To be eligible for the administration fee of 0.5%, cardholder has to submit his/her application form with all relevant documents to HSBC by 20 July 2009. Applications received after 20 July 2009 will be subject to 0.7% administrative fee. For monthly instalment payments, the 0.5% administrative fee will be charged upon the successful deduction of the tax/ TV licence fee amount each time till March 2010 and thereafter, 0.7% adminstrative fees will apply. Other terms and conditions apply.
15 years ago
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Has anyone ever asked why HSBC fail (and refuse) to disclose on your “bank statement” the cost to HSBC of overseas currency "transactions"
They have a COST [that they add their percentage]. So, why not tell you what the COST is?
Maybe someone might discover there is a massive SCAM.?.
HSBC cleverly only show the RESULT after HSBC have “manipulated” the exchange rate adding whatever percentage they feel like The customer can NEVER check if you are being ripped off anything from 2.7% to 10% and you will never know the truthful percentage that HSBC load to each transaction. HSBC serves approximately 15.6 million customers in the UK. But will not disclose this simple information to anyone.
I have been a customer of HSBC since they took over Midland Bank and I actually asked the question and have been made to run the HSBC gauntlet for 18 months [at July 2009]. Still HSBC will not tell me the net cost to them; charged by the overseas operator.
Why? I hear you ask. HSBC has designed the almost perfect scam?; given that most HSBC customers either don't care or are blissfully ignorant what HSBC are charging. If you dare ask will you ever get a honest answer if HSBC are in the wrong. “Deny all claims” then make the customer FIGHT for any refund. Is that straight from the Arthur Daley and Trotter Enterprise School of trading? It works for HSBC who are fighting the Office of fair Trading to avoided refunding CUSTOMER’S money wrongly removed. HSBC are big and you are small and more importantly because they can plunder your account any time they like. Its then your task to take-on the largest Bank in Europe to recover your money. No one believed Bernard Madoff capable of being deliberately dishonest. I doubt if more than a few people at HSBC know that this currency exchange scam is going on but those involved should join Bernard Madoff.
HSBC apparently admit to being taken in by the smart “scam” of “Bernard Madoff gate” and claim they are victims, saying; it had exposure of around US$1bn [£607,031,250] of the US$64,000,000,000, unrecoverable losses.
Question: What is the total value of HSBC customer transactions using debit or credit cards to draw money or make purchases overseas In foreign currency, would it take; by secretly adding and removing by stealth say an extra 2% to every transaction?
Answer just £30,351,562,500 worth of transactions and the best part is that the Customer will never know and cannot find out, HSBC simply refuse to show the actual amount “loaded” by them on to their customers transaction, even when asked. Who would believe that HSBC could be so deliberately dishonest?
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