HSBC international transfers review
GBP 100
Min. Transfer Amount
GBP 50,000
Max. Transfer Amount
Same day
Transfer Speed
Details
| Product Name | HSBC International Money Transfers |
|---|---|
| Min. Transfer Amount | GBP 100 |
| Max. Transfer Amount | GBP 50,000 |
| Transfer Methods | Online, Phone, Agent, Bank Account to Bank Account |
| Transfer Options | One off payments |
| Transfer Speed Minimum transfer time | Same day |
| Customer Service | Phone, Email, Branch |
| Available Currencies | AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HRK, HUF, INR, MXN, NOK, NZD, PLN, SDG, SEK, USD, ZAR |
| Online Transfer Fee | GBP 4 |
|---|
With HSBC’s Global Transfers service you can seamlessly transfer funds between your eligible HSBC accounts with no transfer fee. Or you can use HSBC’s international transfer option to make a transfer to someone else’s bank account abroad, but for a fee.
Whichever option you choose, you’ll first need to have a bank account with HSBC.
What's in this guide?
How do I make an HSBC international transfer?
To initiate a transfer, you must first be an HSBC Personal Internet Banking customer. Then:
- 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 on-screen instructions to complete the international transfer request.
HSBC international transfer fees
HSBC transfer fees depend on how you’re sending the transfer. If you’re sending it to another HSBC account or to someone within the European Economic Area it’s free, otherwise it’s £4.
However, the bank charges a service fee for every international 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 HSBC’s Global Transfers service to send money between your accounts gives you 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 TransferWise.- TransferWise 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.
- XE, known for providing exchange rate information, also sends money transfers to more than 100 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 45 countries around the world. The maximum amount you can send per day using the Global Transfers service is USD$200,000 (roughly £150,000).
With international transfers, you can send your up to £50,000 to financial institutions in most countries around the world. However, there are some countries where UK banks will not send your funds, such as Iran, Iraq, Cuba and North Korea.
See how other services compare to HSBC
What types of transfers can I make with HSBC?
- International transfers. Send up to £50,000 from your HSBC account 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 USD$200,000 (roughly £150,000) per transaction per day between your eligible HSBC deposit account 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. International transfer requests received by 4.15pm are processed on the same day, while transfers requested after 4.15pm 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 transfer, HSBC’s international money transfer solutions are safe and easy.
- Same-day transfers. International transfers initiated before 4.15pm are processed by HSBC on the same day.
Cons
- International transfer fees. You’ll need to pay a service fee for each international transfer you send to a non-HSBC account or an HSBC account that doesn’t 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 get 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 one.
Customer service
If you need to get in touch with HSBC about a transfer abroad you can chat with a representative online, call 020 7991 7414 or tweet @HSBC_UK (but don’t tweet any personal account info).
HSBC SWIFT/BIC information
| Bank name | SWIFT/BIC | Bank address | Recipient’s name | Recipient’s account number |
|---|---|---|---|---|
| HSBC Bank | MIDLGB22 | 8 Canada Square, 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 has more than eight million customers across the UK, from retail and commercial banking to wealth management, asset management and more. HSBC Bank has more than 600 branches throughout the UK.
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. HSBC offers a wide range of international banking services, from international mortgages to helping those who are relocating overseas.
- 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 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 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.