HSBC Fees?

[Alaskan]

I understand that HSBC has imposed new fees on foreign currency transactions. Can anyone confirm this and provide any details? Thanks.

[Cloud Cuckooland]

The AOA e-mailed evryone with a report from a member that this was the case and that the member was changing banks in disgust.

After checking with the bank I have ascertained the Following:

Foreign Currency CASH deposits and withdrawals now attrach a fee of .25 and .125 percent respectively.

Normal FCY transactions within a Powervantage acct etc carry no new fees. Similarly a TT to another country just attracts the normal $150 TT fee.

[Ab Initio]

I too received an email about a "friend of a friend of a friend" who apparently closed his HSBC account in protest.

Like Cloud Cuckooland, I checked with the bank and was told there had been no change(s) to their FCY charges.

I have a sneaking suspicion this is a chain-letter written by a disgruntled employee, customer, or maybe even a competitor. Whoever it was, they have clearly spiced up the facts to give the story more bite.

[MaxThrust]

I have also closed my account and opened one at the Bank of America. It was the last straw after HSBC started debiting there annual fee from my account monthly instead of at the end of the year.

[ASLr]

I received either a 'stuffer' from the bank with last months statement or a piece of paper at the bank with above mentioned fees if transacting from one currancy to another.

[Alaskan]

Thanks for the information folks. It sounds like the changes won't have an effect. Good! I can let my blood pressure slip back down to its normal 160 over 110.

[Seven]

Hey Ab Initio, you better check again!
There have indeed been changes - and now you need to pay a charge whether you deposit or withdraw foreign currencies (which is either a percentage of the transacted amount or a minimum applicable charge - whichever is more!). Earlier the charge was applicable only if the amount exceeded a certain preset daily limit which varied for different currencies.
Looks to me like they want to discourage frequent deposits and withdrawals of FCs. The changes went into effect on 21 Aug. and were brought to my notice by a teller when I transacted at the bank in early Aug.
Oftentimes, some of the tellers, particularly in branches where expat customers are few and far between, seem very confused and uninformed about issues related to foreign currency, overseas drafts, remittances etc. If unsure, they either provide incorrect information or inform you that you cannot do a certain thing - however, a different teller or a different branch will probably tell you a different story.
The CX City branch is pretty good that way and appear very well informed.

[This message has been edited by Seven (edited 20 September 2000).]

[CCA]

I deposited 50 pounds yesterday and was told of the 0.25% charge, which wasn't bad with the strength of the pound being so low, anyway half way through she says by the way the minimum charge is 5 pounds. So I just changed it to HK dollars.
Whats the point, I might as well close it.

[This message has been edited by CCA (edited 20 September 2000).]

[BlunderBus]

where DID you guys get a spelling edumacashun??????

[Alaskan]

I checked out the details when in HK last. The answer: HSBC has always levied a fee (a fine) for foreign currency note transactions at the rate stated by CC above. However, the fee only applied if the amount exceeded a daily limit. (e.g. USD5000; C,NZ,A,UK 1000) Wef Aug 21, the bank began charging fees on foreign note transactions regardless of amount, EXCEPT AT THE CXC BRANCH. There HSBC has left the original limits in place because "there are a lot of customers here who count on us for these transactions" said the Cust. Rel. Officer. When I asked if the CXC exception to the policy was permanent, she said "yes, unless the bank changes it."

[This message has been edited by Alaskan (edited 27 September 2000).]

[HardRock]

Hey Alaskan, thanks for the info! That'll save some cash changing over the expense money!

[Gary Halliday]

Anyone know what are they charging if you withdraw via a bank draft?.

[Compliant One]

The charges at CXC branch quoted by Alaskan are the same as I was quoted at my normal branch. I know that there are different charge scales for different accounts. I have a Premier A/C and there are no charges for a foreign currency draft but they charge HKD30 for other accounts.

[endo]

Following many complaints from crew the HSBC has agreed to suspend all charges for FCY deposit and withdrawal for the time being. - This policy is only applicable in the CXC branch.

You just have to keep reminding them that we are not prepared to pay these charges.

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- in motion