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Major bank does huge u-turn on fees after claiming it emailed millions of customers by MISTAKE
In an email obtained by The Sun, HSBC admitted to providing incorrect information regarding its charges
A MAJOR high street bank has made a huge u-turn on fees after claiming it made a mistake.
HSBC introduced a series of updated terms and conditions last September, which are scheduled to take effect on April 9.
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One of the key changes included the removal of the £5 fee for customers transferring money to non-HSBC accounts overseas.
However, HSBC has now begun contacting all current account holders to clarify that the £5 fee will not be scrapped from April.
In an email obtained by The Sun, HSBC admitted to providing incorrect information regarding its charges.
The email stated: "We recently wrote to you about the changes we're making to our Personal Banking Terms and Conditions, and we gave you the wrong information on some of our charges.
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"We said we would be removing the £5 fee for some foreign currency and international payments from HSBC UK accounts (not including HSBC Premier Accounts) to non-HSBC accounts, when sending by branch, telephone, mobile or online banking – and that's not correct.
"We're sorry if this has created confusion.
"There are no planned changes to the current £5 fee and the table below outlines the charges that will be effective from April, 9 2025."
At the moment, it's free to send money abroad at any time if you're a HSBC Premier or Private Banking customer, or using a Global Money Account.
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If you're making payments from a standard HSBC Bank Account or an Advanced Account, there's no additional fee for transfers between HSBC accounts.
Similarly, payments to other banks are free of charge if they are sent in Euros within the European Economic Area (EEA).
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European countries outside the EEA include Switzerland, Andorra, Monaco, San Marino, Vatican City, plus several countries located further east such as Belarus, Moldova, Ukraine, and parts of Russia, Georgia, Armenia, Azerbaijan, as well as those in the Balkans.
For all other online transfers to non-HSBC accounts, a £5 fee applies - or £17 if the payment is initiated by post.
This fee will remain in place and will not be removed on April 9 as previously announced.
An HSBC UK spokesperson said: "We're sorry for making this error and any confusion it may have caused."
How can I cut costs when sending money abroad?
The most common reasons for making an international transfer include buying or selling property abroad, sending money to family or friends overseas and repatriating wages.
Whatever the reason though, it pays not to get complacent about how you send money abroad.
Despite people’s willingness to embrace lifestyle opportunities on a global scale, many of us are guilty of laziness when it comes to making overseas money transfers.
We often revert to our bank to make these transactions rather than trying to find a better deal.
High street banks offer a multifaceted range of services, meaning that when it comes to foreign exchange, they may not offer competitive exchange rates or provide their clients with expert guidance about market fluctuations.
Using a foreign exchange specialist can have a number of advantages over your bank.
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You can find the best rates by visiting a price comparison site like MoneySuperMarket.
Find out more by visiting moneysupermarket.com/international-money-transfer.