The £75,000 Entry Fee: Is the HSBC Expat Account Worth It?

Is the HSBC Expat account the ultimate financial command center for global citizens, or just an overpriced status symbol?

In this episode of Banking Without Borders, we tear down the velvet rope surrounding HSBC’s offshore offering based in Jersey. With a steep entry requirement of £75,000 in savings or a £120,000 salary, this account promises a "global hub" for your finances—but does the reality match the price tag?

We investigate the hidden exchange rate margins that could be eating into your wealth, the "old school" phone-based application process, and why the deposit protection scheme in Jersey might leave you more exposed than you think. Plus, we discuss the one massive perk—international mortgages—that might actually make it all worthwhile.

In this episode, we cover:

• The £75k Barrier: Breaking down the strict eligibility criteria and the £50/month penalty fee.
• Jersey vs. UK: Why your deposit insurance drops significantly by banking offshore.
• The FX Reality: How HSBC’s exchange rates stack up against Wise and Revolut (spoiler: it’s not the mid-market rate).
• The "Golden" Perk: How this account unlocks UK mortgages for non-residents.
• The Verdict: Why this isn't for digital nomads, and exactly who should actually sign up.

Connect with us (via LinkedIn)

Jan: https://www.linkedin.com/in/jan-watermann/

Jonny: http://www.linkedin.com/in/jonny-pease

Got a question or topic you want us to cover? Drop us a message at jonny@technicallymoney.com

Transcript

00:00:00:00 - 00:00:06:16
Unknown
Okay. Welcome back to another episode of Banking Without Borders. Today we're going to talk about the expat bank account by HSBC.

00:00:06:16 - 00:00:09:06
Unknown
It's based in Jersey in the Channel Islands.

00:00:09:06 - 00:00:13:21
Unknown
And it could potentially be someone's global hub for their finance.

00:00:13:21 - 00:00:21:05
Unknown
You've got multi-currency account products. You've got savings with them. Arguably. They're not that competitive but they've got savings rates.

00:00:21:05 - 00:00:23:18
Unknown
You've got foreign exchange international payments.

00:00:23:18 - 00:00:28:13
Unknown
You can even have your mortgage and your investments tied up with this HSBC expat account.

00:00:28:13 - 00:00:34:07
Unknown
So it can all be your own financial, offshore international ecosystem.

00:00:34:09 - 00:00:40:02
Unknown
it is HSBC. Yeah. Which arguably raises some red flags. So buddy

00:00:40:02 - 00:00:41:18
Unknown
I'm excited to talk about this one.

00:00:41:19 - 00:00:49:20
Unknown
I do think there are some drawbacks here that might take the shine off what looks to be a rather fancy all encompassing bank account.

00:00:49:20 - 00:00:58:21
Unknown
That's absolutely correct, Johnny. And, as you just mentioned, Desert Island is certainly not for everyone. And you can see that with the with the, criteria that you need to fulfill if you want to open one.

00:00:58:21 - 00:01:08:10
Unknown
So if you decide you'd like to, to go ahead and open an expert account of HSBC, you got to, got to commit to save or invest at least 75,000 pounds,

00:01:08:10 - 00:01:17:11
Unknown
within that HSBC account within three months of opening it, or have an annual salary of at least 120,000 pounds, that is being paid into the account.

00:01:17:14 - 00:01:23:09
Unknown
Or if you're already a customer of HSBC Premier in another country or region, you can also go ahead and open up this account.

00:01:23:09 - 00:01:24:04
Unknown
If you don't,

00:01:24:04 - 00:01:35:18
Unknown
fund or maintain the required balance, then, there's a under-funding fee of 50 pounds per month, that's being charged to your account. And you also risk that the account will be closed eventually.

00:01:35:20 - 00:01:36:06
Unknown
So

00:01:36:07 - 00:01:37:07
Unknown
Quick question,

00:01:37:09 - 00:01:48:20
Unknown
on that amount of money that you have to pay in to qualify. It is in sterling. Do they give it in in different currencies or do you have to have pound sterling deposited into this account to qualify.

