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HSBC Bank Accounts

HSBC bank was established in the year 1885 under the name “Imperial Bank of Persia”. It was a British Bank. However, after the 1979 Iranian revolution, the Bank is known as HSBC Bank Middle East Limited.

HSBC Bank offers 7 different types of account in the UAE. These accounts are HSBC Premier Account, HSBC Advance Account, HSBC Personal Banking Account, HSBC Flexi Account, HSBC Savings account, HSBC Term Deposit Account, and the HSBC E-Saver Account.

The documents requirement remains the same for most HSBC Account. Although, the HSBC Accounts in the UAE come with different sets of features and benefits.

 Features and Benefits of HSBC Bank Account

The features and benefits of the HSBC Account are given below according to the type of Accounts:

TYPES OF HSBC ACCOUNT FEATURES AND BENEFITS
HSBC Premier Account
  • Dedicated Manager of Relationship
  • Free transfer of money to the Philippines, India, Egypt, and Pakistan
  • Term deposits have preferential rates
  • Debit card accepted internationally
  • Transfer of funds internationally is free via the Online, and Phone Banking
  • Zero Monthly fee
  • The facility of Overdraft, standing instructions, and autopay
  • Overdraft of AED 15,000
  • New loans for home get a Cashback of AED 2500
  • Free Cheque Books
  • Free SMS Alerts, Phone Banking, and Online Banking
HSBC Advance Account
  • ATM withdrawals are free across the GCC and the UAE
  • Transfer of funds internationally is free via the Online and Phone Banking
  • Up to 10,000 USD in case of emergency, from any branch of the HSBC Bank, across the globe
  • Preferential rates for the Overdraft starting from 10,000 AED
  • Opening an account internationally in HSBC Bank has 50% off on the processing fee
HSBC Personal Banking Account
  • Salary Transfer of 5000 AED has no fee regarding the minimum balance
  • Credit card is free
  • ATM withdrawals are free in the UAE
  • Free transfer of money to the Philippines, India, Egypt, and Pakistan
  • The facility of Overdraft is available
  • One balance enquiry is free in any ATM of the HSBC Bank
  • Available in Chinese Renminbi, AED, GBP, and USD
  • Daily limit of up to 8000 in cash withdrawal at any ATM of the HSBC Bank in the UAE
  • A Debit card (Visa) is free, which can be used internationally
  • Payment of the Utility Bill
  • Banking is available 24X7
  • Cheque Book is free
HSBC Flexi Account
  • No requirements for the maintenance of the monthly balance
  • Interest on Savings
  • HSBC Visa Platinum Credit Card is free for the first year
  • Free transfer of money to the Philippines, India, Egypt, and Pakistan
  • Accounts can be opened instantly online
  • The Account kit is delivered within 24 hours
  • Cheque Book is free on request
  • Daily limit of up to 8000 in cash withdrawal at any ATM of the HSBC Bank in the UAE
  • Banking is available 24X7
HSBC Savings Account
  • 2 Cash Withdrawals and 1 balance enquiry is free every month, in Non-HSBC ATMs in the UAE
  • HSBC Visa Cashback Credit Card
  • Available in Chinese Renminbi, AED, GBP, an Machines for Cheque deposits are available in key locations across the UAE
  • International Debit Card (Visa) is free
  • Daily limit of up to 8000 in cash withdrawal at any ATM of the HSBC Bank in the UAE
  • Six over-the-counter AED transactions are free in a month
  • Banking is available 24X7
  • 50 Machines for Cash Deposits across the UAE
HSBC Term Deposit Account
  • Competitive rates of interest
  • Available in the currencies of GBP, USD, and AED
  • A Requirement for the minimum deposit is low with AED 10,000
  • Maximum return opportunity
  • Banking is available 24X7
  • Choice of tenure is available
HSBC E-Saver Account (non-HSBC Account holders)
  • Competitive rates of interest
  • No requirement for the minimum balance
  • No monthly fees for the account
  • Depositing funds are easy
  • Withdrawals are easy
  • Convenient
  • Choose your own way of Saving money

Eligibility Criteria to Open an HSBC Account

The eligibility criteria needed to open accounts in the HSBC bank account are given below according to the type of accounts:

HSBC Premier Account:

  • Minimum requirement of 350,000 AED for a monthly balance in deposits/investments
  • Transfer of 50,000 AED or above in net income per month
  • AED 3 million or above in mortgage drawdown for the first 2 years

HSBC Advance Account:

  • Salary transfer to any HSBC account with a minimum AED 15,000 every month
  • Minimum requirement of 100,000 AED for a monthly balance in deposits/investments

Documents Required to Open an HSBC Bank Account in the UAE

The documents required to open specific HSBC Account in UAE are as follows:

TYPE OF HSBC  ACCOUNT DOCUMENTS REQUIRED FOR THE SOLE ACCOUNT DOCUMENTS REQUIRED FOR THE JOINT ACCOUNT
HSBC Premier Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
HSBC Advance Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Trading License (Self-employed applicants)
  • Salary transfer letter (for the employees of the private sector)
  • Salary Certificate (for the employees of the public/government sector)
  • Not Specified
HSBC Personal Banking Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
HSBC Flexi Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
HSBC Savings Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Salary transfer letter (salary transfer applicants)
HSBC Term Deposit Account
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Work ID or Labour Card (father or husband sponsored female applicants)
  • Trading License (Self-employed applicants)
HSBC E-Saver Account (non-HSBC Account holders)
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof
  • Passport of the Applicant
  • Residency Visa (For the customers of non-GCC nationals)
  • Emirates ID
  • UAE Residency proof

How to Open an HSBC Bank Account in UAE

To open an Account with the HSBC Bank in the UAE, the applicants can apply via the ways given below:

  • Apply by Phone
  • Apply Online
  • Visit the nearest Branch of the HSBC Bank

HSBC Bank Account - FAQs

Q.1 What are the documents I need to open an HSBC E-Saver account when I have an account with the bank?

Ans: Since you already have an account with the HSBC Bank, you will need no documents to open an E-Saver Account.

Q.2 What is the minimum balance I need to maintain with the personal Banking?

Ans: For personal banking, you will have to maintain a minimum of AED 3000.

Q.3 What is the fee for closing an account within a year of opening it?

Ans: If you close an account within a year of opening it, you will be charged AED 100.

Q.4 What is the fee for setting up Standing Instructions?

Ans: For setting up a Standing Instruction, you will be charged AED 52.5 which includes the VAT.

Q.5 Is there any charge if my HSBC Savings Accountlies dormant?

Ans: No, there is no charge for dormant HSBC Savings Account.

Q.6 What is the charge for failing to maintain the monthly balance requirements in HSBC Savings Account?

Ans: You will be charged AED 25 if you fail to maintain the requirements for the monthly balance. Including the VAT, the total charge will be AED 26.25.

Q.7 What are the ways to set up an account?

Ans: You can set up an account by calling the customer support team or through the website.

Q.8 What can I present as proof for the Residency proof?

Ans: You can provide your utility bill, employment letter or the Lease contract for the proof of being a resident of the UAE.

Q.9 What is the percentage of Cashback with the HSBC VISA Platinum Cashback Credit Card?

Ans: With the HSBC VISA Platinum Cashback Credit card, you can earn up to 10% of your purchase in cashback.

Q.10 What does FATCA stand for? Does HSBC Bank comply with it?

Ans: FATCA stands for Foreign Account Tax Compliance Act. Yes, HSBC Bank complies with FATCA.