HSBC Plus account?

sammie383

BruceyBonus wrote: »

Yes - 2.75% is added to the exchange rate

So basically if I took out £100 from a cash machine out there I would still be charged £102.75?

It would come out the machine as euros wouldnt it? Sorry I am being really thick, but this is our first posting together, abroad and I 've never had to use my card in a cash machine abroad?

So if there is still this fee, wouldnt BOS charges be exactly the same? and therefore I am no better with the HSBC account?

BruceyBonus

sammie383 wrote: »

So basically if I took out £100 from a cash machine out there I would still be charged £102.75?

It would come out the machine as euros wouldnt it? Sorry I am being really thick, but this is our first posting together, abroad and I 've never had to use my card in a cash machine abroad?

So if there is still this fee, wouldnt BOS charges be exactly the same? and therefore I am no better with the HSBC account?

Sort of...

If you withdrew €100. At today's exchange rate ( http://corporate.visa.com/pd/consumer_services/consumer_ex_results.jsp?from=GBP&to=EUR&rate=0.0 ) with no charges (e.g. Natiownide), your account would be debited ~£90.80.

If your bank charged 2.75%, €100 would result in a debit of ~£93.30: http://corporate.visa.com/pd/consumer_services/consumer_ex_results.jsp?from=GBP&to=EUR&rate=0.0275

Bank of Scotland charge the 2.75% fee on the exchange rate plus a £1.50 fee per transaction: http://www.bankofscotlandhalifax.co.uk/bankaccounts/interestrates.asp#fees
So that €100 would cost ~£94.80

Just for comparison, buying €100 online from Travelex to collect at a branch would cost £93.94. At my local independent bureau de change, €100 costs £94.25.

The cash machine will dispense money in the local currency (i.e. euros). Only a handful of machines can give a balance - if you find one that does, then it will display it in euros at that days exchange rate.

sammie383

Ah great thank you very much for that, thatinformation is great. Based on that what would you recommened I open?

guli

Shelfstacker,

I heard that there is a 12 month contract for the Plus account. If I'm only interested in just 12 months, and decide to cancel, would you happen to know if:

1) I can do it straight the day after my first anniversary
2) Need to providing a 1 month's notice

Thanks

Inactive

sammie383 wrote: »

Ah great thank you very much for that, thatinformation is great. Based on that what would you recommened I open?

The Nationwide FlexAccount, if you want the best exchange rate.;)

never-in-doubt

guli wrote: »

Shelfstacker,

I heard that there is a 12 month contract for the Plus account. If I'm only interested in just 12 months, and decide to cancel, would you happen to know if:

1) I can do it straight the day after my first anniversary
2) Need to providing a 1 month's notice

Thanks

Cancel whenever you want - if they dont like it tough! :mad:

ShelfStacker_3

never-in-doubt wrote: »

Cancel whenever you want - if they dont like it tough! :mad:

...er, no.

Actually, sort of. You can cancel whenever you want, although you'll have to pay a fee if you're still in the contract period.

never-in-doubt

ShelfStacker wrote: »

...er, no.

Actually, sort of. You can cancel whenever you want, although you'll have to pay a fee if you're still in the contract period.

stop being so pernickerty - LOL

I basically mean if you don't like it then cancel. There may be a fee but ask in branch as they usually write them off (my branch do) But personally i'm happy to pay cos I like HSBC.... Best bank to me, but then i've not had reason to deal with them much....