HSBC - receiving money from abroad

MarcoM

Hello,

This query relates to the possibility of receiving a large sum of money from abroad into an HSBC account.

The experts on this forum (I think it was jamesd) have suggested that I should go into my branch to tell the bank about the transfer prior to this taking place which of course makes sense.

I would like to know if I could do this at a different branch to the one where my account is held. My branch now has one counter and three machines and it is a 30 minute drive to get there.

I could access a much larger branch where I work which has a "few" customer service advisers.

Basically do the technicality of these money transfers and or / M Laundering Regs require the involvement of the manager of the branch where your account is held or can any branch pick this up?

I really do not want to waste time on more than one appointment for something which imho is intrusive and unnecessary.

Thanks

InsideInsurance

The money laundering checks etc will not be done by any branch but a central processing centre.

Either calling the normal telephone banking or going in branch they will simply put a note on your account and this hopefully will be read by any individuals who actually review the transaction if it gets caughted up for extra checks etc

catokelly

Please avoid getting the currency sent directly to your UK Sterling bank account, as you will be subject to the banks unfavourable exchange rates/charges, especially if it is a large amount.

If you use an international money transfer specialist such as Thomas Exchange, you will maximise your currency value as they base the rates on the live market rate not the 'tourist rate' that the banks use, plus they offer special rates for large transactions. Once you have agreed a rate, they then send the sterling to your UK bank account as a same day transfer.

Basically, most international money transfer companies hold currency accounts in all major currencies and can receive payments from bank accounts abroad and convert them into sterling for you. Banks will convert the foreign payment into Sterling without letting you know the rate beforehand, whereas if you use a money transfer company they will let you know the current rate and you can choose to go ahead or wait for the rate to improve.

Hope this helps :money:

InsideInsurance

catokelly wrote: »

Banks will convert the foreign payment into Sterling without letting you know the rate beforehand, whereas if you use a money transfer company they will let you know the current rate and you can choose to go ahead or wait for the rate to improve.

That depends on what the foreign bank transfers.... if they transfer USD or EUR etc then this is true but it can be they transfer GBP in which case your bank does no exchange and so your "tip" (which with highlighted brands looks more like spam) would be inappropriate/ useless

catokelly

InsideInsurance wrote: »

That depends on what the foreign bank transfers.... if they transfer USD or EUR etc then this is true but it can be they transfer GBP in which case your bank does no exchange and so your "tip" (which with highlighted brands looks more like spam) would be inappropriate/ useless

I am simply advising the OP not to depend on his bank to receive payment from abroad if the payment is in a foreign currency. Also, if it is a large amount they could potentially lose money.

Conversely, if it is GBP that he is receiving directly into his UK account, he should check with the bank abroad to find out what kind of rate they are applying to convert the original currency to GBP as he may be better off to transfer the original currency.

So its a bit harsh to brand my advice inappropriate or useless.