# Hsbc



## Kawasutra (May 2, 2011)

Hi Folks,

recently I moved to HSBC with a advance account and now I am facing the first rip off due to a lack of not proper reading the fine print, like always...
They are charging 40AED for a money transfer to another bank within the UAE, ridicioulus... any advise to save on this?

BTW: how is the exchange rate of an in comming remmittance in a foreign currency, is it as per the market value or is HSBC cheating on this (lower rate)
Any experiences appreciated... 

Thanks!


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## INFAMOUS (Apr 19, 2011)

All I know is that everyone has told me to avoid HSBC lol.


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## w_man (Apr 16, 2010)

Meehh - I have both ADCB and HSBC and they both charge transfer fees. I don't think this is an HSBC specific charge. Personally - HSBC is a few centuries ahead of ADCB.

Sorry no experience in incoming but I would assume it won't be at market rate, just like outgoing. I always get my company to purchase AED from their end prior to transferring funds in to my AED account rather than letting my bank do the conversion. You might want to see if that's possible so things are consistent.

GL


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## Dozza (Feb 17, 2009)

w_man said:


> Meehh - I have both ADCB and HSBC and they both charge transfer fees. I don't think this is an HSBC specific charge. Personally - HSBC is a few centuries ahead of ADCB.
> 
> Sorry no experience in incoming but I would assume it won't be at market rate, just like outgoing. I always get my company to purchase AED from their end prior to transferring funds in to my AED account rather than letting my bank do the conversion. You might want to see if that's possible so things are consistent.
> 
> GL


To avoid the money transfer 'In country' just draw out the cash & then pay it into your other account.

I refuse to pay any money in form of admin fee's just to transfer my own money.


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## Kawasutra (May 2, 2011)

Dozza said:


> To avoid the money transfer 'In country' just draw out the cash & then pay it into your other account.
> 
> I refuse to pay any money in form of admin fee's just to transfer my own money.


You mean I should go back to old school banking like we had in Germany 100 years ago, might be a solution...


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## Kawasutra (May 2, 2011)

w_man said:


> Meehh - I have both ADCB and HSBC and they both charge transfer fees. I don't think this is an HSBC specific charge. Personally - HSBC is a few centuries ahead of ADCB.
> 
> Sorry no experience in incoming but I would assume it won't be at market rate, just like outgoing. I always get my company to purchase AED from their end prior to transferring funds in to my AED account rather than letting my bank do the conversion. You might want to see if that's possible so things are consistent.
> 
> GL


I will compare the market rate and the offered rate from HSBC for a while and see!

Thanks


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## Southak (Sep 13, 2010)

HSBC is crap. Their website is garbage, the phone banking people don't know diddly-squat. I will move from them at the end of the year if I can find something better.


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## ccr (Jun 20, 2010)

Dozza said:


> To avoid the money transfer 'In country' just draw out the cash & then pay it into your other account.


Make sure to retain the withdraw receipt if the cash amount is high (believe was quoted 40,000 AED) since it is required to show source in order to deposit large cash amount.


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## stuartjohn (May 2, 2008)

Kawasutra said:


> You mean I should go back to old school banking like we had in Germany 100 years ago, might be a solution...


sadly you are right this is the only way to avoid the fees. Ironically if you use a cheque drawn on your hsbc account to transfer the money is seems there are no charges while in other countries you are penalised for depositing cheques or cash........strange system


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## w_man (Apr 16, 2010)

Southak said:


> HSBC is crap. Their website is garbage, the phone banking people don't know diddly-squat. I will move from them at the end of the year if I can find something better.


LOL - I see you covered yourself by saying "IF I can find something better". GL with that.

All banks = Evil


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## zin (Oct 28, 2010)

w_man said:


> Meehh - I have both ADCB and HSBC and they both charge transfer fees. I don't think this is an HSBC specific charge. Personally - HSBC is a few centuries ahead of ADCB.


I'm the same but the opposite opinion to you. I can't do half the things on Internet banking on HSBC that I can on ADCB. I'd go as far as saying it's better than my Barclays accont in the UK which I can't even transfer internationally with online.


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## Kawasutra (May 2, 2011)

Southak said:


> HSBC is crap. Their website is garbage, the phone banking people don't know diddly-squat. I will move from them at the end of the year if I can find something better.


I assume you won´t, but if then let us all know..... good luck


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## jme (Aug 14, 2011)

Kawasutra said:


> Hi Folks,
> 
> recently I moved to HSBC with a advance account and now I am facing the first rip off due to a lack of not proper reading the fine print, like always...
> They are charging 40AED for a money transfer to another bank within the UAE, ridicioulus... any advise to save on this?
> ...


It is always lower and I have had problems with money getting lost! and not being delivered until 3 months ....!!! That has happened 3 times nhow so now I transfere with Thomas Cook and if you have a large a mount they will give you a good rate.


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## hhl103 (May 3, 2011)

w_man said:


> Meehh - I have both ADCB and HSBC and they both charge transfer fees. I don't think this is an HSBC specific charge. Personally - HSBC is a few centuries ahead of ADCB.
> 
> Sorry no experience in incoming but I would assume it won't be at market rate, just like outgoing. I always get my company to purchase AED from their end prior to transferring funds in to my AED account rather than letting my bank do the conversion. You might want to see if that's possible so things are consistent.
> 
> GL


If I am going to open an account in ADCB. I am wondering if it is possible to transfer my money in ADCB to my account overseas 'easily' (like within 3 business days)? How much is one international transaction like that?

My other question is about the Islamic Banking. I heard that there is nothing like dividends or interests in this banking system.. Then, as a depositor, what profit can i get from ADCB?


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## zin (Oct 28, 2010)

hhl103 said:


> If I am going to open an account in ADCB. I am wondering if it is possible to transfer my money in ADCB to my account overseas 'easily' (like within 3 business days)? How much is one international transaction like that?
> 
> My other question is about the Islamic Banking. I heard that there is nothing like dividends or interests in this banking system.. Then, as a depositor, what profit can i get from ADCB?


Yes you can, yes within 3 business days usually, 100 AED.


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## Felixtoo2 (Jan 16, 2009)

I transfer money home using the Rostamani exchange in MOE. The rate is better than the banks and they only charge 40 dirhams.


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## Kawasutra (May 2, 2011)

The exchange rate from HSBC "EUR to AED" is around 2% below the actual market rate and nearly the same like "Western Union" so should be ok!
Just the fees for the transfer is way too expensive on national and international basis.


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