HSBC DISASTER
Join Date: Dec 2006
Location: Anywhere there are cats to chase.
Age: 25
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HSBC.ae=BBME
HSBC in the UAE is not really HSBC at all. It is actually ther British Bank of the Middle East. HSBC in any other country doesn't even recognise HSBC.ae as "HSBC". It's simply a franchaise operation here that has paid a wad to the mothership to use their colours. Total scam.
Join Date: Jul 2001
Location: Gulf playing Golf
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HSBC to pay $1.9 billion U.S. fine in money-laundering case | Reuters
...and what a fine mothership that is!
...and what a fine mothership that is!
Join Date: Dec 2006
Location: Anywhere there are cats to chase.
Age: 25
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TJ, I don't know how you do it! ZERO costs??? You should read your bank statements a little more closely. These (HSBC) people do NOTHING for nothing.
On another note, HSBC has found a new way to make their clients scream: The "text pin". When making a purchase on-line you must now get a pin number sent to you by text message, you then enter the pin into the transaction window and wait. Doesn't work on iPad or smart phone.
Must be done in a very short period of time or the pin stale-dates.
This F'n Place. (TFP)
On another note, HSBC has found a new way to make their clients scream: The "text pin". When making a purchase on-line you must now get a pin number sent to you by text message, you then enter the pin into the transaction window and wait. Doesn't work on iPad or smart phone.
Must be done in a very short period of time or the pin stale-dates.
This F'n Place. (TFP)
Join Date: Jun 2001
Location: Sidney, BC, Canada
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Three years with HSBC
HSBC is a tough bank to deal with. We have had multiple issues with them over the years, right from the start. We have held the to task for multiple problems, errors, and general customer-client issues. This bank displays an inconsistency in policies and procedures. So why deal with themÉ
In Qatar, the local currency is tied to the US Dollar (similar, I believe, to the UAE). The most favourable exchange takes place by first exchanging to US dollars THEN moving to a foreign currency. Though this involve two transactions, the final exchange using HSBC facilities is more favourable than a direct exchange. Savings over the last three years have been significant.
There is one caveat. One must be a PREMIER member of HSBC to take advantage of the lower exchange rates. This involves maintaining a minimum balance in their combined accounts (it varies so check local regulations). PREMIER status opens a number of benefits, especially to those of us who tend to travel frequently.
The US account comes with a debit and credit card. Because of the favourable rates of exchange between US$ and other currencies, I tend to use this card when travelling then transfer sufficient funds to the US account to cover the charges. It has been the most cost effective way to travel.
One issue that comes up. American ATMs tend to add a surcharge to dispense US dollars. It is better to go to a local branch of HSBC and have them provide hard US dollars prior to embarking on a trip. I have not encountered ATM surcharges when using my debit card in BANK ATMs in other countries.
HSBC is not the easiest bank to deal with but they do offer some services not available from other institutions. If one is willing to put up with the hassle of dealing with them (patience and endurance seem to be the primary requirements) then they may save you a bit over the long term.
In Qatar, the local currency is tied to the US Dollar (similar, I believe, to the UAE). The most favourable exchange takes place by first exchanging to US dollars THEN moving to a foreign currency. Though this involve two transactions, the final exchange using HSBC facilities is more favourable than a direct exchange. Savings over the last three years have been significant.
There is one caveat. One must be a PREMIER member of HSBC to take advantage of the lower exchange rates. This involves maintaining a minimum balance in their combined accounts (it varies so check local regulations). PREMIER status opens a number of benefits, especially to those of us who tend to travel frequently.
The US account comes with a debit and credit card. Because of the favourable rates of exchange between US$ and other currencies, I tend to use this card when travelling then transfer sufficient funds to the US account to cover the charges. It has been the most cost effective way to travel.
One issue that comes up. American ATMs tend to add a surcharge to dispense US dollars. It is better to go to a local branch of HSBC and have them provide hard US dollars prior to embarking on a trip. I have not encountered ATM surcharges when using my debit card in BANK ATMs in other countries.
HSBC is not the easiest bank to deal with but they do offer some services not available from other institutions. If one is willing to put up with the hassle of dealing with them (patience and endurance seem to be the primary requirements) then they may save you a bit over the long term.
