Moving back to Wales

Old Aug 31st 2020, 4:38 pm
  #31  
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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. ....
Unfortunately your experience seems to be fairly typical of what is reported about HSBC. I wasn't overly impressed with them, and closed my account after I left NY. There can be some convenience to using HSBC, but they seem to charge a lot of fees, some of them not clearly disclosed, or "hidden in the transaction" such as a crappy exhange rate for funds moved between premier accounts.

Last edited by Pulaski; Aug 31st 2020 at 4:44 pm.
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Old Sep 1st 2020, 8:31 pm
  #32  
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Default Re: Moving back to Wales

Banks - especially big ones like HSBC - are NOT charitable institutions. Do not believe the ads.
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