00:01:48:22 - 00:01:52:06
Unknown
be in euro US dollar or pound sterling. So those

00:01:52:10 - 00:01:53:05
Unknown
Okay.

00:01:53:07 - 00:02:04:13
Unknown
that you can hold within that HSBC expert account. You can hold a lot more. If you decide to, to save or invest it, into one of the savings products that are being, being offered by HSBC.

00:02:04:13 - 00:02:09:18
Unknown
But if you just want to have it as an account balance, then it's either euro, US dollar or British pound.

00:02:09:20 - 00:02:35:15
Unknown
Arguably red flag number one is the deposit insurance on this account. Because it is located in Jersey. You don't qualify for like fscs protection, which in the UK is 120,000 pounds. Deposit insurance, it's a lot less. It's 50,000. It's 50,000 pounds in Jersey. Surprisingly 50 grand. So you're you're immediately not covered by up to 25 grand. If you go ahead and deposit 75 K into this account.

00:02:35:17 - 00:02:47:22
Unknown
I cannot predict the future, but I would say 99% certainty HSBC will be fine and is a secure and safe place to deposit money, but that is definitely something to factor in, right? Yeah.

00:02:48:00 - 00:03:04:09
Unknown
Absolutely. So if you're looking for the. Yeah, having, having, the maximum amount of, security, security through this deposit insurance then, this might not be for you also, you know, we're even at Jersey Islands. I mean, I had to

00:03:04:11 - 00:03:06:12
Unknown
map, when when researching this account,

00:03:06:12 - 00:03:10:17
Unknown
and I thought, okay, they might be part of the UK, actually, but it turns out they're not Johnny.

00:03:10:22 - 00:03:25:05
Unknown
It's a self-governing dependency of the United Kingdom with a mixture of British and French culture. So it's technically part of the UK, but it's self-governing.

00:03:25:07 - 00:03:30:19
Unknown
But look, it's a very small place. 45, I think. Square miles. It's tiny. Very beautiful place.

00:03:30:19 - 00:03:34:09
Unknown
Not that that matters in the context of the HSBC expat account,

00:03:34:11 - 00:03:38:20
Unknown
there are some benefits to having, you know, your money in an offshore bank account.

00:03:39:02 - 00:03:49:04
Unknown
Now, the yen and I could talk to, like, tax advice, but you could potentially. Right. Yeah. And get some tax benefits from having this account as it's located in Jersey.

00:03:49:06 - 00:04:00:11
Unknown
Yeah, that's a good question. Not necessarily if you're living within the UK. So you, I think this account is for people that have moved to countries where the banking infrastructure is not as solid as it is in the UK.

00:04:00:11 - 00:04:07:08
Unknown
And, what you can do is just open up that account, receive your, your salary from a British company in there.

00:04:07:10 - 00:04:18:02
Unknown
And then, you know, live in the United Kingdom and just pay no tax on it. No, you'd go to jail if you do that. That would be. Yeah. Have probably a hefty prison sentence. Waiting for you.

00:04:18:02 - 00:04:22:09
Unknown
So it is literally for people that are living. Yeah. I think there's a list of countries,

00:04:22:12 - 00:04:29:04
Unknown
Malaysia is one of them. And then many others in Asia, but also a few in Latin America, if I'm correct.

00:04:29:06 - 00:04:36:08
Unknown
So if you're living there, you know, you might not have access to, to competitive banking products, and especially not stable ones. Right.

00:04:36:08 - 00:04:41:17
Unknown
that's who this is for for sure. And, no, it's not not tax savings at all, in my opinion.

00:04:41:19 - 00:04:48:14
Unknown
Should we get into the core financial banking benefits of this? Yann. I think it's tied to HSBC Premier,

00:04:48:18 - 00:04:53:18
Unknown
there are a number of different benefits. We've already touched on the three multi-currency accounts that are available.

00:04:53:18 - 00:04:59:05
Unknown
So you get you're getting account details in GBP, EU and USD,

00:04:59:09 - 00:05:01:10
Unknown
you can also have savings

00:05:01:10 - 00:05:03:04
Unknown
and money deposited in up to

00:05:03:04 - 00:05:05:23
Unknown
19 different currencies. And some of these savings rates,

00:05:05:23 - 00:05:17:02
Unknown
relatively competitive. They do offer boosted rates. So these top rates might not necessarily last forever. And of course, as well interest rates at central banks can change.

