Charges to transfer money at HSBC

PTGooner

I tried to transfer more than 10000 pound from my account today and was told i would have to visit my branch to do this, no problem i thought in fact it's probably a good idea for security reasons, but when i got to the branch was told that i'd be charged for any tranfer over 10000 even thou it was a BACS (3-5 working day transfer). Do Halifax or Nationwide have the same policy? Seems very cheeky considering the crap rates of interest HSBC offer me.

Rafter

Sounds odd - not aware of others doing this.

Agree from a security perspective that it is a good idea though.

Check whether the amount is big enough to justify paying a chaps fee and if not why not make several transfers of £9999 to make them see just how stupid their pricing policy is!

R.

gt94sss2

PTGooner wrote: »

I tried to transfer more than 10000 pound from my account today and was told i would have to visit my branch to do this, no problem i thought in fact it's probably a good idea for security reasons, but when i got to the branch was told that i'd be charged for any tranfer over 10000 even thou it was a BACS (3-5 working day transfer).

Most banks have a similar policy in limiting the amount of money you can transfer in any one day to an external account by telephone/internet banking - indeed HSBC are on the generous side with a limit of 10,000 per payment - I have heard of other banks limiting it to £5,000 or even £1,000

FWIW First Direct don't have any such restrictions though and if you switch your account to them, you can continue to use HSBC branches to pay in/withdraw money.

Regards
Sunil

Scousebird_2

I believe this is due to anti money laundering regulations as additional checks have to be done for ANY third party transfer over a certain amount. Most banks do have a £5k limit so HSBC are indeed quite generous

ordnancesurvey

I'm pleased I found this thread. I tried doing a bank transfer of £50,000 today. I was told on the phone that I wouldn't be able to do it online or by phone and that I'd have to go into a branch. I went into the branch and was told that for transfers above £10,000 they ONLY offered a same day CHAPS service (which would cost £30) and that there was no option of accepting a slower service. I've tried searching for this clause in the HSBS current account terms and conditions but have been unable. Can anyone else find the contractual basis for this rule? Would I be able to do multiple transfers of £9,999 in the same branch on the same day as one of the posters above has sneakily suggested? Or is there a DAILY limit of £10,000 even in the branch, if I decline to pay the CHAPS fee?

Thanks guys

darrenlambert

That sounds unfair. I did a £8,000 HSBC transfer a few years ago and it went through fine. They did call me to confirm the transfer though.

Lokolo

darrenlambert wrote: »

That sounds unfair. I did a £8,000 HSBC transfer a few years ago and it went through fine. They did call me to confirm the transfer though.

As above, its because its such a large amount.

ordnancesurvey - you can transfer upto £10k FPS daily. So if you do £10k a day (I would do £9999 though!) then it will take 5 days. And free.

gt94sss2

ordnancesurvey wrote: »

I'm pleased I found this thread. I tried doing a bank transfer of £50,000 today. I was told on the phone that I wouldn't be able to do it online or by phone and that I'd have to go into a branch. I went into the branch and was told that for transfers above £10,000 they ONLY offered a same day CHAPS service (which would cost £30) and that there was no option of accepting a slower service. I've tried searching for this clause in the HSBS current account terms and conditions but have been unable. Can anyone else find the contractual basis for this rule? Would I be able to do multiple transfers of £9,999 in the same branch on the same day as one of the posters above has sneakily suggested? Or is there a DAILY limit of £10,000 even in the branch, if I decline to pay the CHAPS fee?

The limit looks like its in page 9 of their Terms and Conditions

I believe their daily limit is £10,000 a day/payee.

If you argue the toss in a branch, they may allow you to have the CHAPS transfer for free...

Regards
Sunil

simongregson

You could write a cheque if time isn't an issue, that can be for any amount.

I would be tempted to send it special delivery due to the strikes if you want it to get there quick, but the worst that could happen if it got lost would be that you cancel the cheque and send another one.

ordnancesurvey

thanks guys for all your advice.

gt94sss2: thanks for going to the trouble - i saw the table on page 9 of the Ts & Cs but I didn't see where it said that the £10,000 electronic transfer was a DAILY limit - it seems to me that the limit is just PER TRANSFER. In which case I should be able to walk into a branch of HSBC, and ask them to do several FREE transfers of £9,999 and they should be contractually bound to co-operate. What do you guys think?

ps. It might just be £30 but I get irritated by the idea of big banks charging me for trying to access my money!

Lokolo

ordnancesurvey wrote: »

thanks guys for all your advice.

gt94sss2: thanks for going to the trouble - i saw the table on page 9 of the Ts & Cs but I didn't see where it said that the £10,000 electronic transfer was a DAILY limit - it seems to me that the limit is just PER TRANSFER. In which case I should be able to walk into a branch of HSBC, and ask them to do several FREE transfers of £9,999 and they should be contractually bound to co-operate. What do you guys think?

ps. It might just be £30 but I get irritated by the idea of big banks charging me for trying to access my money!

I'm not quite sure if they will agree to it. I suspect they will say the limit is £10k per per day rather than transaction.

Also they aren't charging you to get access to your money. They are charging you for a service they offer, which you have agreed to when you signed up to the account.

As I said, if really are bothered, you could have done 2 transaction via FPS already. Once yesterday, once today. And done it from comfort of your home/work instead of paying petrol and car parking money.