SEPA Transfer EUR > GBP with HSBC UK: complaint?

The_Phantom

Just spent 35 minutes on the phone with them.
10 minutes arguing and 25 minutes waiting on hold to be transferred to their complaints department. Hung up then, don't think they really transferred me but just let me sit on hold for being naughty and questioning their fees.
Lady told me not to bother to complain to them or the Ombudsman as they would all tell me the same.
They are a big bank and wouldn't break any rules, so their charges are absolutley OK :T
Pointed out that they are in breach of EU rules / regs for a) charging for SEPA payments when their domestic transfers are free and b) for not showing the charge separately

She tried to tell me it's all international payments as it is all coming from outside the UK so charges apply no matter whether it is EU or not. :rotfl:

Anyway, as they just put me on hold I will put the complaint in writing and then take it to the Ombudsman although having been told by Halifax the Ombudsman will not do anything and side with the Halifax anyway. Great isn't it ? :beer:

Well, at least the Halifax will be charged by the Ombudsman just for looking at my complaint.

dazza.mk

The_Phantom wrote: »

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I was also under the impression that UK banks cannot charge any more for these incoming payments than they would for a domestic UK transfer. Haifax doesn't charge for domestic transfers...

I am about to challenge this charge with them.

Domestic transfers in EUROS, their argument is as BACS Euro transfers have been withdrawn they have no benchmark for domestic transfers and as such they can transfer what they like.

NFH

The_Phantom wrote: »

I noticed that they have now introduced a charge of £2.- per incoming payment of less than the equivalent of £100.- and I think £7.- or something like that for equivalent of over £100.-

Ask them how much they charge for receiving EUR payments from within the UK. If it's zero, then they're in breach of the EU regulation.

hsbc-lost

Dear all,

I wonder if the Ombudsman has come back on the issue of charging money as a fee for transfers within the EU banking system? HSBC charges GBP9 for amounts up to GBP2000 to go outside the UK to EU countries. I would like to know if I could get this for free instead.

Secondly, I just spend time on the phone with HSBC. They told me their currency conversion rate is the same as the market close rate and there are no hidden fees or mark-ups like 2.75% currency conversion charge that they actually ask when you extract money from an ATM in a foreign country.

They had a problem though to explain exactly why they tell they use the market close rate before the weekend started, but why Thomson Reuters and Bloomberg market data vendors data used by traders showed a close of 1.1544-1.1545 GBP/EUR and they want to give 1.1279?? There seems to be a rather large profit making charge somewhere hidden...?? Anyone who has ever had any insight in this? Also if they tell they will use the market close rate can you oblige them to use the real rate or change all communications globally to their customers on this? Now they can just trick you into it.

Regards,
a customer lost with HSBC

pmduk

The_Phantom wrote: »

Well, at least the Halifax will be charged by the Ombudsman just for looking at my complaint.

They will only get charged if the ombudsman decides to investigate your case.

dalesrider

The_Phantom wrote: »

Lady told me not to bother to complain to them or the Ombudsman as they would all tell me the same.
They are a big bank and wouldn't break any rules, so their charges are absolutley OK :T

Well, at least the Halifax will be charged by the Ombudsman just for looking at my complaint.

Now if you could get that first part in writing or the transcript of the call.
Then you would be laughing all the way to the ombudsman.... Talk about shooting yourself in the foot.

Always let the customer complain, failure to do so will see someone getting a very nasty fine and possibly the rep out on their ear Which serves them right.

Halifax will only get charged if you fail to resolve via their complaints procedure within 8 weeks. And it then goes to FOS.

grumbler

hsbc-lost wrote: »

I wonder if the Ombudsman has come back on the issue of charging money as a fee for transfers within the EU banking system? HSBC charges GBP9 for amounts up to GBP2000 to go outside the UK to EU countries. I would like to know if I could get this for free instead.

I don't understand why it has to be free, but it might be just me.

Secondly, I just spend time on the phone with HSBC. They told me their currency conversion rate is the same as the market close rate and there are no hidden fees or mark-ups like 2.75% currency conversion charge

It was some incompetent idiot that told you that.

henm2

hsbc-lost wrote: »

Dear all,



They had a problem though to explain exactly why they tell they use the market close rate before the weekend started, but why Thomson Reuters and Bloomberg market data vendors data used by traders showed a close of 1.1544-1.1545 GBP/EUR and they want to give 1.1279?? There seems to be a rather large profit making charge somewhere hidden...?? Anyone who has ever had any insight in this?
a customer lost with HSBC

The market wholesale rates are for multi million pound or equivalent deals bank to bank. You are never going to get that on individual relatively small transactions. Which is why for HSBC card transactions for example there is a loading of 2.75% on market wholesale foreign exchange rates. Same principle applies to other types of foreign payment transactions though there is no set loading margin.

TheBanker

I know of a case which went to FOS because the customer was unhappy that the exchange rate on an incoming SWIFT payment wasn't as good as the rate quoted in the FT. The FOS decision was that rates were a commercial decision for the bank and the complaint was declined. This Complaint also covers exchange rates.

International payments aren't free. There is no regulation saying they should be free, and any complaint on that basis would fail.

dazza.mk

TheBanker wrote: »

I know of a case which went to FOS because the customer was unhappy that the exchange rate on an incoming SWIFT payment wasn't as good as the rate quoted in the FT. The FOS decision was that rates were a commercial decision for the bank and the complaint was declined. This Complaint also covers exchange rates.

International payments aren't free. There is no regulation saying they should be free, and any complaint on that basis would fail.

If it is a SWIFT payment then it is irrelevant to the above, the specific European legislation only covers payments made using the BIC/IBAN (which won't necessarily be SWIFT), and they don't have to be free, they just can't be more expensive than domestic transfers in Euros (assuming all other criteria are met)