I have some stock priced in USD that incur a fixed currency conversion fee per transaction, and a currency conversion fee. If a stock is priced at $500 with a $25 fixed fee plus 1.6% conversion fee it's not really a good idea to sell one stock at a time, and even then there's the conversion fee.
So I called HSBC UK and asked them if I could open a USD account. Turns out they've discontinued that service in the UK, but that perhaps I could open a USD account with them in the US. Fine, doesn't matter for me where the account is, I guess.
Nope, can't do that, the next person said. I don't work in the US, so that's out.
Next they offered to open a USD offshore account with HSBC expat. We could walk through the application, and that will take about 40 minutes where they'll ask me about my income, my monthly expenses, etc.. I'll also have to come in to a branch office and show passport, UK driving license, and recent bank statement.
That makes some amount of sense... if I weren't already an HSBC customer, and they didn't already have all this on file for me already, and if I hadn't come in just last week to have them scan my driving license in addition to them already having my passport on file. But I am, and they do, and I did, and they do.
Ah, but HSBC is not the same as HSBC Expat.
Can't you copy-paste that info with my consent? -- No
Ugh. Can I do this online? Yes, I can print the form, fill it in, and come in with it and all my documents.
So the bank statement, I will get a bank statement from HSBC and then immediately hand it back to HSBC? -- Yes
Fine. HSBC is stupid, but fine.
Filling in the form I have to check a box saying I'm aware of IRS FATCA and that it either doesn't apply to me or that I've done the right things and have the right paperwork if it does. Uh... this could make my tax return much more complicated.
So I call my Swedish bank, SEB. Yeah, sure, it'll cost 300 SEK. They'll send me a thing I need to sign and then I'm all set.
Sounds painless. To be continued...
