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HSBC Currency account - moving GBP -> CAD before moving to Canada

HSBC Currency account - moving GBP -> CAD before moving to Canada

Old Mar 14th 2016, 8:17 pm
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Well if you're a Premier customer, HSBC waive the GBP10 transfer fee. FD do it for me sometimes even though as an FD holder in the UK I don't qualify for HSBC Premier. (FD is part of HSBC but not for Premier status).

S
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Old Mar 17th 2016, 2:58 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Hi
I just write a cheque from my uk hsbc, to myself and pay it into my canadian hsbc gbp account
its free,
then transfer it to the cad acct when i want to.
cheers
jerry
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Old Mar 17th 2016, 4:15 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Good idea! I never thought of doing something that simple ... and I can never find my cheque book! I use cheques so infrequently.

I find the GBP account with HSBC Canada really handy, although you can pay a GBP cheque straight into an HSBC CAD account (and I have done occasionally when the odd small cheque has turned up).

S
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Old Mar 17th 2016, 9:34 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Originally Posted by Pulaski
I realise my error and changed my question back to you (above).
To be fair I missed the transferwise bit too and had to reread

Timbits4eva thank you for bringing this thread up. I have reviewed the account and it looks good. I would thinking having had a 'relationship' with the bank before emigrating would stand you in better favour when applying for credit too so this could alleviate some problems regarding lack of credit history.

I am self employed in the UK and was considering moving to HSBC with my business account. You highlighting this has swung the balance and I'm going to do it. My current bank does not have an international presence and as I'm hoping to progress emigration ASAP I think forming a relationship with a bank before I leave will be a good idea. Cheers for the heads up!
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Old Mar 19th 2016, 12:31 am
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Smile Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Just be careful when sending larger balances to HSBC (even Premier). Recently within last year and this year they have been implementing a ton of security protocols and regulations so hypothetically even if you were to transfer funds from HSBC UK to HSBC CANADA, they will and may need to see proof of source of funds originating in the UK. It's really a difficult bank lately.

Last edited by BEVS; Mar 22nd 2016 at 11:15 pm.
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Old Mar 19th 2016, 1:19 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Originally Posted by Steven.Vu
Just be careful when sending larger balances to HSBC (even Premier). Recently within last year and this year they have been implementing a ton of security protocols and regulations so hypothetically even if you were to transfer funds from HSBC UK to HSBC CANADA, they will and may need to see proof of source of funds originating in the UK. It's really a difficult bank lately.

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Last edited by Jerseygirl; Mar 19th 2016 at 1:35 am. Reason: To add url
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Old Mar 19th 2016, 1:27 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

HSBC make plenty of money without having to charge a fee

HSBC today give 1:83c to the GBP

XE are showing 1:88c to the GBP

So for every 100,000 GBP you pay an extra $5,000 but you save yourself that $10 exchange fee

For small amounts it don't really make much diferance but if you are exchanging a 1/4 million from a house sale or more then look at them pennies they add up.

Last edited by magnumpi; Mar 19th 2016 at 1:34 am.
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Old Mar 19th 2016, 1:29 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Originally Posted by Snowy560
Well if you're a Premier customer, HSBC waive the GBP10 transfer fee. FD do it for me sometimes even though as an FD holder in the UK I don't qualify for HSBC Premier. (FD is part of HSBC but not for Premier status).

S
We use HSBC Premier and I have to say it works very well for us. We have a GBP account in Canada so any cheques from rellies can be paid in without having to take a hit on the exchange rate spread. We also have a USD account for monies we receive from that angle. Not many branches out west, but Premier has a very attentive telephone and online banking team. We can use anyone else's ATMs and we aren't charged. We also still have a UK account with them which is good for share dividends and other bits and pieces.
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Old Mar 19th 2016, 3:22 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

HSBC Premier Customer with GBP/CAD/AUD/USD accounts and NEVER use them for transfers.


As others have said HSBC's "Spread" is terrible even though transfer via "Global View" is handy for quick/small amount being moved about I recommend using someone like these guys who I have found to be the best - www.worldfirst.com
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Old Mar 25th 2016, 1:32 am
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Default Re: HSBC Currency account - moving GBP -> CAD before moving to Canada

Originally Posted by Timbits4eva
Hi

I am wanting to move a large sum £XX,XXX, across to Canada.

I have not yet moved to Canada, but there is a very good chance (85%) that I'll be staying and purchasing a property after a few years of building up credit history. Due to the fluctuating exchange rate at the moment, I don't see the need to continue with the exchange rate risk, and I want to transfer my money into CAD ASAP.

As I will be a month or two until I move to Canada, I'm trying to work out how to exchange into CAD ASAP. Without yet having a Canadian bank account set up. With the rate of oil fluctuations, that could easily be 5-10% either way during that time period.

HSBC have recently released a HSBC currency account, which is free to use, and supposedly you can send money abroad to other HSBC accounts for free.

I'm planning on putting my funds from my HSBC GBP current account -> Transferwise -> HSBC CAD currency account (UK), and then move it to a HSBC CAD current account (Canada). Is it likely I'll incur any additional unnecessary fees, or does that sound the best method?

I've searched all the existing posts, but I can't see anything about the HSBC currency account.

I have a HSBC Premier account in both the UK and Canada. My UK pension is paid into the UK HSBC account. I use my Canadian Forex on line account to do the currency transfers from UKP to Cad $ and have the funds paid direct to my Canadian $ HSBC account. I transfer the UKP pounds to the Barclays UK branch of Canadian Forex using my on line UK HSBC account.
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