00:05:17:02 - 00:05:28:11
Unknown
So they're always shifting around. But right now you're looking at up to 4% I believe that's on pound sterling. Yeah. And can you correct me if I'm wrong. And I think it drops all the way down to 2% on EU, are.

00:05:28:15 - 00:05:33:04
Unknown
on, on. Yeah. Which, which term you decide to, deposit your

00:05:33:06 - 00:05:33:22
Unknown
Okay.

00:05:34:00 - 00:05:37:20
Unknown
So longer terms might have less, interest rate, than shorter terms.

00:05:37:22 - 00:05:43:12
Unknown
It is interesting to see this opportunity because a lot of these legacy banks, they don't really offer very competitive savings rates.

00:05:43:14 - 00:05:53:16
Unknown
think you would be hard pressed to find HSBC's sort of regular routine accounts. They're located here in the UK offering up to 4%. So what do you think they're doing here? They're just trying to they're trying to entice.

00:05:53:16 - 00:05:56:21
Unknown
Obviously savers. They're trying to draw people in.

00:05:56:23 - 00:06:07:19
Unknown
Yeah, for sure. And I think probably the thought behind that is if you have already so much money with HSBC, you're more enticed to use some of their investment products as well. And that's where they during the yeah, I imagine

00:06:07:19 - 00:06:11:19
Unknown
And also it's in their interest, it's in their interest to have, customer deposits with them.

00:06:11:19 - 00:06:15:11
Unknown
Right. Which they can then go ahead and loan out to other customers and make money on

00:06:15:13 - 00:06:17:06
Unknown
Yeah. Absolutely.

00:06:17:08 - 00:06:24:17
Unknown
like, right, the British, the, the, the base rate, British pound base rate, that's around 4% right now, isn't it? I think

00:06:24:19 - 00:06:27:01
Unknown
4%. So it's not like they're making a loss here.

00:06:27:01 - 00:06:31:08
Unknown
Instead they're just saying, okay, we give that base rate to our customers, right?

00:06:31:09 - 00:06:39:00
Unknown
Not making a margin on top of that. And then they, they make money in other ways. And I think that's logical and makes a lot of sense to me.

00:06:39:02 - 00:06:43:01
Unknown
And it's it's a really simple place as well to deposit all of your different currencies.

00:06:43:02 - 00:06:50:19
Unknown
know, a lot of people, I think, just prefer the convenience of that that's available in their savings rates across multiple different currencies. So you can just do it all in one place.

00:06:50:21 - 00:06:54:16
Unknown
They do give you access to the HSBC Premier credit card.

00:06:54:16 - 00:07:02:19
Unknown
So that's tied to this account. That's free. That does come with some benefits. It's not mind blowing. By no means. It is a free credit card though. You get

00:07:02:19 - 00:07:15:21
Unknown
Lounge pass or priority pass. Sorry, which isn't free. It's 24 pounds per visit. There are some discounts on hotels if you booked through the credit card. Like I said, these are not very encouraging or compelling,

00:07:15:22 - 00:07:25:17
Unknown
you also do get access to the HSBC Premier World Elite credit card, which does have its benefits like free or unlimited lounge access through Priority Pass.

00:07:25:19 - 00:07:30:15
Unknown
what surprised me, was how you go about getting the credit cards.

00:07:30:17 - 00:07:36:18
Unknown
fascinating. Maybe before we dive into that, and let's just add that you can also collect points with these cards whenever

00:07:36:20 - 00:07:37:11
Unknown
Yes.

00:07:37:16 - 00:07:54:13
Unknown
With the premiere card, if we premiere card, you collect one point for every pound that you spend, or two points for every pound that you spend in a, in a different currency with the Premiere World Elite card, it's 2 pounds for, two points for every 1 pound that you spend, or four points, for every 1 pound that you spend in a different currency.

00:07:54:15 - 00:07:56:07
Unknown
So that that could be quite attractive.

