FOREX and HSBC

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
11/03/2009 21:55

You see i am new to this forex lark, and while my money was sitting earning minimal interest i thought i would dabble in forex.



So i set up a Lira and GBP account with HSBC Turkey



I sent some money over, in sterling, and practiced changing £100 into LIRA at a rate of 2.41, this morning.



So i ended up with 241 lira in my lira account.



Now i see they have charged me 222 lira for doing this?? is this right?



is there a better way of playing forex? have i got it all wrong?





Repro

kellybelly


Joined: 08/03/2009
Posts: 263

Message Posted:
11/03/2009 22:46

REPROMAN,



If your luck doesn't change the repo man will be calling on you.lol



Regards pete

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
11/03/2009 22:49

ha ha, all too true Kelly.



I hope your Belly doesnt get you!







Repro.

kellybelly


Joined: 08/03/2009
Posts: 263

Message Posted:
11/03/2009 23:06

Reproman,

4 your info theres nothing wrong with my belly,that a diet wouldn't sort.

PS will give you some proper advice maybe tomorrow,about forex,trust me,cos I'm not a banker or a politician.



pete

pinkchilli


Joined: 30/11/2008
Posts: 689

Message Posted:
11/03/2009 23:54

Reproman



All currency exchanges in a TRNC bank incur a tax of 1 TL for every 1,000 TL exchanged, or 0.1 as a %.



I'm not suggesting you didn't check, but have another look. Also, HSBC internet might have made a mistake.

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 00:19

cheers for the advice



It does seem odd they charged me 222 lira ( which is about £90) when i only changed over £100 sterling.



I will try and call them tomorrow and find out what happened.



night all



Repro.

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
12/03/2009 10:43

You don't mention how much you actually sent over in Sterling. It may be that this charge is for the initial transaction of sending funds from the UK. Once your Sterling is in the Turkish account it shouldn't cost you that much to do the forex transaction between your Sterling and Lira accounts.

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 12:35

I sent over 30k, with Abby

Abby told me the charge will only be £25



so why have HSBC charged me 222 lira?







Repro

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 14:50

Ok, having just spoken to HSBC



They tell me its a international transfer charge.

Altho Abby have already charged me £25, UK end

HSBC have also charged me 222 lira this end.



The reason why its so much, they work it out on a % basis, she even tried telling me i got a good deal considering the amount i sent?!?!?!



Im still not happy about this...but am wondering if there is anything i can do?





Repro

dozza67


Joined: 11/07/2008
Posts: 607

Message Posted:
12/03/2009 15:09

Go to another bank. We used to bank with HSBC till they started making us overpay for everything they could think of plus have the privilege of waiting up to 2 hours (with legs crossed) for some kind of service. HSBC are a bloody joke. Go to a bank that will not treat you like a second class citizen. There are plenty of good banks around.

Arek Naw


Joined: 29/08/2008
Posts: 75

Message Posted:
12/03/2009 15:21

If you have a Premier account with HSBC, you can make same currency transfers to other HSBC accounts worldwide free of all charges.

You can also withdraw up to £1000 per day from an HSBC atm free of all charges. This gives you the advantage of being able to change sterling cash into TL with a money changer at a better rate than at a bank.

kellybelly


Joined: 08/03/2009
Posts: 263

Message Posted:
12/03/2009 15:39

Reproman AKA,REPO.



I did threaten to get back to you today.Thing is you are talking about forex,me thinks you might have it wrong.forex trading is not for the faint hearted,however i'm under the impression the type of transactions you are talking about are somewhat removed from the service being offered by HSBC

I bank with Iktisatbank,so the deal is i buy TL when Sterling is strong,get my 17% interest, and sell when Sterling is weak.Simple even for me.If you require any further info i will have one of my junior colleagues Mr Mad-off call and see you when he has finished his 150 year sentence LOL.



Regards Pete

ricky


Joined: 26/01/2009
Posts: 294

Message Posted:
12/03/2009 16:08

Arel Naw msg11

What is a Premier account HSBC please? Is it an account linked to a creditcard or is it an account with a large amount on it? Tx

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 16:25

Ricky - a Premier account, is a 'exclusive' account for HSBC customers that have 75,000 lira or more, in their account.

The plus side is they waiver some of their charges and you get better rates.



Im thinking to send some more money over and once i convert Sterling into Lira i will qualify for Premier status.



Kellybelly - im not sure if i can take you seriously, lol.

