HSBC Review byCurrencyComparison.co.uk
3 out of
HSBC has been voted 3/5 or 61% out of 4012 recommendations. CurrencyComparison.co.uk has researched their Foreign Exchange Business so please read our HSBC Currency Transfers Review.
Who are HSBC?
So who are HSBC? HSBC headquartered in London is the world’s fifth largest bank by total assets and offers numerous financial services including money transfers. The HSBC name is derived from the initials of the Hong Kong and Shanghai Banking Corporation. HSBC continues to see both the United Kingdom and Hong Kong as home markets. HSBC has around 6,600 offices in 80 countries and territories across Africa, Asia, Oceania, Europe, North and South America, with approximately 60 million customers.
HSBC is organized into four principal business divisions: Commercial Banking, Global Private Banking and Retail Banking and Wealth Management. Investment banking falls into HSBC’s category of Global Banking and Markets.
Global Banking and Markets provides investment banking and finance for corporate and institutional clients, including corporate banking, investment banking, capital markets, trade services, payments and cash management, and leveraged acquisition finance. It provides services in equities, credit and rates, foreign exchange, money markets and securities services, as well as asset management services.
HSBC / Look no further than your own bank for your Travel Money
Why should I use HSBC?
TRUSTPILOT rated HSBC money transfers had a bad 0.6 with 267 reviews. Consistently customer service wait times provoked misery. In person at the bank, prospective account members waited a hour to be seen and then they waited weeks for their account information. Those telephoning waited on hold for typically 40 minutes and were dissatisfied with service afterwards. Online account members found seriously out-dated online and mobile features that didn’t work properly. After wasting time online, they wasted more time waiting on the telephone.
ConsumerAffairs gives HSBC 1 out of 5 stars with 673 reviews. Again- waiting times even in branches was clocked at over an hour in branches all over the world. Marathon phone waiting wasn’t rewarded with effective customer service.
Look no further than your own bank for your Travel Money
Given that HSBC have a market value of over £120 billion, perhaps they don’t feel they need to value each and every account holder. Times are changing, though and people have little reason to waste time with huge banks when they need to make transfers. HSBC is a mighty banking machine offering poor customer service to those who are account holders. It’s far easier and more profitable to turn away from HSBC for travel money and foreign exchange services with the added bonus of having not having to wait on hold for service!