HSBC RATES PROBLEM (a question for solution)

[kaido]

hi, i have hsbc premier abroad i live now & in indonesia
The problem is HSBC RATE is very bad, very low
even comparing with money changer
Would you please give me a solution to get a good rates ?
For example,
The time i write this thread :
Buy is 13.828 , moderate rate is 13.530 and sell is 13.228

TELL ME HOW TO GET SPECIAL RATES !!!
The rate near to moderate rates

Thanks for advises

 

[William King]

Use a money changer....or suck it up.

 

[kaido]

Comparison

 

[Davita]

HSBC Premium members can get a better than normal rate by having an arrangement with the Premium Relations Officer. I keep some foreign accounts (GBP and CDN) in HSBC in Jakarta and exchange into IDR when the rate is good.
Other than that...for internet exchange I recommend TransferWise. They show exactly what you will receive in your bank, net of all charges. It is always better than HSBC but It usually takes 1-2 'working' days to complete.
The rates you have quoted may not be what you get as some of those exchangers have charges added.
Edit:
For example, I just did a dummy run on TransferWise...for US$100 I could receive net Rp1.312,573 in Indonesia in a couple of days.

 

[steveandpenny]

Those are terrible rates. Can I ask from what country the money coming from ? Dollars, Pounds , euros , sing dollars or Mexico pesos ? Is the money here or in a different country ? Also large amounts or just monthly expenses?

 

[kaido]

Those are terrible rates. Can I ask from what country the money coming from ? Dollars, Pounds , euros , sing dollars or Mexico pesos ? Is the money here or in a different country ? Also large amounts or just monthly expenses?

Turkey
US Dollar

 

[kaido]

HSBC Premium members can get a better than normal rate by having an arrangement with the Premium Relations Officer. I keep some foreign accounts (GBP and CDN) in HSBC in Jakarta and exchange into IDR when the rate is good.
Other than that...for internet exchange I recommend TransferWise. They show exactly what you will receive in your bank, net of all charges. It is always better than HSBC but It usually takes 1-2 'working' days to complete.
The rates you have quoted may not be what you get as some of those exchangers have charges added.
Edit:
For example, I just did a dummy run on TransferWise...for US$100 I could receive net Rp1.312,573 in Indonesia in a couple of days.

How much your rates you get in hsbc?
13.450 ?

 

[Davita]

How much your rates you get in hsbc?
13.450 ?

I have to call the Relationship Officer in HSBC Jakarta to get the manager's best rate as it changes by the minute...the bank is closed on Sunday.

 

[brian@bekasi]

HSBC rates are always terrible even with the special rate for Premier.

I closed my Premier account because the rates were so poor.

I now use BNI Emerald and get far better rates than HSBC and indeed far better customer service.

With any bank the rate depends on the amount you are transferring. The bigger the amount the better the rate from Indonesian banks. For my pension each fortnight the is just above the counter rate. However, when I transferred about $70,000 AUD a couple of months ago I got 10600 when the mid rate was 10605.

I SMS for a rate on pension day and a driver arrives later that evening with the forms to sign.Noting I pay no fees for the exchange transactions.

 

[kaido]

I have to call the Relationship Officer in HSBC Jakarta to get the manager's best rate as it changes by the minute...the bank is closed on Sunday.

HOw much the last rate you got?

 

[Davita]

HOw much the last rate you got?

The last time I did money exchange was 18 October using HSBC Jakarta from my GBP account to my IDR account and was at Rp17,600-1GBP.

 

[kaido]

The last time I did money exchange was 18 October using HSBC Jakarta from my GBP account to my IDR account and was at Rp17,600-1GBP.

From the middle 17.878
You’ve got 17.600

 

[Davita]

From the middle 17.878
You’ve got 17.600

I got Rp 278 for each GBP less than what you say is mid-rate...so what's your point?

 

[waarmstrong]

Shouldn't Her Majesty's Most Loyal Subjects be more concerned about the value of the British Pound than a few hundred Rupiah fluctuation per, in other words, the health of the British economy, especially since the vote to leave the European Economic Union?

 

[Davita]

Shouldn't Her Majesty's Most Loyal Subjects be more concerned about the value of the British Pound than a few hundred Rupiah fluctuation per, in other words, the health of the British economy, especially since the vote to leave the European Economic Union?

Absolutely agree...
My Old Age Pension which I contributed to, in GBP, for 50 years hasn't been my best investment.....fortunately it wasn't my only one.
I believe Her Majesty's Most Loyal Subjects, and I was one for 22 years when I took the Queen's shilling, will feel the outcome of their error too late.

 

[Ruserious]

Ok the key is to have an account here in the other currency too. DO no use the standard online transfer between currencies,

Call HSBC and ask for a better rate and do the currency transaction only in Indonesia. Then you will get a better rate. Even better if it is over 5k or 10k USD or equivalent.

 

[Chiron]

HSBC rates are always terrible even with the special rate for Premier.

I closed my Premier account because the rates were so poor.

I now use BNI Emerald and get far better rates than HSBC and indeed far better customer service.

With any bank the rate depends on the amount you are transferring. The bigger the amount the better the rate from Indonesian banks. For my pension each fortnight the is just above the counter rate. However, when I transferred about $70,000 AUD a couple of months ago I got 10600 when the mid rate was 10605.

I SMS for a rate on pension day and a driver arrives later that evening with the forms to sign.Noting I pay no fees for the exchange transactions.

Hi Brian,

With your info here regarding BNI, I've called and am more interested in checking this out further. As I write this, the USD/IDR mid rate is quoted at 13527 per dollar. The HSBC standard rate is 13280, and BNI standard rate is 13400. As noted, there is a Premier account for HSBC and Emerald account for BNI. Each of these special accounts will be better than the quoted rate. HSBC is telling me that to get their special rate I would need to transfer at least $2000. BNI didn't mention any specific amount, but as you've noted when transferring a larger sum they get you pretty close to the quote rate. In any case, neither HSBC nor BNI could tell me the exact rates for the Premier or Emerald accounts.

The Emerald account is interesting for a few other nice benefits, like access to most of the airport lounges around Indonesia. For me, the other nice thing are number of branches and ATMs you have access to - especially where I'll be living. BNI requires a minimum account to be opened with Rp. 500Jt., which is about $37,000. If I open a Premier Account in the USA, they require a minimum of $100,000, but I think it's also Rp. 500JT if you start your Premier in Indonesia. If you happen to have an IRA or other retirement account (with $100K or more) in the USA, then that would count as part of the minimum.

The only other thing to consider are the wire transfer fees from the US bank to BNI - which are typically $25 per transaction. My monthly pension checks in the USA will require deposit into a US based bank only. With HSBC Premier there are no transfer fees between two HSBC banks in different countries. One possible way to deal with that is estimating all annual needs, and transfer once a year to BNI. You probably get the best exchange rate for the higher amount, and would more than cover for the wire fee.

 

[Asun]

Another vote for Transferwise for best rate with minimum fuss. Now if only I can find a way to get money OUT of Indonesia. Perhaps bitcoin can work from the other thread.

 

[Davita]

I just did a dummy run on TransferWise and if I transferred/exchanged US$1,000 now I would receive net Rp.13,357,406 in my bank in Jakarta on Thurs.

 

[brian@bekasi]

Hi Brian,

"With your info here regarding BNI, I've called and am more interested in checking this out further".

I will pm you my relationship managers email address and name. I think he is on leave to get married at present but should only be away for a week.