HSBC international money transfers review February 2018 | finder.com

Review: HSBC international money transfers – February 2018

Fast, secure, convenient transfers for sending money overseas

HSBC makes it easy to send money to banks overseas. You can initiate an international transfer right from your online HSBC bank account from the convenience of your own home.

Product NameHSBC
Min. Transfer Amount$10
Max. Transfer Amount$200,000
Transfer Methods
OnlinePhoneAgent...
Transfer Options
Transfer Speed
Minimum transfer time
Same day
Banking PartnerHSBC
Customer Service
PhoneEmailBranch
Exchange Rate UpdatesReal time

Transfer money between your HSBC accounts or send it directly to another bank account

When you need to send money around the world, HSBC offers two simple and convenient solutions: international wire transfers and global transfers. International wire transfers offer a completely secure way to send funds internationally, with same-day processing available and the ability to make transfers straight from your HSBC personal online banking account.

Global Transfers come in handy when you need to transfer funds between your eligible HSBC accounts in other countries. You can send up to $200,000 per transaction and you will not have to pay any transfer fees on your transactions. Wire transfers come with a fee.

How much does it cost to transfer money with HSBC?

One of the big advantages of using the HSBC Global Transfers service is that no fees apply to your international transactions. But this only applies to transferring 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 in order 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.

What types of transfers can you make with HSBC?

HSBC offers two options when you need to send an international money transfer:

  • Global transfers from your eligible U.S. HSBC deposit accounts to your HSBC deposit accounts in other countries.
  • International wire transfers to another person, business or financial institution in the U.S. or internationally.

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 4:15 p.m. ET are processed by HSBC Bank USA 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 pre-payment 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.

How do I send money overseas with HSBC?

Before you can send money overseas with HSBC, you’ll need to open an account with the bank.

Apply online or over the phone with:

  • Your full name and contact information.
  • Your Taxpayer ID Number or Social Security Number.
  • Your date of birth.
  • Your driver’s license or other government-issued ID.
  • Information about any loans or mortgages you have.

Once you have an account, it’s easy to start transferring funds around through two transfer options.

The transfer process

Once you are an HSBC account holder, you can transfer funds by following these steps:

  1. Log on to your HSBC Personal Internet Banking account.
  2. Select the My HSBC tab and click on Pay or transfer under the Move Money section.
  3. Select the account that you wish to make a payment from, then click the New Payee tab.
  4. Click the Wire transfer tab and follow the onscreen instructions to complete the wire transfer request.

Bottom line

Whatever the reason you need to transfer funds across international borders, HSBC offers two money transfer options worth considering. However, before you decide on the right solution to your funds transfer needs, compare the features and benefits of a range of providers.

Frequently asked questions about HSBC

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