09 Jan 2025
Serving more than 40 million customers globally, Hong Kong and Shanghai Banking Corporation (HSBC) is one of the biggest banking and financial services companies. Seven million of those customers who send money through HSBC are international. HSBC offers a full package of financial products and services tailored to individual investors and savers, businesses, governments, and even international organizations. One of HSBC’s goals is to make its customers who live, study, work, or invest abroad feel at home through its convenient HSBC foreign transfer services.
But is international money transfer through HSBC really as quick and easy as it sounds? And how much does it cost to send money internationally through HSBC? This blog answers all of your questions about an HSBC international transfer fee.
Regarding global money transfers, HSBC international bank transfer is preferred by millions across the globe because of the convenience, safety and affordable costs it offers to its customers. However, understanding the transfer fees that come with these transfers is crucial before you transfer through HSBC. Let’s dive into some of the key elements of these fees to see how HSBC overseas transfer works:
This is common with most banks that offer international money transfer services. A basic fee is charged to begin a money transfer. Understand that this basic fee incurred when you transfer money overseas HSBC can vary based on the route you choose for money transfer, such as mobile banking, online banking, or physically visiting a branch.
When you send money to someone’s bank account in a different country, the recipient’s bank might charge you some fees for that transfer. HSBC international transfer works the same way. This fee, of course, is not under the control of HSBC since it is a non-HSBC fee so you and your recipient can mutually decide who pays those fees.
What’s great is that you can send money internationally via HSBC in a different currency than the one in your account. HSBC offers a real-time exchange rate for that international transfer so you can view exactly how much money will end up in the recipient’s pocket before you finalize your transfer. Added to that exchange rate might be a small markup fee charged by HSBC. Something else to consider is that there might be an HSBC advance send limit to another savings account.
Make an international money transfer through a SWIFT network. This might include a chain of intermediary banks between HSBC and the recipient bank, through which your money will flow towards your recipient. Those intermediary banks might also charge you fees that are not under the control of HSBC, but they will be added to the HSBC international transfer cost. When reviewing your transfer, HSBC will give you a rough estimate of those applicable fees. The amount will be debited after you have confirmed your transaction.
Your recipient’s bank might also charge an incoming international transfer fee, so ask your recipient to confirm it with their bank. The payment will be debited from the payee’s account. When you transfer money through this channel, add HSBC’s fee to transfer money abroad, too.
You can also open an HSBC savings account and upgrade it to a Premier Account with HSBC to enjoy exclusive perks. HSBC offers Advance Account opening offers to its customers, including discounts or promotions such as waived fee options for particular money transfers.
Sometimes, money needs to be sent in an emergency, so a 2-3 business day wait is out of the question. HSBC caters to those sorts of emergencies, too, and your recipient can receive funds within 24 hours through same-day processing. But you must know that this service comes with higher transfer fees when you use HSBC to send money abroad.
If you're transferring money to an account within the European Union, you might benefit from low fees or even fee-free transfers under SEPA regulations, depending on your account type. Sending money to the United States from your HSBC account typically incurs a transfer fee of around £4–£10, plus a potential exchange rate markup. If you're transferring funds to countries like India or China, HSBC may charge an international wire fee, and additional charges might apply if intermediary banks are involved. Exceeding the HSBC daily transfer limit may require splitting transactions over multiple days, which could lead to additional fees and fluctuating exchange rates.
Let's play out different scenarios of international money transfers through HSBC and how much it might cost you if you have an HSBC account and you want to use it to make a global money transfer within the range of the HSBC daily transfer limit:
Simply put, when you send money from your HSBC bank account to a foreign bank account, you will be charged outgoing wire transfer fees. These fees can vary and depend on factors like the destination country, such as HSBC UK international transfer, the currency you choose to transfer money in, such as pounds, and the method you choose to transfer your money, such as through a branch, mobile app, or website.
The standard fees for these transfers are roughly between £20 to £40, but you must remember that these fees do not include intermediary charges or currency conversion fees. You can also call HSBC UK to ask about these transfer fees if your account is in the UK.
This is the opposite of outgoing wire transfers. An incoming wire transfer occurs when your HSBC account receives money from an overseas bank account. This is where HSBC comes in and charges a small fee ranging from £5 to £10. To avoid such fees, you can set up a premium account with HSBC, like HSBC Premier, that might waive those fees. Again, additional charges like intermediary bank charges or currency conversion charges might apply along with incoming transfer fees.
