As globalization transforms business, HSBC is expanding and updating its global banking and wealth-management services with a new program called HSBC Premier.
According to a survey conducted by MSI International for HSBC, 51 percent of “mass affluent” Americans have considered living or taking an extended vacation abroad. When those surveyed were asked what they see as the biggest challenges to living abroad, 45 percent said “setting up my finances,” according to Sandra Ramalhete, assistant vice president and premier relationship manager at HSBC Premier”™s office in Shelton.
HSBC defines “mass affluent” as those with liquid assets of between $100,000 and $2 million.
“The program has been around for seven years, but has been enhanced recently to recognize that people have been traveling and moving abroad more frequently,” she said.
Among the services the Premier program offers are setting up clients with credit and ATM cards in other countries, helping with mortgages of up to three properties abroad, exchanging currency, and providing access to banking services in 35 countries.
But Ramalhete believes the most unique aspect of the program is that each member has access to a “relationship manager” for one-on-one service.
“I think that sets us aside from anything else,” she said.
Ramalhete said in addition to more and more workers moving abroad either temporarily or permanently for professional reasons, there are also more people deciding to retire abroad.
“The trend is that more people are living abroad, and setting up finances will be something in the forefront of everyone”™s mind (who moves abroad),” she said.
She said the program has become more popular through word-of-mouth, as those who use it when moving abroad have told their colleagues.
“We find that more and more employees are moving for work purposes, so this will only grow,” she said.
She said the United Kingdom and France are the most popular countries to which Premier clients either retire or relocate.
In this area, there are Premier offices in Westport and White Plains, N.Y. Ramalhete said there are plans to open one more Premier office in the area by the end of the year, likely in Greenwich or Stamford.
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