Hsbc Start Online International Bank Transfers

[lor]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

[sammycic]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

I transfer Aus dollars to my siam account and get a better exchange rate on shore than sending thai baht and works out a lot better than atm withdrawals as you especially the thai banks want a 150 bht plus the $5.00 charge by the aus banks.

[geordie]

I have been transfering money oversea's online through my UK Hsbc account for the last couple of years. Previously to that i had to call the bank on telephone banking and they charged 25 pound for the transfer.

Internet transfers cost's where only 15 pound and has just gone up to 17 pound this month. I have transfered up to 10.000 pound at a time on internet banking and it is still the same charge wether you send 2000 or 10000 pound.

Geordie

[beejoir]

Yeah been like it for years, I've sent up to 150,000 quid before, all fine, and a good well priced service, best to send into your 'pound' acc and hold till you get a good exchange rate.

[theoldgit]

HBOS do it online for £9.50 and you can send it in Stirling thus ensuring a better rate.

[PattayaParent]

Had an HSBC account since 2003 and have always been able to transfer money online.

[apetley]

Yes, been sending money online, HSBC to Kasikorn for some years now.

Usually in next working day as HSBC and Kasikorn have some sort of cooperative agreement.

If you ever do have problems with an online transfer, not being able to complete the transaction online, use the phone option, mention that you have had problems using the online facility and they will give you the discounted online rate.

[lor]

Hey, I have had a plus account for ages and I never knew about the online transfers until now! Only wish I could do the same with my Nationwide account.

Chris

[theoldgit]

Hey, I have had a plus account for ages and I never knew about the online transfers until now! Only wish I could do the same with my Nationwide account.

Chris

You can with Nationwide International providing your are registered for their Internet and Telebanking services, least that's what I understand, so I would have thought you might be able to do it with their onshore accounts - don't know for sure though.

[Chaimai]

You can with Nationwide International providing your are registered for their Internet and Telebanking services, least that's what I understand, so I would have thought you might be able to do it with their onshore accounts - don't know for sure though.

Unfortunately, you cannot, there is no online function for overseas payments:-

Note - Nationwide have to route their payments through HSBC.

Transfer to Overseas Accounts using SWIFT

Telegraphic transfers are electronic payments made between a UK account and an overseas account. Nationwide uses the Society for Worldwide Interbank Financial Telecommunications (SWIFT) for payments made between the UK and other countries.

• we cannot guarantee how long SWIFT payments will take to reach a beneficiary's account, and
  
• there is no minimum or maximum payment amount.
  

To request a SWIFT transfer, you will need to complete a 'telegraphic transfer' form. You can get a copy of this form online or at your nearest branch.

[nigelandjan]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

Just one point to add mate ,this is only available DURING banking hours ,, otherwise its £25 on the phone outside hours

[tigerbalm]

What information would one need to transfer money from HSBC UK to say a Thai Kasikorn or Bangkok Bank

Thai Bank Account Number

Account holders name

Thai sort code

Bank/branch Address

Any thing else???

Thanks in advance

[theoldgit]

What information would one need to transfer money from HSBC UK to say a Thai Kasikorn or Bangkok Bank

Thai Bank Account Number

Account holders name

Thai sort code

Bank/branch Address

Any thing else???

Thanks in advance

You need the recepient banks SWIFT Code.

[nigelandjan]

What information would one need to transfer money from HSBC UK to say a Thai Kasikorn or Bangkok Bank

Thai Bank Account Number

Account holders name

Thai sort code

Bank/branch Address

Any thing else???

Thanks in advance

Yes ,,,,,,,,,,,you need my Thai bank account number ( by the way I have a Krung Thai account ) khop kun mak mak krup

[bjderb]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

The Halifax Charge £7.50 for same service. Bri.

[madted]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

The Halifax Charge £7.50 for same service. Bri.

Halifax is now £9.50.

[phetaroi]

Yeah been like it for years, I've sent up to 150,000 quid before, all fine, and a good well priced service, best to send into your 'pound' acc and hold till you get a good exchange rate.

The process has been simplified, depending on which country you are from. From the States you could still transfer funds, but now you can do it practically one click under Global View. Much easier. The change in process occurred in July.

[gennisis]

Hey, I have had a plus account for ages and I never knew about the online transfers until now! Only wish I could do the same with my Nationwide account.

Chris

You can with Nationwide International providing your are registered for their Internet and Telebanking services, least that's what I understand, so I would have thought you might be able to do it with their onshore accounts - don't know for sure though.

Nationwide UK require you to confirm your overseas transfer of funds with a written confirmation via post.

I now make a free transfer from the UK account to my Nationwide Int account and then transfer from that, direct to my Thai account at Bangkok Bank.

