HSBC UAE and HSBC Global Money - two questions

[JJReddick]

Ok two basic question for those who use HSBC in Dubai for personal baking.

1) As I mentioned in another thread I would like to transfer EUR from a EU bank into HSBC UAE and only then convert them in AED (at market rate, possibly w/out a horrific fx spread) and later on doing the inverse, meaning collecting AED in my HSBC UAE account > swapping them for EUR > Sending EUR to EU bank. I was told there is a Global Money option within HSBC, but boy oh boy I am having massive issues understanding how it works, and customer service is as usual appaling.

What I am quite sure about is that with Global money I can hold EUR in my HSBC UAE account, but in a "wallet", not in a dedicated account with its own IBAN. I guess that means that every time I am to receive EUR from the EU or send EUR to the EU, HSBC won't allow me to do so directly but I will have to swap to AED first. Is this correct? Has anyone any experience with this? From my basic understanding the best way to go around this limitation is to set up a HSBC offshore account (channel island), and take advantage of the dedicated EUR iban there.

2) HSBC Global Money FX rates. Are they competitive? What kind of markup they take on their spreads?


Thanks!

 

[bamboozlethemall]

Ok two basic question for those who use HSBC in Dubai for personal baking.

1) As I mentioned in another thread I would like to transfer EUR from a EU bank into HSBC UAE and only then convert them in AED (at market rate, possibly w/out a horrific fx spread) and later on doing the inverse, meaning collecting AED in my HSBC UAE account > swapping them for EUR > Sending EUR to EU bank. I was told there is a Global Money option within HSBC, but boy oh boy I am having massive issues understanding how it works, and customer service is as usual appaling.

What I am quite sure about is that with Global money I can hold EUR in my HSBC UAE account, but in a "wallet", not in a dedicated account with its own IBAN. I guess that means that every time I am to receive EUR from the EU or send EUR to the EU, HSBC won't allow me to do so directly but I will have to swap to AED first. Is this correct? Has anyone any experience with this? From my basic understanding the best way to go around this limitation is to set up a HSBC offshore account (channel island), and take advantage of the dedicated EUR iban there.

2) HSBC Global Money FX rates. Are they competitive? What kind of markup they take on their spreads?


Thanks!

Basically you want AED in Dubai for your living expenses right?

 

[PhantomOf ThePits]

Ok two basic question for those who use HSBC in Dubai for personal baking.

1) As I mentioned in another thread I would like to transfer EUR from a EU bank into HSBC UAE and only then convert them in AED (at market rate, possibly w/out a horrific fx spread) and later on doing the inverse, meaning collecting AED in my HSBC UAE account > swapping them for EUR > Sending EUR to EU bank. I was told there is a Global Money option within HSBC, but boy oh boy I am having massive issues understanding how it works, and customer service is as usual appaling.

What I am quite sure about is that with Global money I can hold EUR in my HSBC UAE account, but in a "wallet", not in a dedicated account with its own IBAN. I guess that means that every time I am to receive EUR from the EU or send EUR to the EU, HSBC won't allow me to do so directly but I will have to swap to AED first. Is this correct? Has anyone any experience with this? From my basic understanding the best way to go around this limitation is to set up a HSBC offshore account (channel island), and take advantage of the dedicated EUR iban there.

2) HSBC Global Money FX rates. Are they competitive? What kind of markup they take on their spreads?


Thanks!

Hi,

best is to open an account with interactivebrokers.com (they have FX interbank spread).

From/to interactivebrokers you can send/receive many currencies (USD/EUR/NOK/GBP....) and take it as an AED on/off ramp.
Important is that it needs to come or go to an account of your own name or from you controlled entity (they dont have a banking license and hence you cant send it to another destination.

So you can use IBKR to store your money in different currencies and use it as on/off ramps for different currencies.

I use it myself, it works..

 

[Nicholas Van Orton]

Hi,

best is to open an account with interactivebrokers.com (they have FX interbank spread).

From/to interactivebrokers you can send/receive many currencies (USD/EUR/NOK/GBP....) and take it as an AED on/off ramp.
Important is that it needs to come or go to an account of your own name or from you controlled entity (they dont have a banking license and hence you cant send it to another destination.

So you can use IBKR to store your money in different currencies and use it as on/off ramps for different currencies.

I use it myself, it works..

@JJReddick best advice you'll get. I don't use IBKR but another broker (Amana Capital and Equiti are both fine, they have a presence in Dubai, too). I found the hard way that FX conversions at HSBC are a rip-off at best (even the USD/AED fixed peg of 3.675 gets ignored and you'll get 3.697 or thereabout).

Hope this helps.

NVO