HSBC Currency Account Exorbitant Fees

huw01

 Can someone point out the benefit of a GM account over Wise. Reading this thread, it seems to be a lot of kerfuffle over features wise seem yo do better and a lot easier

pecunianonolet

huw01 said:

 Can someone point out the benefit of a GM account over Wise. Reading this thread, it seems to be a lot of kerfuffle over features wise seem yo do better and a lot easier

Wise is not a bank so funds with them are not protected. Wise doesn't have branches where you could pay in foreign bank notes.

WastedWords

pecunianonolet said:

However, what IBAN & BIC details would I give in this example my Polish friend and where would I find those details?

In your GMA, select any account balance -> view more -> view and share account details -> outside the UK. You'll find your IBAN.
IBAN is the same regardless if currency.

pieroabcd

What if I want to pay from my GMA someone outside the UK in Euro?
I can't see anything relevant in the app.

I really wish that HSBC did something easy for once, like Starling that has a no fuss single card with multiple currencies and all functionalities easily usable in the app.

DavidT67

pecunianonolet said:

huw01 said:

 Can someone point out the benefit of a GM account over Wise. Reading this thread, it seems to be a lot of kerfuffle over features wise seem yo do better and a lot easier

Wise is not a bank so funds with them are not protected. Wise doesn't have branches where you could pay in foreign bank notes.

You can't pay notes into a HSBC Global Money account either, that's why having the legacy personal foreign currency accounts is still useful. 

We deposit EUR into HSBC personal foreign currency account, send to Wise using SEPA, then convert to GBP and send back to HSBC UK GBP current account.  

Gives a better overall conversion rate than using either HSBC FC or GM accounts.

WastedWords

pieroabcd said:

What if I want to pay from my GMA someone outside the UK in Euro?
I can't see anything relevant in the app.

I really wish that HSBC did something easy for once, like Starling that has a no fuss single card with multiple currencies and all functionalities easily usable in the app.

I am still using the older app version but......

pieroabcd

Well hidden, but it's still there.
Thanks

Olenna

tBallard said:

Olenna said:

Ballard said:

Olenna said:

Ballard said:

nyermen said:

31.50 EUR seems high, sepa is pretty cheap.  Suspect it is indeed going via SWIFT?  (especially with mentions of correspondent banks).  That or HSBC France is taking a big chunk of commission.

Edit: This https://www.hsbc.co.uk/international/what-is-sepa/ seems to confirm they must be using swift.

A technical point, but SEPA payments also use Swift MT103 messages, they just have to abide by more stringent formatting requirements. If the payment isn’t formatted perfectly, the payment can still go through but won’t be SEPA compliant and charges can be applied. 

Charges can be applied regardless as the UK is no longer part of the EU/EEA.

SEPA includes a handful of non-EU countries, including the UK. 

https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2024-11/EPC409-09%20EPC%20List%20of%20SEPA%20Scheme%20Countries%20v5.0.pdf

SEPA and the EEA are not the same thing... 

e.g. Switzerland is part of SEPA but is not part of the EEA. 

I’m not sure what your point is. 

The point being that the protection from extra charges is from being within the EEA not within the SEPA alone.

pieroabcd

I've done a few tests. Sent from an EU bank to my euro global money account. Received in Euro without charges on either end.
Sent from the same global money euro account  to my Starling euro account. Again EURo to euro with no fees.

Just slow, more than a day for each payment.

Olenna

pieroabcd said:

I've done a few tests. Sent from an EU bank to my euro global money account. Received in Euro without charges on either end.
Sent from the same global money euro account  to my Starling euro account. Again EURo to euro with no fees.

Just slow, more than a day for each payment.

Spanish and French domiciled banks seem to be most problematic (charge wise) with GB IBANs