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.
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 transfer 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, which is shown in the table below for transfers under $10,000:
Between qualifying HSBC accounts
Domestic wire transfer
International wire transfer
*Note: Wire transfer fees as of October 2, 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.
Who charges less?
Independent transfer services usually win out over banks when it comes to fees. There are several providers who will send a transfer for free with competitive exchange rates, including OFX, XE and Wise.
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 are some countries where Canadian banks will not send your funds, such as:
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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
HSBC Bank Canada
(your branch’s address)
More about 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.
HSBC Bank Canada has serviced Canadians for over 40 years, in areas like retail and commercial banking to wealth management, asset management and more. HSBC Bank Canada has more than 125 branches throughout Canada.
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.
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
You can send up to $200,000 per transaction or per day using HSBC’s Global Transfers.
You’ll need to supply:
Your recipient’s name and contact information.
Your recipient’s bank account number, bank address and SWIFT code.
Yes. Visit your nearest HSBC Banking Center to discuss your overseas banking options. You can also open an account in your new country of residence before you leave Canada. Remote application services are available online and over the phone if you don’t live near an HSBC branch.
HSBC Global Transfers are available to HSBC Premier and HSBC Advance clients. You can only use HSBC Global Transfers to send money between your HSBC accounts.
Yes, you can cancel an international wire transfer within 30 minutes of submitting it without incurring a penalty.
Britny Lawhorn is an assistant publisher for Finder who specializes in mortgages. She’s here to help readers get a better deal when they buy or refinance a home. Prior to joining Finder, she spent more than 5 years working in marketing agencies where she helped businesses grow their audience. She attended the University of Tennessee, where she earned a degree in English. In her free time, she enjoys traveling, volunteer work and dabbles in photography.
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