Moving back to Wales
#16
BE Forum Addict
Joined: Sep 2009
Posts: 1,197
Re: Moving back to Wales
Daft, can't think what my addled brain was thinking, got it backwards somehow. (Excuse du jour: allergies. Or: post-lockdown addlement.)
As you were.
#17
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: Moving back to Wales
Just to clarify, DurhamLad, you end up using Transferwise but you say it's "£5--100 less if I choose HSBC" ??? I assume this is a typo, and you mean it's usually less with Transferwise?
We too have HSBC accounts in both countries and use global transfer (when exchange is right) to switch money over... very fast and easy.
Not happy about HSBC's stance in Hong Kong (have supported Chinese govt) but there doesn't seem to be any other bank tailored for expats like us where you can have accounts in both countries, easy transfers, etc etc.....or is there?
We too have HSBC accounts in both countries and use global transfer (when exchange is right) to switch money over... very fast and easy.
Not happy about HSBC's stance in Hong Kong (have supported Chinese govt) but there doesn't seem to be any other bank tailored for expats like us where you can have accounts in both countries, easy transfers, etc etc.....or is there?
#19
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#20
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Joined: Mar 2016
Posts: 65
Re: Moving back to Wales
Would you feel any more comfortable now using Transferwise for such a large sum?
#21
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#23
Forum Regular
Joined: May 2020
Posts: 114
Re: Moving back to Wales
Just visited the HSBC branch in Fort Lauderdale, Florida today to sign the paperwork to open my UK Premier account. Once I receive my packet in the mail we'll be ready to exchange some funds and make a transfer to the UK. (The exchange rate is creeping up and want to do this asap.)
But I'm just not sure what the process is using Transferwise to exchange & move money from US HSBC to UK HSBC. At what point, and who do you ask, for the dealing desk rate? Thanks.
But I'm just not sure what the process is using Transferwise to exchange & move money from US HSBC to UK HSBC. At what point, and who do you ask, for the dealing desk rate? Thanks.
#24
Re: Moving back to Wales
You ask for the dealing desk rate when using a bank. Read Pulaski's post #6 above, especially the warning about using HSBC's Premier account for transfers.
I don't think you can negotiate with Transferwise.
I don't think you can negotiate with Transferwise.
Last edited by ianandhelena; Aug 29th 2020 at 1:14 am.
#25
Re: Moving back to Wales
You might want to check ahead that the bank branch staff know what the deal desk rate is and how to access it on their side of the desk when you are ready to trasnfer the funds.
Transferwise may, or may not, be offering to exchange at approximately the dealing desk rate. It is probably in the ballpark.
#26
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: Moving back to Wales
Just visited the HSBC branch in Fort Lauderdale, Florida today to sign the paperwork to open my UK Premier account. Once I receive my packet in the mail we'll be ready to exchange some funds and make a transfer to the UK. (The exchange rate is creeping up and want to do this asap.)
But I'm just not sure what the process is using Transferwise to exchange & move money from US HSBC to UK HSBC. At what point, and who do you ask, for the dealing desk rate? Thanks.
But I'm just not sure what the process is using Transferwise to exchange & move money from US HSBC to UK HSBC. At what point, and who do you ask, for the dealing desk rate? Thanks.
Once you have your UK account then you can use the HSBC Global transfer option to easily transfer funds between your 2 accounts and this is where HSBC will push you to transfer large sums. Something I have done many times is to have 2 windows open on my laptop browser, one with the HSBC Global transfer and one with Transferwise. I then set up a transfer of, say, $15k to my UK bank and compare the 2 amounts, both will tell how much money in £s will go into your UK account, and you have a few minutes to click submit or cancel. Transferwise is always at least £60 better than HSBC Global Transfer. I can always click cancel on both transfers if I was just doing a test. I just did a comparison now although I only have $4,000 in my HSBC account to do the comparison with and you can see how much better TWise is:
£2,977 TWise
£2,918 HSBC
As Pulaski says, you want to find out how to get the Dealing Desk rate first with a conversation with your bank. Come the day you can have the large transfer set up with Transferwise while talking with the the bank and simply say "no" if the amount you will get is much lower than you what you would get with TWise.
When I'm using TWise they charge a little more if they are pulling money from your bank using ACH so I always choose the option to wire money to them as HSBC does not charge me wire fees for domestic transfers. Also, doing a wire transfer in the USA morning ensures that the money arrives in my UK account same day.
Last edited by durham_lad; Aug 29th 2020 at 9:34 am.
#27
Forum Regular
Joined: May 2020
Posts: 114
Re: Moving back to Wales
It sounds like you don't yet have a Transferwise account if you are not familiar how it works. I would get an account now and point it at your UK account to receive funds once your UK account is ready. I would even transfer a small amount to be sure it all works.
Once you have your UK account then you can use the HSBC Global transfer option to easily transfer funds between your 2 accounts and this is where HSBC will push you to transfer large sums. Something I have done many times is to have 2 windows open on my laptop browser, one with the HSBC Global transfer and one with Transferwise. I then set up a transfer of, say, $15k to my UK bank and compare the 2 amounts, both will tell how much money in £s will go into your UK account, and you have a few minutes to click submit or cancel. Transferwise is always at least £60 better than HSBC Global Transfer. I can always click cancel on both transfers if I was just doing a test. I just did a comparison now although I only have $4,000 in my HSBC account to do the comparison with and you can see how much better TWise is:
£2,977 TWise
£2,918 HSBC
As Pulaski says, you want to find out how to get the Dealing Desk rate first with a conversation with your bank. Come the day you can have the large transfer set up with Transferwise while talking with the the bank and simply say "no" if the amount you will get is much lower than you what you would get with TWise.
