State pension paid in euros

JohnWinder

retiredinfrance said:

Thanks Mordko, Nigelbb and Johnwinder. Interesting point  and worth considering. We are currently in the throes of opening HSBC current accounts but making little or no progress. I had a look at building societies to see about savings accounts but no progress. The new online banks all seem so far to be UK residents only.Patience is needed. 

I'm guessing you're in Europe. 'To open your (Transferwise) multi-currency account, you'll need to get verified, usually with some photo ID, proof of address, and/or a picture of you holding that ID. It usually takes about 2 working days.' I doubt you'll find anywhere easier than this. Just be aware that it's not a bank, but an authorised money transfer service (that allows you to hold money in different currencies and have a debit card!) or some such wording.

retiredinfrance

Thanks, Nottingham Knight. It's good to know it's not us. I expect that with so many EU residents having accounts closed they have been very busy.

retiredinfrance

Thanks JohnWinder. Yes, that is an issue with using transferwise, but I think  we may use them with the aim of not keeping much in the account. More as a passing through procedure.

NottinghamKnight

retiredinfrance said:

Thanks, Nottingham Knight. It's good to know it's not us. I expect that with so many EU residents having accounts closed they have been very busy.

No, they are just very slow, would be interesting to see the relative rate of account openings as it should have dropped in the last few weeks as they finished their switch incentive and reduced their regular saver rate, 

mgdavid

NottinghamKnight said:

No, they are just very slow, would be interesting to see the relative rate of account openings as it should have dropped in the last few weeks as they finished their switch incentive and reduced their regular saver rate, 

HSBC are dire. I opened an account online on 12th November and just recently received a first text message saying they were sending a card and a PIN. The irony is that the text was received last Monday - a Bank Holiday !!

[Deleted User]

I’ve been with HSBC since mid 90s (then it was “First Direct”).  For someone who needs banking services in multiple countries and currencies they are awesome. I log in and I see everything we have across continents. Transfers are instantaneous.  

I use their trading platform too (Investdirect).  The software is kinda dated and slightly painful but the actual offering is good. I think they let you trade on every stock exchange in the world and, again, very flexible with the currencies.  

On top of that we get a “relationship manager” who is quick to address your needs, travel perks, etc. 

I think opening new accounts with them is particularly painful because at one point they were penetrated by dodgy clients and shady money and were fined by the US. So now they are paranoid. 

retiredinfrance

Thanks, Mgdavid and Mordko. We started online on 4th November and Mr. got a card after a fortnight. I'm just waiting and strangely enough the queries they raised with me weren't even considered with Mr.'s account - same documents. I suppose he got a less paranoid employee! Anyway , what Mordko says is good news as this is the type of account we need.

JohnWinder

A quick and dirty look didn't show me what HSBC charges for currency exchanges. But their buy/sell spread for the global account is about 5%, which suggests to me one would be paying 2.5% on a GBP to EU exchange. Transferwise charges 0.37% on a mid-market rate I think. They should be paying me for these posts.

NottinghamKnight

Deleted_User said:

I’ve been with HSBC since mid 90s (then it was “First Direct”).  For someone who needs banking services in multiple countries and currencies they are awesome. I log in and I see everything we have across continents. Transfers are instantaneous.  

I use their trading platform too (Investdirect).  The software is kinda dated and slightly painful but the actual offering is good. I think they let you trade on every stock exchange in the world and, again, very flexible with the currencies.  

On top of that we get a “relationship manager” who is quick to address your needs, travel perks, etc. 

I think opening new accounts with them is particularly painful because at one point they were penetrated by dodgy clients and shady money and were fined by the US. So now they are paranoid. 

HSBC is a very different entity depending on where in the world you are. first direct are a different brand in the UK (as is M&S). The offering in the UK is far more limited for retail banking, I had an account with them in the ate nineties in HK when multi currency accounts were standard, their Canadian offering will probably be similar as servicing a lot of their Chinese clientele on the Canadian west coast. A relationship manager always costs you money of course. They are very wary and cautious in account openings, partially a function of their size and the fact they are once bitten and twice shy, US regulators don't mess around compared with the weak willed UK equivalents at least. 

NottinghamKnight

mgdavid said:

NottinghamKnight said:

No, they are just very slow, would be interesting to see the relative rate of account openings as it should have dropped in the last few weeks as they finished their switch incentive and reduced their regular saver rate, 

HSBC are dire. I opened an account online on 12th November and just recently received a first text message saying they were sending a card and a PIN. The irony is that the text was received last Monday - a Bank Holiday !!

They are very slow and inflexible, my account opening was quicker recently but that was because I had been a client until last year and unfortunately stopped me receiving a switch bonus though did get £30 compo for a complaint.