HSBC Currency Account Exorbitant Fees

[Deleted User]

2chairs said:

[Deleted User] said:

Probably better that you change the title as HSBC UK appear to have not charged you.
If you check currency cloud - you've likely made the mistake of sending Euro via SWIFT rather than a SEPA credit.

The HSBC website gives this information (as also posted by Grumbler above) 

"We don’t charge for any payments you make to other HSBC accounts. We also don’t apply any charges for payments in euros to another account in the EEA, regardless of the currency of your account."

However, HSBC UK have confirmed that HSBC France deducted the 31.50EUR. 

When you make a payment online there is no option to choose SEPA or SWIFT . 

I'd say that my statement is still correct - whether it was HSBC UK or France it's HSBC that have charged me according to their own call center and contrary to what it says on their website. 

Anyway I have raised a policy complaint and they are investigating. My issue is that because it's not clear why this happened, will it happen again and how to I get more funds to The Currency Account in the meantime...... 

The use of intermediate banks means it's almost certainly SWIFT rather than SEPA; with the UK having left the EEA, this is unlikely to be fee free unfortunately. 

pieroabcd

Isn't the UK still in the SEPA area?

friolento

pieroabcd said:

Isn't the UK still in the SEPA area?

Yes it is.

https://www.ukfinance.org.uk/news-and-insight/blogs/uk-maintains-participation-sepa

[Deleted User]

pieroabcd said:

Isn't the UK still in the SEPA area?

The UK is a non-EU/EEA participant now - i.e. outside the Single Market. 

friolento

[Deleted User] said:

pieroabcd said:

Isn't the UK still in the SEPA area?

The UK is a non-EU/EEA participant now - i.e. outside the Single Market. 

what role does the Single Market play in SEPA?

[Deleted User]

friolento said:

[Deleted User] said:

pieroabcd said:

Isn't the UK still in the SEPA area?

The UK is a non-EU/EEA participant now - i.e. outside the Single Market. 

what role does the Single Market play in SEPA?

Single Euro Payments Area probably gives it away.
The practical effect is that the UK is no longer covered by EU regulations regarding fees etc

2chairs

pieroabcd said:

Isn't the UK still in the SEPA area?

yes it is.

2chairs

[Deleted User] said:

2chairs said:

[Deleted User] said:

Probably better that you change the title as HSBC UK appear to have not charged you.
If you check currency cloud - you've likely made the mistake of sending Euro via SWIFT rather than a SEPA credit.

The HSBC website gives this information (as also posted by Grumbler above) 

"We don’t charge for any payments you make to other HSBC accounts. We also don’t apply any charges for payments in euros to another account in the EEA, regardless of the currency of your account."

However, HSBC UK have confirmed that HSBC France deducted the 31.50EUR. 

When you make a payment online there is no option to choose SEPA or SWIFT . 

I'd say that my statement is still correct - whether it was HSBC UK or France it's HSBC that have charged me according to their own call center and contrary to what it says on their website. 

Anyway I have raised a policy complaint and they are investigating. My issue is that because it's not clear why this happened, will it happen again and how to I get more funds to The Currency Account in the meantime...... 

The use of intermediate banks means it's almost certainly SWIFT rather than SEPA; with the UK having left the EEA, this is unlikely to be fee free unfortunately. 

The UK is still in SEPA. 

2chairs

[Deleted User] said:

pieroabcd said:

Isn't the UK still in the SEPA area?

The UK is a non-EU/EEA participant now - i.e. outside the Single Market. 

Regardless, the UK is still in the SEPA zone. 

2chairs

2chairs said:

[Deleted User] said:

Probably better that you change the title as HSBC UK appear to have not charged you.
If you check currency cloud - you've likely made the mistake of sending Euro via SWIFT rather than a SEPA credit.

The HSBC website gives this information (as also posted by Grumbler above) 

"We don’t charge for any payments you make to other HSBC accounts. We also don’t apply any charges for payments in euros to another account in the EEA, regardless of the currency of your account."

However, HSBC UK have confirmed that HSBC France deducted the 31.50EUR. 

When you make a payment online there is no option to choose SEPA or SWIFT . 

I'd say that my statement is still correct - whether it was HSBC UK or France it's HSBC that have charged me according to their own call center and contrary to what it says on their website. 

Anyway I have raised a policy complaint and they are investigating. My issue is that because it's not clear why this happened, will it happen again and how to I get more funds to The Currency Account in the meantime...... 

As an update, I've had a response today from HSBC's complaints department. They have told me that in order to send EUR from my HSBC UK bank account to the Barclays UK bank account;
1. they had to route the funds via HSBC France (also called HSBC Continental Europe)
2. HSBC France has charged the 31.50

They claim it is perfectly clear on their website because there is a statement under the table (which shows no charges for sending Euros within the EEA) which says "Any transfer of money outside the UK may attract additional charges raised by the receiving bank and any non-UK bank needed for the transfer. HSBC has no control over these charges and cannot advise on their amounts."

They have closed my complaint as apparently it should be obvious that they would transfer the money outside the UK and they have said they don't have control over HSBC France charges (apparently it should be obvious that when they refer to HSBC that is HSBC UK and not HSBC group). 

I can't believe I would be the only one to whom this really ISN'T obvious. 
My only recourse now is to raise it with the Financial Ombudsman.