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HSBC Worldwide Transfers Review
Enjoy an extensive range of financial services and transfer money worldwide with HSBC international money transfers.
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 Worldwide Money Transfers option to make an international money 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 bank transfer, you must first be an HSBC Personal Internet Banking customer. You can either initiate a transfer from the HSBC Internet Banking platform, mobile app, phone banking or via a branch.
HSBC Worldwide Transfer fees
HSBC transfer fees depend on how you’re sending the transfer and whether you’re sending or receiving an international wire transfer.
$0 remittance fee promotion
From now till 31 December 2020, all HSBC customers with a transactional account can enjoy fee-free remittance through the online Worldwide Transfer service.
Here’s the default fee structure for HSBC Worldwide Transfers:
|Account type||Online||Branch/Phone banking||Between globally-linked HSBC accounts (Online)|
|HSBC Advance/Personal Banking||$45||$55||A small fee (approximately S$10) charged to and be in the same currency as the receiving account|
Note: Fees indicated are accurate as of October 2020.
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, and if you’re a HSBC Premier or Jade customer.
However, a service fee is charged by the bank for every international money 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, Wise and WorldRemit.
- Wise is a peer-to-peer transfer service that uses the mid-market rate — the rate banks and transfer services use when they trade among themselves.
- OFX is a global company that offers low fees and competitive exchange rates on transfers, particularly larger transfers over $1,000.
- WorldRemit, also sends money transfers to more than 150 countries around the world.
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 25 countries around the world. The maximum amount you can send per day to your globally-linked accounts is US$200,000 (or foreign currency equivalent). For transfers to 3rd party HSBC accounts, you can send up to S$1,000,000 (or foreign currency equivalent) per day.
With worldwide money transfers, you can send your funds to financial institutions in most countries around the world. However, there are some countries where Singapore banks will not send your funds, such as:
- 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?
- Worldwide 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’s Global Transfers 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.
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.
- Fast transfers. Worldwide Transfers is typically send within the same day, or up to 4 business days depending on the currency transferred.
- 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||Recipient’s name||Recipient’s account number|
|HSBC Bank (Singapore) Limited||HSBCSGS2||10 Marina Boulevard Marina Bay Financial Centre Tower 2 Level 48 Singapore 018983||Beneficiary’s name as it appears on the bank statement||Complete bank account number|
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 (Singapore) provides a wide range of financial services and products to residents and foreigners alike. The key financial services offered by HSBC Bank include financial planning, payment and cash management services, securities custody and treasury. With 12 branches across Singapore, HSBC offers quality financial services and practical money transfer solutions.
What other products does HSBC offer?
- Current 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 Singapore offers a wide range of international banking services.
- Mortgage and equity loans. Own your next home sooner or take advantage of the equity in your current property with a range of flexible loan solutions.
- Investment products. Invest in mutual funds, fixed-income products, ETFs, equities and more with help from HSBC.
- Insurance. HSBC Bank Singapore offers a wide range of insurance products, including 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
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