Banking US to UK - HSBC woes
Nov 8th 2018, 3:47 pm
#1
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Banking US to UK - HSBC woes
HSBC is often touted here as the answer to someone wanting international banking. My experience of their execrable customer service during my return to the UK from 18 years in the USA has meant that, even after being a customer of theirs for 45+ years, I now intend to find a new bank.
Here is the experience of my wife and myself with HSBC -
1. My wife.
My wife (a US citizen) put all of her money into a new HSBC USA Advance account in 2017 in anticipation of our move to the UK based on their sales pitch that she would be able to link it to a similar account in the UK and so easily transfer money to a HSBC UK Premier account at will. On arrival in the UK she applied for her UK HSBC Premier account. She was turned down (despite having over $100,000 in funds in HSBC USA). Apparently no reason could be given and the bank branch manager pushed hard to get approval but had no idea why she couldn't get it. The local managers seem to be just cogs in the system. We assume it was because she has no UK credit record; even though her US credit record is exemplary. HSBC would only allow her to have a very basic account - intended for bankrupts and the like, and would not allow her to have a cheque book. So she accepted this as at least a start and instructed HSBC USA to transfer a large chunk of money to the UK to get started here. After a few days the money was not showing in her account and she contacted HSBC to find out why. Of course all contact with HSBC is through their appalling helpline that keeps you on hold for ages. She was told the transfer had been cancelled by HSBC. No reason except that she had not replied to a confirming email that they claimed to have sent BUT which she did not receive. There was also no message in her online banking message inbox. Ironically she did receive an email asking how she rated their service regarding the transfer of funds. Some joke as their cancellation cost her $600 in lost value by the change in the exchange rate.
2. Myself
I have been a customer of HSBC since 1972 (Midland Bank back in those days) I kept my UK bank account when I moved to the USA in 2000 with a holding address at my sister as I had a standing order to pay my life insurance. This was fine until about 2016 when they asked me to confirm my address with utility bills, etc. So I changed my address to be in the USA, confirmed with US ID and US utility bills and that was OK. I was getting all my UK statements sent to me in the USA with no problem. In mid-2017 I started selling up in the USA for our move to the UK. I transferred the money to the UK HSBC account. And this prompted HSBC to start sending me a form asking my name, recent addresses, sources of income, etc. This form had to be returned to them, in an enclosed international reply envelope, within 14 days of the date of the letter. HOWEVER, the form took 20 days to get to me in the USA. Phoning the helpline would typically be a call of over 1 hour and end up with them saying they would send me another form that would go out in 4-5 business days and WOULD get to me in time. It would not. I was by now getting these forms monthly all past their expiry date. Calls to the helpline were no use and I was told to go to my local branch - an 8 hour drive BUT that was no use as I needed to go to an HSBC UK branch. Their facade of an international HSBC is defeated by their "ring-fencing" their international banks from their UK banking operations. So I needed to go to the UK to sort this out!!!! ( but which I planned to do within a few weeks anyway). By now HSBC UK had virtually all my money from transfer of funds of sale of house, shares, and savings. So all ready to leave I called to pay the UK company that was shipping our household goods; paying with my HSBC UK debit card but found that it was declined and my bank account was now totally frozen! ALL of my money was out of my reach until I turned up in the UK. A nightmare. Even after turning up in the UK it was difficult to unfreeze it, it took a number of visits to the local branch - a very helpful manager in the local branch came off the phone one time with her brow beaded in sweat and said "That was difficult!". You're telling me!
Even now it is all "sorted" . . . I recently I tried buying a vacuum cleaner from Argos and my debit card was declined. When I later phoned HSBC (another long wait to be put through to their fraud division) I was told that Argos was a company frequently used by fraudsters so they just declined it as a matter of course. They stopped me buying a fridge online until I phoned them to ask their permission to spend 300 pounds. It is becoming a real pain to do anything with an HSBC account as you can never be sure they'll let you have access to your money. It's getting that you need to keep a big wodge of cash under the mattress just in case HSBC won't let you have access to your bank account. A credit card might be easier but HSBC won't let me have one of those - only arrived in the UK a few months. . . and only a few hundred thousand in their bank. What a joke they are. I understand the need to protect against fraud but this is getting intolerable - partly because their helpline is so bad.