This is all done over the internet and usualy takes 2 days for the funds to show in the Thai account. I always specify the transfer to be in Sterling and I get a decent exchange rate.The charge is 20 GBP

It does seem strange that the UK division requires the posted written confirmation whilst the IOM division doesnt,I guess because the UK division is a building society whilst the International transfer from the IOM is with HSBC.

[hazelandhoward]

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

I have just recently transfered £100 to a friend in thailand this way and was charged £17 but then a few weeks later recieved a letter from the bank charging me £20 for exchange rate so it cost me £37 to transfer £100 as you can imagine i was not happy.

[PattayaParent]

I have just recently transfered £100 to a friend in thailand this way and was charged £17 but then a few weeks later recieved a letter from the bank charging me £20 for exchange rate so it cost me £37 to transfer £100 as you can imagine i was not happy.

If you've told them to transfer in Sterling then there shouldn't be any charge for exchange rates but I regularly get charged 35 Quid for Sterling transfers to my account in Thailand.

[jfchandler]

Most of the posters above aren't being especially clear about what kind of UK to Thailand funds transfer setup HSBC is offering via their online banking, and what are the real, full fees associated with it???

Are you now able to simply order a SWIFT transfer (wire transfer) online from your HSBC online banking component to any bank in Thailand, or any other country? The same kind of thing you used to have to go into a branch to request...

Or are you talking about some kind of other procedure, and if so, what???

In the U.S., HSBC had been marketing a scheme called "Easy Send", which they billed as providing "free" international funds transfers...by the sender depositing money into their HSBC Easy Send account, and then HSBC issuing a debit card linked to those funds in the name of the intended beneficiary in the other country.

What they didn't trumpet, but only put in very small type, was that their scheme included a $1.50 U.S. charge any time those funds were withdrawn at a non-HSBC ATM, which would be everywhere in Thailand except for HSBC's one Silom-area office.

And then in even smaller type, they had a vague phrase about "Foreign exchange fees may apply at ATMs abroad." Of course, what they really meant was, HSBC was going to charge the recipient their standard 3% foreign currency withdrawal surcharge, in addition to the $1.50 fee for any withdrawals from non-HSBC ATMs...

And then, of course, in Thailand now, virtually all Thai banks, with the exception of credit card company AEON's ATMs, are charging a 150 baht fee for withdrawals made with foreign bank cards. So add that in, and you're talking $1.50 U.S. to HSBC, 3% to HSBC, and another $4.40 or so to the Thai bank for every ATM withdrawal using Easy Send....

Beginning to get the picture???

[SantiSuk]

'Are you now able to simply order a SWIFT transfer (wire transfer) online from your HSBC online banking component to any bank in Thailand, or any other country? The same kind of thing you used to have to go into a branch to request...'

In a word yes. So long as you have a Swift code for the receiving bank (or its branch if each branch has a separate SWIFT) along with the account holder's name and account number - you do not need a receiving branch / bank address as stated in a post above.

Charges for me are as illustrated below -

June 09 transferred 340,000 baht. Cost £17 to my UK HSBC statement. I was happy with the exchange rate (55.1) - as good as I would have got at the better BKK street exchange booths at the time. Bangkok Bank credited my Savings Account with 339,061 - so basically they took a cut of about £17 too. 350,000 is the maximum baht you can transfer online (though I think even that may have been rejected, which must be why I opted for 340,000). Funds were credited the third working day later.

September 09 transferred 150,000 baht. Cost £17 / competitive rate 54.9/ BKK bank took 749 baht. Credited the following working day (ching ching).

I'm happy with this, though I understand I might do cheaper (free?) if I open an HSBC account in Bangkok but that might not be much use to me in Isaan.

HSBC's website is pretty easy to use and you can easily see the exchange rates that will apply if you opt to transfer a specified amount of baht, so you can 'wait for a good day on the markets' if you are a gambler with time.

Have not opted to transfer £ sterling (you have the option on the website). I believe that means the rate is left up to the receiving bank. Would you trust a Thai bank to give you a good rate in preference to knowing the competitive rate you will get before pressing the confirm transacttion button? I should think that you would be able to transfer £10,000 maximum under this option though, rather than the lower limit if transferring thai baht.

Edited October 18, 2009 by SantiSuk

[jfchandler]

In general, you're going to get a much better exchange rate by sending currency in your home bank's currency and leaving the exchanging to the recipient Thai bank. That's the so-called onshore rate, which is almost always better than the so-called off-shore rate.

[SantiSuk]

In general, you're going to get a much better exchange rate by sending currency in your home bank's currency and leaving the exchanging to the recipient Thai bank. That's the so-called onshore rate, which is almost always better than the so-called off-shore rate.

