HSBC foreign transfer GBP to HKD - costs and fees

honestsammy
honestsammy Posts: 38 Forumite
in Budgeting & bank accounts
Hi,

I am investigating for a friend what the charges are to transfer from GBP to HKD from an HSBC savings account to an HSBC account in HK for the same person. It's for a large-ish sum as he's looking to retire.

From the website it says that HSBC to HSBC foreign transfers are free. It says on MSE that it is only free for Premier and Advance account holders. When I called up the call centre they said it would cost £4 and they also said there are no % fees on top of the rate that you get. I'm not sure about the call centre person as they did not seem 100% sure and had to keep asking someone else.

Can anybody confirm which of these are true?

Thanks in advance :T
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Comments

  • eDicky
    eDicky Posts: 6,565 Forumite
    First Anniversary Name Dropper First Post
    That there's no % fee on top of the rate that you get (ie the rate that they give you) is a cute way of not admitting that they take a margin of ~3% on the conversion. You need to ask them what rate they would give you today and compare it to the mid-market rate shown on xe.com. Perhaps you can negotiate a better rate for a large amount.

    If your friend opens a GBP account with HSBC in Hong Kong, that would avoid the conversion in sending it, but I'm not sure whether the rates HSBC will give you there are any better.

    Using a broker for the transfer would probably be the best way, check the comparison sites Monito and fxcompared etc.
    Evolution, not revolution
  • honestsammy
    honestsammy Posts: 38 Forumite
    Thanks for responding.

    I asked them for their rate today and I was going to compare it but not got round to it yet. I'll put up the results when I've done the analysis. From first impressions it was ALOT better than the Halifax which is where they have traditionally banked.

    I've purposely avoided asking about other methods because it needs to be easy for them to do as they're not tech savvy. HSBC to HSBC seems the best compromise between price and ease.

    Cheers
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    eDicky wrote: »
    That there's no % fee on top of the rate that you get (ie the rate that they give you) is a cute way of not admitting that they take a margin of ~3% on the conversion. You need to ask them what rate they would give you today and compare it to the mid-market rate shown on xe.com. Perhaps you can negotiate a better rate for a large amount.

    A friend used to get a very competitive rate using HSBC Singapore for SGD to GBP transfers into his HSBC current account.

    Better to do some actual investigation of the rates than presume from nowhere!
  • eDicky
    eDicky Posts: 6,565 Forumite
    First Anniversary Name Dropper First Post
    It doesn't help the OP, but HSBC and others in Singapore do give decent rates when compared to HSBC UK. I bank with both so I'm not presuming from nowhere.

    HSBC Hong Kong would also perhaps convert GBP to HKD at better rates than letting HSBC UK do it, if a GBP account were to be opened there as I suggested, but I couldn't say for sure,
    Evolution, not revolution
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    My son sometimes moves money the other way round, HKD from his HSBC account to GBP to his UK HSBC account.

    He says their rate is not good.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    One thing to consider will HSBC allow a foreign transfer from a savings account?
  • beckysheffield
    beckysheffield Posts: 328 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Have you tried third party transfer sites?
  • beckysheffield
    beckysheffield Posts: 328 Forumite
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    jonesMUFCforever wrote: »
    One thing to consider will HSBC allow a foreign transfer from a savings account?

    Dunno what the issue is if the person transfers to current account and transfers it that way? I refuse to have my money in a savings account less than >1%.
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
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    beckysheffield wrote: »
    Dunno what the issue is if the person transfers to current account and transfers it that way? I refuse to have my money in a savings account less than >1%.

    Perhaps because the OP stated they wanted to send froma savings account?
  • beckysheffield
    beckysheffield Posts: 328 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    jonesMUFCforever wrote: »
    Perhaps because the OP stated they wanted to send froma savings account?

    They need a current to have a savings account? It presents no benefit or loss either way
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