What’s the difference between North Loop and HSBC?| North Loop Official Blog
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North Loop
12 Jan 2020

What’s the difference between North Loop and HSBC?

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North Loop provides a borderless banking experience for international students in the US. We often get questions about how our service is different to HSBC, so we thought we’d lay out a helpful chart to assist you.

About HSBC

HSBC is one of the world’s largest banks, headquartered in London. A traditional bank, it is famous for being present across Asia and its famous red logo.
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About North Loop

North Loop provides borderless banking for global citizens. We don’t charge any hidden fees - we provide transparent banking to our customers across the world. You can sign up for an account before coming to the US - all you need is 5 minutes.

Here is North Loop’s offerings vs HSBC in India*:
 North Loop HSBC Smart Money
HSBC Premier
 
Account MinimumNoneINR 25,000INR 4,000,000
Transfer Fees  NoneINR 300 + 0.3%INR 300 + 0.3%
Sign up process5 minutes - done online - anytime, anywhere 
Must get an appointment and visit a HSBC branch

Must get an appointment and visit a HSBC branch
 
ATM Withdrawal FeeZero - at any ATM worldwide
Free at HSBC ATMs - charges for other ATMs

Free at HSBC ATMs - charges for other ATMs
 
CurrencyProtect RefundUp to INR 35,000 per transferNot availableNot available
FDIC Account InsuranceINR 17,500,000 (US$ 250,000)Not available 
Only with HSBC USA accounts
CampusCashbackAcross the USNot available Not available 
Daily Card LimitINR 175,000INR 25,000 
Sending money overseasOnline - 24/7Go to a branchGo to a branch
Foreign Transaction FeeNo Yes  Yes
Direct university fee payment facilityFree Not availableNot available 
Travel Insurance with Debit CardFreeNot available Not available
Cell phone insuranceFree Not availableNot available

Sources Used

All information has been obtained from www.hsbc.co.in as of 11/22/2019. North Loop is not liable for any of the information presented above and acknowledges that such information may be changed without notice. This comparison is between the North Loop US Account before you leave India, and getting a HSBC Premier account before you leave India.

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended be advice. You must obtain professional advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax, investment or other professional advice from North Loop or its affiliates. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. All opinions expressed do not reflect the views of North Loop nor are endorsed by North Loop.