          PaySwerve™. Invest in my start up today, it's deadset legit. 👍

      • +3

        Paywave on a debit card uses debit interchange, not credit.

        The cost of Visa and MasterCard debit interchange is roughly comparable to eftpos interchange. For the vast majority of merchants, this might be a hundred bucks or so a year at best depending on their merchant acquiring arrangements.

        • And the more payment options available the better your chances of making a sale… Especially the bnpl which charge a lot more than paywave… Soon our store windows won't have the space for all payment type stickers hahaha

      • yes sir i am cancelling right now.

        • +1

          How's that wall coming along?

  • +2

    Will it still work if I deposit $2000, take it out, then repeat for two more months?

    • +22

      Yes, it does.

      The transfer process is very time-consuming and the app interface is very poorly designed.

      • +5

        The app has improved a little in recent updates, but yes it remains clunky in comparison to 99% of other finance companies and banks.

        • +3

          Yes, the new app is much better than the old one, but still not the greatest.

      • +6

        I use beem it for this

        • +1

          I do the same. Quite weird that they hold 1 cent for a while for every beem transfer though. The first transfer I can understand, but for every transfer is weird

          • +1

            @nokia3660: I’ve never had that to me? I’ve used it about 40 times and it it always transfers the entire amount

            • @BepisCola: It does transfer the entire amount, but if you see the transaction details on the app immediately after the transfer, you can see a -0.01 pending entry.

              • @nokia3660: not from what I can see in mine, maybe depends on the bank?

                • @BepisCola: hmm may be.. but it is HSBC that is putting a 1 cent outbound as pending. Check this screenshot from the app.

                  • @nokia3660: Oh I see what you’re saying, I haven’t used HSBC I thought you meant Beem It in general, yeah that is weird i’d expect it to maybe happen the first time but not after that

    • +1

      No problem at all.

      That is what I did and got the $100 without any issue.

      One thing to notice is that the 2% is activated only after first $2000 deposit.

      • +3

        It's actually activated each month (for next month) after $2000 deposit. If you don't deposit at least $2000 in December, you won't get 2% cashback in January.

        • It is actually for the current and next month.

          If you deposit $2000 in Jan, then you can get the cashback in Jan and Feb.

          • @HappilyEverAfter: I can't remember what happened in the first month, but no it's not for current month and next month.

            NikeGS is correct. The amount you deposit in the current month activates the bonus for the following month.

            • @keejoonc: Cannot find it the T & C. Guess maybe you are right. You have to deposit every month to keep the extra benefit activated.

              • +1

                @HappilyEverAfter: So you need to deposit $2000 each month on an ongoing basis (beyond the 3 months for the $100) to be eligible for the 2% cashback?

                • @rev0: Correct. I usually deposit $2000 on 1st of each month, just transfer it out directly later in the day.

                  • @HappilyEverAfter: @HappilyEverAfter @NikeGS I'm on my second month of depositing $2000. When I look at the app, the everyday extras for January isn't highlighted with green. Does the app update on the last day of the month? or am I having some issues and need to contact customer service? Thanks!

                    • +1

                      @aaknes: I found their extra indicator buggy as well.

                      I deposited $2000 in Dec but the app says "You unlocked Everyday Extras until the end of undefined!".

                      For Jan is not green for me as well but I suspect it is only hilighted when you have cashback savings for that month.

                      I am not worried too much about it. Probably just a bug in their app.

                      • @HappilyEverAfter: Thanks for the quick reply! Certainly makes me feel much more relieved (:

                      • @HappilyEverAfter: Sorry for bringing up the old thread but how do I know that the bank/app has acknowledged my $2000 deposit so I can take it out?

                        I checked the indicator in the everyday extras and the bar which says 'Dont forget, deposit $2000 for next month' is full green with 2,000 AUD text

                        The circle indicator is green for Mar and Apr. Does this mean I can withdraw my money now?

                        Thanks @HappilyEverAfter

                        • @Evoque10: Yes that is right. If you have the green indicator you are good to withdraw.

                          Normally I am not bothered to check that even, it just works when there is an incoming transaction of $2000 or more. Never had an issue at all.

                          If you really want to be sure, do a small in shop purchase anywhere you will see the pending cashback in real time.

      • "One thing to notice is that the 2% is activated only after first $2000 deposit."

        Hmm. Interesting thought. You get 2% Cashback on your spend. Were you really hoping to spend without depositing anything? This is transaction account not credit card.

        • $2000 doesn’t need to be in one transaction.

          So if you transfer say $500 then you cannot get the 2% cashback yet.

  • +22

    Anywhere around the globe there is bloodshed happening, you can count this bank is fully or partially doing the doe transfers.

    • -5

      HSBC, Hongkong Shanghai Banking Corporation

    • +2

      Westpac doesn't even need to be global banks and they are up to their eyeballs in it article

      Same thing for Crown Casino.

  • +1

    Does not support Payid.

    • Dealbreaker…

    • +6

      You can work around this with beemit for instant transfers.

  • Is this a good bank to deal with>?

