HSBC Bank Account Plus Review

Overall Rating

HSBC PLUS ACCOUNT No good points

Dishonestly advertising in the UK that using your Debit Card Abroad is free of HSBC fees. This in my case has just not been true. HSBC applied a fee of (at least) £2.75 per £100 on every pound I drew from your own account BUT tell you its FREE and you will find it hard to discover how they have taken this fee. The secret is that HSBC do not show you the net cost of your ATM transaction Abroad. All HSBC show you on your bank statement is an exchange rate that HSBC have already removed their £2.75 in the £100.
But I hear you say HSBC tell me that I can use my Debit card abroad FREE of HSBC FEES. So FREE means FREE???
That's correct they publish this offer knowing it to be not quite and knowing that this false claim has already be ruled upon by the Advertising Standards Authority back in August 2007.
Do HSBC care? Not at all, how many customers are going to know that this money has been removed from their account? So if they don't know how can they complain? If they do discover this false advertising HSBC will run rings around that lay-customer with denial letters until the customer hopefully gives up. If 500,000 plus customers draw just £500 from ATM machines abroad believing HSBC that this is FREE to PLUS customers HSBC raise over £6million from this so-called FREE service to HSBC PLUS customers and where do HSBC take this money from? The HSBC PLUS customer.
To be fair they do say something about the exchange rate shown on your statement is inclusive of an adjustment of 2.75%
But hey, that's nothing to do with you that's a FEE they charge you the customer to cover their costs and profit.
But HSBC tell you that PLUS customer paying HSBC £12.95 a month that drawing money abroad from your account if in fact FREE .........yes FREE of HSBC fees.
HSBC are charging you £2.75 in every £100 for this advantage of being a PLUS customer and getting this FREE.
Judge for yourself HSBC current PLUS advertising brochure says
' Worldwide cash withdrawals free of ATM transaction fees from HSBC.'



Which to the lay-customer is unambiguous and straightforward. HSBC go on to explain their offer in more plain English for the lay-customer;



'When you're travelling overseas you can use your debit card as you would in the UK to withdraw cash, or pay for goods and services in shops and store. As a Plus customer we will not charge you an ATM transaction fee when using your Debit card abroad. Just look out for the Maestro or Cirrus symbol'


If HSBC ask you to be a PLUS customer just say no. Whatever HSBC tell you that you will receive as an advantage in exchange from you paying them £12.95 every month. Be sure their record is that HSBC will change what they promised leaving you still paying £12,95 month with egg on your face.

Members' Comments onblackknight's Review

• bazozman on 7th Aug 2009

  The free ATM withdrawal part relates to when you use HSBC ATM's abroad. If you use another provider then you will be charged and it is in your terms and conditions. It is not a lie, but it is not the whole truth.