Transfering large sum over from HSBC UK
Discussion
This is already tacked onto another thread in the Finance forum, but it can't hurt to ask here.
Sold a house in the UK and have the proceeds in my UK HSBC account. Internet and phone banking only allows me to transfer up to GBP 10k with a GBP 30 fee every transfer.
Let's just say that would be rather inconvenient and expensive. We're looking to use a FX House to get the money here as the bank rates are stupid.
The other options are to jump through lots of hoops by either couriering over documents back to the UK and hoping they get to the right person, they are the right docs and I don't have to sign anything else. Or do the same but have it verified with HSBC here, and rely on them to email confirmation over to a specific person but still maybe have to courier other docs over once they get couriered to me from the UK.
Or I have to go to the branch in the UK!
Daft as it may appear this is looking the best way to guarantee it getting done, might be cheaper because we've already lots a load on the exchange rates changing and it doesn't rely on monkeys at this end or that end at the banks.
Anyone else have a solution?
It's so frustrating not being able to access my own money without getting thoroughly ripped off by the bank.
Sold a house in the UK and have the proceeds in my UK HSBC account. Internet and phone banking only allows me to transfer up to GBP 10k with a GBP 30 fee every transfer.
Let's just say that would be rather inconvenient and expensive. We're looking to use a FX House to get the money here as the bank rates are stupid.
The other options are to jump through lots of hoops by either couriering over documents back to the UK and hoping they get to the right person, they are the right docs and I don't have to sign anything else. Or do the same but have it verified with HSBC here, and rely on them to email confirmation over to a specific person but still maybe have to courier other docs over once they get couriered to me from the UK.
Or I have to go to the branch in the UK!
Daft as it may appear this is looking the best way to guarantee it getting done, might be cheaper because we've already lots a load on the exchange rates changing and it doesn't rely on monkeys at this end or that end at the banks.
Anyone else have a solution?
It's so frustrating not being able to access my own money without getting thoroughly ripped off by the bank.
Asterix said:
Mattt said:
I use UKForex for my FX needs, but you still need to transfer the money to them - you could get away with a succession of £10k payments to them daily in their GBP account though.
Let's just say that would take rather a long time and HSBC want to charge 30 quid a pop.So, do it all at once to a Forex house for £30.
Or am I missing something obvious, like it is £30 per £10k?
Either way, it is buttons, no?
Main thing is to be very very careful with who you use for FX.
I have used First Rate FX in London for sending back from UAE to UK for the last few years and it's always been smooth sailing and the rates are decent enough if you haggle.
The rate in general isn't great just now for sending over here to UAE - assume you've considered sending some now (if you don't need it for anything) and sit on the rest until the rate heads back up?
The rate in general isn't great just now for sending over here to UAE - assume you've considered sending some now (if you don't need it for anything) and sit on the rest until the rate heads back up?
Reffio said:
I have used First Rate FX in London for sending back from UAE to UK for the last few years and it's always been smooth sailing and the rates are decent enough if you haggle.
The rate in general isn't great just now for sending over here to UAE - assume you've considered sending some now (if you don't need it for anything) and sit on the rest until the rate heads back up?
That's who I'm going to use - from a recommendation.The rate in general isn't great just now for sending over here to UAE - assume you've considered sending some now (if you don't need it for anything) and sit on the rest until the rate heads back up?
Asterix said:
shirt said:
are you with hsbc in the uae?
No.Missus is a Premier customer though so we're going in to see them tomorrow to get all the docs verified and sent over - hope it works.
Don't fancy going back to the UK - have you seen how hot it is!
shirt said:
Asterix said:
shirt said:
are you with hsbc in the uae?
No.Missus is a Premier customer though so we're going in to see them tomorrow to get all the docs verified and sent over - hope it works.
Don't fancy going back to the UK - have you seen how hot it is!
Well it seems that all is well. The transfer went through from HSBC UK yesterday and the FX house received it this morning. Just waiting for Thursday's UK GDP results to be published as everything points to them being good and that should strengthen things against the US$ just a bit more before striking the deal.
It'll then be interesting to see if my bank here holds things up due to the money laundering checks. I've already told them what I'm expecting, where the money came from and offered to send them a copy of my solicitors sale statement but they weren't interested.
It'll then be interesting to see if my bank here holds things up due to the money laundering checks. I've already told them what I'm expecting, where the money came from and offered to send them a copy of my solicitors sale statement but they weren't interested.
Mattt said:
Are you planning to buy there or just make better savings returns?
I often wonder what my main currency 'base' should be.
India.I often wonder what my main currency 'base' should be.
It's rewarding investment like nowhere else at the moment and for the medium term, it looks as safe as anywhere else. However, You need to be an Indian to take advantage of it. Luckily... my wife is Indian and I'm applying for PIO status which allows me to do the same.
I'm still very wary of property purchasing here. I don't have confidence in the legal side of owning and the product supplied is often shockingly badly put together.
Standard saving rates are poor and no better than the UK I'd say at the moment.
IanUAE said:
Asterix said:
However, You need to be an Indian to take advantage of it. Luckily... my wife is Indian and I'm applying for PIO status which allows me to do the same.
Got my PIO card last year and it is a 15 year visa.8.75% fixed rate at some banks at the moment.
How was the PIO process?
IanUAE said:
Quite painless actually.
1 very long form to fill in + you will need (from memory)
1) copy of wifes passport
2) copy of your passport
3) copy of marriage certificate
4) few passport pictures
5) cash (amount?)
6) 1 week between submitting and collecting
That sounds alright.1 very long form to fill in + you will need (from memory)
1) copy of wifes passport
2) copy of your passport
3) copy of marriage certificate
4) few passport pictures
5) cash (amount?)
6) 1 week between submitting and collecting
We've got our marriage certificate attested with the UAE OK but haven't bothered with the UK or Indian embassies as yet - we we're married in Cyprus.
Suppose I better get that don first.
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