Can one transfer credit account/limit to Canada?

[ybjianada]

Hi,

I was wondering if anyone has done this before. I am living in Singapore and have excellent credit ratings. I won't be able to have a job immediately after moving to Canada, so any credit card I might have with a Canadian bank will come with a very small credit limit.

But I can open an HSBC credit card account in Singapore, and I will have a good credit limit. HSBC seems to be the only bank that has operating branches in both Singapore and Canada. So my question is: would it be possible to transfer my Singapore HSBC credit account to Canada? Has anyone tried something similar before?

I am asking because I know a guy who was able to transfer his US Citibank credit card account to Singapore.

Thanks.

 

[zardoz]

Hi,

I was wondering if anyone has done this before. I am living in Singapore and have excellent credit ratings. I won't be able to have a job immediately after moving to Canada, so any credit card I might have with a Canadian bank will come with a very small credit limit.

But I can open an HSBC credit card account in Singapore, and I will have a good credit limit. HSBC seems to be the only bank that has operating branches in both Singapore and Canada. So my question is: would it be possible to transfer my Singapore HSBC credit account to Canada? Has anyone tried something similar before?

I am asking because I know a guy who was able to transfer his US Citibank credit card account to Singapore.

Thanks.

I am informed by my wife, who worked for HSBC, that this is not possible. Your credit history in Canada will have to be earned.

 

[NetMecca]

Credit ratings do not follow you internationally unfort. Have to start from the bottom.

There are a few trick to help do that quickly though.
1. get a credit card (secured if need be) as soon as possible. Do not max it out, utilization between 25% - 50% will help that move along even quicker. So try to get a bigger limit than you need.
2. Always pay on time and in full.
3. Larger deposits on property purchases make it less important to have good rating but will help get you there quicker.
4. Pay your bills on time (figure you know this one)
5. Spend some time getting to know a personal banker. They can sometimes get things to move along which would not normally be possible. (sometimes....)

Worked for me.

Good luck

 

[ybjianada]

Thanks for checking this with your wife. I have since also done some research myself, and found that apparently this IS possible:

https://www.hsbc.ca/1/2/personal/new-to-canada/moving-to-canada/credit-history

Transfer your HSBC credit history

Keep the credit history you have worked so hard to establish, and make your transition to Canada easier.

Without your transferred credit history, you’ll need to start from scratch proving to others that you can be counted upon to make monthly payments on time.

An established Canadian credit rating makes it easier to:

- Obtain a credit card
- Purchase a home
- Apply for a loan to cover moving expenses

Let us help you get established

If you’ve been an HSBC client for over 3 months, the HSBC International Banking Centre can help you transfer your HSBC credit history to Canada so it is here when you arrive. Our experts can also answer other financial questions you might have and help you set up other financial services in Canada.

Apparently, American Express also offers the same service:
https://www.americanexpress.com/ca/en/content/our-cards/moving-to-canada.html#

However, American Express is not widely accepted in Singapore. So I will apply for an HSBC card instead.

I am informed by my wife, who worked for HSBC, that this is not possible. Your credit history in Canada will have to be earned.

 

[zardoz]

I wonder if this is a new facility... We could certainly have made use of it.

 

[steaky]

But I can open an HSBC credit card account in Singapore, and I will have a good credit limit. HSBC seems to be the only bank that has operating branches in both Singapore and Canada.

Bank of China, Shinhan Bank and KEB also have operating branches in both Singapore and Canada