When I'm using TWise they charge a little more if they are pulling money from your bank using ACH so I always choose the option to wire money to them as HSBC does not charge me wire fees for domestic transfers. Also, doing a wire transfer in the USA morning ensures that the money arrives in my UK account same day.
Once you have your UK account then you can use the HSBC Global transfer option to easily transfer funds between your 2 accounts and this is where HSBC will push you to transfer large sums. Something I have done many times is to have 2 windows open on my laptop browser, one with the HSBC Global transfer and one with Transferwise. I then set up a transfer of, say, $15k to my UK bank and compare the 2 amounts, both will tell how much money in £s will go into your UK account, and you have a few minutes to click submit or cancel. Transferwise is always at least £60 better than HSBC Global Transfer. I can always click cancel on both transfers if I was just doing a test. I just did a comparison now although I only have $4,000 in my HSBC account to do the comparison with and you can see how much better TWise is:
£2,977 TWise
£2,918 HSBC
As Pulaski says, you want to find out how to get the Dealing Desk rate first with a conversation with your bank. Come the day you can have the large transfer set up with Transferwise while talking with the the bank and simply say "no" if the amount you will get is much lower than you what you would get with TWise.
When I'm using TWise they charge a little more if they are pulling money from your bank using ACH so I always choose the option to wire money to them as HSBC does not charge me wire fees for domestic transfers. Also, doing a wire transfer in the USA morning ensures that the money arrives in my UK account same day.
#29
Just Joined
Joined: Oct 2019
Posts: 8
Re: Moving back to Wales
Hello everyone.
I set up an HSBC account last week in Toronto.
First problem, manager was 20 minutes late for our appointment.
After reading all of these reviews I did ask about the dealing desk rate and she said she could not answer any questions in regards to once I get to the other side of the pond. My property in Ontario closes on Sept 30 and will purchase in the North / West sometime in Nov. She stated that I will have to make another appointment at a branch in the UK to move forward.
I commented that all banks have hidden fees and she insisted that it was only the current exchange rate that would apply. I did open a " premier account " just for the convenience however once the funds are applied to the new property there will be nothing left.
Another thing to remember is the first account must be closed to avoid further charges. This was another thing that she didn't mention. The account holder must send a letter in writing (via post as they will not accept email) confirming that you want to close the original account or charges will still apply.
To be honest I was not at all pleased with the representation I received at this end however when transferring large funds we have limited choices. I am now scared about the transfer at the other end and welcome any suggestions from the group.
Take care everyone.
I set up an HSBC account last week in Toronto.
First problem, manager was 20 minutes late for our appointment.
After reading all of these reviews I did ask about the dealing desk rate and she said she could not answer any questions in regards to once I get to the other side of the pond. My property in Ontario closes on Sept 30 and will purchase in the North / West sometime in Nov. She stated that I will have to make another appointment at a branch in the UK to move forward.
I commented that all banks have hidden fees and she insisted that it was only the current exchange rate that would apply. I did open a " premier account " just for the convenience however once the funds are applied to the new property there will be nothing left.
Another thing to remember is the first account must be closed to avoid further charges. This was another thing that she didn't mention. The account holder must send a letter in writing (via post as they will not accept email) confirming that you want to close the original account or charges will still apply.
To be honest I was not at all pleased with the representation I received at this end however when transferring large funds we have limited choices. I am now scared about the transfer at the other end and welcome any suggestions from the group.
Take care everyone.
#30
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,128
Re: Moving back to Wales
Hello everyone.
I set up an HSBC account last week in Toronto.
First problem, manager was 20 minutes late for our appointment.
After reading all of these reviews I did ask about the dealing desk rate and she said she could not answer any questions in regards to once I get to the other side of the pond. My property in Ontario closes on Sept 30 and will purchase in the North / West sometime in Nov. She stated that I will have to make another appointment at a branch in the UK to move forward.
I commented that all banks have hidden fees and she insisted that it was only the current exchange rate that would apply. I did open a " premier account " just for the convenience however once the funds are applied to the new property there will be nothing left.
Another thing to remember is the first account must be closed to avoid further charges. This was another thing that she didn't mention. The account holder must send a letter in writing (via post as they will not accept email) confirming that you want to close the original account or charges will still apply.
To be honest I was not at all pleased with the representation I received at this end however when transferring large funds we have limited choices. I am now scared about the transfer at the other end and welcome any suggestions from the group.
Take care everyone.
I set up an HSBC account last week in Toronto.
First problem, manager was 20 minutes late for our appointment.
After reading all of these reviews I did ask about the dealing desk rate and she said she could not answer any questions in regards to once I get to the other side of the pond. My property in Ontario closes on Sept 30 and will purchase in the North / West sometime in Nov. She stated that I will have to make another appointment at a branch in the UK to move forward.
I commented that all banks have hidden fees and she insisted that it was only the current exchange rate that would apply. I did open a " premier account " just for the convenience however once the funds are applied to the new property there will be nothing left.
Another thing to remember is the first account must be closed to avoid further charges. This was another thing that she didn't mention. The account holder must send a letter in writing (via post as they will not accept email) confirming that you want to close the original account or charges will still apply.
To be honest I was not at all pleased with the representation I received at this end however when transferring large funds we have limited choices. I am now scared about the transfer at the other end and welcome any suggestions from the group.
Take care everyone.