HSBC can bite me.

[elmcitymaven 9,711]

I have been tussling for the past two days with HSBC -- I am trying to tranfer the sizeable amount of cash sitting in my UK account to my account with another bank in the USA. I'm using a broker for the exchange -- Interchange, recommended by several people on this site, and they really are great!

Anyway, I made an agreement for a deal with Interchange, and I went onto the HSBC website yesterday to transfer my cash to the broker. Fine, except at the last moment it told me I couldn't transfer more than £10k using the online banking, and to check out the "Help" file. The help file said that I should use the "Transfer" tab for amounts over £10k -- but there is no transfer tab! So I called the internet banking chaps in Barnsley, and they scratched their heads and said, "Hmmm...better call telephone banking."

So, with a certain amount of trepidation, I called the call centre in India. I was told that I couldn't transfer more than £10k in a day over the internet, but could I come into my branch tomorrow? HELLO??? I just told you I am in the US and I am here FOR GOOD! Can't I do this over the phone? Well, no. You can transfer £10k today, and then call tomorrow with all the banking details and you can do the outstanding amount then -- we'll put you through to your branch. (Oh, and there was also a lot of me saying, "This is not YOUR money! This is MY money and I want my money!") I asked why there was a limit of £10k, and why was that not on the website? I was told that £10k is the limit, that's why. "That is not an answer to my question! Why is that the limit? 'Because' is not an answer!" Oh, and I was told not to call between 12 and 2 UK time as that was lunchtime -- so nice that they get 2 hour lunches at the Old Broad Street branch!

So I called Interchange and they said, typical. HSBC are utter pants. Fine, get us £10k today and the rest tomorrow. So I call HSBC today, and the most m-f**king RUDE guy told me I couldn't do the outstanding amount over the phone -- £10k limit per day. I went nuclear -- I asked him why his colleague had LIED to me yesterday when she said I could do the rest today. He said I always had the option of going into a branch...whereon I lost it biggie-style. I said, "Can't you see on your screen that my address is not in the effing UK??? I cannot go into a branch! This is MY money and I want my money and your colleague LIED to me! Fix this!" And he said, "I can't put you through to your branch. They can't help you and neither can I." So I hung up.

Seething, I called back 5 minutes later. Finally, someone listened to what I was saying and put me through to my branch. A very nice Scottish lady told me that there was a £10k limit due to legal requirements and the necessity of an audit trail for internet/telephone transfers. If I had given written authorisation, I could have done the whole thing at one blow, but she said, "whoever thinks they'd have to do that in advance?" She calmed me right down. I understood why there were requirements in this situation and I can deal with that. She also said she would investigate who misled me about transferring funds over £10k. So I can deal with this, really I can. If someone had just put me through to my branch in the first place I wouldn't be freaking!

Anyway, Interchange are willing to wait on the deal, so it will be done. I'm just p!ssed off!

[Nilz07 0]

Sorry to hear about that...sounds like a right nightmare. I will be moving soon to the US, I have opened a bank account with Citibank who are offering free transfers to the US Account when you get there!

Hopefully its as good as they make out!

[Jasman0717 8]

Wow, what a pain in the ###

[Kez/JWolf 6]

I just wrote myself a check from my UK account and paid it into my US account... had the money in 3 days and very little fees.... it was for well over $10,000...

Kez

[suesue 0]

I transfered a large sum of money for a house purchase from the UK via HSBC....... it wasn't easy..... I had to speak to the call centre, my branch, my business manager ( who's never there!!)and her assistant to book a good exchange rate..... and it cost me twenty pounds!!!!

I was told I could do all this very easily at my local HSBC (Great.... I live in Georgia, my nearest branch is Florida!!!)

I ended up taking all my funds out of HSBC and transferring them to a local US bank....... much less hassle!!!!!

[elmcitymaven 9,711]

I just wrote myself a check from my UK account and paid it into my US account... had the money in 3 days and very little fees.... it was for well over $10,000...

Kez

Cheques are fine -- it's telephone and internet banking that are the problem. With a cheque, they can verify your signature. With the others, they're taking it on faith at a distance that you are who you say you are. It has much to do with the Money Laundering Regulations of 2003, and related legislation (Proceeds of Crime Act, Terrorism Act, etc).

Moral of the story -- if you need to transfer a BIG chunk of money, plan ahead! Written instructions (or a cheque) do just fine.

[Krikit 1,163]

I recommend Custom House. Never had any problems with them.... even when transferring large sums. Very polite, professional, and easy to deal with. Sorry you've had such a frustrating time, ECM. That's quite annoying, I'm sure.

[willchels 0]

That stinks!

I bank with HSBC as well, so now I'll know to get that sorted early on. What I was planning on doing was just going into the bank and doing a bank transfer to our US account. I know there will be a fee involved but not sure how much.

Anyways, sorry you're going through these complications!

[elmcitymaven 9,711]

That stinks!

I bank with HSBC as well, so now I'll know to get that sorted early on. What I was planning on doing was just going into the bank and doing a bank transfer to our US account. I know there will be a fee involved but not sure how much.

Anyways, sorry you're going through these complications!

Using a third party broker (like I'm doing) instead of doing a straight bank transfer can give you a lot more bang for your quid, as their exchange rates are usually better than the bank's. It does add a certain level of complication, but it is minimal and pays off handsomely. It is certainly possible to transfer the whole lot in one go to the broker if you can go into your branch or otherwise notify the bank of a large transfer.

There's a thread somewhere back in the mists of VJ time on using currency brokers... might dredge it up and link to it.

[Krikit 1,163]

Using a third party broker (like I'm doing) instead of doing a straight bank transfer can give you a lot more bang for your quid, as their exchange rates are usually better than the bank's. It does add a certain level of complication, but it is minimal and pays off handsomely. It is certainly possible to transfer the whole lot in one go to the broker if you can go into your branch or otherwise notify the bank of a large transfer.

That's true. Custom House monitors the exchange rate for you (you can monitor it, too, if you like). Then they call and/or email and say "It'####### a high.... you're probably not going to get any better than this.... we recommend you exchange now".

My US bank told me to use a broker so I wouldn't be hit with any service fees from them, and so I could obtain the best exchange rate. Unless you're in a big hurry to transfer the money immediately upon locking in the exchange rate, there is no cost for the service. If you want it immediately, there is a $20 service charge. It sure saved me a bundle, and it's hassle free.

[elmcitymaven 9,711]

Found the thread: http://www.visajourney.com/forums/index.php?showtopic=70648

[willchels 0]

Many thanks everyone!

[elmcitymaven 9,711]

Update: the money went through as agreed. Whoopee! I'm on a business in California right now and the extra dosh is REALLY helpful. Interchange -- thumbs up!