HSBC closing retail business in Australia over next 18 months

[kpc]

You can't change the banking details for Medicare online...you have to go into the office or call. I give up!!

Rang Medicare this am...changed my banking details from HSBC to my new bank. For some reason, my account had a restriction on it so could not be done online.

After speaking to HSBC Premier on phone last night, they suggested i go into the branch so I can TF a large sum to my new account.

Armed with my passport and DL, got there this am soon after opening and it was devoid of people...yup closed for the Bank holiday! F..k!

I don't think it was coincidental that HSBC made the closure announcement just before the Bank long WE!

 

[Supersonic Swinger]

Rang Medicare this am...changed my banking details from HSBC to my new bank. For some reason, my account had a restriction on it so could not be done online.

After speaking to HSBC Premier on phone last night, they suggested i go into the branch so I can TF a large sum to my new account.

Armed with my passport and DL, got there this am soon after opening and it was devoid of people...yup closed for the Bank holiday! F..k!

I don't think it was coincidental that HSBC made the closure announcement just before the Bank long WE!

Doh - although well done you on jumping on this promptly. Glad I'm not the only one who has translated:

"HSBC will be closing its retail banking business in Australia over the next 18 months"

into

"I will be closing my retail banking business with HSBC in Australia over the next 18 days*"

*excluding Everyday Global payments under $100 until the 2% cashback ends (possibly 1 October 2026) and using the Premier Mastercard until my rewards balance means I can transfer to Velocity or Krisflyer.

 

[kpc]

Doh - although well done you on jumping on this promptly. Glad I'm not the only one who has translated:

"HSBC will be closing its retail banking business in Australia over the next 18 months"

into

"I will be closing my retail banking business with HSBC in Australia over the next 18 days*"

No reason to wait...I do want to keep my Premier status for as long as possible as I have a US HSBC Premier account fee free...I either hold off changing my salary deposits or do monthly 9K TFs in and then out.

 

[oz_mark]

No reason to wait...I do want to keep my Premier status for as long as possible as I have a US HSBC Premier account fee free...I either hold off changing my salary deposits or do monthly 9K TFs in and then out.

I don't think you need to hold off doing anything

How will my Premier status be impacted?
Irrespective of how your individual product holdings and balances may vary in the interim, your Premier status with HSBC Australia will be protected until the Australian retail business is closed. Your Australian Premier benefits, including Global Transfers and Global View, will also remain unchanged unless you are otherwise notified by us.

Will I still be upgraded to Premier status if I meet the Premier criteria requirements?
We will no longer be upgrading customers to Premier status.

 

[Supersonic Swinger]

I don't think you need to hold off doing anything

This is consistent with what happened when HSBC closed New Zealand retail banking:

"If your overseas HSBC Premier status was held because you were Premier qualified in New Zealand (known as Premier in One, Premier in All), you were automatically given a one-year extension until 30 June 2024 to your Premier status in that overseas (non-New Zealand) country.

The extension will expire 30 June 2024. After this date, to retain Premier status you will need to meet the Premier qualifying criteria in at least one of your other overseas (non-New Zealand) countries."

Personal Banking FAQs - About HSBC | HSBC New Zealand

Find answers to frequently asked questions about the sale of our Wealth and Personal Banking business in New Zealand effective end of day, 27 June 2024.

www.about.hsbc.co.nz

@kpc If Premier is still important to you once the AU bank disappears, best to spend the next 18 months making sure you qualify under your US account...

 

[kpc]

I just want to say we should be as polite as possible when dealing with HSBC staff moving forwards as they all will lose their jobs

Went to my local HSBC this am to TF a large sum to my new bank account. All TF fees waived. There were 20 people ahead of me in Q at opening time...I'm sure the Bank Holiday yesterday didn't help matters!

Seems HSBC staff were only told of closure 15 mins before public announcement on Friday...coughty way to treat their staff! I thanked the staff for their help over the last 25 years and wished them well moving forwards.

 

[Supersonic Swinger]

Seems HSBC staff were only told of closure 15 mins before public announcement on Friday...coughty way to treat their staff! I thanked the staff for their help over the last 25 years and wished them well moving forwards.

I can only imagine what it would be like to work there now, knowing that the business is being wound down and seeing business volumes dwindle, applying for the few positions which might be available in the institutional part of HSBC and applying for jobs elsewhere...

