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Just withdrew some AUD$ in Sydney from an HSBC branch ATM.
I was charged AUD$5 for the transaction, which I didn’t think would happen at an HSBC ATM. It is advertised as fee free.
Am not sure when but note the Global Money FAQ now says:
*There is a problem with us charging a fee when you withdraw cash at HSBC cash machines in the following countries: Australia and Greece. The issue in Argentina, Mexico, USA and Canada has already been resolved. We’re working on fixing the remaining cash machines as soon as possible. If you’ve been impacted we’ll be getting in touch to give you a refund. There is no need to contact us. We apologise for any inconvenience.
Thanks for the tips on opening the USD account, did this and then transferred into my global money account and exchanged all seamlessly.
I know you’ve been able to do this with Wise for ages so I don’t know why I’m so surprised 😂 but I’m a bit nervous about running large amounts through a fintech bank
Just received the Global Money debit card, and was slightly surprised to see that it was a Visa, whilst HSBC seem to be moving debit cards all to Mastercard.
Not that it makes much difference, but it’s quite a good redundancy to have a travel Mastercard and Visa, as it’s not totally unheard of for problems with one network…but out of curiosity does anyone know the rationale behind the banks choosing to issue some cards with Mastercard and some with Visa? Surely easier to have just one contract with the same provider?
For those not with Premier for their current account, HSBC have their £200 switching bonus running again, seems to repeat every 6 months.
Does anyone know if I can use the card outside of the 12 currencies, because I’m currently in west Africa and wanted to use my card for some purchases
I need to send a small payment to a Australian company’s account, in Australia. Can I use HSBC’s GM account to do that? Fee free?
I’m with Nationwide and they charge.
I’d use Wise, they’ve just done another fee increase after their still recent earlier one. But for small amounts they seem ok
I need to send a small payment to a Australian company’s account, in Australia. Can I use HSBC’s GM account to do that? Fee free?
I’m with Nationwide and they charge.
Yes, works fine. Low margin (0.4% ish) if you exchange during a workday. And then free to send. Cheaper than Wise, and you dont have to open another account
Does anyone know if I can use the card outside of the 12 currencies, because I’m currently in west Africa and wanted to use my card for some purchases
Yes
Thanks for the heads up. If I receive anything, I’ll update in here.
Just withdrew some AUD$ in Sydney from an HSBC branch ATM.
I was charged AUD$5 for the transaction, which I didn’t think would happen at an HSBC ATM. It is advertised as fee free.
Am not sure when but note the Global Money FAQ now says:
*There is a problem with us charging a fee when you withdraw cash at HSBC cash machines in the following countries: Australia and Greece. The issue in Argentina, Mexico, USA and Canada has already been resolved. We’re working on fixing the remaining cash machines as soon as possible. If you’ve been impacted we’ll be getting in touch to give you a refund. There is no need to contact us. We apologise for any inconvenience.
Just received an email, looks like it will be sorted!
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When you use your Global Money Account debit card to withdraw money from HSBC cash machines, we shouldn’t charge you a fee.We’ve discovered a problem that results in us charging a fee when you withdraw cash at HSBC cash machines in Australia and Greece. We’re working on fixing this as soon as possible. The same issue in Argentina, Canada, Mexico and USA has already been resolved.
As you’ve been incorrectly charged since opening your account, we’re sending you £10 to compensate you for each incorrect fee. We’ve worked out that our payment of £10 for each incorrect fee is more than the incorrect fee itself so you won’t be out of pocket.
We’ll be paying this directly into your Global Money Account within the next five working days and it will show as HSBC Refund on your statement in British Pounds (GBP Sterling).
If you’re going to any of the countries affected before the issue is fixed, we’ll ensure any incorrect fees are compensated in the same way. You don’t need to do anything else.
Just received this, looks like this will sort itself….
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When you use your Global Money Account debit card to withdraw money from HSBC cash machines, we shouldn’t charge you a fee.
We’ve discovered a problem that results in us charging a fee when you withdraw cash at HSBC cash machines in Australia and Greece. We’re working on fixing this as soon as possible. The same issue in Argentina, Canada, Mexico and USA has already been resolved.
As you’ve been incorrectly charged since opening your account, we’re sending you £10 to compensate you for each incorrect fee. We’ve worked out that our payment of £10 for each incorrect fee is more than the incorrect fee itself so you won’t be out of pocket.
We’ll be paying this directly into your Global Money Account within the next five working days and it will show as HSBC Refund on your statement in British Pounds (GBP Sterling).
If you’re going to any of the countries affected before the issue is fixed, we’ll ensure any incorrect fees are compensated in the same way. You don’t need to do anything else.