I'm really venting and telling you a precautionary tale about HSBC as my wife just got off the phone to them, again, with tears in her eyes and said "I hate that bank; every time want to do something with MY money I have to spend an hour on the phone to them".
Richard.
Here is the experience of my wife and myself with HSBC -
1. My wife.
My wife (a US citizen) put all of her money into a new HSBC USA Advance account in 2017 in anticipation of our move to the UK based on their sales pitch that she would be able to link it to a similar account in the UK and so easily transfer money to a HSBC UK Premier account at will. On arrival in the UK she applied for her UK HSBC Premier account. She was turned down (despite having over $100,000 in funds in HSBC USA). Apparently no reason could be given and the bank branch manager pushed hard to get approval but had no idea why she couldn't get it. The local managers seem to be just cogs in the system. We assume it was because she has no UK credit record; even though her US credit record is exemplary. HSBC would only allow her to have a very basic account - intended for bankrupts and the like, and would not allow her to have a cheque book. So she accepted this as at least a start and instructed HSBC USA to transfer a large chunk of money to the UK to get started here. After a few days the money was not showing in her account and she contacted HSBC to find out why. Of course all contact with HSBC is through their appalling helpline that keeps you on hold for ages. She was told the transfer had been cancelled by HSBC. No reason except that she had not replied to a confirming email that they claimed to have sent BUT which she did not receive. There was also no message in her online banking message inbox. Ironically she did receive an email asking how she rated their service regarding the transfer of funds. Some joke as their cancellation cost her $600 in lost value by the change in the exchange rate.
2. Myself
I have been a customer of HSBC since 1972 (Midland Bank back in those days) I kept my UK bank account when I moved to the USA in 2000 with a holding address at my sister as I had a standing order to pay my life insurance. This was fine until about 2016 when they asked me to confirm my address with utility bills, etc. So I changed my address to be in the USA, confirmed with US ID and US utility bills and that was OK. I was getting all my UK statements sent to me in the USA with no problem. In mid-2017 I started selling up in the USA for our move to the UK. I transferred the money to the UK HSBC account. And this prompted HSBC to start sending me a form asking my name, recent addresses, sources of income, etc. This form had to be returned to them, in an enclosed international reply envelope, within 14 days of the date of the letter. HOWEVER, the form took 20 days to get to me in the USA. Phoning the helpline would typically be a call of over 1 hour and end up with them saying they would send me another form that would go out in 4-5 business days and WOULD get to me in time. It would not. I was by now getting these forms monthly all past their expiry date. Calls to the helpline were no use and I was told to go to my local branch - an 8 hour drive BUT that was no use as I needed to go to an HSBC UK branch. Their facade of an international HSBC is defeated by their "ring-fencing" their international banks from their UK banking operations. So I needed to go to the UK to sort this out!!!! ( but which I planned to do within a few weeks anyway). By now HSBC UK had virtually all my money from transfer of funds of sale of house, shares, and savings. So all ready to leave I called to pay the UK company that was shipping our household goods; paying with my HSBC UK debit card but found that it was declined and my bank account was now totally frozen! ALL of my money was out of my reach until I turned up in the UK. A nightmare. Even after turning up in the UK it was difficult to unfreeze it, it took a number of visits to the local branch - a very helpful manager in the local branch came off the phone one time with her brow beaded in sweat and said "That was difficult!". You're telling me!
Even now it is all "sorted" . . . I recently I tried buying a vacuum cleaner from Argos and my debit card was declined. When I later phoned HSBC (another long wait to be put through to their fraud division) I was told that Argos was a company frequently used by fraudsters so they just declined it as a matter of course. They stopped me buying a fridge online until I phoned them to ask their permission to spend 300 pounds. It is becoming a real pain to do anything with an HSBC account as you can never be sure they'll let you have access to your money. It's getting that you need to keep a big wodge of cash under the mattress just in case HSBC won't let you have access to your bank account. A credit card might be easier but HSBC won't let me have one of those - only arrived in the UK a few months. . . and only a few hundred thousand in their bank. What a joke they are. I understand the need to protect against fraud but this is getting intolerable - partly because their helpline is so bad.
I'm really venting and telling you a precautionary tale about HSBC as my wife just got off the phone to them, again, with tears in her eyes and said "I hate that bank; every time want to do something with MY money I have to spend an hour on the phone to them".
Richard.
