richjop

Banking-a word of caution

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    Just thought I would post this so that it doesn't happen to others. Mum and Dad have just emigrated and are in the process of buying their first house, settlement due 12th June 2008. As the exchange rate is so bad at the moment Dad has kept his money in sterling and for ease opened a HSBC bank account in Aus and kept the one in the UK that he has for over 40 years and they also went to see their personal banker in the UK to explain what they were doing. Went to HSBC in Adelaide last Thursday, opened a sterling account in Aus, instructed a transfer of funds from UK-Aus (same currency) and then FX will be done for the bank all ready for this Friday. Turns out that eventhough its the same currency, the UK needs a written confirmation to move money, when they call the UK Personal Banker always in meetings and all because there is no authority to take a fax instruction on their UK bank account (eventhough they were never told to set this up). So, at the moment they cannot pay for the house and we are waiting to hear whether the vendor will be charging interest for the late payment...SO if you are keeping the same bank, make sure you make it clear that money will be moving between accounts and what they need from you.....

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    Guest Nick11

    That's bizarre - we did the same and all I had to do was ring the call centre to okay it. Our personal banker was pretty crap as well though

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