HSBCnet for charities: functionality and multiple signatories

aroominyork

I work for a small charity (international, most trustees non-UK) which is about to incorporate as a CIO. Our current banking with HSBC does not allow multiple signatories so is not sufficiently watertight.

Our thinking was to use HSBCnet which we thought was a different kind of bank account, but we now understand that it is some sort of platform that you set up and link your bank accounts to. It seems to be there to offer global transactions and we know it offers complex dual signatories - which our current account does not.

So far as we can tell, it is just another platform within which you carry out your transactions - it does seem to offer a relationship manager and other benefits - certainly for global working.

Has anyone used HSBCnet for managing charity accounts? Do you recommend it? What options does it offer setting up payments and for multiple people to authorise them, eg can authorised single staff process payments under say eg £1000, but two trustees needed for amounts above that?

From what we understand we can only apply for HSBCnet once we have set up the new HSBC bank account – does this mean there is no guarantee we would be accepted for it?