HSBC is not “the world’s local bank” as their motto states. You’ll find branches in 86 countries on every single continent, but each region’s HSBC is an entirely separate bank.
I opened an account in Hong Kong’s HSBC last summer. When I left the country, I left behind a sizeable chunk of change in the HK HSBC account. Now I want it back so I can close the HK HSBC account and transfer the money to my US HSBC account. I could also use the extra cash. I found out today what this process will require:
- retrieving a mysterious phone access PIN for my US account that I don’t remember ever receiving
- calling HSBC USA and asking a rep to mail it to me
- waiting 3-5 days for the letter
- going through HSBC’s telephone automated wire transfer protocol
- receiving a fax number
- faxing over personal info including esoteric and equally impossible-to-find ABA routing numbers and SWIFT numbers
- realizing that there are domestic ABA routing numbers and international ABA routing numbers for the same bank
- calling an HSBC US rep again for the international ABA number
- filling out all the required paperwork
- faxing said paperwork
- paying an extortionate $15 incoming wire transfer fee
- perhaps paying equally extortionate fees on the HSBC HK end
- being notified that the transfer failed because my HSBC HK account’s transfer limit is set to a default of $0
- trying to log on to HSBC HK’s internet banking website to increase the transfer limit
- realizing I can’t log on because I lack a special Internet “security device”
- calling HSBC HK to request a security device
- waiting weeks for a device to arrive in the mail
- furiously tearing open the mail package
- being prompted to activate the device by entering the last 3 digits of the HK cell phone number I opened my account with
- realizing I threw away my HK SIM card with the cell number on the back when I left HK
- (the saga continues…)
The redeeming part of this experience was their great customer relations reps on the phone. Very low wait times, very helpful. I thank them for putting up with me.
2 Comments
Be aware that HSBC has a breach of information, I have received a scam call, they knew I had HSBC account, my cell phone ( which is registered under different name). When I called HSBC about it, it took me more than two hours to reach and explain to the customer service my concerns. They blamed it on me, they said I might have lose my personal info or something, when I gave them the phone number of the scammers, they were not interested at all.
Then I decide to transfer all my funds from HSBC to my other bank.
So it took me another hour to reach the actual branch near me, they told me that they can’t transfer money to my other account, that I have to mail a request to theyir office in BC, I am in ON, so another week of waiting. I ask them what other option I have , they said I don’t have any other, so I should wait.
Then I ask for the withdrawal of cash, but they said they don’t have cash on hand and that I have to wait up until next Friday, it was Thursday morning.
Naturally, I was furious, because when I was opening the account they told me that I can withdraw up to 100K if I give them one day notice. After half an hour, of yelling at me that I have no idea how banks work, they decide to give it to me next Tuesday, I wasn’t happy with that too. So after another 15 minutes of arguing they agreed to give me part of the money, but the rest will wait till Tuesday.
Then I ask them if I could do a money draft to transfer all my money and they finally they said OK we could do that for you, but have a seat we will be with you shortly.
So then I was sitting there watching them serving other customers for another half an hour, and I notice that if one has “Premium account ” ( or whatever they call it, it is a black card) one will be treated with smiles and timely, and normal account holders are treated like a second class customers.
So to summarize, The HSBC phone customer service are like a robots and they do not listen to what you say, they have the script of the template answers. And it takes several hours before you can get an answer to “unusual” question.
The branch customer services is unfriendly and rude.
HSBC will not give you cash (more than 10K) as soon as you request it or the next day. (even if they have it)
They don’t care if a scammers are using HSBC name.
They don’t care if there is a concern that HSBC may have a breach of information.
Nothing beats a real banks, CIBC, TD, RBC, BMO etc.
My company, a Long Island AC Repair company,
used HSBC in the past. They are horrible and we will never use them again.