HSBC Premier Account International Exchange rates
 

Just a heads up to those transferring money between UK/Canada using their HSBC Premier accounts, the rates have suddenly become less competitive this week. :eek:

Calls to HSBC Premier revealed they have looked at the competition and are bringing their rates in line without any notification to customers. They are accepting and recording customer comments, so if you are affected I suggest you make a call to your Premier Account Manager to log your comments...

Re: HSBC Premier Account International Exchange rates
 

I've been using HSBC to transfer GBP to Canadian dollars for the last year or so and the rate was always about 1.5 cents lower than the rate given on sites like Yahoo finance etc, a very good rate indeed.

I just did my usual exchange and the difference to the Yahoo rate is now more like 4.25 cents! This makes a huge difference over the year but they do have us by the short and curlies I fear :0)

I did send them an e-mail but am awaiting a typical response with no real explanation...

Re: HSBC Premier Account International Exchange rates
 

Hi Luckyone

Like you we are moving GBP to CDN regularly. I cannot believe we are the only 2 people affected by this change. It will add up to several $100's over a year and a big hit without being notified of the change. People are just accepting the change which is a key feature of the Premier account service.

We phoned HSBC Premier main enquiry number and they registered our comments. If you want to complain call 08457 70 70 70 (available 24 hours a day) or if you're calling from outside the UK, phone +44 1226 260 260

Re: HSBC Premier Account International Exchange rates
 

Just came across this thread as I've been contemplating moving some more money over for a while. The spread is now crazy. Quoted $1.54 today while xe.com showed $1.59. xetrade.com beat them at $1.57.

It seems to be an HSBC UK thing so I won't be using them again.

Have people found a better alternative? I hear that HSBC HK has much better rates but not sure if it's possible to open a Premier account there.

Re: HSBC Premier Account International Exchange rates
 

When you say the rates quoted by the other sites, xe.com etc, are these actual confirmed rates given or the 'quick quotes' displayed on line? I ask 'cos when I've gone further into the process with other such sites the actual rate given at conversion time is always much lower. Be careful what you're actually getting, it may not be so good at all.

Re: HSBC Premier Account International Exchange rates
 

xe.com rates are more likely the interbank rates which individuals will never get but i use it before any trades to compare. the xetrade rate is what i was quoted for personal use.

Re: HSBC Premier Account International Exchange rates
 

Then it would be a good rate from xetrade. Like I'd mentioned before on this thread the HSBC rate used to always be around 1.25 cents lower than the rate given on the various 'quick quote' charts, like Yahoo etc, but is now more like 4.25. The xetrade rate looks to be a similar, maybe a couple cents, lower, than these rates so does look good compared with other rates I've looked at. Have you used them at all yet to see if there are any hidden charges etc?

Re: HSBC Premier Account International Exchange rates
 

Sent you a PM

Re: HSBC Premier Account International Exchange rates
 

Is xetrade instant transfer?

I use HSBC every other week to transfer between my HSBC Canadian & UK accounts as my wife & family are still in the UK. It's good as it's instantly there with no waiting overnight etc. to be deposited in the UK account for my wife.

Re: HSBC Premier Account International Exchange rates
 

No I don't think any of the brokers are instant. I found a thread about Oanda which seems to suggest these guys give close to xe.com rates with a fee for large amounts. Has anyone used them?

Re: HSBC Premier Account International Exchange rates
 

If you are a HSBC premier account holder ask about the 'managers rate' as it's usually 0.02 above the daily rate. We got 1.6031 when the day rate was 1.58 but there is a minimum amount you must transfer.

Re: HSBC Premier Account International Exchange rates
 

Hi there,
Who do you ask about the 'managers rate'? I take it you need to call someone at HSBC to ask for a certain rate? How does this work when you're using Global Transfer? Maybe you're using Global transfer to bring GBP over, still in GBP, then do the exchange at your local branch?

Thanks.....

Re: HSBC Premier Account International Exchange rates
 

You should have a premier manager allocated to you who by giving him/her the authority to transfer the money for you (rather than using global transfer) can negotiate a better rate.

Re: HSBC Premier Account International Exchange rates
 

I guess all the above is important once you're up and running in Canada, but for the initial move I was considering a HSBC premier account because I'd heard you carry your UK credit rating to Canada, whereas without you would be starting your credit rating from scratch.

Can anyone confirm this is the case?

Re: HSBC Premier Account International Exchange rates
 

Credit rating is based on credit history. HSBC cannot carry your UK history over to Canada. However, you can obtain HSBC Premier Canada products based on your Premier UK status so it's still a useful foot in the door.