HSBC SmartStudy

If overseas education is your priority – give your child a real head start with SmartStudy

At HSBC Select, we understand the importance of a quality higher education to you and your children. We also know how important it is to have the right banking partner by your side. This inspired us to develop ‘SmartStudy’ – a comprehensive student proposition to support your child’s overseas education journey. From the initial requirements of preparing a Student File and facilitating payments to opening an overseas account for your child with HSBC in top education destinations, we are here to provide all the essential banking services throughout the whole process. With HSBC Select’s support, getting your child ready for overseas education has never been easier.

Plan ahead with quality information

Every year, students leave Bangladesh to study abroad in countries such as Australia, the United Kingdom, United States, Canada and Malaysia.

Education research and the decision making that follows can be quite overwhelming. With SmartStudy, we can help you navigate the process and provide you with a deeper understanding of overseas education options by providing key support through:

Research: a global consumer research study “The Value of Education’, commissioned by HSBC to provide you with valuable insights that will help you make informed decisions. Destination guides: access country-specific information to help you determine which country best suits your child. This is the key to financial planning as education and living expenses differ from country to country

Professional Consultancy: preferential advisory services from selective professional education consultants – from the selection of an ideal university, to applications and assessments.

Preparing for your overseas banking needs with SmartStudy– in 3 steps

• Local account opening with HSBC
  Select Evidence of financial capacity to fund your child’s education is a critical pre-requisite not only as part of the admissions criteria (in most cases) but also for securing a student visa. Most embassies require an account statement reflecting a minimum balance (which varies by country) over a 6 – 12 month period. In case you are not currently banking with HSBC in Bangladesh, you will need to set up a funded account with HSBC Select1 to avail the SmartStudy package for your child. If you are currently maintaining an account (in the form of current, savings or term deposit) with HSBC Select and your balance is already fit for purpose, additional funding will not be required to get started.
• Setting up the Student File
  The second step is opening a Student File for your child. This is a local regulatory requirement to cover your child’s tuition and living expenses through your local HSBC Select account and will remain active throughout the period of study. You can avail this service at any HSBC branch in Bangladesh.
• Overseas account opening for your child
  To complete the process from end to end, we will arrange to open an overseas account2 for your child with HSBC. Our International Banking Center3 (IBC) can help your child open an HSBC account in most of the popular education destinations and arrange an ATM/debit card prior to departure. Once your child commences study, overseas money transfers for their living expenses will become much simpler and streamlined.

The SmartStudy Package at a glance

• Local account opening with HSBC Select (for new to bank customers)
• Access to in-depth fact files on prime overseas education markets
• Setting up the Student File
• Free overseas account opening with HSBC at desired education destination before the student travels
• ATM/Debit Card for overseas account prior to departure
• Commission free telegraphic transfers between HSBC accounts

Optional value-added services:

• Priority consultancy services through selective overseas education consultants
• Overseas appointment booking services for onshore account opening (in country, post arrival)

Additional financial benefits for parents sponsoring their children

HSBC Select customers can avail a hassle-free loan secured by their existing HSBC relationship balances. With this instant credit facility, you can fund your child’s education without giving up the income you can earn on your savings and term deposits.

1. Customer is required to meet the eligibility criteria for HSBC Select
2. You may need to provide additional documents or information during the account opening process (as required by the destination country/region)
3. International account opening through IBC is provided free of charge to HSBC Select customers