Hsbc Question

[qualtrough]

I almost hate to post this since it reveals my ignorance in these matters, but here goes.

On Dec. 29 I sent a wire transfer from the US to my offshore HSBC account in the amount of 30000 USD.

My HSBC account is in CHF. When it arrived in the account it was converted to 34839 CHF.

Checking today on the HSBC site I see that if I wanted to get that money back it would now be worth just USD 27510. Ouch!

I could understand that if the rate had changed unfavorably, but checking on historical rates for USD to CHF at http://www.oanda.com/convert/fxhistory I see that on 12/29 it was an avg. of 1.22390 and today 1.2380, which would respectively turn USD 30000 into CHF 36717 and 37140 respectively. I realize that rate is not the HSBC rate, but it should provide an indication of any relative change in value.

So my questions:

1. Does the buy/sell rate calcualtion HSBC uses compare favorably or unfavorably to other offshore banks, or is it typical?

2. Should I have transferred this money using another method that would have resulted in a better rate. For example, converting to CHF in the US rather than sending in USD for HSBC conversion?

The only reason I did this is because HSBC something like doubled their minimum balance reqs. I think I would have been better off flying there and depositing the money.

Much appreciation in advance to anyone willing to take a few minutes to educate me in these matters.

[old wanderer]

It does not seem to work out in my head but that is close to the 30% withoulding that came into effect 12/18. Ask your bank if you have to wait the 12 months for the rest of the money?

[Barney_the_Dinosaur]

The desk rates at HSBC are awful. Whether its a deposit rate or an exchange rate. They rape their clients.

They are quite flagrant about it. Plus when you're remitting money they start dipping in for all sorts of undisclosed charges.

Somewhere on the forum is a list of HSBC Bangkok's tariffs. Honestly its as long as your arm. Any excuse and their snouts are in your account.

[Lil_Jon]

The desk rates at HSBC are awful. Whether its a deposit rate or an exchange rate. They rape their clients.

Thats an Understatement to say the least , they absolutely kill their clients with their rates

[topfield]

The desk rates at HSBC are awful. Whether its a deposit rate or an exchange rate. They rape their clients.

They are quite flagrant about it. Plus when you're remitting money they start dipping in for all sorts of undisclosed charges.

Somewhere on the forum is a list of HSBC Bangkok's tariffs. Honestly its as long as your arm. Any excuse and their snouts are in your account.

I agree but HSBC infact offers the VERY HIGHEST RATE for sterling deposits in Jersey SIX percent.

Brilliant move to catch expat fish as after the three month bond has matured you can be pretty certain the new rate will be far below the other deposit taking banks such as Anglo Irish.

Neverleless be clever..buy the bond, get the rate then move out after the bond matures.

[cmsally]

Oh good, a revealing ignorance thread, so I can jump in too!!

Does anyone know if minimum balance requirements have changed (HSBC UK) for 2007.

I received several large booklets that bore you to death after the first page.

And seem to remember reading 25000 pounds for offshore .

Is there a minimum for UK accts now? I did read 1200 us dollars but that was international instant access

and was on their website somewhere.

And by the way has anyone else had those hard sell tactics from offshore HSBC trying to get you to buy one of their investment

products that often seem to belong/affiliated to other companies. They are really starting to get on my nerves.

[DD18]

No minimum balance for mainland UK HSBC just the huge increase for offshore. Did complain but told invest £25K or pay £20 pm. Would be interested to know if anyone with offshore accounts that don't require such a large min balance across all accounts held and reasonable account charges. Have checked Barclays, Lloyds but charges seemed high for normal banking.

[sumrit]

Oh good, a revealing ignorance thread, so I can jump in too!!

Does anyone know if minimum balance requirements have changed (HSBC UK) for 2007.

I received several large booklets that bore you to death after the first page.

And seem to remember reading 25000 pounds for offshore .

Is there a minimum for UK accts now? I did read 1200 us dollars but that was international instant access

and was on their website somewhere.

And by the way has anyone else had those hard sell tactics from offshore HSBC trying to get you to buy one of their investment

products that often seem to belong/affiliated to other companies. They are really starting to get on my nerves.

I had an email from HSBC a few days ago saying they had reducd their minimum deposit for their on line savings account from £500 to just £1. Sounds good but its a total rip off if you want to withdraw money from it. I couldn't access my LloydsTSB account on line several days ago (probably because of the recent internet problems here in LOS) so I transfered £600 from my UK HSBC on line savings account into my UK HSBC current account to pay for a few things over here. They transfered it, no problem but then stopped interest payments for that month on the total deposit for that on line savings account. COST ME £200 IN LOST INTEREST FOR A £600 WITHDRAWAL. OUCH!!! I won't be doing that again.

Edited January 10, 2007 by sumrit

[samtam]

The HSBC Online saver is pretty clear about the fact that if you withdraw any funds in any month you lose interest for the entire month. The trick is to move it, (or withdraw from it) the first day of the following month to another interest bearing account in another bank and then back the following month, or always have a reserve float for emergencies that does not effect the Online Saver. You really have to read the small print. It shows that the product is not the best around, if you need to use funds from it.

[Peterpan]

The HSBC Online saver is pretty clear about the fact that if you withdraw any funds in any month you lose interest for the entire month. The trick is to move it, (or withdraw from it) the first day of the following month to another interest bearing account in another bank and then back the following month, or always have a reserve float for emergencies that does not effect the Online Saver. You really have to read the small print. It shows that the product is not the best around, if you need to use funds from it.

Your correct sir

All you need to do is have it transfered to your HSBC current account the 1st of the month.

Question, 30% with holding on swiss francs where ?

[qualtrough]

Any 30% withholding would not be relevant since the money went from my US account direct to the HSBC account. Nothing to do with Thailand on that transaction.

From the sounds of it I was raped by the HSBC rates. Lesson learned.

I would be interested if anybody knows about an offshore bank offering better service, rates, etc. than HSBC. So far I have found their hype does not match their service. I have found several of their service line operators quite arrogant. I had one who was unable to understand a very simple and clear request, responded with a totally incorrect and scary answer, and then tried to blame me for his mistake.

[cmsally]

I have found several of their service line operators quite arrogant. I had one who was unable to understand a very simple and clear request, responded with a totally incorrect and scary answer, and then tried to blame me for his mistake.

I got one that I could not understand! I'm pretty good on regional accents but I couldn't understand even 2 words.

[david96]

My HSBC Aust account has no charges provided that the min average balance is not less than 1000AUD. That is for account fees.

However they charge 20 AUD for an international transfer. Plus 30AUD for the overseas charges which in this case is the HSBC Thailand. The FX rate is up to 2 THB/AUD less than the Bangkok Bank rate and it does not seem to make any difference if one sends the transfer in THB or AUD.

The CBA Bank charges 22AUD for an international transfer "plus any overseas charges" if applicable.