smartcookie

I received an email response indicating the $2 plus 1% structure.

skittle

My problem with all this is we researched all the rules and charges at the end of 06 for an OS trip. We are going to Thailand in Feb and I guess we will need to start again with the research because the rules may have changed without us being notified.Grrr...
Research for the holiday is half the fun but trying to get a straight answer out of credit card companies is plain frustrating.

LeighTravelClub

Might be worth noting a post I made last year re Dynamic Currency Conversions. Not connected to HSBC of course, but nevertheless, it is a practice still going on in S.E.A., and some people may not be aware of it.
http://www.fodors.com/forums/threads...p;tid=34900045

Kathie

Yes, it is a good idea to be aware of Dynamic Currency Conversion. It's actually more prevalent in Europe than in SE Asia.

One of the things about it that is interesting, is that you might gain or might lose by the merchant using Dynamic Currency Conversion. The only place in SE Asia where I have ever been asked if I wanted the charge in dollars, I asked him what rate he uses to convert. He checked the bank rate and since that was the rate he would give me, I said fine. I later wondered whether my credit card company would do a double exchange (dollars to baht to dollars) but they did not. I was actually charged the amount he quoted me in dollars, with no currency exchange fee by my credit card!

However, I've noticed recently that my credit card terms have changed so that if something is charged in dollars from a foreign country, it is still subject to the card's foreign exchange fee. Alas! no way to get around it now.

LeighTravelClub

It USED to be more prevalent in Europe. My son has just returned from a business trip to Thailand, Laos and Vietnam. He tells me that in each country he had experience of being presented with a bill that had been converted to sterling and on each occassion he would have lost out, had he agreed the bill. Be aware!

Kathie

Interesting, Leigh. As I mentioned, I've only ever had it offerred once in all of my years of travel to SE Asia. I'll report back after our November trip on any experiences with this.

smartcookie

kuranosuke, the 1-3% charge usually appears later as a separate charge at the end of your billing cycle.

Kathie

cookie, I've never had the foreign exchange fee appear later - it's usually itemized (for the 2-3% surcharge), sometimes not (for the 1% surcharge), but it always appears as soon as the charge itself appears online. That's been true of my HSBC card for ATM withdrawals, other bank accounts for ATM withdrawals, for my credit card charges (both Visa and AmEx).

FromDC

What a disappointment. I also opened the HSBC internet savings account and have used it on a couple of trips and have been very happy. Another trip coming up next week to Brussels and Paris, I will probably use it and bring down the balance. It is probably no more than my citibank ripoff card, anyway. Thanks everyone for posting alternatives.

smartcookie

On my Citibank credit card statement and the Washington Mutual checking account statement, the foreign fees usually appear about 2 weeks after the charges, usually at the end of the statement cycle.

Kathie

Interesting, cookie. This thread has given us all lots of information about how differently banks operate.

Bisbee

If you use your HSBC ATM Card at an HSBC ATM overseas, you should not charged these fees.

tengohambre

Is that correct, that if you use an HSBC ATM you will avoid a foreign exchange fee?

I would call HSBC but last time I tried I was on hold for more than ten minutes. Thanks.

Kathie

Bisbee, when I spoke with them, at great length and in great detail, they told me that as of Oct 1, all foreign exchange would incur the 3% fee. I expect they would not charge for foreign ATM use (a $1.50) fee if you used an HSBC ATM, but of course, that is not the big expense...

I have still seen nothing in print (either sent to me or on their website) about this change but my money is virtually out of there anyway.

Bisbee

I've used HSBC ATM's several times since October 1st. No 3% fee has been charged.

smartcookie

give it 2 weeks. it may appear as it does on mine with a delay.

Bisbee

HSBC has always been immediately posted (as Kathie mentioned) unless they've changed this policy too.

kuranosuke

when i withdrew $500sd a few days ago, the only amt shown on my online stmt was the total amt of the w/d.

a couple of days later, hsbc provided a detail acct of my w/d, and it did indeed show a 3% fee for my w/d.

i will be back in sg in a few days, and i will validate bisbees post of 10/8.

Kathie

Bisbee, is your account at HSBC (from which you are withdrawing money) an internet savings account based in the US? And where are you withdrawing money?

Someone noted that if you have a "premier account" at HSBC, they don't charge currency exchange fees. So I want to make sure you don't have a premier account, Bisbee.

And Kuranosuke, do let us know about the ATM fee when you get back to Singapore.

mlb

As I posted on October 4th in the ATMs and credit cards thread - this is what I received on my eStatement of my HSBC online savings account:

An important message about upcoming changes to your account: Effective November 5, 2007, the currency conversion fee for foreign transactions* (transactions performed outside the U. S.) will increase from 1% to 3% for all qualifying Debit & ATM card transactions. *Excludes Premier Checking, Premier Investor and Premier Asset Management Accounts.

The reason why several of you are not getting charged the 3% is because it is not November 5th yet.