Nov 11th 2018, 3:37 pm
#2
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Joined: Aug 2013
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Re: Banking US to UK - HSBC woes
Sorry to hear about all your problems with HSBC. It sounds like they are deservedly going to lose customers with a sizable amount of business. I would certainly be looking to find another bank.
Nov 13th 2018, 3:12 pm
#3
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Joined: Nov 2011
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Posts: 2,333
Re: Banking US to UK - HSBC woes
Ironically, one of the best banks in the UK for customer service (firstdirect) is a division of HSBC. They get universally good reviews, and I have had no issues with them in the 20+ years I have had an account with them, even during my time in the US.
I used HSBC US while I was there and was able to directly compare service between them and first direct. I remember on one occasion wanting to inform my banks that I was travelling to a third country on vacation and may be using my cards there. I timed them - the firstdirect call was completed in 4 minutes from the moment the phone started ringing. HSBC US took upwards of 40 minutes do do the same thing. Sympathies to CaptainPea's wife.
I used HSBC US while I was there and was able to directly compare service between them and first direct. I remember on one occasion wanting to inform my banks that I was travelling to a third country on vacation and may be using my cards there. I timed them - the firstdirect call was completed in 4 minutes from the moment the phone started ringing. HSBC US took upwards of 40 minutes do do the same thing. Sympathies to CaptainPea's wife.
Dec 2nd 2018, 2:51 pm
#4
Forum Regular
Joined: Nov 2018
Location: North West England
Posts: 240
Re: Banking US to UK - HSBC woes
HSBC is often touted here as the answer to someone wanting international banking. My experience of their execrable customer service during my return to the UK from 18 years in the USA has meant that, even after being a customer of theirs for 45+ years, I now intend to find a new bank.
Here is the experience of my wife and myself with HSBC -
1. My wife.
My wife (a US citizen) put all of her money into a new HSBC USA Advance account in 2017 in anticipation of our move to the UK based on their sales pitch that she would be able to link it to a similar account in the UK and so easily transfer money to a HSBC UK Premier account at will. On arrival in the UK she applied for her UK HSBC Premier account. She was turned down (despite having over $100,000 in funds in HSBC USA). Apparently no reason could be given and the bank branch manager pushed hard to get approval but had no idea why she couldn't get it. The local managers seem to be just cogs in the system. We assume it was because she has no UK credit record; even though her US credit record is exemplary. HSBC would only allow her to have a very basic account - intended for bankrupts and the like, and would not allow her to have a cheque book. So she accepted this as at least a start and instructed HSBC USA to transfer a large chunk of money to the UK to get started here. After a few days the money was not showing in her account and she contacted HSBC to find out why. Of course all contact with HSBC is through their appalling helpline that keeps you on hold for ages. She was told the transfer had been cancelled by HSBC. No reason except that she had not replied to a confirming email that they claimed to have sent BUT which she did not receive. There was also no message in her online banking message inbox. Ironically she did receive an email asking how she rated their service regarding the transfer of funds. Some joke as their cancellation cost her $600 in lost value by the change in the exchange rate.
2. Myself
I have been a customer of HSBC since 1972 (Midland Bank back in those days) I kept my UK bank account when I moved to the USA in 2000 with a holding address at my sister as I had a standing order to pay my life insurance. This was fine until about 2016 when they asked me to confirm my address with utility bills, etc. So I changed my address to be in the USA, confirmed with US ID and US utility bills and that was OK. I was getting all my UK statements sent to me in the USA with no problem. In mid-2017 I started selling up in the USA for our move to the UK. I transferred the money to the UK HSBC account. And this prompted HSBC to start sending me a form asking my name, recent addresses, sources of income, etc. This form had to be returned to them, in an enclosed international reply envelope, within 14 days of the date of the letter. HOWEVER, the form took 20 days to get to me in the USA. Phoning the helpline would typically be a call of over 1 hour and end up with them saying they would send me another form that would go out in 4-5 business days and WOULD get to me in time. It would not. I was by now getting these forms monthly all past their expiry date. Calls to the helpline were no use and I was told to go to my local branch - an 8 hour drive BUT that was no use as I needed to go to an HSBC UK branch. Their facade of an international HSBC is defeated by their "ring-fencing" their international banks from their UK banking operations. So I needed to go to the UK to sort this out!!!! ( but which I planned to do within a few weeks anyway). By now HSBC UK had virtually all my money from transfer of funds of sale of house, shares, and savings. So all ready to leave I called to pay the UK company that was shipping our household goods; paying with my HSBC UK debit card but found that it was declined and my bank account was now totally frozen! ALL of my money was out of my reach until I turned up in the UK. A nightmare. Even after turning up in the UK it was difficult to unfreeze it, it took a number of visits to the local branch - a very helpful manager in the local branch came off the phone one time with her brow beaded in sweat and said "That was difficult!". You're telling me!
