HSBC Wire Transfers: Fees, Limits and More | Finder Canada

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HSBC wire transfers review

The ins and outs of transferring funds around the globe with this provider.

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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.

How do I make an HSBC international transfer?

To initiate a wire transfer, you must first be an HSBC Personal Internet Banking customer. Then:

  1. Log in to your HSBC Personal Internet Banking account.
  2. Select Banking > Move money > My payees
  3. Select New payee > Person.
  4. Enter the information of your transfer and follow the instructions to complete the wire transfer request.
  5. 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:

OutgoingIncomingBetween qualifying HSBC accounts
Domestic wire transfer$40$17Free
International wire transferFree*$17Free*

*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.

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 are some countries where Canadian banks will not send your funds, such as:

  • Iran
  • Iraq
  • Cuba
  • North Korea

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.

Min. Transfer Amount Transfer Speed Online Transfer Fee Rate Amount Received Description CTA Details
CAD 1 Same day CAD 0.00 0.794 USD
3,968
XE has fast transfers with no fees and a range of foreign currency tools. Go to site Show details
USD 150 1 day CAD 15.00 0.79 USD
3,936
Exclusive offer: Discounted exchange rates for your first and ongoing transactions. $0 transfer fee.
OFX has no maximum limit transfers, with competitive exchange rates for 45+ currencies.
Go to site Show details
CAD 0 Within an hour CAD 3.99 0.794 USD
3,969
Use promo code 3FREE to send your first 3 transfers with no fee. Conditions apply.
WorldRemit sends money to 110+ countries for bank-to-bank deposits, cash pick-ups or mobile top-ups.
Go to site Show details
CAD 1 1 - 2 days CAD 45.00 0.798 USD
3,952
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies. Go to site Show details

Compare up to 4 providers

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

Pros

  • 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.

Cons

  • 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 nameSWIFT/BICBank addressInstitution number
HSBC Bank CanadaHKBCCATT (your branch’s address)016

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.

Bottom line

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.

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