HSBC for Traveling

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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jago25_98jago25_98 Forumite
623 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
I keep seeing adverts for HSBC `The world's local bank` and indeed I do see branches around.

But what's the advantage? What can you do with it?

Local merchant accounts?
Less card declined problems?
Account opened in UK, withdraw in South America?
Less ATM fees?
Better exchange rate?
Help entering a new market?
Order of events: Banks lose our money -> get bailed out -> were inflating GBP to cover it -> now taxing us -> next will grab your funds direct -> things get really desperate to balance the books. What should have happened?: banks go bust and we lost our money much quicker

Replies

  • ses6jwgses6jwg Forumite
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    It's a marketing ploy.

    The cheapest way to transact abroad is to have an account with Metro Bank, Norwich and Peterborough, or a Santander Zero Account.

    Otherwise, a pre-paid credit card such as a FairFX, or a credit card such as a Halifax Clarity or Santander Zero.
  • gt94sss2gt94sss2 Forumite
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    jago25_98 wrote: »
    I keep seeing adverts for HSBC `The world's local bank` and indeed I do see branches around.

    But what's the advantage? What can you do with it?

    Local merchant accounts?
    Less card declined problems?
    Account opened in UK, withdraw in South America?
    Less ATM fees?
    Better exchange rate?
    Help entering a new market?

    HSBC can offer all these things above. However, it really depends what you want from an account.

    HSBC are particularly good if you are a business and want to expand overseas, bank offshore and/or if you are an expat.

    They allow you to access all your HSBC accounts internationally, transfer money and open different accounts overseas/manage your finances in different countries.

    If you are just going on holiday for a couple of weeks each year and going to use your debit/credit card then the providers ses6jwg mentions are likely to be cheaper.

    Regards
    Sunil
  • ses6jwgses6jwg Forumite
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    With HSBC, most of the decent accounts are limited to high value customers with 50k for more in savings (with HSBC this will often be earning less than 2% as they are extremely uncompetitive on savings). Plebs gain little by banking with "the midland".
  • callum9999callum9999 Forumite
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    I have a normal account with them and HSBC America and HSBC Australia could do absolutely nothing with my account. I was told in both cases that HSBC operate as separate banks in different countries, so basically they can do no more with an HSBC UK account than they can with Natwest, Halifax etc.

    Saying that, I'm sure I've seen adverts for their premium accounts that are more integrated.
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