HSBC, no ATM fee for using USBC or Cirrus ATMS.

[Middleager]

I just found out if withdrawing from my HSBC accounts from HSBC or Cirrus ATMS abroad, there is no ATM fee.  There are lots more Cirrus ATMs than HSBC ATMs, so it's good to know.

 

On my HSBC WE MC, there is no foreign currency conversion fee (usually 2.5% on other CCs).  I was planning to put cash into that CC, then do cash advance withdraws.  It's good to know there's no fee from those ATMs.

 

We'll may payments using my wife's HSBC WE MC (which she just got, first year fee waived too)

[Milhouse]

I'm not familiar with the specifics of the HSBC cards but a couple of things to check generically are:

 

When withdrawing with your bank card:

• Does your bank charge a fee for non-network ATM withdrawals? 
• Does your bank charge a forex fee for the conversion?  This is like the dreaded forex fee but kind of hidden IMO.  See this page:  https://www.hsbc.ca/more-ways-to-bank/atm-banking/ "A 2.5% margin is applied to the CAD amount by Moneris®, a third-party ATM or Payment Network Provider that HSBC Bank Canada uses to give customers access to the Cirrus® network"
• Does the local ATM's bank charge a fee?   We find a lot of ATM's in Thailand charge their own fee.  

 

If using your credit card for a withdrawal and you're preloading it:

Check to see if there's a fee to withdrawal cash/cash advances from an ATM, even if you are preloading it with cash.

I pulled up this doc (https://www.hsbc.ca/content/dam/hsbc/ca/docs/pdf/hsbc-mc-mmwe-rates-fees.pdf) .  There seems to be a $2 cash advance fee for ATM withdrawals in Canada and $4 outside of Canada.  Not sure if it's still applicable if you preload your card.

 

[Middleager]

Thanks Milhouse.  You've done more research than the HSBC WE MC lady who answered the phone to say there is no fee.  Seems like not only there can be ATM convenience fees, there are foreign currency conversions fees 2.5%, first to USD, then to CAD -- I wonder if that conversion applies to HSBC WE MC which doesn't have foreign conversion fee, and if the conversion fee applies to other CCs or money accounts.

[LHT28]

1 hour ago, Middleager said:

Thanks Milhouse.  You've done more research than the HSBC WE MC lady who answered the phone to say there is no fee.  Seems like not only there can be ATM convenience fees, there are foreign currency conversions fees 2.5%, first to USD, then to CAD -- I wonder if that conversion applies to HSBC WE MC which doesn't have foreign conversion fee, and if the conversion fee applies to other CCs or money accounts.

Do you mean foreign transaction fee?

I have not come across a CC with a currency conversion fee  so not sure what that is ?

 

[gnome12]

HSBC is selling their Canadian unit so all of this may change in the future. 

[Middleager]

6 hours ago, LHT28 said:

Do you mean foreign transaction fee?

I have not come across a CC with a currency conversion fee  so not sure what that is ?

HSBC's website mentioned ATM "convenience" fee, which some others may call transaction fee.

https://www.hsbc.ca/more-ways-to-bank/atm-banking/

 

If using a Canadian CC to make payment in foreign currency, most CC's would charge foreign currency conversion fee of about 2.5%.  Some CC's don't, such as HSBC WE MC, Scotia Passport visa, Brim, etc.

[Ex-Airbalancer]

I got a Brim card this year just for traveling, $5,000 limited

used it in UK, Denmark, Norway, Iceland and Greenland worked great , 95% of the time it was just tap, a couple times I need to use a pin 

I also got notifications on my phone each time I used it within a minute

 

[Middleager]

21 minutes ago, Ex-Airbalancer said:

I got a Brim card this year just for traveling, $5,000 limited

used it in UK, Denmark, Norway, Iceland and Greenland worked great , 95% of the time it was just tap, a couple times I need to use a pin 

I also got notifications on my phone each time I used it within a minute

What about using ATMs to withdraw cash (the topic in this thread)

[Ex-Airbalancer]

53 minutes ago, Middleager said:

What about using ATMs to withdraw cash (the topic in this thread)

We never had to withdraw any cash on our last cruise 

[Milhouse]

14 hours ago, Middleager said:

Thanks Milhouse.  You've done more research than the HSBC WE MC lady who answered the phone to say there is no fee.  Seems like not only there can be ATM convenience fees, there are foreign currency conversions fees 2.5%, first to USD, then to CAD -- I wonder if that conversion applies to HSBC WE MC which doesn't have foreign conversion fee, and if the conversion fee applies to other CCs or money accounts.

 

We bank with TD and we couldn't get very definitive answers about ATM withdrawals ourselves so we've kind of had to do our own digging to identify potential fees from:  one's own bank, the network and currency conversion, and the local bank/atm.  

 

Yes, for more exotic currencies, the conversion fees are annoying because I don't think you can directly exchange with Canadian dollars.  It has to be converted to US dollars first and then another conversion.  As ridiculous as this may sound, depending on the trip/situation, I occasionally find it more advantageous to just convert Canadian dollars at a local forex stall.  That said, if only needing a small amount of local currency, sometimes I just find it worth it from a convenience factor to just pay all the fees to withdraw some cash from a local ATM.  

As an aside, check out the Wise card.  It's a global fintech company originally out of the UK that kind of specializes in forex and transfers.  I do not have one myself (yet) as I'm still trying to fully appreciate how it works.  

I don't think (not sure there are any additional conversion fees when using a no forex fee card like the HSBC WE MC because I think they use their own network. 

Using a no forex fee card at an ATM used to be advantageous but I think the credit card companies have caught on and many/most now charge a cash advance fee to take out preloaded cash from an ATM.  I've stopped doing it myself.

IMO, a no forex fee card as a credit card should be the first payment option when travelling.  But of course you may run into situations where (small) businesses don't take credit cards or offer a discount when paying with cash. 

10 hours ago, gnome12 said:

HSBC is selling their Canadian unit so all of this may change in the future. 

Yes, it sounds like RBC might be interested.

 

 

 

 

Edited October 12, 2022 by Milhouse
clarification on cc forex atm

[em-sk]

On 10/11/2022 at 12:52 PM, Middleager said:

I just found out if withdrawing from my HSBC accounts from HSBC or Cirrus ATMS abroad, there is no ATM fee.  There are lots more Cirrus ATMs than HSBC ATMs, so it's good to know.

 

On my HSBC WE MC, there is no foreign currency conversion fee (usually 2.5% on other CCs).  I was planning to put cash into that CC, then do cash advance withdraws.  It's good to know there's no fee from those ATMs.

 

We'll may payments using my wife's HSBC WE MC (which she just got, first year fee waived too)

 

I had a HSBC account for a number of years.  At some point want to simplify things and dropped it.  

 

HSBC for ATMs uses "THE EXCHANGE Network".   The Exchange network is also used by most credit unions in Canada.   The EXCHANGE Network also extends into some part of the US.   If it is one of these machines you get full banking including the ability to do deposits etc.   When all combined they are one of the largest networks of ATMs in Canada.

 

HSBC Canada is based out of Vancouver. Left over from when they first entered the Canadian market by buying our the Bank of British Columbia.   I hope they get taken over by someone like Vancity instead of RBC.