Rosie Russell is a money transfers writer at Finder. She is on a mission to make personal finance easier to understand and is constantly planning her next trip overseas. Rosie has a double degree in Journalism and International Studies from the University of Technology Sydney.
What you need to know about sending a money transfer with HSBC
If you're looking into sending money overseas, HSBC can offer you security and convenience. With HSBC internet banking, 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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
HSBC foreign exchange rates
While HSBC's exchange rates are generally not as close to the mid-market rate as other money transfer specialists, they do offer a competitive rate when compared to other banks. Before finalising your money transfer, double-check the final exchange rate as it can vary from the first rate quoted.
How much does it cost to transfer money abroad with HSBC?
HSBC international money transfers enable you to safely transfer funds to your friends or family overseas or back in Australia from more than 45 countries. HSBC charges a flat fee of $25 for each transaction, but you can save $5 on this if you go through its Internet banking service. While it is a flat fee, the exchange rate HSBC offers is often not as good as the mid-market rate.
Keep in mind that your recipient's bank may also charge a fee, which you can choose to pay on their behalf. This fee varies depending on the bank.
Minimum and maximum transfer amounts
HSBC lets you make online payments transfer money abroad using its Internet banking service. For both business and personal accounts, the maximum amount you can transfer overseas is $50,000 per day. You can apply to raise the daily limit through your online profile, but the final decision on this is up to HSBC.
The minimum amount you can transfer abroad with HSBC is $100.
The registration and transfer process
Having access to HSBC international money transfer services requires that you register for online internet banking with a Personal Banking Number, an Access Code and an online security device which you can either obtain from HSBC branches or receive by mail if you register online.
Here are the steps you need to follow to register for internet banking:
Click on the registration link on the HSBC internet banking page.
Enter your Personal Banking Number and Access Code.
Set up your personalised username and password.
An online security device will then be mailed to your address so you can activate your online service and transfer funds freely from your HSBC personal or business account.
Why are the benefits of an HSBC international money transfer?
Secure money transfer. HSBC views your security as a top priority, ensuring that your details and funds are secure while making online transfers. Once you register for online banking, you receive a security device that boosts the safety of all your transactions, while the bank also offers you the best encryption available today to ensure your personal details are safe.
Wide coverage. 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.
Mobile banking. This service allows you to transfer funds, make payments and manage your account from your mobile device, saving you time.
What other products and services does HSBC offer?
HSBC Business. This is a service designed to assist businesses that trade internationally to take advantage of opportunities overseas. HSBC provides a range of business accounts to help such organisations with banking solutions, plus it also provides working capital solutions to help international businesses manage their cash flow efficiently.
Financial planning. HSBC provides a range of financial planning services, offering you personalised strategies to help you secure your family’s financial future, manage your investment portfolios and help you prepare for retirement.
Financial assistance. HSBC provides financial assistance in loans and mortgages, with HSBC premier customers getting access to low-rate premier home loans.
In a nutshell
Multi-currency account. If you're a frequent traveller and need access to a range of foreign currencies, you can benefit from HSBC's Everyday Global Account that allows you to hold up to 10 foreign currencies.
Global safety net services. Your children or family abroad can get emergency access to your HSBC premier account, up to $2,000 in emergency cash or next-day card replacement services, should they lose or misplace their credit cards.
Instant transfers within HSBC. With HSBC internet banking, you can make instant money transfers between your domestic HSBC and international accounts.
Limits. There is a default limit on how much you can transfer internationally.
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