HSBC - withdrawal charges

Discussion in 'Full Timers' started by billkce, Dec 7, 2013.

  1. billkce

    billkce Funster

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    Just noticed that HSBC have started making non-sterling transaction charges for my withdrawals & general spending in Spain. This is for cash & general purchases on my VISA.:Angry:

    I have an Advance Acct for which I pay £14 per month - and when I checked in August that there were no charges for withdrawals any where in Europe, they confirmed this.

    Its about 3% and started on 19 Nov. I've written to them asking what the story is? I cant find anything in their small print.:Eek!: The only thing I have noticed is the exchange rate they give is quite good.


    Anyone else noticed this? I await their reply.
     
  2. scousebird

    scousebird Funster

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    Yes, charged me when I was in Bruges last weekend. Next time I'm going abroad I'll compare their charges with Nationwide, they may be cheaper.
     
  3. oldfozzie

    oldfozzie Funster

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    Non Sterling Charges

    I have noticed this too, I spoke with the bank and it turns out that up until the change you got your transaction at a rate of exchange which included this service charge i.e. if the current bank rate was €1.18 to the pound they did your transaction at €1.15 (approx 2.5% less); now they do the transaction at the official bank rate, 1.18 above and then charge you 2.5% of the sterling amount.
    The figures above are all rounded examples so please don't check the maths, I haven't worked them out.
    I did actually read the notice of change to T&Cs for a change.
    I had a whole raft of charges hit by this and it all worked out about right but I am sure that if anybody won out of the change it was the bank; incidentally I think the change was made by Visa and not by HSBC.
     
  4. andyandsues

    andyandsues Read Only Funster

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    me too

    jep me too!
    noticed 2 charges on a cash withdrawal from an atm in Chile whilst on the same day only one on a nationwide withdrawal

    ill be using nationwide in future as they both give the interbank rate which is good and ill be popping in to HSBC when im back in the UK TO HAVE IT OUT
     
  5. tonka

    tonka Funster Life Member

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    I had an online notification yesterday.... :Sad:

    I had just made a flight booking back from Spain in Euro's and that now shows as a higher exchange rate but with the "fee" as a seperate item...
     
  6. ShiftZZ

    ShiftZZ Funster Life Member

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    Could it be they are passing on the ‘local’ charges over which they have no control, I may ask a friend of mine who works for VISA Europe…
     
  7. billkce

    billkce Funster

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    Wrote to my bank & got a gobble-de-gook answer, so conducted experiment at ATM, (all figures -ish)

    Withdrew €110 using EURO button, got €1.995 to the £. Great rate. Bank charged me £2.50 'non sterling transaction fee'. Total £94.50:BigGrin:

    Withdrew €110 using POUND button: Total: £97:RollEyes:

    Therefore still better deal by choosing Euro.

    My conclusion is that HSBC have upped their VISA exchange rate by about 3 cents but charge 2 1/2 % non sterling transaction fee.

    Therefore, in essence NO CHANGE. Which is more or less what the gobble-de-gook said.:Sad:
     
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  8. Serendipitous

    Serendipitous Funster

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    Hi. Check out the Halifax X credit card. Think it's this one,
    http://www.halifax.co.uk/creditcards/low-rate-no-fee/clarity-card/

    No details on my credit card to confirm but leave that up to you.

    Anyway the important bit is there are no foreign currency charges or transaction fees other than an interest payment on cash withdrawals. When used end of August this year only paid interest on cash withdrawals and that was minimal in comparison to a card & Nationwide.

    Card was flagged on moneysaving expert as cheapest for use abroad.
     
  9. hilldweller

    hilldweller Funster Life Member

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    Oh, I'd say a big change. They're conditioning you to accept a handling fee. Now give them a few weeks and see what happens to the exchange rate.

    Halifax Clarity was the card of choice around here a few months ago. I signed up on line but not used it abroad yet.
     
  10. canopus

    canopus Funster Life Member

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    Halifax Clarity was the card of choice around here a few months ago. I signed up on line but not used it abroad yet.



    Still is in this camp. Will be giving it some wellie in a couple of weeks time :thumb:
     
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  11. iandsm

    iandsm Funster

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    Charges

    Simples. Move to N and P No charges whatsoever and the current Visa exchange rate!
     
  12. Bailey58

    Bailey58 Funster Life Member

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    Just applied for the Clarity Card and it's on the way! Unlike the Saga card I tried for in May before our foreign trip, got turned down for that, I can only think it was because our credit rating was too good when I checked Experian later. :Doh:



     
  13. scottie58

    scottie58 Read Only Funster

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    We are going to use clarity card for purchases - but what do you recommend for obtaining cash abroad? We are off in April for a year travelling in southern half of Europe . Debit card and accept the fee?

    Thanks
     
  14. Ali n Tim

    Ali n Tim Funster

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    We have got the Halifax Clarity card but haven't used it yet. Will see how it goes when we set off for Spain next Monday. :Smile:

    Interested to see what others recommend for getting cash abroad.
     
  15. mariner

    mariner Funster Life Member

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    I wouldn't waste your breath.

    I've been telling people about N&P for years but it seems to be in their blind spot.


    Current exchange rate 1.2025 and no charges for cash or purchase.

    A no brainer really.

    :Cool:
     
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  16. MikeD

    MikeD Funster

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    Nationwide

    Nationwide have already introduced charges.

    Took 300E from the hole in the wall in Valencia

    Equals:
    £5.04 Non UK commission fee
    £1.00 Non UK cash withdrawal fee

    Not cheap to get my own cash out of the bank :Sad::Sad:
     
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  17. iandsm

    iandsm Funster

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    Yes, not much point asking questions if you don't read the answers is there.
     
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  18. Xabia

    Xabia Funster

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    For years I have been using Caxton. I put money on the card when the exchange rate is 'good', it stays on the card until I go to France or Spain and I draw the cash out from an ATM - no charges. I also use it to fund my bank account in Spain. The local branch of Barclays was charging me 25 euros to put money into my account! - this way it is free and I get a good exchange rate.:Smile:

    Mike
     
  19. mariner

    mariner Funster Life Member

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    Caxton current 1.17

    N&P current 1.20

    :Cool:
     
  20. Reallyretired

    Reallyretired Funster

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    Can you confirm that N&P is the Norwich and Peterborough Building Society please.
     

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