"Correspondent" bank charges sending EUR to HSBC Expat

[blubb]

Hi guys,

has anyone managed to find a way to send EUR to HSBC expat without incurring correspondent bank charges? I asked Wise support and even though they explicitly told me no correspondent bank would be involved, I still ended up paying EUR 32.50 ”“ in correspondent bank fees.

HSBC Expat also suspiciously dodges the question whether or not this "correspondent" bank levying the fees happens to be HSBC UK ”“ even when directly asked...

 

[Sols]

HSBC Expat is domiciled in Jersey and is not a SEPA participant, so it can only receive EUR via SWIFT. HSBC in many other countries is a SEPA participant.

It wouldn't surprise me if HSBC is its own correspondent (EU to Jersey) and making money twice per transaction.

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This is the probably the answer to your question.

 

[nobel]

HSBC expat is not SEPA-compliant, so it is expensive for € incoming and outgoing money. SEPA is only possible with BARCLAYS, SEPA direct debit as well.

All banks in the Channel Islands (except BARCLAYS) there is no SEPA! So is BARCLAYS the best!

 

[Marie Manila]

Simply open another account with HSBC UK, if you are eligible.
This will give you SEPA access for free.
To my knowledge, transfers between HSBC UK and HSBC expat are free of charge.

But be careful, don't let your HSBC UK account become dormant!
You may need to visit a branch to reactivate it.

Have a look here: Dormant Bank Accounts | Inactive And Lost Accounts - HSBC UK

 

[bigbill27]

A slight comment here. If you use the app, not the website , you can transfer from HSBC expat to SEPA EU bank account free of charge. It usually same day as well. As soon as you use the website they tack on their 25 -35 euro fee”¦

 

[blubb]

bigbill27 said:
A slight comment here. If you use the app, not the website , you can transfer from HSBC expat to SEPA EU bank account free of charge. It usually same day as well. As soon as you use the website they tack on their 25 -35 euro fee”¦
Click to expand...

That's though the Global Money account, right? I read about that, but I was transferring funds in rather than out. Did you find a way to use Global Money for incoming SEPA transfers?

 

[bigbill27]

The outgoing transfer is from hsbc to a non HSBC bank. Incoming no success so far on avoiding the fee.

 

[Spinat]

bigbill27 said:
A slight comment here. If you use the app, not the website , you can transfer from HSBC expat to SEPA EU bank account free of charge. It usually same day as well. As soon as you use the website they tack on their 25 -35 euro fee”¦
Click to expand...

I was not aware of it, thank you for the hint.

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[Marie Manila]

bigbill27 said:
A slight comment here. If you use the app, not the website , you can transfer from HSBC expat to SEPA EU bank account free of charge. It usually same day as well. As soon as you use the website they tack on their 25 -35 euro fee”¦
Click to expand...

Who is the sender of the SEPA transfer? Your name or HSBC?
Will the money be sent from your personal IBAN or a pooled one?

 

[bigbill27]

Marie Manila said:
Who is the sender of the SEPA transfer? Your name or HSBC?
Will the money be sent from your personal IBAN or a pooled one?
Click to expand...

I am the sender (personal premier account) to an individual account not in my name , doesn't really matter but generally has been in Germany , Malta , and Cyprus. Again no fees for outgoing, also usually same day arrival.

 

[wellington]

Sols said:
HSBC Expat is domiciled in Jersey and is not a SEPA participant, so it can only receive EUR via SWIFT. HSBC in many other countries is a SEPA participant.

It wouldn't surprise me if HSBC is its own correspondent (EU to Jersey) and making money twice per transaction.
Click to expand...

Actually surprised they are not a SEPA Participant.

Aside from that SEPA [EURO] where is that cleared these days? -> NYC or still the CB of the EU?

 

[pomegranate]

FYI Citibank UK was a SEPA participant but they no longer are. So all EUR transfers go through SWIFT.

 

[Sols]

wellington said:
Aside from that SEPA [EURO] where is that cleared these days? -> NYC or still the CB of the EU?
Click to expand...

If the bank has a TARGET2 account, they can clear EUR through ECB. Otherwise, via another bank who has TARGET2 (and/or SEPA) and is willing to offer a correspondent account.

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This is the probably the answer to your question.