Making international money transfers from Australia is a much easier process these days than in times gone by. However, with every bank leveraging its own...
These days, the world is a pretty small place, so there are lots of reasons you might need to send money overseas. Whether you're transferring just a small amount to repay a friend based overseas, or you work outside of Hong Kong and are sending your entire salary home, it pays to know a little about how international money transfers with HSBC Hong Kong work.
|💰 Wise provides you the real exchange rate and low transparent transfer fees shown upfront.
Due to the timescales — and costs — involved in moving money abroad are often quite hard to calculate, it’s a good plan to do some research in advance so there are no surprises. It’s likely that, instead of HSBC, you could actually save a bit of money by using a money transfer provider like Wise. But more on that later.
Some premium bank accounts from HSBC Hong Kong have slightly different terms and conditions when it comes to international money transfers. This could mean that the fees are different and the amount of time it takes to arrange a transfer might also vary. Check out the details for your specific account, too.
To better understand the fee structure of a transfer with HSBC HK, here's a theoretical international transfer sending HK$10,000 from Hong Kong to a GBP bank account in the UK.
|HSBC (Hong Kong) sent online
|Exchange rate + markup
|HK$50 + exchange rate markup + likely fees from intermediary and recipient banks²
|HSBC (Hong Kong) via bank branch
|Exchange rate + markup
|HK$120–240 + exchange rate markup + likely fees from intermediary and recipient banks²
|HK$44.86 HKD (if you pay by bank transfer)
|The real exchange rate — the same one you find on Google
*Rates as seen on 27 Dec 2021
Keep in mind that nearly all transfers sent internationally are sent via SWIFT¹. Which means there are intermediary banks and/or the recipient bank that may levy fees of their own (which HSBC claim they may receive commission, income or revenue from other entities)². Costing you even more.
Don't forget that as well as any flat fees applied, you need to know if the exchange rate used is fair. HSBC Hong Kong has an online calculator where you can see their current exchange rate. However, as exchange rates move all the time, this could have changed slightly by the time the transfer is processed. The small print on the web page with the calculator specifies that it’s indicative only, and customers should check when they place their transfer.
|HSBC Hong Kong exchange rate for 10000 HKD
|0.0949 = 948.95 GBP Received³
|Wise exchange rate for 10000 HKD
|0.0956312 = 957.06 GBP Received
Rates as seen on 27 Dec 2021
You can see from the above test using the rates indicated, that your recipient will get more for every Dollar you send using Wise.
To make sure they make a profit, banks can mark up the exchange rate, and keep the difference. This means that the rate that’s actually used may vary quite a bit from the exchange rate offered on Google. Check if your chosen currency is affected before you commit.
|International transfers with HSBC Hong Kong²
|Each telegraphic transfer's amendment/enquiry/cancellation/return
|HK$250 plus any charges levied by the other bank or banks involved in the transaction
If you want a different way to send or receive money from abroad, Wise might be just the fit for you. As specialists in international money transfers, Wise lets you move your money quickly and safely, using the real exchange rate and with only a small transparent cost per transaction.
If you need to move money internationally often — because you live or work overseas for example -you might also benefit from a Wise multi-currency account.
With a Multi-currency account, you can hold your money in different currencies, and move it around the world at the touch of a button. You can convert money using the real exchange rate — the one you’d find on Google — when you need it the most.
And if you get paid in the EU, the UK, Australia or the US but live elsewhere, a Multi-currency account will let you get paid locally using local bank details, cutting out international transfers entirely. Even better, there are no intermediary banks involved, so no extra fees to worry about.
See for yourself if you can get a better deal with Wise.
HSBC Hong Kong allows customers to make international money transfers online, by visiting a branch, or by phone if you prefer.
To send money through an international bank transfer, you're going to need a few key details. These might vary a little depending on where your money is going, but you can expect to be asked for the following:
- The transfer amount
- The full name of the person you’re sending the money to and their address
- The recipient’s IBAN if available or account number and branch details if not
- The SWIFT/BIC code, or routing number if you’re transferring to the USA
- The reason for transfer, if you’re sending RMB
If you’re sending money in RMB, it’s a legal requirement to specify why you’re doing so, using one of the accepted codes. You’ll be asked to submit this information when you place your transaction.
You can register account details and set a transaction limit up to HKD 3million for each Registered Account. Transfers to non-registered third party accounts is HKD400,000 per day.⁴
How long it takes to process an international transfer depends on where your money is going, and whether it’s a transfer to another HSBC account held in a different country. For some customers with premium accounts who are transferring to their own HSBC accounts held overseas, a transfer can be made almost instantly. However, for all other transfers, you can expect a delay of a 1–5 days.
It’s also important to understand that HSBC processes international transfers throughout the working day, which means the cutoff time for payments is from 8:15 am to 5:55 pm on weekdays and 8:15 am to 11:55 am on a Saturday, with no transfers taking place on a Sunday or Hong Kong public holidays⁵.
If you’re making a transfer in RMB the cut off times are different, and no transfers are initiated on a Saturday, so it’s worth checking when your payment will be processed.
What do I need or what should I give to the sender in order to receive an international bank transfer?
You’ll need to give the sender the following information to receive an international money transfer with HSBC Hong Kong: ⁶
- The beneficiary's name
- HSBC Bank name: The Hongkong and Shanghai Banking Corporation Limited
- Bank address : 1 Queen's Road Central, Hong Kong
- SWIFT code: HSBCHKHHHKH
- Your account number
- The amount being transferred and the currency to be used. Don’t forget to take into account any charges you’re liable for.
Also instruct the sending bank to send us their payment instruction by SWIFT MT103 with full payment details and reimbursement instruction.
You can use this helpful tool to find, or check your SWIFT/BIC code.
The bank doesn’t offer any particular way to speed up payments. They do mention that providing all required details will prevent additional delays.
If you have specific questions about your transfer, there are several different ways you can talk to the advisors at HSBC Hong Kong: ⁷
- Log in to online banking for frequently asked questions
- Request an appointment at your local branch, through the online booking system, or use HSBC Hong Kong branch finder to get help in person
- HSBC Premier customers can call (852) 2233 3322
- HSBC Jade customers (852) 2233 3033
- and other customers should call (852) 2233 3000 (also WhatsApp)
- Reach out on social media — Twitter @HSBC_HK, facebook.com/HSBC or WeChat hsbc-hongkong
Making international money transfers is part of everyday life for many people. Unfortunately, that doesn’t mean it’s always cheap or straightforward. Common pitfalls and hidden fees can make it expensive and lead to nasty surprises.
So, wherever you’re transferring your money to, it’s smart to do your research in advance, to make sure you get the best deal for your situation. Use our pricing calculator below to have an idea of how much you get to save sending money overseas with Wise.
- General Fees, transfer types, SWIFT information
- Correspondent bank fees HSBC fees PDF guide (page 19)
- HSBC Exchange rate
- Transfer limits FAQs
- HSBC transfer Cut-off times
- Receiving Telegraphic transfer HSBC Hong Kong bank details
- HSBC HK Contact details
Checked on 27 December 2021
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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