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Transferwise, XE or other?

Transferwise, XE or other?

Old Nov 20th 2020, 6:04 pm
  #16  
tht
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Default Re: Transferwise, XE or other?

Originally Posted by vespucci View Post
Beware "no-fee" transfers. I had a UK and a US HSBC account some years ago and did a "no-fee" transfer between the two and found that I was ripped off. I closed my account and have long been using Transferwise.
I have been with HSBC for nearly 20 years... I don’t think they have ever charged me an explicit fee for anything. The student account I opened actually paid me Pints/GBP100 to switch to them. Regular account was fee free and last 10+ years as premier everything is free, including sending and receiving international wires. While I have a “local” bank in the US as well (never smart to have all your eggs in 1 basket). I have kept HSBC as my primary bank (despite them now closing all branches in CT). The fact that I can have a UK account with my US address is one key factor (rather than having to hide being a USC from them). I understand that you may pay a “fee” in terms of a worse exchange rate, but I always checked that.. back when I had a need to move bigger sums OANDA was one of the ones I used... a rate closer to the market rate but a fixed fee $25 I think... so back then sending a GBP100’s was instant on HSBC and the net cost was lower, sending maybe GBP5,000 was cheaper (and slower, maybe 2-3 day) via a third party like OANDA. I actually used them for work and sent 7 figure sums through them, which really was a saving, although they did call me to say they would need a heads up for transfers that size because they needed to get inventory... obviously I told them that was not possible because it would risk them “adjusting” my rate...

Last edited by tht; Nov 20th 2020 at 6:17 pm.
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Old Nov 20th 2020, 9:53 pm
  #17  
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Default Re: Transferwise, XE or other?

Originally Posted by tht View Post
The fact that I can have a UK account with my US address is one key factor (rather than having to hide being a USC from them).
Of course if an account works well for you it's worth having but I don't think this is a factor. I had 4 bank accounts in the UK when I moved to the US (it's now down to 2); I haven't needed to hide being a USC from any of them. They send my statements/debit cards to my US address.
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