Global Money Transfers - HSBC etc...

[TheRoadAhead]

Is there a specific need to keep your money with HSBC?

i receive rent in my home country hence need a hsbc bank account there and enjoy global transfer and view

once I qualify for Premier through Expat then I will be premier in all countries. I can then invest all future savings on IB or Saxo directly. What do you think?

[Sith]

i receive rent in my home country hence need a hsbc bank account there and enjoy global transfer and view

once I qualify for Premier through Expat then I will be premier in all countries. I can then invest all future savings on IB or Saxo directly. What do you think?

Personally I think Premier is worth nothing. Global transfer/view might be nice to have but still not worth it to keep a balance with them for that reason.
Once you have IB you can transfer for free to overseas (once a month) with an added bonus cheapest exchange rate you can find.

[Sith]

Original Post Deleted

Yes you are completely right. I forgot that part. Mostly because it cost me only 9 EUR to receive any amount from IB in Europe.

[pin]

i receive rent in my home country hence need a hsbc bank account there and enjoy global transfer and view

once I qualify for Premier through Expat then I will be premier in all countries. I can then invest all future savings on IB or Saxo directly. What do you think?

OK, that makes sense. I don't see anything wrong with that plan. Just one thing you can earn a bit more in interest with your emergency fund than HSBC these days. Not much more but better than nothing.

DBS time deposit is around 1.30% for example. ZA Bank also offers 1% up to 500k HKD.

[Sith]

Original Post Deleted

Not sure what you mean. Are you saying receiving money from IB into ING would be free? Haven’t tried that with IB, I used ABN AMRO which charges 9 EUR. Have both so could try ING next time, if that’s what you mean.

And also not sure about your second part about back to HK and need HSBC.

[Sith]

Original Post Deleted

Well I have an account with both so I could choose.
Oh that’s strange as they always have charged me the 9 EUR. I should look into that.
Where did you find that they use Citi Frankfurt?

[Sith]

Original Post Deleted

I found the reason why I get charged. Apparently when I did the setup (a few years back) I set it up as a Wire transfer instead of Sepa. Damn got charged all this time for nothing.
And I see with choosing Sepa if you do more than 1 transfer in a month it will charge you only 1 EUR instead of 8 with Wire (even though I only transfer a few times a year)

This is great! Thanks for pointing this out and make me investigate it!

[GentleGeorge]

Is anyone aware if UK banks (and specifically HSBC UK) charge for receiving wires from IB in GBP? Sounds like this should easily be competitive with TransferWise.

Apologies for hijacking the original thread.

[Sith]

Original Post Deleted

Was not aware of the limit for Sepa but I guess that is only for same day/instant transfer? As I have made transfers within EU for higher amounts than 15k without any fees but might have not been settled on same day.

[Windmill65]

Thank you all for making me aware of SEPA. I didn't know about this but now see where I can reduce my costs of money transfers.