I've been having problems with cloning of my HSBC debit card recently (which I have to say were resolved extremely quickly by HSBC). Combine this with the extortionate cost of using the ATM - somewhere around 20 quid including charges at both ends - and I'm looking at better ways to get my UK money here.
The HSBC website offers an international bank-to-bank transfer of up to 50k UKP for just 4 pounds, which I haven't noticed before. Has anyone used this service and are there any hidden costs (my Thai bank will obviously charge something for allowing me the privilege of giving them my money...) or drawbacks?
Hi, I bank with HSBC in the UK, and hold an SCB acc in LOS
Transfers have always gone smooth, but I've noticed that I always get about 1 Bht, less than my friend who uses Barclays , but gets charged more for his transfers, swings and roundabouts I suppose.
dtaai-maai wrote:I've been having problems with cloning of my HSBC debit card recently (which I have to say were resolved extremely quickly by HSBC). Combine this with the extortionate cost of using the ATM - somewhere around 20 quid including charges at both ends - and I'm looking at better ways to get my UK money here.
The HSBC website offers an international bank-to-bank transfer of up to 50k UKP for just 4 pounds, which I haven't noticed before. Has anyone used this service and are there any hidden costs (my Thai bank will obviously charge something for allowing me the privilege of giving them my money...) or drawbacks?
Thanks
I've been using it for years and well satisfied. Charge used to be 7 quid but as you stated now 4 quid. During the working week I can expect to activate the transfer (during the UK hours stated) and receive the monies in my HH BK bank within 24 to 36 hours. Obviously weekends and holidays at both ends extend that period.
Yes there are extra charges but minimal and also the exchange rate is not always favourable compared to other ways of transferring or other banks. Best check the additional charges, sending options and exchange rates from their small print on their website.
I use it primarily to avoid the debit card cloning, extra charges and inconvenience of searching for a secure ATM. I've been cloned twice on separate cards too.
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Thanks, chaps. The website suggests transferring in baht for a guaranteed exchange rate, rather than transferring sterling and leaving the exchange rate up to the receiving bank. Presumably a further earner for HSBC, but probably good advice?
Never had issues with the HSBC and they provide an excellent service IMHO. The only additional charges I have encountered is when transferring to/from my USD account. There is a separate governance when dealing in USD.
"Hope is a good thing, maybe the best of things" - Yma o Hyd.
I regularly do transfers from HSBC UK on the computer for a friend.
As you said, the charge is 4 pounds.
Regarding the exchange rate, execute the transfer in sterling. You then get the current day rate here when it arrives in Thailand.
I transfer euros to Thailand regularly and my bank (Ayudhya) doesn't charge this end. They've already made their money on the exchange rate, which is still very competitive.
barrys wrote:
Regarding the exchange rate, execute the transfer in sterling. You then get the current day rate here when it arrives in Thailand.
Thanks for that, Barry.
Wish I'd come across this system earlier...
I agree with Barry, transfer in sterling and you will probably get about 3 baht to the £ more. I hadn't realised that HSBC had dropped their transfer charge to just £4, it must be a long time since I did a transfer
To take this a step further, you can also set up a sterling account with your local bank in Hua Hin (I have a euro account here) and have HSBC transfer the funds directly to that account in the original currency. That way, you can decide according to the current exchange rate when exactly you want to change all or some of your pounds into baht.
It might be worth mentioning here for those who don't need a Thai bank account, but just need access to cash.
I use the Caxton FX currency card. There are no charges and the exchange rates are much better than any bank I've found. It has a Visa facility as well. You can load the card online or by text message.
If you keep the balance low, then the losses caused by cloning are minimised.
barrys wrote:To take this a step further, you can also set up a sterling account with your local bank in Hua Hin (I have a euro account here) and have HSBC transfer the funds directly to that account in the original currency. That way, you can decide according to the current exchange rate when exactly you want to change all or some of your pounds into baht.
What you say Barry is 100% correct and has been mentioned many times on the forum over the years - I am astounded that members who transfer to their Thai bank account are not aware of this, let alone transferring in Baht from overseas banks whose FX rates for this are terrible compared to what a Thai bank will give.
Courage is grace under pressure and when circumstances change you change your mind.
barrys wrote:
Regarding the exchange rate, execute the transfer in sterling. You then get the current day rate here when it arrives in Thailand.
Thanks for that, Barry.
Wish I'd come across this system earlier...
100% agree and we only do transfers from HSBC Hong Kong. Send the currency your account holds and let the Thai banks do the exchange to Baht. HSBC HK to any Thai bank takes about 5 minutes with SMS confirmation.
If you're going to live most or all of the rest of your life here, think about moving your accounts from HSBC UK to HSBC Hong Kong. Much easier to manage IMO.
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