 

[TDC]

My serious savings are with Macquarie but all my transactional stuff is done through HSBC which means I've got a ton of monthly and annual transactions to change. I'm not looking forward to it but it's doable.

My real concern is that my only credit card is the HSBC Low Rate Credit Card which HSBC deigned to permit me to have when I was fed up with the annual fee for their QF Visa CC.
I'm retired. How do I get another credit card when/before the HSBC CC goes belly up?

 

[esseeeayeenn]

My serious savings are with Macquarie but all my transactional stuff is done through HSBC which means I've got a ton of monthly and annual transactions to change. I'm not looking forward to it but it's doable.

My real concern is that my only credit card is the HSBC Low Rate Credit Card which HSBC deigned to permit me to have when I was fed up with the annual fee for their QF Visa CC.
I'm retired. How do I get another credit card when/before the HSBC CC goes belly up?

I would try the St George low rate card, they seem fairly easy to obtain.

 

[Beer_budget]

I would try the St George low rate card, they seem fairly easy to obtain.

This was the one we were able to get for my retired mum in law. Amex seem to be better about considering retirement assets, but that's a more expensive route (and we did not test it, she has a supp on mine instead).

 

[BJReplay]

How do I get another credit card when/before the HSBC CC goes belly up?

See this thread: Credit card options for retirees

I applied for HSBC (not much help now) and CBA Ultimate, and Mrs BJReplay applied for BankWest Zero Platinum and HSBC Star Alliance (since closed), based off proof of retirement income.

For Mrs BJReplay, the BankWest Zero Platinum is her "when I drop off the perch" card in her name, so she has her own credit card ready to roll.

 

[StingyGeek]

Does anyone think Star Alliance will try to find a new bank for a Star Alliance Card?

 

[BJReplay]

Does anyone think Star Alliance will try to find a new bank for a Star Alliance Card?

Yes.

One World has all the Qantas aligned cards in Australia.

Virgin is its own strange non-aligned alliance.

 

[transpactraveller]

See this thread: Credit card options for retirees

I applied for HSBC (not much help now) and CBA Ultimate, and Mrs BJReplay applied for BankWest Zero Platinum and HSBC Star Alliance (since closed), based off proof of retirement income.

For Mrs BJReplay, the BankWest Zero Platinum is her "when I drop off the perch" card in her name, so she has her own credit card ready to roll.

Amex, Coles Mastercard and NAB cards are the ones most frequently mentioned as being easiest to obtain for retirees.

 

[TDC]

See this thread: Credit card options for retirees

I applied for HSBC (not much help now) and CBA Ultimate, and Mrs BJReplay applied for BankWest Zero Platinum and HSBC Star Alliance (since closed), based off proof of retirement income.

For Mrs BJReplay, the BankWest Zero Platinum is her "when I drop off the perch" card in her name, so she has her own credit card ready to roll.

Mr TDC has been the additional cardholder on my HSBC card. I've suggested to him that we both try applying (for different cards) since we're going to need a new card anyway and we're now aware of what happens when the primary cardholder carks it.

Thanks for the link to the thread.

Amex, Coles Mastercard and NAB cards are the ones most frequently mentioned as being easiest to obtain for retirees.

Amex doesn't appeal but I'll look into the other two.

 

[Myrna]

Not true that Amex AU is easier to obtain for retirees . Rejected me when I transfer my credit card profile and applied online even tho I held UK amex plat for 7 consecutive years when we lived in London.

 

[LondonAussie]

It’s just much easier to get a credit card in the UK. Most applications are auto-approved without any income verification if you have a good credit score and solid repayment history.

Meanwhile Australia has notoriously strict responsible lending laws that require banks to manually verify income and cash flow, and basically assess whether you can pay back your full credit limit plus interest within 36 months. But they don’t take assets or savings into account, only regular recurring future income.

 

[TDC]

It’s just much easier to get a credit card in the UK. Most applications are auto-approved without any income verification if you have a good credit score and solid repayment history.

Meanwhile Australia has notoriously strict responsible lending laws that require banks to manually verify income and cash flow, and basically assess whether you can pay back your full credit limit plus interest within 36 months. But they don’t take assets or savings into account, only regular recurring future income.

Credit cards were almost distributed via Cornflakes packets once upon a time in Australia. Scissors were blunted cutting up all the unsolicited cards.