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Why does HSBC ask whether one plans to receive or send international wire transfers when creating a new HSBC Direct savings account?

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    I don't know for definite, but a good hypothesis would be to help reduce fraud. If you tell them you never plan on doing that, then they will ignore fraudulent attempts from overseas. – Aaron D. Marasco Jan 27 at 1:06
  • Just guessing but it might be because it is a foreign bank and that is their requirement? – Bob Baerker Jan 27 at 3:53
  • What's the context of this question? Does it feel more like a contractual promise on your part to never use wire-transfers (in which case the wording would seem unusual, since it's hard to know that I'd never want to use a wire-transfer), or does it feel more of a "survey" type question where they are perhaps trying to get an idea of how many customers expect to make use of wire-transfers? – TripeHound Jan 27 at 8:55
  • @TripeHound feels like some time-wasting paperwork, just like most of my HSBC experience. No idea if that's some contractual or something else. – Franck Dernoncourt Jan 27 at 12:54
  • Have you asked them why they want to know? There may be a simple but company-specific and unknowable-to-us answer (i.e. as part of their marketing plan, they have different products available for people who are likely to do a lot of international transfers). – dwizum Jan 27 at 14:39
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Banks have to consider money laundering and other risks in providing you with an account, and the approach they take is risk based - they will want to more information and evidence for a riskier account.

For international transfers there are more federal regulations and a particular requirements to flag up suspicious transaction individually or collectively over $10k, especially if international. (just as you have to declare it if you carry >$10k in cash going through customs). So if you are going to want to use the account for international transfers there will be additional KYC and monitoring.

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