HSBC Newcomers: Open an account in Canada

To the point Are you moving to Canada, or have you recently moved here? Here's what you need to know about the HSBC Newcomers Program.

HSBC Newcomers Program Benefits of an HSBC Canada account People eligible for the HSBC Newcomers Program Persons eligible for HSBC Premier and HSBC Advance

Current offers in the HSBC Newcomers Program HSBC Premier Chequing Accounts HSBC Advance Chequing Accounts HSBC World Elite® Mastercard®

Conclusion

HSBC is a globally recognized bank. If you are moving to Canada soon or have recently arrived, you are eligible for the HSBC Newcomers Program.

HSBC Newcomers Program

With the HSBC Newcomers Program, you can have a bank account for yourself and your family and payment facilities such as an HSBC chequebook and even an HSBC credit card.

All of this will be important in building your credit history in Canada.

Benefits of an HSBC Canada account

If you are already an HSBC customer in another country, becoming an HSBC Canada customer will be easier. And you will have several benefits:

Easily view and transfer money between your personal HSBC accounts in over 30 countries.
Take control of your international banking with a range of foreign exchange (FX) services.
HSBC customers get up to an additional 6 months (for total of 12 months) of no monthly banking fees on HSBC chequing accounts.

Personally, when I emigrated to Canada from France in 2011, I took full advantage of this HSBC Newcomers Program.

Before I even arrived in Canada, HSBC Premier in France opened my HSBC Premier chequing account in Canada and provided me with an HSBC World Elite^® Mastercard^®. No need for a credit history or credit score!

From now on, the process is much easier since you can do all this online:

Open an HSBC Canada chequing account with the HSBC Newcomers Program
Then, thereafter, apply for the HSBC World Elite^® Mastercard^®

Introducing the HSBC World Elite® Mastercard®

People eligible for the HSBC Newcomers Program

Under the terms of the HSBC Newcomers Program, “Newcomer” means a person who is not a citizen of Canada, who has reached the age of majority in his or her province or territory of residence in Canada and who either:

obtained a permanent resident status in Canada within the past five (5) years before opening the Eligible Product
or holds a valid Canadian work permit (excluding a Co-op/Internship Program Work Permit) issued for a term of twelve (12) months or greater within the past five (5) years before opening the Eligible Product.

Persons eligible for HSBC Premier and HSBC Advance

You can choose HSBC Premier or HSBC Advance by participating in the HSBC Newcomers Program. Each of these HSBC Canada programs has different eligibility criteria.

To be an HSBC Premier customer:

You must have an active HSBC Premier Chequing Account
Maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $100,000 or greater,
Or hold a personal HSBC Bank Canada residential mortgage with original amount of $500,000 or greater,
Or have income deposits of $6,500 within a calendar month plus confirmation of $100,000 or more in assets under management in Canada.
A monthly fee will be charged if you do not meet at least one of the eligibility criteria above six months after account opening.

Already an HSBC Premier customer?

Please note that if you already meet the HSBC Premier criteria in your current country, you will automatically have HSBC Premier status in Canada. Even if you don’t meet the above criteria.

To be an HSBC Advance customer :

You must have an active HSBC Advance Chequing Account
Maintain combined personal deposits and investments with HSBC Bank Canada and its subsidiaries of $5,000
Or hold personal HSBC Bank Canada residential mortgage balances of $150,000 or greater.
A monthly fee will be charged if you do not meet at least one of the eligibility criteria above six months after account opening.

Current offers in the HSBC Newcomers Program

Currently, there are three offers in effect under the HSBC Newcomers Program.

HSBC Premier Chequing Accounts

Welcome bonus: Get up to $500*

A bank account – for you and your family – including priority service, exclusive privileges and global banking solutions.

Open an HSBC Premier chequing account, register for online banking within 30 days and complete 2 of the 4 actions mentioned below to get $300
- Set up recurring payroll within 6 months of opening your account
- Send 2 separate merchant pre-authorized debits within 3 months of opening your account
- Make 2 online bill payments, to 2 separate merchants, within 3 months of opening your account
- Send 2 INTERAC e-transfers^® to separate parties within 3 months of opening your account
Open the account online and get $100
Deposit $25,000 CAD within 1 month of account opening, maintain it for 6 months and get $100 more

Apply online here to take advantage of this offer

HSBC Advance Chequing Accounts

Welcome bonus: Get up to $400*

An account that gives you the flexibility to bank on your own terms with unlimited chequing account transactions and waived INTERAC e-Transfer^{^®} fees.

Open an HSBC Advance chequing account, register for online banking within 30 days and complete 2 of the 4 actions mentioned below to get $300
- Set up recurring payroll within 6 months of opening your account
- Send 2 separate merchant pre-authorized debits within 3 months of opening your account
- Make 2 online bill payments, to 2 separate merchants, within 3 months of opening your account
- Send 2 INTERAC e-transfers^® to separate parties within 3 months of opening your account
Open the account online and get $100

Apply online here to take advantage of this offer

HSBC World Elite^® Mastercard^®

The HSBC World Elite Mastercard is an excellent no-conversion-fee credit card for foreign currency purchases, especially for your travel purchases.

For a limited time, you can get:

Up to 110,000 points* (a $550 value in travel rewards) if you live in Quebec and with no minimum purchase!
Up to 80,000 points* (a $400 value in travel rewards) and first-year annual fee waiver if you live outside Quebec

With the HSBC World Elite® Mastercard®, you can earn:

6 points per dollar for travel purchases (flights, hotels, Airbnb, all-inclusive, etc.)
4 points per dollar for grocery, gas or drugstore purchases
2 points per dollar for all other purchases (including Costco)

This means a 1 to 3% return, depending on your purchases!

You can easily redeem your points on any travel purchase made with the HSBC World Elite Mastercard (flights, hotels, Airbnb, all-inclusive, etc). But you can also transfer your points to three airline loyalty programs: British Airways Executive Club, Asia Miles and Singapore Airlines Krisflyer.

In addition, the HSBC World Elite Mastercard comes with:

$100 Annual Travel Credit (for airport lounges, for example)
Access to Boingo WiFi hotspots around the world
10% discount for hotel bookings on Expedia or Agoda
Premium insurance for your travels and purchases

Finally, the HSBC World Elite Mastercard does not charge any conversion fees for foreign exchange transactions: you save 2.5% for each transaction.

Conclusion

The HSBC Newcomers Program is one of the best programs for newcomers in Canada.

Not only will you have quick access to payment options in Canada, but you will also be able to quickly transfer currency between your HSBC accounts in your home country and your new HSBC Canada account (and vice versa). And get your HSBC Premier status recognized easily.

If you are eligible for the HSBC Newcomers Program, don’t hesitate to apply online to take advantage of the current exceptional welcome offer!

*Terms and conditions apply. Offer value is composed of multiple products, offer ends December 31, 2022.
^®Trade-mark of Interac Inc. Used under license.
^{^®}Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to licence.