Moving back to Wales

Old Jun 26th 2020, 10:40 am
  #16  
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Default Re: Moving back to Wales

Originally Posted by between two worlds View Post
That's what I thought, especially from his posts in other threads on the same topic....
Oh duh, SORRY DurhamLad & Christmas, my mistake...of course it's not a typo, makes total sense: LESS with HSBC, MORE with Transferwise.

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.
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Old Jun 26th 2020, 10:43 am
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Default Re: Moving back to Wales

Originally Posted by between two worlds View Post
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?
Originally Posted by christmasoompa View Post
I think he means he gets less if he chooses the bank versus Transferwise. Transferwise will usually get you way more than a bank would.
Exactly. Sorry for the confusion, but no typo. When I have the 2 screens up showing how many £s I am going to receive for the $s I am going to transfer HSBC will send me a lot less £s than Transferwise.
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Old Jun 26th 2020, 11:06 am
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Default Re: Moving back to Wales

Thanks. Gotcha (see previous post). My mistake. Is this the "embarrassed" smiley?!
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Old Jun 26th 2020, 11:15 am
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Default Re: Moving back to Wales

Originally Posted by between two worlds View Post
Thanks. Gotcha (see previous post). My mistake. Is this the "embarrassed" smiley?!

Please don't be embarrassed, I didn't make it absolutely clear.
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Old Aug 28th 2020, 1:27 pm
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Default Re: Moving back to Wales

Originally Posted by durham_lad View Post
Thanks to Pulaski, when it came time to transfer our house money I knew to ask for the “dealing desk” rate. That is the only time I have used HSBC as I didn’t feel comfortable enough at the time to transfer that large of a sum using Transferwise.
Would you feel any more comfortable now using Transferwise for such a large sum?
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Old Aug 28th 2020, 3:47 pm
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Default Re: Moving back to Wales

Originally Posted by GOALFIRE View Post
Would you feel any more comfortable now using Transferwise for such a large sum?
Almost 4 years on and a lot more transfers done, yes I would feel comfortable doing a 6 figure transfer with Transferwise.
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Old Aug 28th 2020, 5:06 pm
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Default Re: Moving back to Wales

Originally Posted by durham_lad View Post
Almost 4 years on and a lot more transfers done, yes I would feel comfortable doing a 6 figure transfer with Transferwise.
Excellent, thanks!
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Old Aug 29th 2020, 1:09 am
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Default 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.
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Old Aug 29th 2020, 2:04 am
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Default 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.

Last edited by ianandhelena; Aug 29th 2020 at 2:14 am.
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Old Aug 29th 2020, 2:18 am
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Default Re: Moving back to Wales

Originally Posted by Brightongirl View Post
.... . At what point, and who do you ask, for the dealing desk rate? .....
Literally when you are ready to move the funds - you will likely be given no more than two minutes, maybe even a minute, to accept the rate, as the dealing desk rate various continuously throughout the day.

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.
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Old Aug 29th 2020, 10:31 am
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Default Re: Moving back to Wales

Originally Posted by Brightongirl View Post
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.
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.

Last edited by durham_lad; Aug 29th 2020 at 10:34 am.
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Old Aug 29th 2020, 3:29 pm
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Default Re: Moving back to Wales

Originally Posted by durham_lad View Post
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.
I appreciate the step by step guide - yes, that's what I was needing as I've only ever done simple holiday exchanges! Thanks for the info!
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Old Aug 30th 2020, 9:17 pm
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Default Re: Moving back to Wales

What did you end up doing about your banking ?
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Old Aug 31st 2020, 1:35 pm
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Default 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.
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Old Aug 31st 2020, 1:43 pm
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Default Re: Moving back to Wales

Originally Posted by Britgirl13 View Post
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.
Open a TransferWise account if you haven’t already, it may well be your best option.
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