00:07:56:07 - 00:08:03:00
Unknown
I try to do some research. I could not find any, any conversion, data. You know,

00:08:03:02 - 00:08:09:11
Unknown
convert them to airline miles. But I think you have to have an account with them in order to see the exact, exchange rate that you're getting there.

00:08:09:11 - 00:08:18:17
Unknown
yeah, if you're if you, if you know about this, by the way, maybe you're already an existing customer of the HSBC expert account. Feel free to drop it into the comments. But I'd be curious, what that conversion rate looks like.

00:08:18:17 - 00:08:34:06
Unknown
Yeah. Me too. It's quite typical of HSBC, isn't it, to almost hide things behind the fact that you have to size quite, in, transparent, if that's the correct term. Yeah. And so it was quite difficult to get into the nitty gritty, like we'll talk about shortly about the exchange rates.

00:08:34:08 - 00:08:51:19
Unknown
Getting the account, Jonny, you just teaser that, that's a little difficult. So normally, from what I understand from the website, is that you can just go ahead and sign up online. However, somehow that doesn't seem to work. And you need to, phone your HSBC expert advisor, and then do it on the

00:08:51:21 - 00:08:58:07
Unknown
Okay. So to. Yeah.

00:08:58:08 - 00:08:59:01
Unknown
Yeah.

00:08:59:03 - 00:09:00:04
Unknown
relationship with,

00:09:00:04 - 00:09:10:16
Unknown
person working at that bank, and you pay for that. Obviously, that's why it's not as attractive in terms of fees and conditions as other bank accounts. But it's also, yeah, it's a fascinating way to apply for credit card. I've

00:09:10:18 - 00:09:36:19
Unknown
Yeah. Yeah. No. Me. No no. Me neither. I've noted this with a lot of legacy banks as of late. Like getting through or to, like, an upgraded tier or upgraded system requires actual phone call. I mean, it's astonishing. But no, no, no, no, that's that's that's it. Yeah. So whether or not that's a drawback, I don't know.

00:09:36:19 - 00:09:51:12
Unknown
Look, if you're, you know, if you're listening or watching this, let us know if you can via the comments. If you're watching on YouTube. Like is that a drawback to people honestly care that much. You just have to make a phone call. I'd be curious to know if you actually have to wait on the phone, you know, to get through to someone, get through to you.

00:09:51:12 - 00:09:53:17
Unknown
HSBC Expert account Manager

00:09:53:17 - 00:09:58:21
Unknown
I suppose all of this is meant to just create the illusion at least of quality.

00:09:58:21 - 00:10:09:22
Unknown
I have an HSBC expert account manager and I've got to call them to verify the new credit card. It's like, come on, you know, we don't need to do this, but I know what you're doing. You're trying to make create the illusion of elite ism.

00:10:09:22 - 00:10:13:01
Unknown
It's supposed to be like fancy and special.

00:10:13:03 - 00:10:27:18
Unknown
If something goes wrong, you at least know who to call. Right? And that's that's a big problem that we've criticized in the past with some of these fintech banks. So, I mean, I'm glad that they provide a point of contact with a phone number that you can reach whenever you have a problem.

00:10:27:20 - 00:10:39:22
Unknown
Yeah, I agree, I agree. No, it's not necessarily an illusion. It's branding. It's marketing. It's to create a more compelling proposition. And yeah, no, that's justified. That's definitely justified.

00:10:39:22 - 00:10:52:03
Unknown
you know, if we look into the nitty gritty, that might be a fancy additional thing, but then it gets let down on things like the exchange rates you get for international transfers, for example, like let's talk about that.

00:10:52:03 - 00:10:57:12
Unknown
Like another part of the core banking features is being able to send money internationally. This is an international bank account. Yeah.

00:10:57:14 - 00:11:06:15
Unknown
it doesn't lead on. Or at least it's hard for us to speak to this because I'm going off what I can see on my HSBC Global Money account.

00:11:06:19 - 00:11:10:20
Unknown
exchange rates aren't that competitive on there. They're not the mid-market rate.

00:11:10:20 - 00:11:19:14
Unknown
They have a spread, they have a margin. And I'm going to assume that this expat account uses the same exchange rates.

