HSBC using intermediate bank to transfer

[Liverpool Lou]

41 minutes ago, hotandsticky said:

If DWP and Mercer, for example, can pay direct to WISE then there is no reason for Standard Life not to.

There is a reason...their policy for the payment of private pensions that states that pensioners' payments have to be processed through banks.

[hotandsticky]

55 minutes ago, lineofentry said:

Been using HSBC for years.

£5 fee any amount.

Transfer in Sterling straight to SCB account. Same day if early or next working day.

SCB FX rate applies, no other fees.

 

 

Much cheaper via WISE.

 

I retired from HSBC and get free transfers....it is still more beneficial for me to remit via WISE  -  and a lot quicker.

[hotandsticky]

29 minutes ago, Liverpool Lou said:

There is a reason...their policy for the payment of private pensions that states that pensioners' payments have to be processed through banks.

 

 

That's not a reason, it is an excuse. You are also aware that 'policy' is probably enshrined in some corporate missive from 1999.

 

JCB did the same for a number of years (and blankly refused to remit to Thailand). Mercer took over management of the pension and took a more practical attitude.

[brianthainess]

22 hours ago, gordypatty said:

Only for those using HSBC please.

OK I won't tell you to put message to bank "Do not exchange funds'' as I don't use HSBC

[RayC]

Apologies a bit late to this thread.

 

Not sure if this applies to standard HSBC account holders, but if you have an HSBC Premier (and possibly 'Advance') account, HSBC offer a 'Global Money' account. You can send money abroad commission free and rates are competitive. I've used it 3 times and the money has turned up in my Krung Thai account within 36 hours. I have just checked the rates for sending £100 to Thailand and the HSBC rate (44.72) was higher than WISE (44.65 equivalent after commission).

 

This account also offers a free debit card which allows you to withdraw cash from overseas ATMs without commission. 

[Stocky]

33 minutes ago, RayC said:

Apologies a bit late to this thread.

 

Not sure if this applies to standard HSBC account holders, but if you have an HSBC Premier (and possibly 'Advance') account, HSBC offer a 'Global Money' account. You can send money abroad commission free and rates are competitive. I've used it 3 times and the money has turned up in my Krung Thai account within 36 hours. I have just checked the rates for sending £100 to Thailand and the HSBC rate (44.72) was higher than WISE (44.65 equivalent after commission).

 

This account also offers a free debit card which allows you to withdraw cash from overseas ATMs without commission. 

Yes, I'm a HSBC Premier account holder in Singapore and am aware of HSBC's improved Global Money Transfer service but have yet to use it having noted in the small print footnote 1

1. Some intermediary banks may charge fees. You can see an estimate of the applicable fees when you review your transfer. The actual amount is subject to the intermediary bank and will be debited after you've confirmed your transfer.  (My emphasis)

 

So we're back to square one so given that uncertainty I'll stick with Wise who show everything up front.

[RayC]

1 hour ago, Stocky said:

Yes, I'm a HSBC Premier account holder in Singapore and am aware of HSBC's improved Global Money Transfer service but have yet to use it having noted in the small print footnote 1

1. Some intermediary banks may charge fees. You can see an estimate of the applicable fees when you review your transfer. The actual amount is subject to the intermediary bank and will be debited after you've confirmed your transfer.  (My emphasis)

 

So we're back to square one so given that uncertainty I'll stick with Wise who show everything up front.

 

I don't know the situation re Singapore accounts but I transferred £2000 on three separate occasions from my UK HSBC Premier account to my KT account in BKK. On each occasion, I was charged Bht100 by KT. Those were the only fees. 

 

Certainly not back to square one in my case.

[Stocky]

10 hours ago, RayC said:

Certainly not back to square one in my case.

Not until you are. 

Routings can change, and whilst HSBC are unable to give you a definitive break down of charges, you can't know for sure that additional intermediary bank charges won't roll in after the event.

 

That's why I will stick with Wise, who clearly lay out what the exchange rate is, what their charges are, and exactly how much money will arrive at the destination account. No small print about maybe someone taking a bite of the cake after I press the send button.

[RayC]

4 hours ago, Stocky said:

Not until you are. 

Routings can change, and whilst HSBC are unable to give you a definitive break down of charges, you can't know for sure that additional intermediary bank charges won't roll in after the event.

 

That's why I will stick with Wise, who clearly lay out what the exchange rate is, what their charges are, and exactly how much money will arrive at the destination account. No small print about maybe someone taking a bite of the cake after I press the send button.

 

Or alternatively things stay as they are and I never return to 'Square One'.

 

Using 'Global Money' suits me fine at the moment. If the charges and/or conditions change then I'll reconsider.