HSBC wire transfers review
The ins and outs of transferring funds around the globe with this provider.
Updated . What changed?
With HSBC’s Global Transfers, you can transfer funds between your eligible HSBC deposit accounts with no transfer fee. Or you can use HSBC’s Wire Transfers option to make an international wire transfer to someone else’s bank account — but for a fee. Whichever option you choose, you’ll first need to have a bank account with HSBC.
What's in this review?
How do I make an HSBC international transfer?
To initiate a wire transfer, you must first be an HSBC Personal Internet Banking customer. Then:
- Log in to your HSBC Personal Internet Banking account.
- Select Banking > Move money > My payees
- Select New payee > Person.
- Enter the information of your payee and follow the instructions to complete the wire transfer request.
- Verify the wire transfer payee details. Select Confirm.
HSBC wire transfer fees
HSBC transfer fees depend on how you’re sending the transfer and whether you’re sending or receiving an international wire transfer. Some accounts allow for free international wire transfers between HSBC accounts, but others use HSBC’s default fee schedule:
|From HSBC branch||From online banking||Between qualifying HSBC accounts|
|Domestic wire transfer||$45||$20||Free|
|*International wire transfer||$45||$20||Free|
*Note: Wire transfer fees as of September 2020. HSBC foreign exchange rate will apply to international wire transfers.
A notable advantage of using the HSBC Global Transfers service is that no fees apply to your international transactions — but this only applies to transfers between your own HSBC accounts.
However, a service fee is charged by the bank for every international wire transfer you send. You’ll be able to review any charges that apply to each transfer before you make your transaction.
HSBC exchange rates
You’ll need to consider the exchange rate that applies whenever you send money overseas, and HSBC updates its rates frequently to keep pace with market fluctuations. You’ll be able to review the live exchange rate that applies to each transaction before you make a transfer — but using the global transfers service to send money between your accounts entitles you to preferential exchange rates from the bank.
Transfer limits and available countries
As HSBC is an international bank, you can use the Global Transfers service to send funds to eligible HSBC deposit accounts in more than 45 countries around the world. The maximum amount you can send per day using this service is $200,000.
With wire transfers, you can send your funds to financial institutions in most countries around the world. However, there may be some countries where Canadian banks will not send your funds. Check with HSBC for a list of available countries.
See how other services compare to HSBC
Use our comparison calculator to assess the transfer fees, exchange rates and other details for HSBC against our money transfer partners when sending cash overseas.
What types of transfers can I make with HSBC?
- Wire Transfers. Send money from your HSBC deposit accounts to other people, businesses and financial institutions around the world. Initiate a transfer through your online account, completing an online transfer request form with your recipient’s name, address and bank account number. You’ll also need to supply your recipient bank’s routing number or SWIFT code.
- Global Transfers. HSBC Premier and Advance account holders can use HSBC’s Global Transfers, which allows you to send up to $200,000 per transaction per day between your eligible HSBC deposit account (except CDs and online payment accounts) and your HSBC accounts throughout the world. No fees are attached to these transfers, and you can initiate them by logging on to your personal Internet banking account.
Whichever option you choose, HSBC transfers the funds to your recipient’s account as soon as possible. Wire transfer requests in CAD to all countries received by 4:30 pm ET are processed on the same day, while transfers requested after 4:30 pm ET are processed the next business day.
Pros and cons of using HSBC
- Trusted global bank. HSBC is one of the biggest banks in the world.
- Secure and convenient. Whether you’re sending HSBC global transfers or an international wire transfer, HSBC offers safe and easy international money transfer solutions.
- Same-day transfers. International wire transfers initiated before 4:30 p.m. ET are processed by HSBC on the same day.
- Wire transfer fees. You’ll need to pay a service fee for each international wire transfer you send to a non-HSBC account or an HSBC account that does not belong to you. Check the prepayment and receipt disclosures associated with your account to confirm the fee you’ll pay for each transaction.
- Security device. You may be required to obtain an HSBC security device that requires two-factor authentication to make a transfer. You have the option of using a digital device via the HSBC mobile banking app or a portable physical device.
HSBC SWIFT/BIC information
|Bank name||SWIFT/BIC||Bank address||Institution number|
|HSBC Bank Canada||HKBCCATT||(your branch’s address)||016|
What is HSBC?
Established in London by the Hong Kong and Shanghai Banking Corporation in 1991, HSBC Holdings is a multinational financial services provider with roots dating back to the 1860s. The third-largest bank in the world in terms of assets, HSBC has operations across 80 countries and territories around the world.
What other products does HSBC offer?
- Chequing and saving accounts. Manage your ongoing financial needs, from basic accounts with essential features right through to high-end accounts that help you get more out of your money.
- Credit and debit cards. Whether you’re looking for a platinum-level rewards card or a basic card for emergency purchases, you’ll find a card with HSBC.
- International banking solutions. From international mortgages to helping those who are relocating overseas, HSBC Bank Canada offers a wide range of international banking services.
- Mortgages and home equity loans. Own your next home sooner or take advantage of the equity in your current property with a range of flexible mortgage solutions.
- Investment products. Invest in mutual funds, fixed-income products, ETFs, equities and more with help from HSBC.
- Insurance. HSBC Bank Canada offers life insurance, long-term-care coverage and disability insurance.
If you need to get in touch with HSBC, you can chat with a representative online, call 1-888-310-4722.
Whatever the reason you need to transfer funds across international borders, HSBC offers two money transfer options that may be worth considering. But before you decide on the right solution for your funds transfer needs, compare the features and benefits of a range of providers.
Frequently asked questions
Read more on this topic
How do international money orders work?
Here’s what you need to know about international money orders and see if there is a better option for sending money overseas.
Send money to China
Compare reputable money transfer services to find the best deal for sending money from Canada to China. Book your transfer today!
Bank of America wire transfers review
With Bank of America, you can send money to more than 200 countries worldwide with the funds arriving typically within two business days. Branches are located in the US only.
Have a US bank account and need to send money at a moment’s notice? Zelle could be the app for you — especially if your bank is already a Zelle partner.
Chase Bank wire transfer review
Compare international and domestic money transfer options from Chase (available in the US).
How to find a Ria location
Ria’s global network of over 435,000 agent locations allows for convenient cash pick up in 160 countries worldwide.
List of SWIFT codes for all banks in Mexico
Sending an international money or wire transfer to a bank in Mexico? Find the SWIFT codes for all the banks in Mexico here.
How to find a WorldRemit location
Find WorldRemit locations near you and abroad to send or receive cash in as little as a few minutes.
Find a MoneyGram location
Send or pick up cash from over 350,000 locations in 200 countries around the globe.
How to use Facebook Pay
Exactly how do you use Facebook Messenger to send or request money? Is it safe? Find out what happens when you use the app to send money to someone.
Ask an Expert
You must be logged in to post a comment.