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Review: HSBC international money transfers
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
See our full list of pros and cons below.
AUD 100
Min. Transfer Amount
AUD 50,000
Max. Transfer Amount
1 - 2 days
Transfer Speed
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Details
| Product Name | HSBC International Money Transfers |
|---|---|
| Min. Transfer Amount | AUD 100 |
| Max. Transfer Amount | AUD 50,000 |
| Transfer Methods | Online, Agent, Bank Account to Bank Account |
| Transfer Options | Regular payments, One off payments, Market orders, Forward contracts |
| Transfer Speed Minimum transfer time | 1 - 2 days |
| Customer Service | Phone, Chat, Email, Branch |
| Available Currencies | AED, AUD, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ILS, NOK, NZD, PHP, PLN, SAR, SEK, SGD, THB, USD, ZAR |
| Exchange Rate Updates | Real time |
| Online Transfer Fee | AUD 8 |
|---|---|
| Branch Transfer Fee | AUD 20 |
Pros
- Multi-currency account available.
- Global safety net services.
- Instant transfers within HSBC.
Cons
- Limits on how much you can transfer.
- Extra fees in comparison to some other money transfer services.
- Limited number of currencies.
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.
How do I make an HSBC international money transfer?
To initiate an international transfer, you must first be an HSBC Personal Internet Banking 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 from November 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.
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, 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 this service is $100,000.
With international money transfers, you can send your funds to financial institutions in most countries around the world.
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.
Disclaimer: Exchange rates change often. Confirm the total cost with the provider before transferring money.
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.
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.
Cons
- International money transfer fees. You'll need to pay a service fee 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.
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.
