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HSBC money transfer UK-Thailand overcharged/alternatives.

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Hi,

 

I've been making foreign exchange transfers with HSBC from UK to Thailand for around 15 years, never a problem. However, the last two times I have made transfers for smaller amounts of money I have effectively been overcharged/charged twice as the recipient has not received the correct amount of money. I always send GBP and have always paid the UK sending fee which is £4 and the recipient pays the receiving bank (Kasikorn) charge which I believe is 0.25% minimum 300B. (Appreciate an update if anyone knows if this has changed). I always check and confirm that the correct amount of money has arrived. After it happened the first time, as it was a small amount I was transferring, the second time I tried sending it as THB to see if it made any difference. Both times 15%-17% of the total amount did not arrive at the recipient after charges were paid.

 

I asked the recipient to check with Kasikorn head office and they have said that HSBC Hong Kong has deducted the (15-17%) mentioned. This has never happened before, as I say I've always checked all transfers and the amount I'm expecting to arrive always does.

Has any other members who use HSBC for UK to Thailand transfers experienced this lately? Usually the service is excellent with money arriving next day when sent during the week.

 

HSBC have sent me back an email after I made a complaint, and are trying to fob me off, saying that I don't understand the charges (even though I've been doing this for 15 years). I need to find an alternative service and maybe switch bank as I only stayed with them as the foreign transfer service was good - if it remains like this then there is no reason to still use them.

 

From casual observation it seems that many people use Transferwise. How safe, reliable, quick and cheap are their services? Does the money arrive next day? Can you still send money as GBP or only as THB and are the rates excellent?

 

Also appreciate recommendations on UK banks as alternatives to HSBC.

 

Thanks.

 

 

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