Review: HSBC international money transfers
Summary
Transfer money abroad and enjoy a range of banking services with HSBC.
Quick verdict
Good for
- The security of a well-known, international bank
- Convenience if you're already with HSBC
- A multi-currency account which stores up to 10 currencies
Not so great for
- Users who want better exchange rates
- Competitve fees
- Fast transfers
Details
Product details
| Product Name | HSBC International Money Transfers |
| Pay By | Bank transfer, Cash, Phone banking |
| Receiving Options | Bank account, Mobile wallet |
| Customer Service | Phone, Live chat, Email, In person |
| Maximum Transfer Amount | $100,000 |
If you're looking into sending money overseas, HSBC can offer you security and convenience. With HSBC Premier, you can manage your account, update passwords and personal details and set up transfers or pay bills no matter where you are. You will also get access to all major currencies and save money on international transfers with HSBC's competitive transfer rates.
HSBC allows you to make international transfers in a variety of ways, including using the accounts below. Their multi-currency account, the Everyday Global Account, lets you hold up to 10 foreign currencies in your account.
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 money transfer, HSBC offers safe and easy international money transfer solutions.
- Same-day transfers. International money transfers initiated before 4 p.m. AEST are processed by HSBC on the same day.
- Cashback. Get 2% cashback on transactions under $100 and earn up $50 per month with the Everyday Global Account.
Cons
- International money transfer fees. You'll need to pay $8 for each international money 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.
How do I make an HSBC international money transfer?
To initiate an international transfer, you must first be an HSBC Premier customer. Then:
- Log in to your HSBC Personal Internet Banking account.
- Select the My HSBC tab and click Pay or transfer under the Move Money section.
- Select the account 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 international money transfer request.
HSBC international money transfer fees
HSBC transfer fees depend on how you're sending the transfer and whether you're sending or receiving an international money transfer. Some accounts allow for free international money transfers between HSBC accounts, but others use HSBC's default fee schedule:
| Online | In branch | Between qualifying HSBC accounts | |
|---|---|---|---|
| International money transfer | $8 | $20 | Free |
Note: Transfer fees as of November 2022.
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.
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.
Must read: 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 Wise.
- 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.
- 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. As a Premier customer, you can use the Global Transfers service to send funds to eligible HSBC deposit accounts in more than 45 countries around the world.
With international money transfers, you can send your funds to financial institutions in most countries around the world.
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 account holders can use HSBC's Global Transfers, which allows you to send up to $100,000 USD (in AUD equivalent) 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. Transfer requests received by 4pm AEST are processed on the same day, while transfers requested after 4 pm AEST are processed the next business day. If sending a foreign currency, you will still need to allow a few days for settlement.
HSBC SWIFT/BIC information
| Bank name | SWIFT/BIC | Bank address | Recipient's name | Recipient's account number |
|---|---|---|---|---|
| HSBC Bank Australia LTD | HKBAAU2S | HSBC CENTRE FLOOR 11 580 GEORGE STREET SYDNEY | 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 offers you a convenient way to access your money all over the globe, with over 375 centres worldwide and more than 36 branches and offices within Australia. The bank has established a presence in more than 45 countries and territories, allowing you to access your money no matter where you are.
What other products does HSBC offer?
- Checking 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 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 Australia offers several insurance products including car, home and travel insurance.
Bottom line
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 transfer needs, compare the features and benefits of a range of providers.
See how other services compare to HSBC
Frequently asked questions
Your reviews
Rosie Finder
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Danielle
September 25, 2017
Hi David,
Thank you for contacting Finder.
We understand the challenges temporary residents run into especially in the financial aspect hence we came up with the Personal Loans For Temporary Residents article. Our guide talks about what loans you’re eligible for and how to find the right one.
You can utilize our comparison table under Personal loans temporary residents may be able to apply for to compare your options. Our comparison table is designed to help you compare with ease. You can input your loan amount, loan term then click ‘calculate’ to see your estimated monthly repayment amount. Our table would also display the interest rate (p.a.) and comparison rate (p.a.) for your perusal. Tick on the ‘compare’ box below the brand’s logo to see a side-by-side comparison of the loans. Doing so will allow you to compare minimum and maximum loan amounts, application fees, and more. Once you’re ready, you can click on the ‘Go to site’ button and process the application from the main page of the bank/lender.
We suggest that you check the details of the loan you’re interested in, its eligibility criteria as well as the terms and conditions before you apply.
I hope this helps.
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Turcer
November 25, 2016
I want to open a Basic HSBC Account in TURKEY before I go back to Sydney and again I want to open HSBC Day to Day Account in Australia as well.
From Turkey fees seems more high but from Australia fees are low for transferring money .
The same account holder but different HSBC branch one in Turkey one in Australia
My question is whats my money transfer options what will be the fees for transferring money from account to account on line banking with HSBC.
Thank you for your time and help.
Kind Regards,
Turcer
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Clarizza Fernandez Finder
November 28, 2016
Hi Turcer,
Thanks for your question.
We have been in touch with HSBC with your query and will get back to you at the earliest.
Regards,
Clarizza
syima
October 23, 2016
im from malaysia . can i change money ghana to ringgit malaysia ? can u show how i want to do .
Clarizza Fernandez Finder
October 24, 2016
Hi Syima,
Thanks for your question.
HSBC is an international bank that offers money transfer services on certain products. To use this service, you will need to open either the HSBC Day to Day Transaction account or the HSBC multi-currency account. You can begin the process of opening either of those by clicking the ‘Open’ button once you are ready.
HSBC offers online international money transfers which means the transfer typically takes place through the HSBC internet banking platform.
Regards
Clarizza
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sizwe
October 10, 2016
Greetings!
Need to find out whether does this program accept all international banks when doing transfers?
Clarizza Fernandez Finder
October 12, 2016
Hi Sizwe,
Thanks for your question.
Yes, HSBC accepts transfers from all around the world. Please note, we are a general comparison website and as such provide general advice only.
Regards,
Clarizza
kenneth
July 06, 2016
What is the possibility to transfer Iranian Rial to a designated HSBC US Dollar account ???
Clarizza Fernandez Finder
July 07, 2016
Hi Kenneth,
Thanks for your question. As you may be aware, there are currently sanctions in place between the U.S and Iran that may restrict international banks from dealing in the Iranian market.
It’s best to check with your bank first and find out what you can do to send money to the U.S. It should be noted, we are a comparison website and as such provide general advice only.
Hope this helps.
Clarizza
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David
September 25, 2017
I am non resident, and I have never borrowed money from any bank.