Consumer complaint received 2018-04-24
Company: HSBC NORTH AMERICA HOLDINGS INC.
State: FL
Product: Money transfer, virtual currency, or money service
Sub-product: Foreign currency exchange
Issue: Incorrect exchange rate

Complaint:
On XX/XX/2018, I made an online " Global Transfer '' on HSBC 's online banking system, and when I realized the terrible exchange rate being used I immediately ( within 5 minutes of the online transaction ) called HSBC 's Premier Customer Relationship Center and asked for the transfer to be cancelled ( as allowed by the wording on the receipt ). The lady at HSBC 's call center in the XXXX said she was unable to revert the transaction. According to the attached receipt, I can cancel for a full refund within 30 minutes of payment. I contacted the Premier Customer Relationship Center within 5 minutes, as instructed in the Receipt. 

The transfer amount was {$50000.00} at an exchange rate of US {$1.00} = XXXX XXXX  The market exchange rate that day was US {$1.00} = XXXX XXXX If I had used some other non-HSBC services, such as XXXX, I would have gotten the market exchange rate and paid US {$360.00} in total fees - a much better deal than with HSBC! 

Thus, for US {$50000.00} I got XXXX XXXX with HSBC. To illustrate the real market exchange rate, with XXXX I would have gotten XXXX XXXX. 
Thats a difference of XXXX XXXX, or US {$880.00}, to show the abusive exchange rate HSBC USA charged me. 

To further corroborate my case, on XX/XX/2018, I used TransferWise to send USDXXXX to my HSBC XXXX XXXX account. XXXX entered into my account in XXXX XXXX on XX/XX/XXXX. Thats an effective exchange rate, with all fees included, of XXXX XXXX per USD. Compare that with HSBCs exchange rate of XXXX  XXXX. Its a clear evidence of the abusive exchange rate HSBCs " Global Transfer '' has charged me. 

When I opened my account at HSBC USA I was told that " Global Transfer '' had no fees. In fact hefty fees are hidden in the abusive exchange rate. 

The XXXX XXXX XXXX trades in relation to the US Dollar in a very narrow band. Thus, there is very little fluctuation in XXXXhe exchange rate, within the day, within the week, within the month, and within the year. It's a very stable currency. 

To further add insult to injury, theres one more important piece of information to add to my case showing the unfair and abusive exchange rate use by HSBC USA. Using HSBC XXXX XXXX internet banking, for exchanging USD XXXX I get XXXX XXXX ( attached screenshot, as evidence ). An effective exchange rate of HKD XXXX per USD. With HSBC USA I got only XXXX   XXXX for my USD XXXX. Thats a difference of HKD XXXX, or USD XXXX, that HSBC USA overcharged me in comparison to HSBC XXXX XXXX. Why is HSBC USA abusing its ' customers in the United States? Why doesn't HSBC USA use the same exchange rate used by HSBC XXXX XXXX? 

In summary, all Im seeking is for a fair market exchange rate. The exchange rate charged by the " Global Transfer '' was not fair by any reference, and in fact abusive. I feel I have been stolen. Hidden fees in a unfair exchange rate is definitely not the way to create trust in the banking system. " Global Transfer '' without any fees is a lie - huge fees are in fact hidden in the abusive exchange rate. You can cancel for a full refund within 30 minutes of payments '' is another lie.

Company response to consumer: Closed with explanation