If we open HSBC account in US ,can we transfer it to UK ?
#16
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Re: If we open HSBC account in US ,can we transfer it to UK ?
If you have UK and Canadian HSBC accounts, you can log onto your account, switch to "Global View" and then transer the money online yourself between accounts, free of charge. Also, HSBC exchange rates are not the best. As mentioned previously, it is better to use a currency exchange company.
#17
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Re: If we open HSBC account in US ,can we transfer it to UK ?
If you scroll down the opening page on this site, you will see that "Windsor2" from HiFX posts in the vendor forums under "HiFX - International Currency Transfers".
Last edited by johnh009; Dec 21st 2010 at 10:27 am.
#18
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Re: If we open HSBC account in US ,can we transfer it to UK ?
Some may charge but you are still better off. I used HiFX who have an advertising banner on this site and found them to be very efficient. From Canada, they operate through the bank of New Zealand. Otherwise, I am sure if you ask on this site, you will get plenty of recommendations. For example, poster #12 also recommends a company.
If you scroll down the opening page on this site, you will see that "Windsor2" from HiFX posts in the vendor forums under "HiFX - International Currency Transfers".
If you scroll down the opening page on this site, you will see that "Windsor2" from HiFX posts in the vendor forums under "HiFX - International Currency Transfers".
#19
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Re: If we open HSBC account in US ,can we transfer it to UK ?
I've got better rates this way through HSBC than HiFX, OandA etc daily rates could offer.
#20
Re: If we open HSBC account in US ,can we transfer it to UK ?
I looked into using fx trading sites a while back
first of all the site I approached wanted to have an account opened before they would give me a quote, and once i contacted them they got very pushy about going ahead with this which i eventually declined. Basically you have to provide copies of passport and some other proof of residence/address
they kept calling me about this, but this gave me a chance to at least ask about the standard buy/sell spread for a currency transaction (about 1%) which, as it turned out was worse than HSBC in Hong Kong where I was living at the time and wanting to transfer from HKD to GBP (about 0.6%)
first of all the site I approached wanted to have an account opened before they would give me a quote, and once i contacted them they got very pushy about going ahead with this which i eventually declined. Basically you have to provide copies of passport and some other proof of residence/address
they kept calling me about this, but this gave me a chance to at least ask about the standard buy/sell spread for a currency transaction (about 1%) which, as it turned out was worse than HSBC in Hong Kong where I was living at the time and wanting to transfer from HKD to GBP (about 0.6%)
#21
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Re: If we open HSBC account in US ,can we transfer it to UK ?
Also, I am not sure if your money is protected when using a currency exchange company. Maybe the ones run by the major banks are. Recently Crown Currency Exchange went bankrupt and the depositors are fighting to get their money back. You would not want to put the proceeds of your house at risk.
http://crowncurrencyactiongroup.org/
#22
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Location: Canada
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Re: If we open HSBC account in US ,can we transfer it to UK ?
If you've a lump of cash to move and have a Cdn HSBC Premier account with CAD$ and GBP sub-accounts, request your relationship manager to quote the best available FX desk rates for sample $k, $$k and $$$k amounts. Ask him/her to complete the txn (at the quoted rates) by withdrawing from your CAD$ sub-account and depositing into your GBP sub-account. You can then xfer from Cdn to UK account.
I've got better rates this way through HSBC than HiFX, OandA etc daily rates could offer.
I've got better rates this way through HSBC than HiFX, OandA etc daily rates could offer.
#23
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: If we open HSBC account in US ,can we transfer it to UK ?
If you can get a better rate through the HSBC as Workhouse suggests then that may be the best way to go.
Also, I am not sure if your money is protected when using a currency exchange company. Maybe the ones run by the major banks are. Recently Crown Currency Exchange went bankrupt and the depositors are fighting to get their money back. You would not want to put the proceeds of your house at risk.
http://crowncurrencyactiongroup.org/
Also, I am not sure if your money is protected when using a currency exchange company. Maybe the ones run by the major banks are. Recently Crown Currency Exchange went bankrupt and the depositors are fighting to get their money back. You would not want to put the proceeds of your house at risk.
http://crowncurrencyactiongroup.org/
#24
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Joined: Nov 2008
Location: Canada
Posts: 202
Re: If we open HSBC account in US ,can we transfer it to UK ?
Thanks for starting this thread...it really helped me. Did it answer your questions too?
#25
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Location: Dorset England.
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Re: If we open HSBC account in US ,can we transfer it to UK ?
Where are you returning to (if you don't mind sharing )
We are returning to Dorset ,I wondered if it might be the bit that boarders
#26
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Location: Canada
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Re: If we open HSBC account in US ,can we transfer it to UK ?
Yes, I know that feeling!! We are returning to the West Country, probably Devon, maybe Dorset, definitely along the coast, depending on how the house prices are when we get back. All is dependent on selling our property here in Canada in Spring of 2011.
#27
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Re: If we open HSBC account in US ,can we transfer it to UK ?
You should do well on the exchange rate. We sold our house in Canada in December, 2009 and caught the peak of the market but the exchange rate has improved since then. If there is more quantative easing in the UK, it may get even better for you.
#28
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Re: If we open HSBC account in US ,can we transfer it to UK ?
Congratulations John!! So, how are things going for you back in England....are you happy you made the move? Its a life changing decision that's for sure.