International banks transfers with HSBC

HSBC UK customers have a range of options available to send money to over 150 countries, including through the HSBC app, online banking network, by phone, visiting a branch, or by mail. This comprehensive guide covers everything you need to know, whether you're sending funds from your personal account to family and friends, relocating abroad, or managing business transactions with suppliers or international customers. It includes detailed information on fees, exchange rates, and transaction limits to help you make informed decisions.

Furthermore, we'll explore how Apex Currency offers a convenient and cost-effective alternative for international transfers compared to HSBC. With Apex Currency, you can send payments swiftly to over 190 countries, enjoying ultra-low exchange rates and transparent pricing with no hidden fees. Opening an account with Apex Currency enables you to efficiently manage, exchange, send, spend, and receive foreign currencies.

How to make an international bank transfer with HSBC

You can initiate an international transfer with HSBC using the HSBC Mobile Banking app, by telephone, by mail, or by visiting a branch.

Here’s the step-by-step process for using online banking with HSBC to make an international transfer:

Log into your account.
Select Pay and Transfer.
Enter the recipient’s details.
Review the details and confirm the transfer.
For your first international transfer with HSBC, you'll also need to complete a verification step using your Secure Key before confirming the transfer.

Is there a limit on making international payments with HSBC?

When using the HSBC mobile app or online banking, you can send up to £50,000 (or the currency equivalent) in a single transaction. However, if you choose to make a transfer over the phone, most customers are limited to £10,000 (or the currency equivalent) per day, although Premier customers may have a higher limit. With an HSBC Global Money Account, you have the flexibility to send up to £50,000 (or the currency equivalent) per day. Larger transactions can usually be facilitated in branch.

Do HSBC charge fees for international payments?

The charges for sending an international payment depend on the destination, account type, and payment method. It's also important to note the currency conversion fee (more details on that later). For now, let's outline the standard fees for sending an international payment:

From an HSBC Global Money Account - No fee

From a HSBC account to another HSBC account - No fee using online banking, in branch or telephone. £17 fee by mail.

Sending Euros within the EEA zone - No fee using online banking, in branch or telephone. £17 fee by mail.

All other payments - £5 fee using online banking, in branch or telephone. £17 fee by mail.

When receiving a payment from abroad into your HSBC account:

Receiving Euros from the EEA area - No fee

All other international payments - £5 fee

Potential additional fees to be aware of

You may incur additional fees from HSBC or intermediary banks for your international transfer. Unfortunately, these fees may not be visible in advance, which could result in your recipient receiving less than anticipated, as charges are deducted from the transfer as it moves through the system.

If you’re sending money to someone in the EEA, you will be responsible for any intermediary fees associated with your transfer. For payments outside of the EEA, you may have the option to cover these costs yourself, pass them on to the recipient, or share them equally between both parties. The applicable options will be displayed when you set up your payment.

What are HSBC exchange rates?

HSBC doesn't advertise its live exchange rates online, so you only become aware of their offered rate when initiating a transfer. It's important to compare the rate you're quoted with those of other providers and the mid-market rate to ensure you are being offered a fair price. You can find the mid-market rate with a quick Google search.

When banks and providers calculate the exchange rate for international transfers, they typically add a markup to the mid-market rate, resulting in the retail exchange rate you’re offered. This percentage charge can accumulate rapidly, especially for higher-value transfers. It's also challenging to identify since it's not explicitly disclosed. If the exchange rate offered by HSBC differs from the mid-market rate, the difference likely represents the markup.

To ensure you are getting a fair deal on your international transfers, you can get a free quote from Apex Currency by contacting us via email or telephone. You can even compare internationals transfers you have done in the past against what we would have offered at the exact same time by clicking here.

What information do I need to make an International transfers with HSBC?

To send an international transfer with HSBC, you will need to provide the following information:

The amount of the payment, and the destination currency
Beneficiary name and address
Beneficiary bank SWIFT/BIC code
Beneficiary IBAN (international bank account number) or full account number
Beneficiary bank address
Reason for payment
Payment reference

How long does the transfer take to arrive?

The time it takes for an international payment to arrive will vary depending on the destination, currency, and recipient bank. Generally, international payments can take anywhere from 1 to 5 working days to be processed and deposited.

‍

Make your international payments with Apex Currency

Apex Currency can be a great alternative to using HSBC for international payments. We offer ultra low exchange rates with no additional or hidden fees. Opening an account with us is very easy and quick and we also have a dedicated expert team on hand via email or phone call whenever you need us.

Comparing Apex Currency with a traditional bank for international transfers highlights several key differences:

Exchange Rates: Apex Currency often offers competitive exchange rates close to the mid-market rate, whereas banks may apply a higher markup to the exchange rate.

Fees: Apex Currency has no fees on international transfers compared to banks, which may charge higher transaction fees and additional hidden costs.

Speed: Transactions with Apex Currency can be faster due to streamlined processes, while banks may take longer to process international transfers, especially if involving intermediary banks.

Customer Service: Apex Currency may offer dedicated customer support focused on international transfers, whereas banks may provide more general customer service that may not specialize in currency transfers.

Online Platform: Apex Currency usually provides a user-friendly online platform for easy transactions, whereas banks may have more traditional methods requiring in-person visits or phone calls.

‍

_Sources:

_{HSBC website}

‍