HSBC getting weird lately

I seem to have been having lots of issues lately with HSBC Premier.

Specifically, I’m purchasing another property and need to transfer in a six figure sterling sum of money.  They did this twice in 2010, and once in 2012, all three times also for property purchases.

All I need is my Relationship Manager to witness my signature, then sign and stamp as before.  But its not that straightforward this time and I’m getting the run-around.

Who are you guys doing business with in London that is fairly straightforward with American clients, bringing money into the UK? 

If they accept US brokerage accounts that a plus.  Mortgages to American customers another plus.

When I first came over, I worked for the M&S Corporate office and all I can say is, they are known for denying more people for credit/loans than any other bank. They built their reputation on being "Premier" banking so make it very difficult to obtain credit. As far as using their credit cards for travelling, you have to call and set it up in advance or they will deny its use abroad.

I would say go through the trouble of doing what you can as your name will be in the system and will allow for easier approval later on. They are strict but not only towards non UK nationals but for everyone. UK nationals changing their names or making any changes go through the same stringent procedures.

When I first came over, I worked for the M&S Corporate office and all I can say is, they are known for denying more people for credit/loans than any other bank. They built their reputation on being "Premier" banking so make it very difficult to obtain credit. As far as using their credit cards for travelling, you have to call and set it up in advance or they will deny its use abroad.

I would say go through the trouble of doing what you can as your name will be in the system and will allow for easier approval later on. They are strict but not only towards non UK nationals but for everyone. UK nationals changing their names or making any changes go through the same stringent procedures.

Thanks but that’s not the case here.  I’ve been in the UK since 1997 (ILR, now naturalising) and with HSBC since 2005. 

All I needed was a signature guarantee, but they refused to provide this service.  As mentioned, they'd done this in the past without issue. In the end I used a Solicitor who did conveyancing when I purchased a property in 2012,  but had to pay for her time.  HSBC always did this for free in the past.  I wasn’t applying for credit, I was only trying to transfer in a six figure sum so I could purchase a flat. Finally managed to get the money in without issue, but also without help from HSBC.

Very odd, I even pointed out to my “relationship manger” I have three rental properties, rent comes into my current account every month with a clear reference “rent” and I’m not buying any HSBC insurance products for those houses.  In other words, there is business here for your firm. Couldn’t budge her at all. 

About a year before I wanted to move my stateside brokerage account from my broker in Boston to HSBC. Low seven figure sum, I wanted to have it all with one company and thought HSBC New York would be ideal.  But they weren’t interested. 

Seems anything international is causing issues since one of my British acquaintances didn’t have similar problems.

Hi,

It's possible that the HSBC Premier service and what it can offer has changed in the last few years. They've been embroiled in some of the negative aspects of the 'banking industry' recently...

It's always hard to give direct very useful help with financial matters on a general level like this, there's always personal aspects which can or do cause issues etc along the way.

I'd suggest looking at a Currency Exchange specialist and one which is very experienced for when it comes to international transfers relating to property purchases. You may well experience less of the hurdles you are finding with HSBC in this regard.

Cheers, DtM! West London & Slough UK!