00:11:19:16 - 00:11:24:21
Unknown
pricing overview and they mentioned a day, a day planner ethics up, they call it

00:11:24:23 - 00:11:25:18
Unknown
Well, at least.

00:11:25:22 - 00:11:34:18
Unknown
how high it is, they weren't they wouldn't tell you, right. Without signing up. At least I couldn't find it anywhere. Maybe it's hidden and I just didn't look right. Well, but, I could not find it.

00:11:34:19 - 00:11:37:00
Unknown
I really spent some time trying to,

00:11:37:02 - 00:11:37:12
Unknown
Yeah.

00:11:37:17 - 00:11:42:06
Unknown
into the information, tried to, to research that, but I couldn't. So it's a bit

00:11:42:08 - 00:12:04:22
Unknown
It irritates me. You you could exchange money with wise, get the mid-market rates, the rate that you can see on Google, and they'll apply a small fee. Now, I can't be certain I'm speculating here, but I imagine any exchange you make on wise will still be cheaper than anything you do via HSBC, given that they're openly admitting that there's a margin.

00:12:05:00 - 00:12:31:11
Unknown
Right? Yeah. And I just can't I mean, we can't be sure because we can't do a direct comparison live, but I imagine that it's going to be more expensive then then likewise, for example, and maybe even Revolut maybe, though the clientele, you know, don't really mind too much, which is fascinating to me, really. If you're living internationally, this would be one of the things on the top of your mind when it comes to your personal banking.

00:12:31:13 - 00:12:33:11
Unknown
You know, what exchange rates are you getting?

00:12:33:13 - 00:12:38:05
Unknown
But there's a reason this account exists. People must be using it. People must be using it to send money internationally.

00:12:38:08 - 00:12:57:16
Unknown
Yeah. Fair enough. And also, you have to consider, you know, we're talking about wise. We're talking about revolute. Obviously those are not available everywhere in the world. If you're living in a country like, Malaysia, it's a bad example because I believe wise is available in Malaysia and I think revolute, either is available there or they, they just discussed expanding there at some point.

00:12:57:18 - 00:13:02:12
Unknown
But if you're living in an underbanked country, right, maybe that's the best exchange rate that

00:13:02:14 - 00:13:03:23
Unknown
Yeah.

00:13:04:01 - 00:13:09:09
Unknown
always have to compare that to the local alternatives. So maybe that's attractive for someone

00:13:09:11 - 00:13:27:09
Unknown
I think something, something that I've come under fire for in the past as well as being criticizing say Revolut on their exchange rates, not being the mid-market and being slightly inflated or worse. But ultimately when you compare it to some of the areas in like Europe for example, like they're still market leading

00:13:27:09 - 00:13:28:10
Unknown
and I think Jan's right there.

00:13:28:10 - 00:13:38:05
Unknown
You've just got to look and compare. But the problem we have is the fact that I can't look until I have to open the account first. I have to commit 75,000 pounds

00:13:38:08 - 00:13:41:20
Unknown
I have to make a financial commitment to see the exchange rates.

00:13:41:20 - 00:13:42:21
Unknown
That is sad.

00:13:42:23 - 00:13:58:23
Unknown
very sad. I absolutely agree with that. We should also mention at this point, that if you decide to use your, your credit card to HSBC Premier credit card, you then Mastercard or the World Elite Mastercard to spend money in a foreign currency. Also that ethics mark up applies.

00:13:59:00 - 00:14:02:17
Unknown
Oh, what's.

00:14:02:19 - 00:14:11:03
Unknown
if you have all your spendings in British pounds, or I guess Euro if you have, euros deposited or dollars if you have dollars deposited, that shouldn't matter very much.

00:14:11:05 - 00:14:19:00
Unknown
But hey, you can you can go ahead, go to any ATM and withdraw money for free all over the world. Right. If it's in a foreign

00:14:19:02 - 00:14:23:16
Unknown
aware there might be a mock up, but if it's in British pounds, it's free. That's how I understand

00:14:23:16 - 00:14:24:21
Unknown
Okay, okay.

