Bank charges
My aunt receives a pension from the United States Treasury. In order to save on bank charges it was suggested to have the pension transferred directly into a bank account. As my aunt holds a US dollars account, I arranged for the pension to be credited...
My aunt receives a pension from the United States Treasury. In order to save on bank charges it was suggested to have the pension transferred directly into a bank account. As my aunt holds a US dollars account, I arranged for the pension to be credited directly to this account as suggested.
Wonder of wonders, HSBC Bank first exchanges the dollars into Maltese currency, charges a fee varying from 57c to 60c (Maltese), then transfers this amount back into US dollars. All this on a pension of around Lm110.
This has been done for several months now, ever since the pension was being transferred directly.
Does the chief executive of HSBC Bank Malta think that this is fair on pensioners? Isn`t enough money being made on the rest of the charges that have been imposed on us?
I have also noted that the Form B78 (05/01) being used for this transfer states that it is for the use of visitors and should be shown to the bank should these visitors want to reconvert the Maltese currency back into foreign currency. But my aunt is Maltese and is using this foreign currency US dollars account to supposedly facilitate matters.