HSBC Loan
 

I'm moving to Canada in about 6 months. I Have a HSBC loan that I'm repaying monthly.

I'm hoping to transfer my UK bank account to a canadian HSBC account and have my loan transferred to Canadian dollars, then I can pay it monthly without worrying about international money transfers.

Has anyone done this succesfully?

I'm scared to ask the bank, I'm worried that once they realise I'm emigrating they will ask for the amount I owe in full, because they will be worried I'll run away from my debt. I'd rather sort it out at the time, but I'd like to know anyones experience on this sort of thing.

Re: HSBC Loan
 

Although HSBC Premier would be an easy way to do this I am assuming that you dont have the necessary cash to qualify. I know hifx offer the facilty to do regular transfers and its easy to set up once you have the two accounts.

Re: HSBC Loan
 

I have HSBC plus not premier. I recently had to send money to our immigration consultant in canada. It cost £9.00 to make the money transfer! Its those money transfer fees I want to avoid. £9.00 a month will really add up!

If I can keep the two accounts and transfer money without the transfer fees then that will be fine??? Is that possible??

Re: HSBC Loan
 

I also have accounts with HSBC in both countries. I understand that two banks are separate entities (although it looks the same thing from an external point-of-view), so I believe the only option is to take out a loan here with HSBC Canada, and re-pay your debt in the UK. This way you'd only be charged one time for a money transfer fee (unless obviosuly when you are a Premier account which would be fee-free).

Re: HSBC Loan
 

hifx charge no fees. I have HSBC accounts in both countries that are totally unrelated and unconnected. I move money using hifx from one to the other with no hassle. I didn't tell my UK bank I was moving abroad, though I have now changed the address to a Canadian one for convenience.