HSBC review: International money transfers and overseas payments
Is one of the world's biggest banks giving you value for money transfers? Use our review to find out more.
HSBC offers fast and easy international money transfers to over 160 countries. The service is available 24 hours a day, seven days a week, and allows you to send up to £50,000 within minutes.
As the fourth largest bank in the world, HSBC has the security that lots of customers feel reassured by. There are alternatives, however, that can offer bank-beating rates!
Read our review below to find out more about HSBC, if it might be the right money transfer solution for you, or whether there’s something better out there.
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 |
|---|
Compare HSBC to other international money transfer options
Beat the banks
We’ve tested the amounts a bank will give you against an average money transfer company, and the results could net you big savings. A £10,000 transfer to Australia with a money transfer company would save $378 AUD compared to a bank.Why is this? Some banks charge up to £25 extra, which may be shown to you as a sum of small charges made of percentages and absolute fees. On top of this, there’s a hidden charge – the margin on the exchange rate. Money transfer companies tend to have much lower rates than banks and are generally a better option for sending money abroad. Don’t believe us? See our table below.
| Amount received for £10,000 | |||
|---|---|---|---|
| EUR | USD | AUD | |
 Global Reach |
€11,304 EUR (save €549) | $12,903 USD (save $557) | $16,662 AUD (save $398) |
 HSBC |
€10,755 EUR | $12,346 USD | $16,264 AUD |
HSBC exchange rates
HSBC offers live exchange rates that are updated from one minute to the next during trading hours. This ensures that customers can receive the most up to date rate available for their transaction.
To view HSBC’s exchange rate for your transfer destination, login to your internet banking account and enter the details of your transfer. You’ll be able to review the details of your transaction, including the exchange rate that will apply, before you commit to the transfer.
How much does it cost to transfer money with HSBC?
The fee that will apply to your HSBC international money transfer is calculated on the transfer method you select and where you are sending the funds. For example, while online transfers to HSBC accounts overseas do not attract any fees, placing your transfer over the phone or by visiting a branch will incur a £20 fee.
If you’re sending an online transfer to any other bank around the world, a fee of £4 will apply, while branch or telephone transfers to any of the following countries will incur a £9 fee:
Phone and in-branch transfers to countries not on this list attract a £30 fee.
Minimum transfer amount and available countries
While no minimum transfer limit is listed, the following maximum limits apply:
- For online transfers: £50,000 or an equivalent amount in another currency
- For branch transfers: No limit
- For phone transfers: No limit for HSBC Premier customers, £10,000 for non-Premier customers
As an international bank, HSBC offers transfers to bank accounts all around the world, including transfers to 169 countries made by UK customers in 2013. For a full list of where you can send funds, contact HSBC.
What types of transfers can you carry out with HSBC?
HSBC offers the following transfer options when you want to send money to an overseas bank account:
- One-off transfers. This allows you to send money overseas quickly and conveniently.
- Future-dated payments. This option allows you to send funds at whatever exchange rate is available when the transfer is executed.
- Recurring payments. You can take advantage of this transfer option when paying off a debt in instalments, for example a mortgage.
If you ever need help regarding HSBC international money transfers, a selection of frequently asked questions and answers can be accessed through the bank’s website. Phone support is available from 8am to 8pm seven days a week, or you can pop into your nearest HSBC branch for assistance.
The registration and transfer process
You’ll need to be a HSBC account holder in order to send money overseas, so examine the banking solutions available from HSBC to determine if any meet your needs.
To send an online transfer, login to your HSBC Online Banking account. You can then navigate to the account from which you want to make the payment and click on ‘Send Money Overseas’.
Next, enter the details of your payment, including:
- Your recipient’s full name and address
- The Bank Identifier Code (BIC) of your recipient’s bank
- Your recipient’s International Bank Account Number (IBAN) or account number
- The country where the bank is located
- The amount you wish to send and the reason you are making the payment
The final step is to review and confirm the details of your transfer.
The number you need to call to send a phone transfer varies depending on whether you are a Premier, Advance or other HSBC customer, while you’ll need to take photo ID and your beneficiary’s details with you if you want to send a payment from an HSBC branch.
What are the pros and cons of using HSBC?
Pros
- Choice of transfer methods. You can place a transfer online through your internet banking account, over the phone or by visiting a HSBC branch.
- Secure and convenient. Sending an international money transfer with HSBC gives you the security and peace of mind of dealing with a trusted global financial institution, plus HSBC customers will already have an account set up and will not have to go through a registration process to access the service.
Cons
- Some charges apply. Transaction fees apply to all transfers placed over the phone or by visiting a HSBC branch.
What other products and services does HSBC offer?
As a global financial institution, HSBC offers an extensive range of banking products and services to its customers. In terms of international banking it offers the following:
- Overseas relocation services. You can open a HSBC bank account overseas before you move in 37 countries.
- Travel money. HSBC allows you to order your travel money online and take advantage of next-day delivery.
- HSBC Premier Worldwide Travel Insurance. This is provided at no extra cost to HSBC Premier customers who are UK residents and under 70 years of age.
Frequently asked questions
If you’re impressed with the features offered by HSBC’s international money transfer service, make sure to compare it with the options available from other money transfer providers. Taking the time to weigh up your options will ensure that you can find the right solution to your transfer problems.
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