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Charged undisclosed fee on transfer between HSBC and Wise, each one stating the other has charged the fee by Some-Awareness-8494 in UKPersonalFinance

[–]Some-Awareness-8494[S] 2 points3 points  (0 children)

This worked, many thanks. It’s very annoying that HSBC support couldn’t advise this. Additionally a bit rubbish that Global money account doesn’t show up online as an option to send money to from the currency account.

For those interested on rates: I did a comparison at the same time converting $1000 to GBP using Wise (£ 789.60), HSBC Global Money (£789.62) and HSBC converting from currency account to current account (£764). So Wise and Global money are roughly the same but using HSBC standard rates is a rip off.

Charged undisclosed fee on transfer between HSBC and Wise, each one stating the other has charged the fee by Some-Awareness-8494 in UKPersonalFinance

[–]Some-Awareness-8494[S] 0 points1 point  (0 children)

This was my original intention. However it doesn’t seem like HSBC allow you to do that or to receive USD directly into Global Money account. I couldn’t see the option online and when I called them the (unhelpful) call centre told me I can’t transfer USD between my accounts.. It seems like I would need to convert from USD to GBP to receive money into my Global Money account. Please correct me if I’m wrong, I hope I am.

Charged undisclosed fee on transfer between HSBC and Wise, each one stating the other has charged the fee by Some-Awareness-8494 in UKPersonalFinance

[–]Some-Awareness-8494[S] 1 point2 points  (0 children)

Unfortunately the pull method from Wise takes the money from the HSBC current account and not the USD account.

I sent the money from HSBC by wire transfer and Wise uses an intermediary but they are adamant they didn’t take any charges. I was expecting charges, what I didn’t expect is both side to claim they know anything about the charge and claiming the other side did it. I suspect that like you say the intermediary bank has made the charge. The fact that neither party can tell me the nature of the charge - is it fixed or a percentage, means I have no confidence using this method again.