    • +12

      no but it's free money

    • +3

      It used to be. But in recent years it has become increasingly difficult to justify remaining with the bank.

      They are forcing people to install their phone app to login - and frequently update the app but updates can have problems (such as not installing) leaving you without any way of logging into your account.

      Whenever they can they ask highly invasive questions that have nothing to do with having a bank account.

      Interest rates are very low, and terms and conditions change frequently without your consent.

      The web interface was completely changed a few years ago and has lots of functional problems now.

      I'm actively shopping for another institution to do my banking with (but want nothing to do with the Big Four of Australian banks).

      • Whenever they can they ask highly invasive questions that have nothing to do with having a bank account.

        Know Your Customer. 99% of the time they are asking questions which won't yield suspicious activity, then there is 1% of the time they might catch someone. Problem is global banks with easier global access are targeted by money launderers because you are more easily hidden.

        Interest rates are very low, and terms and conditions change frequently without your consent.

        Australia's had high interest rates until recently. You can't have high interest rates and low home loan rates. It is like paying a good trade in price and low priced cars.

      • -1

        "They are forcing people to install their phone app to login - and frequently update the app but updates can have problems (such as not installing) leaving you without any way of logging into your account."

        I don't know where you're getting this from. I have the app but 99% of the time I just log in on my computer just because I'm on it more often, and I've never beed "forced" to install the phone app. I can do everything just fine without the app and in fact, only installed it like a year ago finally.

        "The web interface was completely changed a few years ago and has lots of functional problems now."

        I don't know where you are getting this either. Are we using the same app?? You're stating a lot of issues which I don't find at all from my experience!

        • infy likely referring to need the phone app for generate code for 2FA, but there is option, you can insist that you want the old style 2FA device, I am with that one, I like it more than using phone. It is less convenient when come to the situation that you want to transfer money, but the device is not with you, but how often you need to do that?

          • @nikuis: Yup I use the security device they gave if I'm transferring to someone new. Otherwise I can log in using my fingerprint and just do a transfer for saved payees.

  • +6

    Only card left with 2% cashback on all spend under $100.

    • +1

      true . unless you are one of the lucky few zip targetted customers getting 5% back with apple pay

      • +4

        true, but then you would need to get an iphone to get the extra 2%.. Hmmm..

  • +1

    0.90% p.a. 4 Month Introductory Variable Rate (with Serious Saver(hsbc.com.au) account)
    0.05% p.a. Ongoing Variable Rate


    • +1

      Isn't every auto depositing 2k in there then auto transferring it out a couple of days later?

      Good for international trips too if you don't have a 28degrees

      • +2

        Yep - that's what I did / do … took advantage of the 4-month introductory rate, then took all my savings out and transferred them elsewhere. Get my pay paid into my HSBC account, then transfer most of it out elsewhere each fortnight, leaving a small slush fund for Paywave purchases to get the 2% discount. Yes, their online banking sucks, their app is woeful, and signing up with them wasn't the most straight forward process, but 2% discount on basically everything I purchase in person is absolutely worth it :)

        • Any suggestion for banks with high savings interest rate?

          • @Simply-Me: Legacy banks are not the right place to lend your fiat in exchange for a high interest rate.

  • +4

    This bank sucks really bad. No payID and terrible UI on their website and app.

    • +3

      the new app is okay now. The old one was shit.

      There’s a $50 cash back monthly limit.

      • $50 limit not a huge problem for most, would need to spend over $2,500 in 26+ sub-$100 transactions per month to hit that limit

    • +3

      I am kinda new to HSBC, only been using them for 3 months. But I find their Android app on par with other banks. Fingerprint log-in, transaction history all works fine. Yes, they don't have payID, but I prefer Beem It anyway, much more versatile. Plus, I don't think this will be the only/primary account for most people. So link PayID to another account and use this as a travel/grocery card.

      • Exactly my thoughts but how do I use Beam It? Can't see any option in app.

        • +1

          Well, you do it through the Beem It app. Add your HSBC debit card to Beem It, then you can pay/transfer to/from that card. The thing with Beem It is that you can only designate 1 card to receive money at a time (the default card). Another downside is that whoever is paying you need to have Beem It as well.

  • +14

    been using this for 5 months now,
    signup process SUX
    ID verifitcation SUX
    App SUX
    Phone Customer Service SUX
    online login OK

    but the 2% back is great, will keep on using until they stop it, all my bills go on it now
    credit card barely gets used now for bills

    • +1

      try their Mortgage! WOrse than ever))) my contract almost fell of the cliff due to mortgage reapproval 3 times after pre approval already))

    • good info

    • You only get $50 back a month tho?

      • yes, unfortuantely, if it was unlimited, this would be my favourite card of all time

      • +1

        yep, and that too each purchase has to be $100 or below.

        • do you get cashback for an exact $100 spend?

          • @hughes: I haven't tried it myself but I read through the T&C after you asked it apparently is <$100

    • How do you pay bills with it? Cashback is only on tap&pay purchases?

      • +3

        I take my bills to aus post, and I tap away

    • You pay for bills in person at the Post Office (or similar) using this card? Most of my bills are over $100.

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