I have some USD in a Citibank UK current account. I believe they are exiting this business though I’ve not been informed yet officially! From reading this thread it doesn’t seem like I can transfer my Citibank USD directly to HSBC fee free if I open this global account?
I have some USD in a Citibank UK current account. I believe they are exiting this business though I’ve not been informed yet officially! From reading this thread it doesn’t seem like I can transfer my Citibank USD directly to HSBC fee free if I open this global account?
That functionality is not yet available in the Global Money Account.
However, I believe you should be able to do it via a free HSBC UK Currency Account – the balance can then be transferred to the Global Money account.
Speaking of the currency account, someone in Switzerland needs to pay me a five-figure sum (currently held at UBS) to one of my UK accounts. Which option would be better?
1. UBS > Wise CHF/GBP transfer to my UK bank account
2. UBS > my HSBC CHF Currency Account; then I convert to GBP and move to my normal bank accountI have some USD in a Citibank UK current account. I believe they are exiting this business though I’ve not been informed yet officially! From reading this thread it doesn’t seem like I can transfer my Citibank USD directly to HSBC fee free if I open this global account?
That functionality is not yet available in the Global Money Account.
However, I believe you should be able to do it via a free HSBC UK Currency Account – the balance can then be transferred to the Global Money account.
Thanks I’ll take a look. Had an email form Citi today about change in terms but still nothing about closing my account
Citi now given me a closure date of February. Just to confirm from those who use this account if I move my USD to a HSBC USD Currency account it will charge 7 USD and then I can move this to my a HSBC Global Money account to convert to GBP at a reasonable rate?
Citi now given me a closure date of February. Just to confirm from those who use this account if I move my USD to a HSBC USD Currency account it will charge 7 USD and then I can move this to my a HSBC Global Money account to convert to GBP at a reasonable rate?
Just checking on this in case anyone knows? My Citibank account closes in a month or so
Speaking of the currency account, someone in Switzerland needs to pay me a five-figure sum (currently held at UBS) to one of my UK accounts. Which option would be better?
1. UBS > Wise CHF/GBP transfer to my UK bank account
2. UBS > my HSBC CHF Currency Account; then I convert to GBP and move to my normal bank accountWith wise, you get a fixed rate that you can see in advance and less uncertainty. Their fees is not bad and customer service is good.
Citi now given me a closure date of February. Just to confirm from those who use this account if I move my USD to a HSBC USD Currency account it will charge 7 USD and then I can move this to my a HSBC Global Money account to convert to GBP at a reasonable rate?
Just checking on this in case anyone knows? My Citibank account closes in a month or so
You also need to check how UBS is going to send this money to HSBC? If it is going to be a wire transfer then there may be intermediary fees.
Citi now given me a closure date of February. Just to confirm from those who use this account if I move my USD to a HSBC USD Currency account it will charge 7 USD and then I can move this to my a HSBC Global Money account to convert to GBP at a reasonable rate?
This is correct. HSBC charge USD7, and will also likely charge an intermediary bank charge of USD25.
Depending on quantity of money involved you would be better:
– Withdrawing the cash in USD from citi, and paying this in over the counter in HSBC (this is free).
– using Revolut to receive the USD
– Sending the money directly to your global money account, which will automatically convert it to GBP.If we are talking a substantial amount of money, I would just pay the $7 + $25.
Thanks both! From what I can tell Citibank won’t charge a fee for the transfer. The $7 and $25 probably works best for me given 5 figure sum involved. Shame Citibank are closing as I’ve used their time deposits since rates have gone up and the USD interest is decent
Update. No fees from either Citi or HSBC to transfer. Changed some USD to GBP at 1.267 which is reasonable using HSBC Global account.
Update. No fees from either Citi or HSBC to transfer. Changed some USD to GBP at 1.267 which is reasonable using HSBC Global account.
Great news. The $25 fee was always arbitrarily charged (or not), but I am surprised you got away without paying the $7 fee. Still a win, and money safe, which is the most important.
Years ago for a house purchase, I had a large high street HSBC branch tell me they wanted a £20 CHAPS fee to transfer £100k from my deposit account to my current account at the same branch.
I’d prepared for this eventuality and started the conversation with “Are there any limits on cash withdrawal at the counter? Do I need to book in advance if I want thousands?” to which the answer was “no”.
So I said “great, in that case I’d like to withdraw £100k in cash from the deposit account please – stack it up there behind the glass for me – and then we’ll pay it into the current account once you’re done”.
There was a couple of minutes scurrying around and they decided that actually they didn’t need to charge the fee.
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