Hello all,

Here is a summary of my experience with HSBC with regards to their "international" exposure. I have got one account in the UK and one in France (for 3years- no issues on any). For a long time now, I have tried to be considered as a single customer by HSBC but it seems there is no way except having already some money or a mortgage. Let me details this.

To me an international bank should be able to have internal departments able to help branches of local countries communicate with each others.

In the case of HSBC, this has never happened even when I asked them for, it seems it's not part of their services portfolio...It's the same when you want to transfer money from UK account to FR account and in the other way around, a commission is applied even if it's the same bank... Considering my assets in each country as a whole is then obviously a dream....

I understand the difference in the financial laws of each country. One HSBC representative even told me the IT system is not ready yet to get people to communicate internally.

Now my problem is HSBC premium has been created recently (second quarter 08) and one aspect of it is:

- to give opportunity for a customer having accounts into different countries to access a single interface online showing all the accounts

- to transfer money without commission between the accounts up to £12,500 a day !

- to be recognised as one customer having the same status in any country

So where is the problem ?

- The conditions is to get £75k in savings or a mortgage of £250k with HSBC...There is no way to pay for accessing this service nor any way to access some options of it.

I have got no mortgage with HSBC and to be honest with my recent discussions with them, it sounds like I will not ask them for mortgage if I need one.

So my question is: Does it exist any accessible banking product for managing accounts based in different countries from one interface and have no charge for transactions between the countries (except the currency rate if applicable)?

I will be interested to share experience of anybody who hasn't got a premium/platinium status in a bank with a 6-figure salary :-) Good for you if it's the case though...

Boris

Hi Boris,

A real International Bank? That would be great! I am in more or less the same situation.
I am looking for an international bank that would allow me to do exactly what you are saying between UK and Italy. I am originally from a small town in Sardinia and until a few weeks ago I'd never seen any International Bank branch in the whole island. Surprisingly, a Barclays branch has just popped out behind the corner in my town! I have emailed Barclays and I will keep you posted with any development. I'm sorry I can't be more helpful than this.

Thanks

Hi,

Very interesting message here. I am trying to find which bank is best to use internationally. I bank in UK with HSBC but need to open an account in France and Poland. I don't think that will be easy but I know HSBC have branches in both countries.

I have also seen that Lloyds were doing something similar but having had a bad experience with them, I am not ready to explore that option.

Anyway, if anyone could recommend a True International bank, with the qualities stated above, then I am all ears....

Guidel

P.S: Unfortunately, I don't get 6 figure salary either......

Hi,

I am very interested in this and it sounds like you guys have more ideas of what you expect than just free transfers between countries. I have moved between countries before I have found that the experience can vary. Some banks are set up to deal with people who are not earning six figures and some just are not.

In the UK no bank seems to have this sorted completely and just out of curiosity what would the perfect international bank service look like to you?

Has anyone ever experienced an international service from a bank (anywhere in the world) that felt internationally joined up and what was so good about it?

WP

Hi,

I am very interested in this and it sounds like you guys have more ideas of what you expect than just free transfers between countries. I have moved between countries before I have found that the experience can vary. Some banks are set up to deal with people who are not earning six figures and some just are not.

In the UK no bank seems to have this sorted completely and just out of curiosity what would the perfect international bank service look like to you? Has anyone ever experienced an international service from a bank (anywhere in the world) that felt internationally joined up and what was so good about it?

WP

Hello,

I do have a 6 figure amount with Citibank and have been with them for many years now (16)

I have Sterling Checking and Savibgs accounts along with US Dollar Checking and Savings Accounts.

You can also have accounts in Euro and other currency all held in UK or Offshore.

Citibank do online transfers from one currency to another and for amounts up to say £10000 are very reasonable.

For fFX transfers of over this amount, try a firm like Smart Currency Exchange and barter the exchange rate uop a little after they quote it. They charge no transaction fees but it does cost about £20 for a CHAPS transfer from your bank to the FX dealer account. I have used these and alo Hargreaves Lansdown before a few times and HL's was a future contract for a very large amount of money. No problems at all with Citibank but you should keep to the0 £50,000 sole and £100,000 joint account limit just in case

Citibanks interest rates aren't the best availble but we all know what happens to accounts paying high rates.

Also I have opened Certificates of Deposit (CD) in the USA which are free of tax to Non-US residents. This way you can spread your money about a bit if needed.