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HSBC charges for receiving remittances from abroad...confusion over where I stand!

Last post Wed, Jul 25 2007, 10:07 AM by Eric Hall. 3 replies.
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  •  Wed, Jul 25 2007, 10:07 AM

    Re: HSBC charges for receiving remittances from abroad...confusion over where I stand!

    Say to the person sending you the money "make sure you use HSBC as
    the clearing bank, it does not always work but generally it does.

    <>

    I
    think A & L charge £5.00 for sending money anywhere in the world,
    you won't need to swap bank accounts but you will need an A & L
    account specific to this money sending "business".

    I've not looked in to the Post Office, they keep sending me stuff but for some reason never read it! 

    • Post Points: 5
  •  Tue, Jul 24 2007, 11:53 PM

    Re: HSBC charges for receiving remittances from abroad...confusion over where I stand!

    Thanks for your insight, Eric....I wish they would make these fees clearer to me beforehand!

     If interEurope remittances can go up to £12, then perhaps money being sent from further afield would get charged more. So as long as the remitter ensures they use the same bank as mine as the clearing facility, that charge should remain at £6? Would my bank have a list of suggested local banks/services the remitter can use to help me keep my clearing charges minimal?

     



    You mentioned the post office as an alternative....I presume you are referring to 'moneygram'? And if I wanted to use A&L, I would have to switch bank accounts? 

    • Post Points: 20
  •  Tue, Jul 24 2007, 10:45 PM

    Re: HSBC charges for receiving remittances from abroad...confusion over where I stand!

    I run a business and regularly take payments from Europe and we get the same charges. The general charges are £6.00 but can go up to £12.00 because the company sending the money decide to use a different clearing bank than your own so ineffect it goes through two banks and each add their charge. We specify to the company sending us money to make sure they use our own bank as the clearing facility thereby minimising the charges. Unfortunately you will have to pay a clearing charge but this should be no more than £6.00.Nothing is free! If it is going to be a regular transaction the post office and Alliance & Leicester seem to offer some money transfer deals.
    • Post Points: 20
  •  Tue, Jul 24 2007, 6:39 PM

    HSBC charges for receiving remittances from abroad...confusion over where I stand!

    I was relieved to find this website where I can seek some advice regading my HSBC current account. It is regarding charges made to me for receiving remittances from abroad:

    On two occasions, in mid-June and in mid-July, my father sent me GBP 500.00 from abroad through an international remittance directly to my account. Naturally, he was charged at his end for sending the amounts.

    However, in June, I was charged GBP 6.00, and in July GBP 15.00 for receiving these amounts...this was stated on the 'Advice of Credit' letter sent to me. This charge was automatically deducted from the total amount I was due to receive and did not appear separately on my statement.

    My local branch concluded the difference was due to the exchange rate fluctuating, but I was not convinced. Surely, the exchange rate used would be the one it was at the time my father popped into his bank to make the transfer and not two different rates (at the time of remission AND at the time of crediting to my account). Regardless, these deductions appeared as 'Charges' on the 'Advice of Credit'.
     

    Thus my questions are the following:

    1) Why am I being charged for receiving an amount when the remitter paid all the charges?

    2) Why were these charges different for both occasions.

     

    I would just like to know where I stand on this issue and whether, in your opinions, it would be worthwhile for me to chase this up with the bank.

     

    Thanks in advance!
     

    • Post Points: 20