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If there is a 'Catch' (and there probably is), it will most likely be in
the Fine print (Terms & Conditions).

Let us know what you find.

Dean

pooreva said
Isn't that Chinese bank involved in some kind of money laundering a while ago?
I would not get anything from them for any interest % on deposits or 'cash backs'.  

No, its not Chinese. Headquarters are in London. Among the largest in the world. Has Chinese investors. As well as Canadian ones.

It was indeed involved in money laundering. Same can be said about the vast majority of other banks.

pooreva said

Isn't that Chinese bank involved in some kind of money laundering a while ago?

. . .  

Yes, ~ 10 years ago ...

➡ https://www.investopedia.com/stock-analysis/2013/investing-news-for-jan-29-hsbcs-money-laundering-scandal-hbc-scbff-ing-cs-rbs0129.aspx

A 'Lot' of water has gone under the bridge, since then.

Let's wait and see if the OP (Oltunde) reports back.

Dean

AltaRed said

HQ is London but it is very Chinese in every way. The gross money laundering issue was covered in Netflix Dirty Money as discussed here https://www.marketwatch.com/story/netflix-documentary-re-examines-hsbcs-881-million-money-laundering-scandal-2018-02-21

Every one should watch it. The UK government was complicit given the power of HSBC in London.

The Fed order against HSBC was terminated in Sept 2022 https://www.reuters.com/business/finance/us-fed-terminates-enforcement-action-against-hsbc-2022-09-02/  

Not sure what “Chinese in every way” means given that it’s not Chinese, has HQ in London and the CEO isn’t Chinese. Its a multi-national corporation. I have been with Midland Bank (4th largest in the UK, established in the 19th century since early 90s. It became part of HSBC in 1999.

Money laundering…

Barclays: https://www.cps.gov.uk/cps/news/ex-bank-manager-sentenced-ps255000-money-laundering

Canadian big four: https://www.thestar.com/news/investigations/2022/05/30/there-were-telltale-signs-of-money-laundering-why-didnt-canadas-major-banks-flag-millions-of-dollars-in-suspicious-wire-transfers.html

It is quite possible that HSBC did more than the others but having a Netflix movie on the subject tells me little about it.

mordko said

Not sure what “Chinese in every way” means given that it’s not Chinese, has HQ in London and the CEO isn’t Chinese. Its a multi-national corporation. I have been with Midland Bank (4th largest in the UK, established in the 19th century since early 90s. It became part of HSBC in 1999.

Okay I will concede 'Chinese in every way' is over the top but it matters not what nationality the CEO is and London only became HQ after the Midland acquisition. It is a multi-national with it's major business operations in China and SE Asia. You can't say it does not respond to and does not have its strings pulled by China. Selling its Canadian operations seems like a win-win for Canada.

pooreva said
Isn't that Chinese bank involved in some kind of money laundering a while ago?
I would not get anything from them for any interest % on deposits or 'cash backs'.  

It’s NOT a CHINESE bank assume u meant Chinese govt owned like Bank of China…

Whatever the corporate structure, the money-laundering was not the only black mark against HSBC. They have been criminal-friendly and have an iron in the fire of several bank scandals. They also have used selected customer-dumping, in which they kick out clients they don't find profitable from time to time. They were even involved in the Hwawei hostage standoff, though on the surface it looks like they may have been just a victim in the sanctions-dodging scam.

Still, when it comes to banking even a whiff of suspicion may be all the warning someone on the other end of the deal (retail bank clients) gets. I'm staying clear.

I did leave Wealth One after a year, but it wasn't because they catered to the Chinese-Canadian market or suspected of anything irregular - they reneged on the promise of free monthly statements.
RetirEd

mordko said
While all banks have had issues, the big four have been successful in effectively monopolizing Canadian market and imposing higher costs on consumers than in more competitive jurisdictions. Irrational singling out of No 6 and throwing “Chinese” in there does not help.  

I admit to being wrong to call HSBC "Chinese in every way" but you appear to have a particularly strong UK bias in support of a multi-national which has played footloose and fancy free globally. It didn't feel constrained by a regulator (UK) that often looked the other way, by a country desperate to keep London competitive as a financial center with New York, with HSBC as a key player in that effort.

Much has been written over the past 10 years about that, so yes, I have a bias against, and lack of trust and confidence in HSBC as an entity. I have never done, and never will, do business with them as a result of that. Our system clearly has its warts too but I have more faith in the Canadian regulatory system than that in London. Consider that my bias.

P.S. I think the US banking system is worse in some respects. It is incestuous with Washington with a tension that generally favours the banks.

PM's are rarely fun but I agree this went way off the rails starting with the first "Chinese" comment. Well, maybe starting with post #1 that didn't research the fine print first. That is the nature of every anonymous social media I have encountered.

Is HSBC leaving the banking market altogether? Then its to canadians detriment. They had some good mortgage specials to promote competition. I found this thread quite racist overall too. Just because someone involved in the company is chinese doesn't make it bad. Sorry off the rails again.