It never seemed to work out that way when I previously sent £ to Thailand with HSBC's telephone payments system. I was always moderately disappointed with the rate Bangkok bank gave me, whereas I have been happy with HSBC's rate.

However, that is pretty unscientific so I am not nay-saying you. I will test it out soon and post the result later on.

[chiang mai]

Most of the posters above aren't being especially clear about what kind of UK to Thailand funds transfer setup HSBC is offering via their online banking, and what are the real, full fees associated with it???

Are you now able to simply order a SWIFT transfer (wire transfer) online from your HSBC online banking component to any bank in Thailand, or any other country? The same kind of thing you used to have to go into a branch to request...

Or are you talking about some kind of other procedure, and if so, what???

In the U.S., HSBC had been marketing a scheme called "Easy Send", which they billed as providing "free" international funds transfers...by the sender depositing money into their HSBC Easy Send account, and then HSBC issuing a debit card linked to those funds in the name of the intended beneficiary in the other country.

What they didn't trumpet, but only put in very small type, was that their scheme included a $1.50 U.S. charge any time those funds were withdrawn at a non-HSBC ATM, which would be everywhere in Thailand except for HSBC's one Silom-area office.

And then in even smaller type, they had a vague phrase about "Foreign exchange fees may apply at ATMs abroad." Of course, what they really meant was, HSBC was going to charge the recipient their standard 3% foreign currency withdrawal surcharge, in addition to the $1.50 fee for any withdrawals from non-HSBC ATMs...

And then, of course, in Thailand now, virtually all Thai banks, with the exception of credit card company AEON's ATMs, are charging a 150 baht fee for withdrawals made with foreign bank cards. So add that in, and you're talking $1.50 U.S. to HSBC, 3% to HSBC, and another $4.40 or so to the Thai bank for every ATM withdrawal using Easy Send....

Beginning to get the picture???

HSBC has a facility called Global Transfers whereby it's easy to move funds between any of the HSBC locations where you have accounts. In my case for example I transfer Sterling from London or Hong Kong to a GBP account at HSBC in Bangkok and I do that in real time online. Transfers from my Sterling account in Bangkok to my Thai Baht account are done via a phone call to HSBC Bangkok. It is also possible to transfer Sterling from say London to Thai Baht in Bangkok automatically (with the exchange being done in Thaialnd rather than offshore) but doing so incurs a standard conversion rate rather than the more attractive preferential rate. There are no costs associated with moving the funds between branches, other than the cost of maintaining a single Premier account which is free if the minimum balance is maintained. Some might say that Premier accounts are expensive but that's a different discussion - the ease of transfers using Global Transfers is very good and removes a lot of anxiety from the process and also allows you to time your transfer based on optimum market conditions.

Edited October 19, 2009 by chiang mai

[jfchandler]

Ahhh!!!! OK Chiang Mai.... You finally said the magic word.... HSBC Premier....

Yes, of course, I believe for quite a long time, HSBC has offered its Premier accounts the ability to move funds online to different HSBC accounts in different countries. I don't believe there's anything new about that. I don't believe that online transfer capacity, however, extends to sending funds to NON-HSBC banks in other countries.

The only catch...which no one seems to have mentioned above....is that getting HSBC Premier status requires maintaining a combined accounts balance with the bank of at least $100,000. Back when they were paying decent interest rates, I almost did that. Now that they're paying dirt, I'm not going to park $100,000 with them to earn almost nothing...just for the privilege of online international funds transfers.

I should add, the HSBC Premier status is something that applies in all the different countries where HSBC operates, including the United States.... But at least in the U.S., if you don't have Premier status, you're limited to just the normal domestic ACH transfers or paying HSBC to send an international wire. And you can't even initiate the international wire online... have to go to a branch or call... Nothing special or inviting about that.

I had an HSBC US account when I first moved to Thailand.... And my original intention was to link that with a Thailand based HSBC account here, which would have been fine since I live in BKK.... But without HSBC Premier, they won't do it. And, I discovered, for the privilege of opening a local account here in Thailand, they were going to hit me with a ton of account fees and minimum balance requirements.... In the end, I said... NO THANKS....

However, not everyone in this thread appears to be talking about the same approach.... I believe, the HSBC Premier status only allows you to transfer funds online internationally among your own HSBC accounts.... not to some other bank in another country. But TV member Santisuk above appears to be talking about an online transfer from HSBC in Britain to BKK Bank in Thailand..... So maybe he or someone else can explain that...

[jfchandler]

Chris, are you sending to an HSBC account in Thailand or to a Thai bank?? And do you have HSBC Premier status or not?

In the U.S. at least, HSBC has no online capability for doing international funds transfers.... except if you're Premier status with them and want to move funds between your own HSBC accounts in different countries.

