Citigroup and/or HSBC question...

[RWS]

Bob, the "exchange-rate fee" isn't a true fee but, rather, an adjustment made to the prevailing interbank exchange rate: arbitrage, the difference between that more favorable rate used in transferring millions of dollars and the rate charged us when we withdraw the equivalent of a hundred from an ATM.

 

[PecositaPri]

Fishface:

As far as the unlimited transfers goes, the amount is, unfortunately a central bank limitation. There are others as well that are unique to Argentina. For example, it is illegal for a person to transfer money directly from Argentina to Jersey and a few other offshore places. Hence, there's nothing that HSBC can do as the limits are imposed by the government. This is the big issue that HSBC runs into with a lot of the variations in the service.

Once again, yes, you get free transfers between same-name accounts with HSBC Premier, but if you don't have the DNI, then you will be subject to Central Bank rules. i. e. a max of USD 3000 per month.

On the matter of the DNI, you can open a savings account (which are more useful here in Argentina than in the USA) and get a banelco/Visa debit card for both Peso AND Dollar accounts without holding the DNI. You have to provide papers like a utility bill, etc., but the CUIL works. The RMs who handle the accounts can give you the full list of what's needed.

As far as the amount to qualify, it depends on the method used. For example, the amount is lower is a company uses payroll, etc. It's not my area of expertise with the bank, so I can't say off hand. But yes, the amount needed to qualify varies from country to country. It's significantly higher in the USA, UK, and Hong Kong than it is here And yes, it's a loophole that means that you could qualify here and then go back and be a Premier customer automatically in whatever your home country is without being subject to their regulations for qualifications.

 

[Fishface]

On the matter of the DNI, you can open a savings account (which are more useful here in Argentina than in the USA) and get a banelco/Visa debit card for both Peso AND Dollar accounts without holding the DNI. You have to provide papers like a utility bill, etc., but the CUIL works. The RMs who handle the accounts can give you the full list of what's needed.

thanks, you settled a debate that has been going on for ages on here!!

very informative post - thanks.

>>Once again, yes, you get free transfers between same-name accounts with HSBC Premier

I get charge by HSBC ARG for some reason - I told them the rules but to no avail.

...another quirk is that you cannot transfer dollars to your ARG HSBC dollar account (so I have been told) - the central bank converts the dollars you sent to pesos which go in your peso account and then you can re-convert them into dollars in your ARG dollar account - why anyone would do this is a mystery.

 

[tangobob]

I know how the banks have spreads between their buy and sell rates, this I have to accept no matter where I get my money. This does not however explain what TX fees are. On my last visit I brought lots of cash so I do not know about up to date rates, I can only state that in Narch I was getting between 6.03 & 6.08 pesos to the pound, no commision and no charges.

 

[englishman]

Has anyone had dealings with Citigroup or HSBC, mainlywith ATM service??


Whatare their foreign transaction fees? And also their debit fees per transaction?


Thanks for any help!!

As far as I can see there are no debit charges per transaction as Citibank is elsewhere.

Not sure about foreign trans fees but didn't see any for cash transactions

Best