HSBC lets you transfer money using various currencies depending on your location. For example, if you are in the US, HSBC Bank USA enables you to manage over 28 currencies. HSBC UK allows its customers to hold and use the euro, Australian dollar, South African rand, Canadian dollar, New Zealand dollar, Polish zloty, and pound sterling. HSBC Hong Kong customers can use up to 10 currencies if they have a Foreign Currency Savings Account.
Depending on your location, choose to send money online in a different currency. You will pay a foreign currency transfer fee, a small percentage added to the offered market exchange rate. This is known as a markup rate, depending on the currency pair. To avoid this, you could open a multi-currency account and hold those funds in the recipient’s currency before transferring them. If all this sounds confusing, contact the bank through the HSBC UK live chat feature for more clarification.
One efficient way to send money internationally is through online platforms. HSBC customers can send money online through their website and mobile banking app as well. This will help you save a lot of money on transfer initiation fees, which start from £5, have access to competitive conversion rates, and transfer money faster than branch-based processing. Online HSBC UK services are widely used by customers in the UK because of their cost-effectiveness and convenience.
Sometimes, certain transactions are complicated, and you will need assistance from bank officials. This is where you might prefer an HSBC branch instead of choosing to transfer money online. You might have to pay slightly higher fees, ranging from £20 to £40 for each transaction you make. In addition to this fee, intermediary bank charges and currency conversion charges might also be included.
When it comes to international transfers, you should know that HSBC uses a SWIFT network, and that route often involves intermediary banks or correspondent banks. These banks might charge you a fee, which can vary based on the bank and the transfer route. You can avoid any surprises by opting for a transfer option in which all fees are covered by the sender through OUR Transfer type. It will show you the total fees deducted from the transfer amount.
If you need to transfer money urgently, you can opt for same-day processing, which involves a premium cost. The fees for such an urgent HSBC foreign transfer range from £40 to £70, so utilize this option for time-sensitive payments or emergency transfers.
If your recipient can wait at least a day to receive funds, you could opt for a next-day international transfer, which costs a little less than same-day processing. The fees are economical, ranging from £25 to £45, depending on what currency you send the funds in and where you send those funds. This is perfect for you if you want to send money fast, but it isn’t a do-or-die situation.
If it isn’t an emergency, the standard transfer method is ideal. It might take 3 to 5 business days for the money to reach the recipient's pocket. The fees are low by the period, ranging from £15 to £25. The cost might get even lower if you use online banking for these standard transfers.
HSBC is on its Game for online international money transfers. Now, you can send money anywhere in the world instantly (within 6 seconds) and with zero transfer fees using their new Global Money Transfers service. This service is available on the HSBC mobile banking app. You just need to be an HSBC account holder in a market that offers this service, but other eligibility requirements might also apply on a market-by-market basis.
You can send money in up to 21 currencies to more than 200 countries and regions. Out of those 200, more than 60 countries can receive your funds within 2 to 3 business days. All you have to do is register for online banking with HSBC and download their mobile app, and you will be able to send funds abroad, even on bank holidays.
This service is available for customers living in the USA, Australia, Hong Kong, India, Singapore, expat offshore (Jersey), the UK, and the UAE. Instant transfers can be made between eligible HSBC and non-HSBC accounts worldwide, depending on the availability of supported currencies.
This service allows you to send funds internationally in different currencies with updated exchange rates refreshed every 90 seconds during market hours. These rates are available 24 hours from Monday to Saturday.
Here’s a quick step-by-step guide on how to transfer money through your Global Money Account HSBC:
Here are some tips you might want to consider before you send money internationally through HSBC:
If you like what HSBC offers but don’t want to make an entirely new account with them, HSBC's current account switch service is just right for you. The bank will transfer all payments and data from your old account to your new HSBC account. All you have to do is provide your old bank details, and within 7 days, the process will be completed. Even though CASS covers most UK current accounts, HSBC can manually make the switch for you if CASS doesn’t cover your account. For more information, you can call the HSBC UK telephone banking number.
HSBC international online money transfer is easy. Once you’ve understood how HSBC transfer fees work for international money transfers, you can decide how you want to manage and transfer your funds. This will also help you know how to save money on transfer costs effectively.
Fees typically range from £5 to £40, depending on the transfer method and destination.
Yes, incoming transfers can incur fees between £5 and £10.
Transfers generally take 1-5 business days, depending on the destination.
Yes, but it depends on the transfer’s status. Contact HSBC immediately for assistance.
This service allows instant, fee-free transfers between HSBC accounts in supported countries for eligible customers.
