Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #4375817
Complaint Overview
Complaint ID: 4375817
Company: HSBC North America Holdings INC.
Product: Money transfer, virtual currency, or money service
Sub-Product: Foreign currency exchange
Issue: Confusing or missing disclosures
State: New York
ZIP Code: XXXXX
Date Received: 2021-05-13T12:00:00-05:00
Date Sent to Company: 2021-05-13T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I was an account holder with HSBC bank. In XXXX this year, on advice of my customer relationship manager with the bank, I opened a Global Money account that allowed me to transfer USD into XXXX. I expressly stated that I will need to wire the XXXX amount to my father at a later date, and she confirmed that will be possible. In XXXX, I have tried to do so, only to be told money can be transferred only to an HSBC account in another country. Otherwise I need to reconvert the money into USD, transfer it back to the normal HSBC account and then transfer into XXXX. Therefore, XXXX wanted to charge me triple conversion rate for a simple procedure. I refused, stating that I have the promise in writing, and the bank manager escalated my claim - unfortunately HSBC decided that there is no fault of theirs. Thee fees incurred were substantial, based on the extra conversion fee XXXX XXXX accounts charge : a difference of {$4600.00}, or 2.8 % of the principal - During that time, EUR lost 0.8 %. Therefore, I lost 2 % on the bank fees ( {$3300.00} ).
Frequently Asked Questions
What is Complaint #4375817 about?
Complaint #4375817 was filed against HSBC North America Holdings INC. regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2021-05-13T12:00:00-05:00.
How did HSBC North America Holdings INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against HSBC North America Holdings INC.?
Yes, visit the HSBC North America Holdings INC. company profile at readthecomplaint.com/company/hsbc-north-america-holdings-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.