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Another HSBC annoyance: please advise about wire transfer fees and how to account for them
I use HSBC for business banking. Not only do they screw up the .qif files apparently but here's another gem in regards to wire transfers from abroad.
Every month I receive a payment of £1050.00 from a client in France. He sends me the full invoice amount by international bank transfer.
My account at HSBC shows a credit of £1044.00 because they charge me £6.00 to receive this transfer. But instead of crediting the full amount and deducting the charges afterwards they deduct their charges, then credit the remainder). This means I cannot assign the paid invoice properly to the payment that came in - it shows £6.00 still owed.
How could I handle this? I've asked HSBC to fix this but I don't hold high hopes. The annoying thing is that with US Dollar cheques they do this properly: credit the full cheque amount and then deduct their charges - I see two transactions, can account accordingly and all is fine.
Any tips appreciated - I am sure I am not alone on this.
Banks. We should start our own.
Stefan
Every month I receive a payment of £1050.00 from a client in France. He sends me the full invoice amount by international bank transfer.
My account at HSBC shows a credit of £1044.00 because they charge me £6.00 to receive this transfer. But instead of crediting the full amount and deducting the charges afterwards they deduct their charges, then credit the remainder). This means I cannot assign the paid invoice properly to the payment that came in - it shows £6.00 still owed.
How could I handle this? I've asked HSBC to fix this but I don't hold high hopes. The annoying thing is that with US Dollar cheques they do this properly: credit the full cheque amount and then deduct their charges - I see two transactions, can account accordingly and all is fine.
Any tips appreciated - I am sure I am not alone on this.
Banks. We should start our own.
Stefan
I’m fed up with banks.
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Inappropriate?Hi Stefan,
As a HSBC customer myself I'm all too aware of the £6 handling fee.
The best way to account for this is to manually change the transaction amount to reflect the entire invoice amount, which will mark it as paid, but also show a money out value of £6 as unexplained.
You can then explain this £6 as a bank fee.
Does that make sense?
I’m experiencing deja vu
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Inappropriate?Yes that makes sense, I will give it a try.
Thanks! -
EMPLOYEE