Logged onto my HSBC online account today and found that I can now transfer money from my UK account to Thailand totaly online. No need to fill in forms or go to the branch.

It is conveniant if I need a lot of money quickly but cost wise it is only slightly cheaper than using my ATM card here (Not counting the .25% hit on the exchange rate that HSBC do on a foreign ATM withdrawals)

To transfer online up to £2,000 is £17.

The max I can withdraw on my card is £300 so to get the same £2,000 would take 7 days and 7 withdrawals! Assuming a hit by Thai banks of 150 baht per transaction that means it's about £2.50 cheaper to do it all at once using online banking.

But as I said could work out much better because you will not get the exchange rate hit by HSBC.

If anyone wants to do the sums would be interested to see the results but to me it seems only worthwhile using the online method if sending £1,000 or more.

Chris

[jfchandler]

Again, your post below makes this seem like it's not something new, and/or you've been using HSBC's Premier account to send money to an HSBC account in Thailand???

At an HSBC fee of 17 pounds, that works out to be about $27 U.S. Interestingly, that price is just about the average for what a lot of U.S. banks are charging these days for traditional international wires.... that being $25 to $30.

But most U.S. banks don't give their customers the ability to do online international funds transfers. Citibank is one of the few that does. The others, generally, you have to call or fax or (if you were living in the U.S.) go into a branch.

It's a pain in the AAA for folks who are living abroad. But it really makes me wonder....if Citibank can do it in the U.S., then the others should be able to also... But...as another poster in another thread commented lately, the U.S. banks don't generally give a SH about their expat customers.

I have been transfering money oversea's online through my UK Hsbc account for the last couple of years. Previously to that i had to call the bank on telephone banking and they charged 25 pound for the transfer.

Internet transfers cost's where only 15 pound and has just gone up to 17 pound this month. I have transfered up to 10.000 pound at a time on internet banking and it is still the same charge wether you send 2000 or 10000 pound.

Geordie

[chiang mai]

Ahhh!!!! OK Chiang Mai.... You finally said the magic word.... HSBC Premier....

Yes, of course, I believe for quite a long time, HSBC has offered its Premier accounts the ability to move funds online to different HSBC accounts in different countries. I don't believe there's anything new about that. I don't believe that online transfer capacity, however, extends to sending funds to NON-HSBC banks in other countries.

The only catch...which no one seems to have mentioned above....is that getting HSBC Premier status requires maintaining a combined accounts balance with the bank of at least $100,000. Back when they were paying decent interest rates, I almost did that. Now that they're paying dirt, I'm not going to park $100,000 with them to earn almost nothing...just for the privilege of online international funds transfers.

I should add, the HSBC Premier status is something that applies in all the different countries where HSBC operates, including the United States.... But at least in the U.S., if you don't have Premier status, you're limited to just the normal domestic ACH transfers or paying HSBC to send an international wire. And you can't even initiate the international wire online... have to go to a branch or call... Nothing special or inviting about that.

I had an HSBC US account when I first moved to Thailand.... And my original intention was to link that with a Thailand based HSBC account here, which would have been fine since I live in BKK.... But without HSBC Premier, they won't do it. And, I discovered, for the privilege of opening a local account here in Thailand, they were going to hit me with a ton of account fees and minimum balance requirements.... In the end, I said... NO THANKS....

However, not everyone in this thread appears to be talking about the same approach.... I believe, the HSBC Premier status only allows you to transfer funds online internationally among your own HSBC accounts.... not to some other bank in another country. But TV member Santisuk above appears to be talking about an online transfer from HSBC in Britain to BKK Bank in Thailand..... So maybe he or someone else can explain that...

The amount of funds on deposit for Premier accounts varies from country to country, in the UK it seems to be less than £40K whilst in Thailand it is around 3 million Baht. But if your funds fall below that level you pay a monthly fee which is not huge at all. Given that Premier status gives you a regional credit card in local currency, plus you have the funds transfer capability, it's often worth while just paying the fee.

As far as transfers from foreign HSBC accounts to domestic non HSBC accounts is concerned, that's a two step process for me at least. I do oversea transfers on an as need basis, probably a couple of times a year - but I also have local direct debits from HSBC Bangkok to a couple of Thai banks to pay recurring bills. All seamless, reliable and the cost is around 100 baht a time.

[jfchandler]

Thanks for the explanation, Chiang Mai... Now I understand what you're doing... with Premier... In the U.S., fyi, if you don't meet their $100,000 minimum balance requirement, the monthly maintenance fee is $50 to keep Premier status... a bit expensive for the benefits offered.

It does seem, though, that some of the other posters above are doing some different thing with HSBC UK, since they're talking about paying 17 pounds per international transfer initiated online. Your transfers from HSBC to HSBC in Thailand, with Premier. are free of fees.