HSBC wire transfers review
Transfer funds around the globe quickly and easily with HSBC
With HSBC’s Global Transfers you can seamlessly 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. Wire transfers are a way to easily and quickly send money to people, businesses and banks worldwide.
No matter which option you choose, you’ll need to first have a bank account with HSBC.
What's in this guide?
- HSBC Philippines personal bank accounts
- How much does it cost to transfer money with HSBC?
- HSBC exchange rates
- See how other services compare to HSBC
- What types of transfers can I make with HSBC?
- Pros and cons of using HSBC
- How do I make an international transfer with HSBC?
- What is HSBC?
- What do customers say about HSBC?
- Bottom line
- Frequently asked questions
HSBC Philippines personal bank accounts
HSBC in the Philippines offers an array of personal and business banking products. With minimum maintaining balance for accounts that range from PHP100,000 to PHP3 million, HSBC caters to high net individuals and their families. The table below offers a better glimpse of HSBC’s personal banking products and eligibility requirements.
|HSBC Personal Banking Product||Minimum maintaining balance|
|HSBC Advance Savings Account||PHP100,000 or a mortgage loan of at least PHP2,000,000|
|HSBC Premier Savings Account||PHP3,000,000 (or its foreign currency equivalent); or a mortgage loan of at least PHP6,000,000|
|HSBC Foreign Currency Savings Account|
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 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 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.
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 US banks will not send your funds, such as Iran, Iraq, Cuba and 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.
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 US$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 received by 4:15 pm EST are processed on the same day, while transfers requested after 4:15 pm EST 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 4:15 p.m. ET are processed by HSBC Bank USA 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 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 make an international transfer with HSBC?
If you are an HSBC Personal Internet Banking customer, you can initiate a wire transfer by following these steps:
- Log on to your HSBC Personal Internet Banking account.
- Select the My HSBC tab and click on Pay or transfer under the Move Money section.
- Select the account that you wish to make a payment from, then click the New Payee tab.
- Click the Wire transfer tab and follow the onscreen instructions to complete the wire transfer request.
If you need to get in touch with HSBC you can chat with a representative online, call 800-975-4722, tweet
HSBC SWIFT/BIC information
|Bank name||SWIFT/BIC||Bank address||Recipient’s name||Recipient’s account number|
|HSBC Bank||MIDLGB22||8 Canada Square, 13 E04 01, London, United Kingdom, E14 5HQ||Beneficiary’s name as it appears on the bank statement||Complete bank account number|
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.
HSBC Bank USA services more than 2.4 million customers across the US, from retail and commercial banking to wealth management, asset management and more. HSBC Bank USA has more than 230 branches throughout the US.
What other products does HSBC offer?
- Checking 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 USA 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 USA offers life insurance, long-term-care coverage and disability insurance.
What do customers say about HSBC?
Online customer reviews for HSBC are a mixed bag. One TrustPilot reviewer rates HSBC “quite highly,” while another review notes that “this is surely the worst bank in the world.”
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.
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