HSBC Global Money Account Dispute

sparkyliveson

August 2023 I used my HSBC Global Money Account in Trinidad. 

There were 8 transactions in a hotel to the sum of £300. I used my GBP in my HSBC Global Money Account and it was converted to USD to make the card payment. 

The other day I was notified via my HSBC App that my HSBC Global Money Account was overdrawn….? I look and the are 8 transactions to the sum of £300. These 8 transactions are GBP to USD conversations which are the same value as 1 year and 5 months ago in that hotel. 

I immediately freeze the card and call HSBC fraud. It’s late on a Sunday they hang up as office closes around 22:30 on a Sunday night. 

I call again next day to fraud at 09:00. Fraud explain that this is a conversion charge on the transactions made 1 year and 5 months ago? I’m shocked, that cannot be right! They end the call saying it’s not fraud. 

I call HSBC again to dispute this as there website states things like the following wrt to the HSBC Global Money Account:

- Benefit straight away from our competitive live exchange rates

- If there aren't enough funds in the right currency balance, but you have funds in GBP and spend in one of the currencies you can hold with us, the conversion will be done using the HSBC Global Money Exchange Rate.

- Use your card abroad and spend like a local. We'll debit the payment from your currency balance if funds are available. If not, or if the transaction is in a currency you can't hold a balance in, we'll debit your GBP balance.

Long story short I was on the phone with the HSBC from 09:00 till 14:00 being passed from fraud, to disputes to global money team. 

I’m self employed so lost half a days work dealing with this. 

To be told it’s by almost 6 operators for fraud, disputes and global money team that they do no know what to do??

At the same time I’d been in the HSBC app asking questions why this was taking so long through the chat app. They asked if I wanted to raise a complaint. I said yes. 

The final phone operator from global they could not help. As I’d raised a complaint this is the best way to get a resolution to the 8 mysterious transactions. 

So it’s not fraud - although 8 same transactions have been made (difference on my statement just says conversion GBP to USD for each transaction …. A year ago it stated Allied Hotels Ltd)

It’s not something apparently I can dispute - even though I have the bank card and never made the transactions. And if it is delayed conversation fees as suggested by the fraud department. Also why did the bank allow the transactions as there is no overdraft facility. 

Lastly all the above departments at HSBC told me this is to do with Global Money ….. Global Money can’t tell me anything about the transactions. 

So I remain £300 overdrawn in my HSBC Global Money account (with no overdraft facility) just waiting for my complaint to be addressed. 

I’m dismayed at the HSBCs ineptitude. 

Any thoughts other than to ride this out and wait for a response to my complaint or go further and try to escalate with Resolver in the meantime…..

Maddening. They wasted half a day, I’ve had loss of ability to work and nobody knows what to do. 

Nasqueron

sparkyliveson said:

August 2023 I used my HSBC Global Money Account in Trinidad. 

There were 8 transactions in a hotel to the sum of £300. I used my GBP in my HSBC Global Money Account and it was converted to USD to make the card payment. 

The other day I was notified via my HSBC App that my HSBC Global Money Account was overdrawn….? I look and the are 8 transactions to the sum of £300. These 8 transactions are GBP to USD conversations which are the same value as 1 year and 5 months ago in that hotel. 

I immediately freeze the card and call HSBC fraud. It’s late on a Sunday they hang up as office closes around 22:30 on a Sunday night. 

I call again next day to fraud at 09:00. Fraud explain that this is a conversion charge on the transactions made 1 year and 5 months ago? I’m shocked, that cannot be right! They end the call saying it’s not fraud. 

I call HSBC again to dispute this as there website states things like the following wrt to the HSBC Global Money Account:

- Benefit straight away from our competitive live exchange rates

- If there aren't enough funds in the right currency balance, but you have funds in GBP and spend in one of the currencies you can hold with us, the conversion will be done using the HSBC Global Money Exchange Rate.

- Use your card abroad and spend like a local. We'll debit the payment from your currency balance if funds are available. If not, or if the transaction is in a currency you can't hold a balance in, we'll debit your GBP balance.

Long story short I was on the phone with the HSBC from 09:00 till 14:00 being passed from fraud, to disputes to global money team. 

I’m self employed so lost half a days work dealing with this. 

To be told it’s by almost 6 operators for fraud, disputes and global money team that they do no know what to do??

At the same time I’d been in the HSBC app asking questions why this was taking so long through the chat app. They asked if I wanted to raise a complaint. I said yes. 

The final phone operator from global they could not help. As I’d raised a complaint this is the best way to get a resolution to the 8 mysterious transactions. 

So it’s not fraud - although 8 same transactions have been made (difference on my statement just says conversion GBP to USD for each transaction …. A year ago it stated Allied Hotels Ltd)

It’s not something apparently I can dispute - even though I have the bank card and never made the transactions. And if it is delayed conversation fees as suggested by the fraud department. Also why did the bank allow the transactions as there is no overdraft facility. 

Lastly all the above departments at HSBC told me this is to do with Global Money ….. Global Money can’t tell me anything about the transactions. 

So I remain £300 overdrawn in my HSBC Global Money account (with no overdraft facility) just waiting for my complaint to be addressed. 

I’m dismayed at the HSBCs ineptitude. 

Any thoughts other than to ride this out and wait for a response to my complaint or go further and try to escalate with Resolver in the meantime…..

Maddening. They wasted half a day, I’ve had loss of ability to work and nobody knows what to do. 

Sorry I cannot help with your main issues but the Resolver site does not "escalate" anything, it simply logs a complaint and takes all your personal data, anonymises it, and sells it to businesses to improve complaint handling. If you already have a complaint then it would be a waste of time to do another via Resolver

sparkyliveson

HSBC complaints offered £200, I declined. They then accepted all £300 to close the complaint. 

Closing the Global Money Account immediately.  They explained that even though the 8 x transactions were valid they went from my GBP account to USD but were then not processed. Money in the Global Money Account has since been spent or taken out allowing the account to go overdrawn 19 months later...... what a shambles but i guess i did actually get the 8 transactions for free now i've delved into the history.

Resolver has been useful to me in the past.  A phishing scam was able to withdraw money from a Wise Account (£0 balance) from my linked HSBC account (where i had money)...... Wise and HSBC would not refund stolen money so onbudsman made them for 50% each of the stolen money.  I used resolver quiet effectively on that one.

Anyway case closed. cheers  

Nasqueron

sparkyliveson said:

HSBC complaints offered £200, I declined. They then accepted all £300 to close the complaint. 

Closing the Global Money Account immediately.  They explained that even though the 8 x transactions were valid they went from my GBP account to USD but were then not processed. Money in the Global Money Account has since been spent or taken out allowing the account to go overdrawn 19 months later...... what a shambles but i guess i did actually get the 8 transactions for free now i've delved into the history.

Resolver has been useful to me in the past.  A phishing scam was able to withdraw money from a Wise Account (£0 balance) from my linked HSBC account (where i had money)...... Wise and HSBC would not refund stolen money so onbudsman made them for 50% each of the stolen money.  I used resolver quiet effectively on that one.

Anyway case closed. cheers  

Again just to reiterate, Resolver is simply a platform that forwards complaints in a simple form. You can do the exact same process by complaining directly, just you may find Resolver is move convenient. The site has literally no powers or ability to escalate or get the outcome of complaints changed. 

You always have the right to use the FOS after the initial complaint if you are unhappy with the outcome.

Thank you for coming back to update with your successful outcome