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HSBC and Hidden Fees

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  1. #51

    Join Date
    May 2009
    Posts
    1,289

    Just to answer my own question and might be useful for others to know.
    Late last night I tried to transfer EUR (which I had already exchanged from HKD on IB) from my IB account (opened in HK) to my overseas account.
    This afternoon it was already on my overseas account!! No charge from IB and very little charge from the bank (9 EUR)

    So it seems this is the cheapest way to both do the FX and to transfer the money overseas to your own account!.

    Drunken Master and pin like this.

  2. #52

    Global Transfer >10% loss

    I'm really glad that sft77 started this thread, because the situation with HSBC is really bad when you have two linked accounts with them. You would think these Global transfers would be the most efficient because it's all internal to HSBC, but their rates are terrible!
    Today I was going to buy something from my French account and transferred £1000 and was given 1.08 (when spot rate is 1.14).
    Then I didn't make the purchase so sent the euros back to my UK account (at 1.2) and ended up with about £900 !
    it was done within an hour on a Sunday (so no currency movement).
    This £100 cost was HSBCs spread at their special Global rate.
    I'm wondering is it against banking regs that they do these internal transfers at a much worse rate than even their standard ones??


  3. #53

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,323

    And you can ring your relationship manager and try and get better rates too sometimes.


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