00:14:25:02 - 00:14:28:18
Unknown
it applies to, to HSBC ATMs.

00:14:28:20 - 00:14:32:20
Unknown
Right. Which

00:14:32:22 - 00:14:55:15
Unknown
Yes. Yes. And that's it. Yeah. And that is another benefit of this account. It's like well HSBC is this isn't just their strap line. It really is a global bank account isn't it. Yeah. And so there's potential for physical branches not only in the UK for where you might be located. You know, access to ATMs or their ATM partners will mean free ATM withdrawals at the local branch.

00:14:55:17 - 00:15:07:20
Unknown
There are definitely benefits, but that's somewhat offset by the fact that they're charging on exchange rate fees. They're charging exchange rate fees. That's it. Yeah. Keep saying about this. Add about that.

00:15:07:22 - 00:15:26:10
Unknown
Absolutely. I was in Hong Kong earlier this year. So this, this huge, HSBC building, very, very fascinating. Also very interesting bank with a with a huge history. Did you know that they are actually, yeah. On the, on the banknotes of Hong Kong, there's an, HSBC. Yes. And HSBC logo on there. And it's, that's really interesting.

00:15:26:16 - 00:15:44:20
Unknown
I didn't know that. Funnily enough, my wife's brother works for HSBC in Hong Kong. He's a credit card nerd who loves credit cards. I've never met anyone else who loves them as much as that. Actually, we have to get it. We have to withdraw it. I was going to say we'll try and get him on the podcast at some point to, to talk about it.

00:15:44:22 - 00:16:07:08
Unknown
Where do we go from here? Yeah. Should we talk about in a bit more detail some of these savings and deposits and wealth opportunities that you get with this account? At this stage, if you're listening to this and you're still interested in the expat account, it can get quite interesting in terms of the offerings, there's lots of things available that you can get into.

00:16:07:10 - 00:16:20:16
Unknown
As mentioned before, it's, it's a way to to access to the HSBC banking ecosystem, without necessarily living in the United Kingdom. And I think that's actually, that's actually a really valid, value proposition in my opinion.

00:16:20:18 - 00:16:32:19
Unknown
So you get access to lots of wealth management tools, investment products, you know, and also these fixed term deposits that we, we mentioned also some, some easy access accounts, in, in various currencies.

00:16:32:19 - 00:16:48:18
Unknown
So that can be really interesting. However, if you decide to deposit your money into one of their, their fixed term deposit accounts or easy access accounts, it could be, that, you know, if it's if it's below 25,000 pounds or below a different threshold, then there's no interest that's being applied

00:16:48:18 - 00:16:54:20
Unknown
It's good for parking money, I assume. And then investing it through or through HSBC's investment product.

00:16:54:23 - 00:17:11:10
Unknown
Yeah. With pretty diverse amount of products available. They've got portfolio investment funds, single asset class funds, international investment center. What is that? That is the International Investment Center fund. Supermarket style DIY mutual funds. What?

00:17:11:12 - 00:17:32:14
Unknown
Jonny. And I assume, you can also probably phone your advisor if you want to buy shares. I've done that actually. Once. With my, my former German brokerage account, they had had that service on offer and was free, actually, and was actually quite fascinating for like, Jordan Belfort. Literally

00:17:32:16 - 00:17:41:16
Unknown
I. Oh, wow.

00:17:41:18 - 00:17:47:20
Unknown
Nice.

00:17:47:22 - 00:17:58:09
Unknown
For those that are looking to move abroad, purchase a home for a select number of people. But they, like I said at the start, they do offer international mortgages for expats.

00:17:58:15 - 00:18:08:22
Unknown
I mean, fascinating again, another product available that might be quite hard to come by, depending on how you're moving internationally and where you're going to. I also imagine, yeah, they're offering advice.

00:18:08:22 - 00:18:29:03
Unknown
They're offering to help people with the necessary paperwork, I'm not sure, but perhaps like helping you deal with foreign language paperwork as well, because I know a big part of this, at least from what I saw in the advertising, is just helping provide resources and information for moving internationally. So I imagine that's covered as well with the the mortgages.

