HSBC have opened up

[Joe A]

Again to accept their UK customers who'd like open a non res personal bank acct. in the States.

If you bank here and are pissed of with the charges for banking US$.. please pm me and I'll give you all the details. Biz accts. may be included again in the near future.

I only found this out as the UK is going total chip and pin on Feb 14th and my US cards don't have chips. I called my guys at HSBC Int. who then gave me the above info and let me know that I could carry on using the cards at ATM's here and that most large stores/shops would continue to accept old non chip and pin. If they didn't do that every visitor to the UK would have big probs. It seems only smaller shops are going over to only accepting the new cards :)

[JT]

Im still not 100% sure why anyone in the UK would benefit from having a US HSBC account instead of a UK HSBC account.

What is the bennefit?

[Joe A]

JT

It costs me postage to pay any amount of US$ checks in. When using an ATM the exchange rate is better though it does cost $1 each time. At the moment the average cost of a letter is 70p... Just a little cheaper than paying in to a UK bank acct. :)

Biz accts. can be opened over there, you need to arrange this through your own branch.

[JT]

So the benefit is the exchange rate?

[Joe A]

And zero charges for paying in :) Everyone is moaning about the cost of paying US$ checks in to UK accts. Now HSBC customers can do it for about 70p :)

[JT]

And zero charges for paying in :) Everyone is moaning about the cost of paying US$ checks in to UK accts. Now HSBC customers can do it for about 70p :)


If you have a US dollar account over here isnt it just the same?

[NumptyNuts]

why dont you just deposit them into a UK account a pay a the fee per batch?

[SGS]

Put it under the matress and only worry when you burn your dick on the bulb hanging from the ceiling. :eyebrows:

[JT]

Put it under the matress and only worry when you burn your dick on the bulb hanging from the ceiling. :eyebrows:

I wondered what the heat was.

[Joe A]

Paul...

Why pay for any batch when postage is only 70p :) Plus there are other advantages ... You're in the money biz.. I'm not going to tell you as you should know :)

[shaunmcmanus]

hi joe i would be interested in this as one of my clients get stung with charges there end on tranfers then i get paid £7 per tranfer everytime the money lands in my bank, what a bummer

[NumptyNuts]

Paul...

Why pay for any batch when postage is only 70p :) Plus there are other advantages ... You're in the money biz.. I'm not going to tell you as you should know :)


Its eay Joe,

Two ways to clear non sterling chq in the UK -

Negotiation - the bank in effect sells your chq to a 3rd party thus clearing the funds within 3 days - Should the chq bounce you have to pay back the money, this will be the most comman way people on this board clear payments.

Collection - the bank sends the chq to the issusing bank and it will ensure payments are fully cleared before adding funds to your account. this can take 60 - 90 days.

If some one sends you a chq from the US the quickest, simplest thing to do is hand it over counter to a clerk. Putting back in the post to save a few penies seems a little odd. The fee you pay for clearing the chq is a business exspense so you can claim the £8 against your tax.

I can not see the advantage of having a USD bank account unless you are doing out payments and the people want to be paid that way. Even if I did bank my USD chqs in a USD account at some point I have to convert back to sterling and will have a pay a bank charge or commision.

You have to pay the tax on it, its not like you are banking off shore to save money you create more hoops to jump through to get your cash thus leaving room for disaster.

[NumptyNuts]

hi joe i would be interested in this as one of my clients get stung with charges there end on tranfers then i get paid £7 per tranfer everytime the money lands in my bank, what a bummer


How are you banking and who you banking with?

TRhe guys here told me about Lloyds and Barclays many months ago, I now run accounts with both of them. Even business banking with Lloyds is free for electronic transfers.

As I said below, if you bank in USD to a USD account you will still have to pay fees, they will just charge you in other ways. Get your money into sterling as soon as possible these USD accounts are really only for people who need to pay others out in USD.

[shaunmcmanus]

yeah i am banking with lloyds at the moment think i am gonna have to find a better way of getting this stuff paid in geting very expensive to bank, and watching the exchange rates has become my new hobbie

[NumptyNuts]

yeah i am banking with lloyds at the moment think i am gonna have to find a better way of getting this stuff paid in geting very expensive to bank, and watching the exchange rates has become my new hobbie

why is it expensive?

I take chqs as wires are not viable for me, if you bank upto £10K in USD chqs in one go you pay the flat rate of £8.

If you go over this you pay a % with the maxium they can charge you being £80.

As the for the exchange rates theres 'market rates' and ther is the bank rates, WE all pay the bank rates, they never sell it to us at the Market rate.

I think Lloyds are doing $1.75 > £1 XE.com shows it at 1.77

Its pennies, it really is before Lloyds I was paying 7.50 per item, now that is not cost effective, in meant in the early days it was not worth me cashing my chqs :-(

[shaunmcmanus]

why is it expensive?

I take chqs as wires are not viable for me, if you bank upto £10K in USD chqs in one go you pay the flat rate of £8.

If you go over this you pay a % with the maxium they can charge you being £80.

As the for the exchange rates theres 'market rates' and ther is the bank rates, WE all pay the bank rates, they never sell it to us at the Market rate.

I think Lloyds are doing $1.75 > £1 XE.com shows it at 1.77

Its pennies, it really is before Lloyds I was paying 7.50 per item, now that is not cost effective, in meant in the early days it was not worth me cashing my chqs :-(


yeah i suppose when you put it like that it is not too bad.... i think i am just too old fashioned, put it under the bed kinda guy (modern world and all that i am sure is not for me ...lol)

[NumptyNuts]

we have to change our money pushing porn, the only way round not havaing to do any money exchange is with verotel and opting for GBP payouts, again though they will charge you their exchange rates.

Ask Lloyds to give the chq exchange matrix, it's worth understanding how they are clearing your money.

[shaunmcmanus]

thank you yeah i will ask, sorry not very switched onto the money changing stuff much better just taking piccys