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Banking & Finance

HSBC Vietnam facilitates overseas education

Released at: 14:58, 02/11/2017

HSBC Vietnam facilitates overseas education

Photo from news.zing.vn

Overseas Education proposition provides a variety of services and benefits for Premier clients with children studying overseas.

by Quang Huy

With growing demand for banking services to facilitate overseas education, HSBC Vietnam has introduced an Overseas Education proposition with a variety of services and benefits for Premier clients: overseas account opening from Vietnam, free fund transfers, and preferential foreign exchange rates. 

As HSBC Premier clients, Vietnamese nationals who have children going to study overseas can gain support from HSBC Vietnam to open an overseas account prior to departure. By holding premier accounts in multiple countries, the children can monitor their balances and transactions all in one place with HSBC’s Global View, and when required can transfer money free of charge with HSBC’s Global Transfer.

To do so, the bank requires the following documents: (i) A passport with accompanying documentation from the foreign State as evidence that the customer (or customer’s child) is permitted to move abroad for study purposes (such as a Student Visa), and (ii) A confirmation letter issued by the relevant school or university overseas confirming the child has been accepted to study there (i.e. an acceptance letter).

Besides educational purposes, HSBC Premier clients will also be eligible to open an account overseas if they move abroad for resettlement or embark on a business trip / assignment for at least 12 months.

Vietnamese nationals can enjoy transfer benefits for educational purposes, including free transfers of tuition fees and living expenses. Funds of up to $25,000 per year can be proceeded to cover living expenses during the period of education. Preferential foreign exchange rates are also available.

And to give parents peace of mind, HSBC offers Global Safety Net, which provides the children of Premier customers with emergency cash provisions when they need it most.

According to HSBC’s latest report, released as part of the bank’s global series on “The Value of Education”, 41 per cent of over 8,400 parents in 15 countries and territories surveyed said that they are considering university education abroad for their children. Parents recognize the main benefits of an international university education for their child’s future, which are foreign language skills, gaining international work experience, and exposure to new experiences, ideas and cultures.

“Similarly, Vietnamese parents place great importance on their child’s education and more and more now consider overseas education to improve the quality of education for their child,” said Mr. Sabbir Ahmed, Head of Retail Banking and Wealth Management at HSBC Vietnam. “It is vital to seek professional help to plan for a child’s education, choose the bank that best suits your needs, and review your plans regularly.”

According to the education ministry, the countries with the highest number of Vietnamese students are Japan, Australia, the US, China, and the UK. With its immense network of around 3,900 offices in 67 countries and territories in Europe, Asia, North and Latin America, and the Middle East and North Africa, HSBC is in an ideal position to support its clients to actualize their ambitions for the next generation in an increasingly mobile world. 

HSBC’s flagship Premier proposition is a unique service offering available to the high net-worth individuals. Launched in 2010, HSBC Premier offers international recognition and comprehensive wealth solutions to bring maximum support for customers’ needs in education, insurance, retirement, legacy as well as wealth growth and management.

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