Weird and wonderful HSBC foreign exchange transfers
Although it is usual for HSBC’s personal account customers to use foreign exchange transfer services to send money home, pay education fees or fund overseas property, they have used the service to buy items including a cargo ship and a wine cellar (without the wine). More frequent out of the ordinary fx conversions include yachts, classic and super cars, racehorses and works of art.
Since last month HSBC customers have been able to make fee free online international payments to an HSBC account, incurring £4 if to a non-HSBC account. Customers are therefore guaranteed a competitive price whatever they need to purchase.
James Yerkess, HSBC’s Head of FX for Retail Banking & Wealth Management, said: “Whether you send money to family or want to buy something extravagant we remain one of the most competitive currency exchange providers in the market with our reduced fees for online currency conversions.
“We are constantly looking at ways to simplify and improve our foreign exchange service and with over 75% of all HSBC international transfers made online our customers can be assured they are using our most cost effective service for overseas payments.”
Since the beginning of the year the smallest online transfer by our personal customers was $1, sent from the UK to US, with the largest of US$50k (the online transfer limit) converted into Euros, Aussie Dollars, Indian Rupees and New Zealand Dollars. HSBC Renminbi conversions are also being undertaken with most customers transferring cash from the UK to Hong Kong.
HSBC’s online international transfer service is available 24/7 with customers able to use a range of foreign exchange services – from international payments to travel money. HSBC offers a secure service with a choice of over 70 currencies in 150 countries; and up-to-date exchange rates, updated minute-by-minute during market hours, providing exchange rate certainty.
If personal account customers want to convert the equivalent of over £30,000 in any currency they can use HSBC’s telephone service or go to their local branch.