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Sending money from HSBC to HSBC? That'll be £30, please

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They trumpet their overseas connections and expat advantages, but international high street banks are making British customers pay through the nose to send money overseas. HSBC calls itself "the world's local bank" but charges customers up to £30 to send money from their own HSBC account to someone else's in another country. Similarly, Spanish-owned Santander does not discount rates for customers who send money to its own overseas branches.

 

"It is what our bank deems to be the charge," an HSBC spokesman said. "It isn't like banking is free."

 

The vast majority of people use bank transfers when sending money to an account abroad. However, it is nearly always cheaper to use a currency broker or other specialist service. Overseas transfers have become more popular as owners of second homes rent out holiday property abroad directly via the internet, and families living elsewhere in the world send money worldwide.

 

It can cost a hefty proportion of the money you send just to have it transferred. For example, an ordinary Chaps transfer or international payment costs £25 through Santander. Although Santander customers can use their cash cards free of charge throughout Spain they still pay for money transfers to overseas Santander accounts at the same rate as for any other account.

 

Link; http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/9764640/Sending-money-from-HSBC-to-HSBC-Thatll-be-30-please.html


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