Jump to content

Warning about bank fees, specifically HSBC


Recommended Posts

This may apply to more than the London forum but since that's where I encountered this, that's why I posted it here. Apparently, being a foreigner in London is a risk to the banks solvency.

I had to pay an 8 pound/month maintenance fee and sign a year contract. That's with any amount of balance. Anybody ever pay a $14 month fee in the US? This is after my school sent them a

letter with my acceptance and having a Tier 4 Student VISA. Just investigate the situation more thoroughly than I did before you pick a bank.

Also, you need to be ready for the fact that many things you are used to doing immediately have to be done in sequence here and it takes several days to weeks. For instance, you can't get a phone plan without

a debit card, and the debit card comes 7 to 10 days after you open the account. Which didn't happen until I had been in school a few days and got my letter and student id. As soon as you get your student id, you can

get a student transportation pass, which is a very good thing. Also, if you move into a flat, you won't be able to get internet, phone or tv for awhile.

Link to comment
Share on other sites

Wow, that's an outrageous fee! You definitely shouldn't need to pay that. When I was studying in UK, I did not pay such a fee for a current account (at Barclay's). I also didn't need a debit card to have a mobile; getting a sim card only required a post code, and that could be popped into any compatible phone. Perhaps a contract requires a debit card, but I definitely preferred the convenience of topping up as I needed it to paying a monthly fee. It sounds like maybe you are being taken advantage of as a foreigner.

Link to comment
Share on other sites

Depending upon the bank and the type of account, monthly maintenance fees are not all that out of the ordinary (my current bank has a $15/month fee, but it is waived, because my husband is employed by the city and uses direct deposit for his paycheck). Pay attention when you select both the bank and the type of account you open. Ask to see a schedule of all fees.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Create New...

Important Information

This website uses cookies to ensure you get the best experience on our website. See our Privacy Policy and Terms of Use