But yes, my intention was to trade currencies, between Lira and sterling using HSBC online account, as i am based here in UK.

am i going about this the wrong way completely?



the reason i choose HSBC:

1) they seem like a safe bank

2) they have online facility



Repro - hopefully not soon to be Repossessed !

kellybelly


Joined: 08/03/2009
Posts: 263

Message Posted:
12/03/2009 16:49

Reproman,

I stopped taking myself to seriously a long time ago,however where money is concerned its no laughing matter.

You can ring me if you like for a chat on 01457-868999,a standard UK landline.

doddies


Joined: 16/02/2009
Posts: 102

Message Posted:
12/03/2009 17:06

we are Premier account with HSBC in U.K.

This cannot be used and is not recognised in N.C. As has been said before on this website, according to the rest of the world, there is no HSBC in North Cyprus!!!!!

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 17:41

Doodies - So why does it appear on the HSBC.COM/tr website?



Why would the HSBC company allow HSBC Turkey to show the Lefkosa and Girna branches under their website?





Repro

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
12/03/2009 19:03

Message 16 is wrong. It is part of HSBC Bank AS (Turkey) which is a wholly owned subsidiary of HSBC Bank plc. I had no problems transferring funds between my Premier account in the UK and my Premier account here and it is free.

Reproman


Joined: 05/06/2008
Posts: 252

Message Posted:
12/03/2009 19:33

Thanks Joandjelly, i thought as much



I think i was charged this fee because i used Abby - HSBC



I will set up a uk HSBC account first thing tomorrow...





Repro

doddies


Joined: 16/02/2009
Posts: 102

Message Posted:
12/03/2009 21:03

Transferred money from HSBC UK to HSBC Girne six years ago several transactions.£10 charge at UK branch. All transactions done through Cyprus Economy Bank.(wherever that is) and monies ended up in HSBC Girne.

May be part of HSBC Turkey but no connection with UK.

Therefore Premier not recognised.

Arek Naw


Joined: 29/08/2008
Posts: 75

Message Posted:
12/03/2009 22:17

I note your experiences with HSBC Premier. I can only say that, as a premier customer in UK I have never been charged for transfers to HSBC accounts anywhere in the world and I regularly withdraw sterling from the HSBC Girne atm with no charge.

I have no wish to sound like an apologist for HSBC, they hardly need it, but in my rather long experience in dealing with international banks, they remain the least objectionable

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
12/03/2009 22:53

Doddies things have moved on a little in the last 6 years and I can assure you that HSBC Girne is part of HSBC Bank AS, Turkey. Whilst there is no connection with the UK in the sense that it is a separate legal entity, it is a member of the HSBC Group and is a wholly owned subsidiary of HSBC Bank plc.

simon


Joined: 08/06/2007
Posts: 19

Message Posted:
13/03/2009 06:30

I have heard and read that if one does not go to the bank (TRNC) and withdrawer any interest on the correct day then they loose the interest. How can that be??

Can it not be paid into another account or just added to the initial sum deposited?

Dodge

deecyprus4


Joined: 27/07/2008
Posts: 3452

Message Posted:
13/03/2009 07:33

you only lose if you draw it early

doddies


Joined: 16/02/2009
Posts: 102

Message Posted:
13/03/2009 13:42

agree things have changed since six years ago.we closed our account at the old Girne bank long ago because of bad service.

As with no direct flights or commercial dealings with the UK i assumed this was why our transfer of money had to go through a third party. Obviously this has changed.

I would be interested to know if HSBC Girne/Lefkosa would honour all conditions afforded to UK Premier Card Holders.

Biker



Joined: 11/01/2008
Posts: 396

Message Posted:
13/03/2009 14:24

Tried to transfer from HSBC UK to to HSBC Girne account.

Internet banking cannot even find the branch in Girne as it's branch. So could not do it.

Transferred to another bank instead.

So much for making it easy.

Thanks HSBC

joandjelly


Joined: 24/02/2008
Posts: 2953

Message Posted:
13/03/2009 18:36

Doddies you could try speaking to Julie Younger at HSBC Girne about the Premier product there. In theory there shouldn't be any difference however each legal entity will have its own country-specific regulations set by the Central Bank. Sorry but I don't have her contact details but I'm sure someone else here will have.

Biker I had the same problem with trying to do an online transfer and I think the reason is that all transactions go via Istanbul so Girne does not have its own branch identification code. I got round this by setting up a payment with telephone banking. You only have to give the details once and then they are stored for future use.