home
in

Overseas Fund Transfer Charges

Last post Wed, Jun 17 2009, 12:49 PM by john999. 2 replies.
Sort Posts: Previous Next
  •  Thu, May 28 2009, 5:19 PM

    Overseas Fund Transfer Charges

    Hi,

    I have USD account with HSBC and I do overseas transfer to US. The bank charged £25 for every transfer made to US, however the beneficiary received $25 less. When enquired with the beneficiary they said there are no charges from their bankers and there are no charges for money receiving in their account. HSBC says there shouldn't be any charges deducted from the amount transferred to the beneficiary as the charges are already debited to my USD current account. I am in a fix now and nowhere to go. The total of such extra charges amount to £100.

    Can you please help how to claim these additional charges back which shouldn't have been charged to me.

    Thanks

    John999

    • Post Points: 20
  •  Fri, May 29 2009, 2:30 AM

    • ATM
    • Top 25 Contributor
    • Joined on Sat, Oct 04 2008
    • Travelling anywhere but Europe (GB ain't Europe!)
    • Shopaholic
    • Points 15,020

    Re: Overseas Fund Transfer Charges

    John999,

    Does your beneficairy have their account with a bank other than HSBC?

    The reason I ask is that when transferring funds to or from the USA, a charge is often made by an intermediary bank through which the transfer is routed. This may explain the missing $25 and HSBC should have been able to explain that if it was the case.

    I make transfers and payments to the US on a fairly frequent basis and have Sterling and US Dollar current accounts held in London and also a US Dollar account held in the USA.

    I transfer money (up to £10k per day is allowable) from Citi UK to Citi US accounts and then use their electronic cheque system at Citi US which deposits the money in the other person's account within 3 days. Both the Citi-Citi transfer and the electronic cheque transfer are Free to use and wil leave more money in your pocket.

    There is no need to close your HSBC account but it may be worth thinking about opening the Citibank accounts, the USA account maybe a little tougher to open from over here because of the money laundering regs but I would think that providing certified copies of a passport and bank statement should be enough or maybe Citi UK may help you with it.

    Also as an afterthought, I think that HSBC help with opening accounts in HSBC Branches in the USA but that maybe just for Premier account users.

    • Post Points: 20
  •  Wed, Jun 17 2009, 12:49 PM

    Re: Overseas Fund Transfer Charges

    ATM,

    Sorry for not getting back sooner. Thanks for your advice. I sent a strong letter to HSBC and they came back saying that some intermediatery banks charge for overseas transfer. It's a coincidenc - recently I applied and opened Citi USD acct. So I will close HSBC as they are charging £3 per month for maintaining the USD acct whereas Citi is free and no minimum balance as well.

    Thanks for your advice.

    Cheers

    John999

    • Post Points: 5