Even now it is all "sorted" . . . I recently I tried buying a vacuum cleaner from Argos and my debit card was declined. When I later phoned HSBC (another long wait to be put through to their fraud division) I was told that Argos was a company frequently used by fraudsters so they just declined it as a matter of course. They stopped me buying a fridge online until I phoned them to ask their permission to spend 300 pounds. It is becoming a real pain to do anything with an HSBC account as you can never be sure they'll let you have access to your money. It's getting that you need to keep a big wodge of cash under the mattress just in case HSBC won't let you have access to your bank account. A credit card might be easier but HSBC won't let me have one of those - only arrived in the UK a few months. . . and only a few hundred thousand in their bank. What a joke they are. I understand the need to protect against fraud but this is getting intolerable - partly because their helpline is so bad.
I'm really venting and telling you a precautionary tale about HSBC as my wife just got off the phone to them, again, with tears in her eyes and said "I hate that bank; every time want to do something with MY money I have to spend an hour on the phone to them".
Richard.
Here is the experience of my wife and myself with HSBC -
1. My wife.
My wife (a US citizen) put all of her money into a new HSBC USA Advance account in 2017 in anticipation of our move to the UK based on their sales pitch that she would be able to link it to a similar account in the UK and so easily transfer money to a HSBC UK Premier account at will. On arrival in the UK she applied for her UK HSBC Premier account. She was turned down (despite having over $100,000 in funds in HSBC USA). Apparently no reason could be given and the bank branch manager pushed hard to get approval but had no idea why she couldn't get it. The local managers seem to be just cogs in the system. We assume it was because she has no UK credit record; even though her US credit record is exemplary. HSBC would only allow her to have a very basic account - intended for bankrupts and the like, and would not allow her to have a cheque book. So she accepted this as at least a start and instructed HSBC USA to transfer a large chunk of money to the UK to get started here. After a few days the money was not showing in her account and she contacted HSBC to find out why. Of course all contact with HSBC is through their appalling helpline that keeps you on hold for ages. She was told the transfer had been cancelled by HSBC. No reason except that she had not replied to a confirming email that they claimed to have sent BUT which she did not receive. There was also no message in her online banking message inbox. Ironically she did receive an email asking how she rated their service regarding the transfer of funds. Some joke as their cancellation cost her $600 in lost value by the change in the exchange rate.
2. Myself
I have been a customer of HSBC since 1972 (Midland Bank back in those days) I kept my UK bank account when I moved to the USA in 2000 with a holding address at my sister as I had a standing order to pay my life insurance. This was fine until about 2016 when they asked me to confirm my address with utility bills, etc. So I changed my address to be in the USA, confirmed with US ID and US utility bills and that was OK. I was getting all my UK statements sent to me in the USA with no problem. In mid-2017 I started selling up in the USA for our move to the UK. I transferred the money to the UK HSBC account. And this prompted HSBC to start sending me a form asking my name, recent addresses, sources of income, etc. This form had to be returned to them, in an enclosed international reply envelope, within 14 days of the date of the letter. HOWEVER, the form took 20 days to get to me in the USA. Phoning the helpline would typically be a call of over 1 hour and end up with them saying they would send me another form that would go out in 4-5 business days and WOULD get to me in time. It would not. I was by now getting these forms monthly all past their expiry date. Calls to the helpline were no use and I was told to go to my local branch - an 8 hour drive BUT that was no use as I needed to go to an HSBC UK branch. Their facade of an international HSBC is defeated by their "ring-fencing" their international banks from their UK banking operations. So I needed to go to the UK to sort this out!!!! ( but which I planned to do within a few weeks anyway). By now HSBC UK had virtually all my money from transfer of funds of sale of house, shares, and savings. So all ready to leave I called to pay the UK company that was shipping our household goods; paying with my HSBC UK debit card but found that it was declined and my bank account was now totally frozen! ALL of my money was out of my reach until I turned up in the UK. A nightmare. Even after turning up in the UK it was difficult to unfreeze it, it took a number of visits to the local branch - a very helpful manager in the local branch came off the phone one time with her brow beaded in sweat and said "That was difficult!". You're telling me!
