HSBC exchange rate between uk bank accounts

Aan_2

Hello

I have received on my HSBC basic account the following transaction: in July CR ECOTEC LLP - £5886.72

I have been notified that ECOTEC who has made transfer in Euros not pounds: ""Pre-Financing Payment of €6800.00 has been authorised and paid on the 27th July 2009"" this is my grant for teahcing in france. so the amount is in euros.

I am moving to France in two week and i expected to have Euros available so that I can transfer this money to HSBC branch in France without paying extra commission charge. Now I have to convert this money again and pay extra commission charge. We are talking about thousand of pounds which make my living expenses in France for the next 9 months.

I would like to know why I have not been notified by bank that it was going to convert Euros into pounds at the rate of 1.16 (when the current rate is 1.14244 without me knowing this first. the rate could not be two weeks ago 1.16 when it is now around 1.14 so the amount should have been around 5,959.93 GBP not £5886.72.

I am a sort of confiused. what should i do? all i wanted is euros not unds. is it worth now waiting that pound get stronger so i will get more euros in 3 months. or else

aan

DesG

Someone sent Euros to the Sterling account details that you provided the sender? What did you expect the bank to do?

Cheers, Des.

Aan_2

I went to the bank before and asked for advice. they did not provide me with the advice that I should set up separate account if I am to receive the money in euros. expecially if i was to transfer this money to their branch in france. they should have advised me accordingly.

MPH80

Aan wrote: »

I would like to know why I have not been notified by bank that it was going to convert Euros into pounds at the rate of 1.16 (when the current rate is 1.14244 without me knowing this first. the rate could not be two weeks ago 1.16 when it is now around 1.14 so the amount should have been around 5,959.93 GBP not £5886.72.

Actually - two weeks ago - the rate was around 1.16:

http://www.x-rates.com/d/EUR/GBP/graph120.html

Raw data here: http://www.x-rates.com/d/EUR/GBP/data120.html

As for the advice you got - did you specifically say "I want to keep this money in Euros - I don't want it converted" ... or did you say "I've got this money coming - and then I'm going to send it to france?"

If it's the former - then the advice you got should have been "don't get it paid into a Sterling account" - but I'm betting it was the latter, in which case - the advisor told you how to get the money, and then transfer it on.

M.

Aan_2

eh not! your bet is wrong. you see i am profoundly deaf so have to go to the bank to talk. i specifcally mentioned that i want to euros to be transferred into their branch (and my account) in france. they did say that they cna do it but will charge me £100. but eh! what can i do now? you know i am bit dumb and numb when ti comes to these things but i can undertand well so this is what happened. but anyway this is the trick of the trade they play.is there any point going to the bank asking to have it back into euros i mean they in effect gained early 1000 euros so far! then the pound will raise again and if i leave it a bit longer in my account i will be able to get more euros to spend in france. advice here? maybe i should swich to other bank then like city bank ...sorry for bothering you

DesG

Aan wrote: »

eh not! your bet is wrong. you see i am profoundly deaf so have to go to the bank to talk. i specifcally mentioned that i want to euros to be transferred into their branch (and my account) in france. they did say that they cna do it but will charge me £100. but eh! what can i do now? you know i am bit dumb and numb when ti comes to these things but i can undertand well so this is what happened. but anyway this is the trick of the trade they play.is there any point going to the bank asking to have it back into euros i mean they in effect gained early 1000 euros so far! then the pound will raise again and if i leave it a bit longer in my account i will be able to get more euros to spend in france. advice here? maybe i should swich to other bank then like city bank ...sorry for bothering you

I think if you requested advice on how to do the transfer, in and out, then they have done nothing wrong. If you asked how to do the transfer without conversion to Sterling in the middle and they advised you how to do that and you incurred conversion costs, then you would have possible grounds for complaint. (Either way, I would still invoke their complaints procedure)

As the money is now in Sterling, you may want to proceed with a complaint against the bank, and see what happens.

The exchange rate will change in the next three months, it could go in your favour, or against you.

There is no easy solution now that the transfer has happened. Complain to the bank, and you never know, they might do it as a gesture of goodwill, or to return you to the position you should have been _if_ you received bad advice.

Cheers, Des.

MPH80

You said you wanted to transfer euros to france - well - they can definately do that for you! They'll convert the sterling to Euros and transfer it for you. You haven't said that you said you wanted to recieve, and keep it, in Euros before transferring it on. That last, very specific, section is important.

Almost any other bank would have done exactly the same - recieve the money and convert to Sterling. The only time it would have been different is if you had a 'Euro' bank account - which are rare in this country. You can get them from CitiBank - although it's a bit beyond the point now.

I don't think you've been given bad advice, I think, given what you've said - the bank did want you wanted - it recieved money into an account designed to hold Sterling, and as is necessary - converted it.

You are currently playing the game of currency speculation - you can wait, see what happens to the rate - it might go the other way and leave you better off, or it might dip and leave you worse off.

It happens all the time with refunds of items bought in foreign currencies - you pay at one rate and are refunded at another. Oddly - people only complain when it goes against them ...

Aan_2

many thanks! cheers