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Free withdrawals abroad

Last post Sat, Mar 22 2008, 3:10 AM by White Knight. 5 replies.
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  •  Sat, Mar 22 2008, 3:10 AM

    Re: Free withdrawals abroad

    Worldwide cash withdrawals free of ATM transaction fees from HSBC.”

    or

    No cash withdrawal fees from us when you take out your money abroad from any Cirrus/Maestro cash machine.

    and

    “Fee free and free in this leaflet means free of any charges from HSBC Bank plc”.

    HSBC PLUS Account will cost you just £12.95 per month and one of the "Advantages" they offer in exchange for you signing up for a minimum of one year, is the above FREE cash withdrawals abroad.

    Only that is doesn’t mean that at all;

    It costs HSBC PLUS Account customers a FEE equal to at least 2.75% when they use their DEBIT CARD Abroad. That’s at least £8.25 on £300

    Plus the account fee of £12.95 per month (subjuct to certain offers)

    In August the Advertising Standards Authority gave a ruling that HSBC advertising Worldwide cash withdrawals free of ATM transaction fees from HSBC.” Was misleading and that HSBC should therefore waive this so-called 2.75% fee. Do you know how much HSBC refunded to their customers that they misled? Well they refused to return the fees that removed from my account, suggesting that I go to the Financial Ombudsman Service, that should take another six months. In the meantime they have my money that I have to fight the world's third largest bank to get back.

    Just check it out again

    HSBC offer PLUS Account Customers

    World-wide cash withdrawals free of
    HSBC ATM transaction fees
    When you’re travelling overseas you can
    use your debit card as you would in the
    UK to withdraw cash, or to pay for goods
    and services in shops and stores. As a
    Plus customer we will not charge you
    an ATM transaction fee when using your
    Debit card abroad. Just look out for the
    Maestro or Cirrus symbol.

    Do HSBC believe it’s worth risking the wrath of ASA, FSA (treating Customers Fairly) and the law on Misrepresentation? . Is HSBC above the UK Law. If HSBC are capable of all of this, how can the lay-customer trust HSBC ON ANY MATTER?

    HSBC seem very happy with the following wording as “tried and tested” to be sufficiently ambiguous, but to play safe sometimes, is hidden away in small print elsewhere. This wording doesn't say if the so-called adjustment is UP or DOWN and carefully avoids (the "F" word) calling it a FEE.

    as Worldwide cash withdrawals free of ATM transaction fees from HSBC

    Let us examine the wording used in more detail, could it be made understandable if plain English was used? Or would that take up too much space

    In gobbledygook and easily misunderstood by lay-customer and sometimes hidden away from the main text of the offer.

    "Foreign currency exchange rates are
    shown on your statement against each
    transaction inclusive of an adjustment,
    which is currently 2.75%."
    = Characters with spaces 136

    In PLAIN ENGLISH? and the truth.


    There are two fees the lower fee is free.

    HSBC will charge PLUS Account customers a
    FEE, currently 2.75% on every transaction abroad.
    = Characters with spaces 126

    Do you think that HSBC really want the lay-customer to believe, that this is a Fee FREE service, hence their advertising six months later, is still In defiance of the Advertising Standards Authority

    World-wide cash withdrawals free of
    HSBC ATM transaction fees
    When you’re travelling overseas you can
    use your debit card as you would in the
    UK to withdraw cash, or to pay for goods
    and services in shops and stores. As a
    Plus customer we will not charge you
    an ATM transaction fee when using your
    Debit card abroad. Just look out for the
    Maestro or Cirrus symbol.

    What do you think? Would you like to pay HSBC £12.95 per month (min 12 months) to discover that FREE did not mean FREE and that HSBC make you run the gauntlet to get your money back?

    You can get genuine FREE cash withdrawal abroad from NATIONWIDE. Check it out ! they mean Free I think its their flex account.

    • Post Points: 5
  •  Wed, Dec 26 2007, 11:57 PM

    Re: Free withdrawals abroad

    Yes your right with the Nationwide offering FREE withdrawels and not only that it is a good rate of interest.

    My plan of action would be threefold.

    1 Nationwide

    2 Credit Card (take for emergency)

    3 Transfer funds from your bank to via Bank of Scotland with international transfer to your new bank in S of A.

    4 Western Union only if you have to it is costly.

    Sorry I can't count

    • Post Points: 5
  •  Fri, Dec 14 2007, 10:18 PM

    Re: Free withdrawals abroad

    There is not usually such thing as a "free meal" HSBC offer to PLUS customers, thoes who pay £12.95 per month for certain beneifits one of which is Scorce http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/bank_account_plus_terms.pdf;jsessionid=0000L3WbU31XEVwd0IdgfOuTwRT:12c58nvti

    What HSBC say to the Lay customer We will not charge you an ATM transaction fee for using your debit card in shops, stores, or at cash machines overseas.  Just look out for the Maestro or Cirrus symbol and use your card just as you would in the UK.

    Some Cirrus/Maestro members may apply a direct charge for withdrawals from their cash machines and this will be advised on screen at the time of withdrawal. Foreign currency exchange rates are shown on your statement against each transaction inclusive of an adjustment, which is currently 2.75%.          

    In plain English  ?   Heaven knows but how tricky can you get with the English Language ??? .

    Sorce XXXX

    Sorce XXXX

     

    Unfortunately almost all cards secretly add a ‘load', an extra charge usually of 2.75%. So the higher the ‘load' the worse the exchange rate you get. This means £100 worth of Euro spending costs you £102.75. Worse still, it isn't broken down on statements so you won't notice

    Sorce XXXX

     

     

    Moderator -- Links to other user forums removed, in line with MS terms of service.

    • Post Points: 5
  •  Tue, Jul 31 2007, 1:32 PM

    Re: Free withdrawals abroad

    Many thanks!

    • Post Points: 5
  •  Tue, Jul 31 2007, 11:30 AM

    Re: Free withdrawals abroad

    Hi Michael,

    I am with Nationwide and you can use their debit cards at any ATM in the world as long as it has the VISA or CIRRUS signs. The nationwide website can yell you all you need to know about their products. You can apply on-line for a visa debit card or go into one of their branches, they are very helpful.

    • Post Points: 35
  •  Tue, Jul 31 2007, 9:40 AM

    Free withdrawals abroad

    Hi there

    I will be spending three months travelling in South America shortly and am looking to open a current account that has free withdrawals and will be recognised in this part of the world. I know Nationwide offer the free withdrawal service but am unclear as to its recognition outside Europe. I also wondered if any other banks offer the same free service.

     Many thanks, Michael

    • Post Points: 50