Even now it is all "sorted" . . . I recently I tried buying a vacuum cleaner from Argos and my debit card was declined. When I later phoned HSBC (another long wait to be put through to their fraud division) I was told that Argos was a company frequently used by fraudsters so they just declined it as a matter of course. They stopped me buying a fridge online until I phoned them to ask their permission to spend 300 pounds. It is becoming a real pain to do anything with an HSBC account as you can never be sure they'll let you have access to your money. It's getting that you need to keep a big wodge of cash under the mattress just in case HSBC won't let you have access to your bank account. A credit card might be easier but HSBC won't let me have one of those - only arrived in the UK a few months. . . and only a few hundred thousand in their bank. What a joke they are. I understand the need to protect against fraud but this is getting intolerable - partly because their helpline is so bad.
I'm really venting and telling you a precautionary tale about HSBC as my wife just got off the phone to them, again, with tears in her eyes and said "I hate that bank; every time want to do something with MY money I have to spend an hour on the phone to them".
Richard.
Did you open an international account prior to going to the UK . We also have a Wells Fargo account which we plan to keep open for a little while to pay bills etc and we plan to keep our credit cards until we have secured ones in the UK. My only concern with keeping the US credit cards is the Wells Fargo account charges foreign transaction fees. We also have Amex and there are no foreign transaction fees with them however not everyone accepts them.
Must admit I am now concerned about HSBC and plan to contact our “premier relationship dude “ forget what his actual title is appreciate you sharing
Dec 2nd 2018, 3:53 pm
#5
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Re: Banking US to UK - HSBC woes
we opened up a HSBC premier account 5 months ago in anticipation of our return to the UK. We were also told we can open up an international account and have money transferred into that account in £££ and have that money accessible in the UK.
Did you open an international account prior to going to the UK . We also have a Wells Fargo account which we plan to keep open for a little while to pay bills etc and we plan to keep our credit cards until we have secured ones in the UK. My only concern with keeping the US credit cards is the Wells Fargo account charges foreign transaction fees. We also have Amex and there are no foreign transaction fees with them however not everyone accepts them.
Must admit I am now concerned about HSBC and plan to contact our “premier relationship dude “ forget what his actual title is appreciate you sharing
We did not open an international account before we moved, and neither did our son, although he did have us to provide backup £s if it took a long time for him to get his UK HSBC account up and running. (It didn’t take long)
Last edited by durham_lad; Dec 2nd 2018 at 3:56 pm.
Dec 2nd 2018, 5:33 pm
#6
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Joined: Jul 2005
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Posts: 30,259
Re: Banking US to UK - HSBC woes
both ourselves and our son have had no problems with HSBC. Like us he also opened an HSBC account in the USA before moving to England. We have had our HSBC account for 32 years now. (It used to be The Midland Bank until HSBC acquired them many years ago)
We did not open an international account before we moved, and neither did our son, although he did have us to provide backup £s if it took a long time for him to get his UK HSBC account up and running. (It didn’t take long)
As to waiting times for helplines, why doesn't the OP use online banking and the chat box? We've found them very accessible and knowledgable in all 3 countries.
Dec 2nd 2018, 7:42 pm
#7
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Joined: Aug 2007
Posts: 57
Re: Banking US to UK - HSBC woes
We also have Amex and there are no foreign transaction fees with them however not everyone accepts them.
American Express have a program for the UK where you can transfer the US account to the UK or you can keep the US as well as having the UK Account
https://www.americanexpress.com/global-card-transfers/
American Express have a program for the UK where you can transfer the US account to the UK or you can keep the US as well as having the UK Account
https://www.americanexpress.com/global-card-transfers/
Dec 2nd 2018, 7:58 pm
#8
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Joined: Nov 2018
Location: North West England
Posts: 240
Re: Banking US to UK - HSBC woes
Awesome thank you re the heads up on the Amex account transfer from USA to UK . It’s actually an Amex through delta as we collected miles does that make a difference ?
Dec 2nd 2018, 8:49 pm
#9
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Re: Banking US to UK - HSBC woes
