HSBC in Qatar - Book Report/Review Example

HSBC in Qatar HSBC began operations in Qatar in the year 1954.It has got unequaled word wide network and a well endowed heritage in Qatar and HSBC is well equipped to play a key role in the development of the local economy and thus rubberstamp its commitment to the development of Qatar.HBSC’s new ultramodern office opened to the public on 11th Feb 2010, forms the cornerstone of a broad network which is made up of branches in West Bay, Al Sadd and Salwa Road. a) Types of services offered by HSBC Qatar There are a wide variety of services offered by HSBC Bank in Qatar and this makes it easy for the customers to experience and enjoy a wide range of cross-border financial, banking services and products-from global and commercial banking to offshore banking and personal financial services. b) Debit card-this card is offered to customers who have opened a savings account with HSBC.The HSBC debit card is issued free and allows you to make free cash withdrawals at all HSBC ATMS in Qatar. There is usually no minimum monthly balance requirement and there is a worldwide acceptance of HSBC debit cards and gives you access to use over 25 million retail outlets and over 1 million ATMS globally. The debit card allows you to access various currencies such as QAR, EUR, GBP and USD. c) Credit cards The following are the four various types of credit cards offered by HSBS; the HSBC Premier Advance, Visa Platinum, Gold credit cards. The HSBC Premier Credit Card offers you the following benefits; free booklet entertainment-related vouchers worth QAR 20,000,HSBC premier priviliges,Best in class loyalty programme, credit shield plus, cash advances of up to 50% of your available limit and a minimum monthly payment of 5% of your outstanding balance. The HSBC Advance Credit card allows you the following benefits; cash advances of up to 50% of your available limit, minimum monthly payment of 5% of your outstanding balance, credit shield plus, best in class and home and away priviliges.The HSBC Visa platinum credit card gives the customer exclusive offers for platinum cardholders, credit shield plus, cash advances of up to 50% of your available limit, minimum monthly payment of 5% of your outstanding balance and best in class loyalty programme. Last but not least is the HSBC Gold credit card which gives its holders best in class loyalty programme, cash advances of up to 40% of your available limit, minimum monthly payment of just 5% of your outstanding balance and a credit shield plus which is 0.65% of your monthly outstanding balance. d) Current account-This account is available in Premier, Advance and Basic current account. The Premier account is available in Qatari Riyal, Pound Sterling, US dollars and Euro and allows you to have a dedicated relationship manager who helps in maximizing your money and spots appropriate investment opportunities. The Advance current account offers a banking account available in US Dollar, Qatari Riyal, Pound Sterling and Euro. It also gives a team of relationship managers who assists in maximizing your money and spots appropriate investment opportunities. The HSBC basic current account offers no monthly charges or minimum balance. e) Interest rate-The HSBC interest rates varies with the type of product, time and the period. All the credit cards attract an interest of 1% .Most loans attract a competitive interest rate which is globally accredited. f) Savings plan-HSBC offers a savings account for this purpose. The HSBC savings account is quite secure and is a flexible way for saving for the things that are crucial to you. It offers competitive interest rate and immediate access to your savings. The savings account offers a free debit card and cash withdrawal, no minimum monthly balance requirement, a wide range of currencies, 24/7 banking to suit customer’s needs available on such platforms as free internet banking, mobile banking, phone banking and SMS alerts. The interest is calculated and accrues monthly on the minimum daily balance and is paid half-yearly. g)loan provisions-there are several loan provisions which includes overdrafts that allows for borrowing of the equivalent of one’s monthly salary up to a maximum of QAR 60,000.It allows easy application process, competitive interest rates and is renewable every year. There are also personal loans that offer reduced interest rates starting as low as 4.99% p.a and high loan amounts of up to QAR 700,000/ for Qataris and QAR 350,000/ for expatriates. The personal loan has got flexible repayment tenors of up to 72 months and 48 months for expatriates. The other loan provision is that of HSBC’s asset link gives you attractive interest rates, the ability to borrow up to 50%(HSBC investment products),80%(other major currency term deposits),90%(Qatari Riyal term deposits) of your HSBC assets. g) Security and safety-The HSBC advises its customers use secure logins every time they log in, that they use state of the art encryption technology and lastly use of firewalls to protect systems that are set up between the systems and internet. The bank has invested in the state of the art technology and uses superior technology for identification purposes. i) Online services-HSBC has enabled personal internet banking which is quick, easy and secure. Through this platform, customers are able to access their accounts and retrieve eStatements, have a global account view which enables linking of a customer’s HSBC eligible accounts in other countries to view all the balances of the accounts on one screen, enabling instant transfers amongst them, international transfers, simple management of the account and open new accounts together with the application of additional services. j)-safe box-HSBC Qatar offers safe deposit box service in Qatar at a fee. The service includes round the clock security, low rental charges for easy maintenance and total confidentiality and security. k) Service quality-HSBC customer service policy has resulted in numerous awards, making the bank to be internationally known as the best-in-class services.HSBC ascertains sales and quality of the service by following the required International Organization for Standardization (ISO) regulations. Thus HSBC’s worldwide recognized services cater for a customer’s individualized needs. l)Any other benefits-HSBC has a wide range of other customer friendly services such as trade and supply chain services and you get the services of local trade experts who support you wherever you do business. These services include import, documentary credits which supports in financial strength, global network, expert assistance and vendor support.HSBC also offers export services shipping guarantees which are accepted worldwide in the shipping industry. Work Cited http://qatar.doingbusinessguide.co.uk/partner-profiles/hsbc.aspx https://www.hsbc.com.qa/1/2/qa/common/search- http://www.citizensbank.com/small- business/online-banking/safety-security.aspx results?queryString=HBSC+safety+and+security&x=0&y=0&searchRequest=cmd_searchrequest&lang=en https://www.hsbc.com.qa/1/2/!ut/p/b1/jcu9CsIwGIXha-kV5KT5aTJ- Read More