00:18:29:03 - 00:18:42:04
Unknown
it is a really, really interesting account. I have to ask the question, though, Yann, at the moment, I think it's for a particular type of person. But I'm curious who who do you think this account is really for?

00:18:42:06 - 00:18:44:14
Unknown
Wealthy expats who just want to have access to

00:18:44:14 - 00:18:49:00
Unknown
Exactly. Sorry. Yeah, that's who I thought.

00:18:49:02 - 00:18:50:21
Unknown
That's who this is for. Very clear. And I think,

00:18:50:23 - 00:18:51:06
Unknown
Yeah.

00:18:51:08 - 00:19:01:13
Unknown
if you compare it to other private banking products that are available internationally, it could still be pretty attractive and 75,000 pounds in savings investments. They're not that high, to be honest.

00:19:01:13 - 00:19:20:22
Unknown
I actually looked into, opening account with DBS, in Singapore once. I think it was, late of last year, the end of last year. And it turned out they wanted, 1 million SGD in investment in order to even offer me their, their banking services. And, yeah, obviously I did not, I did not feel keen on doing that.

00:19:20:22 - 00:19:33:03
Unknown
So it's, you know, if you, if you, you always have to, to look at this in relation to, in relation to who this is, you know, competing with and, I think in that sense, it's, it's an attractive option

00:19:33:04 - 00:19:33:15
Unknown
For sure.

00:19:33:18 - 00:19:34:21
Unknown
small amount of people for sure.

00:19:34:21 - 00:19:48:13
Unknown
Yeah. It's definitely not for a digital nomad or an early career expat on a lower wage. So when you can't consistently meet the thresholds necessary, they're likely to end up paying the underfunded fee.

00:19:48:15 - 00:19:59:05
Unknown
And also not for someone living in a developed country like, like like Germany, for example, or, you know, anyone in the European Union, you know, outside the UK, maybe in North America,

00:19:59:05 - 00:20:09:18
Unknown
not really. Right. So I think this is particularly interesting for people living in, in underbanked countries or people that have to do some ties to the UK and would like to benefit from these borrowing products.

00:20:09:18 - 00:20:22:05
Unknown
Right. If you like to invest into a UK property, finding a bank, that allows you to, to do that, right, allows you to, to give you mortgages, even if you're not a resident there, that's really.

00:20:22:07 - 00:20:45:22
Unknown
this is definitely not a competitor for Revolut. And I know I've referenced that Revolut slightly and wise. It's just not I mean, it's not it's a lightweight or it's almost lightweight comparatively to Revolut. And Revolut obviously don't provide you with that phone call with that account manager on the end of a phone where you can pick them up and talk about investments, talk about mortgages.

00:20:46:00 - 00:21:18:19
Unknown
This is a lot more premium. I'm sure it's a product that we might eventually see. Revolut, we we know they're floating the idea of a private bank so they could I mean, I imagine this is an area that they'll try to target and compete with, with HSBC. But. Right now this does feel quite unique. As a bank account goes, I'd be curious for those who are watching on YouTube to comment and let us know if there's something that you see out there in the market that is similar to this, because I think this sits on its own to some degree, and although there is a small subset of people that would probably benefit from

00:21:18:19 - 00:21:24:16
Unknown
it, it is quite compelling for those people and quite an interesting proposition. So we'd love to hear from anyone out there that

00:21:24:16 - 00:21:37:02
Unknown
A would utilize this account and be maybe knows of something similar, that maybe they have experience with, that we can talk about and look at. Because I, I was really, really quite pleased, Yann, to look into this account because I think it's really interesting.

00:21:37:04 - 00:21:43:23
Unknown
to to learn about what you guys think about this, this interesting product. If you think it's great, if you think it's nonsense, you know, please let us know.

00:21:43:23 - 00:21:52:02
Unknown
How do you feel about, like, the hidden demeanor of those exchange rates as well? Is that something you'd be comfortable with signing up, not knowing what exchange rates to expect?

00:21:52:02 - 00:21:54:14
Unknown
Thanks for tuning in everybody. We'll see you at the next episode.

00:21:54:20 - 00:21:55:07
Unknown
Thank you.