Transferring large amounts of money with HSBC UK

Need to send a large amount of money? You might be buying a house, car or fancy new appliance, or a new kitchen extension to pay for. Whatever your plans, you’ll need to know the cheapest, safest and fastest way to make a large transfer.

In this guide, we’ll be looking at how to use HSBC UK to transfer large amounts of money in the UK and to international accounts. We’ll cover everything you need to know, including transfer limits, times, fees, security considerations and ways to set up a payment.

If you’re looking for a reliable and cost-effective way to transfer large sums internationally, consider the money services provider Wise. With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll receive dedicated support when sending large amounts.

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Can you send large transfers with HSBC?

Yes, you can transfer large amounts with HSBC, as long as you have an active account with the bank.

There are a few different ways you can do it, including Faster Payments and CHAPS. Which one you choose depends on your HSBC account type, how much money you want to send and how quickly you need the transfer to clear.

Faster Payments is a type of near-instant payment used by most UK banks to send payments between UK accounts.

CHAPS (Clearing House Automated Payment System) is specially designed for making fast, secure large transfers, and doesn’t usually have any minimum or maximum limits on how much you can send.

You can send a Faster Payment with HSBC via your online or mobile banking (although you can also do it via branch or phone banking if you prefer).

You can send up to £50,000 per day with a standard account, or up to £100,000 if you have a Premier Account with the bank. Private Banking customers can send up to £250,000 a day.¹

If you need to send more than the daily transfer limit for your account, you’ll need to use CHAPS.

You can’t arrange a CHAPS payment online - you’ll need to do it by phone, post or visit an HSBC branch with valid ID. There is a fee of £17 to pay if you’re sending money to a non-HSBC account.²

HSBC also lets you make international payments of large amounts, but these may also involve some money transfer fees.

Is HSBC safe for large transfers?

HSBC is one of the ‘big four’ licensed banks in the UK and is strictly regulated.

In order to comply with regulations, HSBC is required to use sophisticated security measures to protect its customers’ data, money, accounts and transfers.

This includes protections such as:

• Two-factor authentication, Secure Key and mobile banking PINs to safeguard account access
• Anti-fraud and security monitoring systems, utilising technology to identify potentially suspicious payments
• Confirmation of payee, which involves checking and matching account details to make sure you’re paying the right person.

How to make a large amount payment with HSBC

Once you’ve opened an account with HSBC, you can use online or mobile banking to set up your first payment.

Simply follow these steps:

1. Go to ‘Pay & Transfer’
2. Choose the account you want to send from
3. Select an existing payee or follow the on-screen instructions to set up a new recipient, including any security verification steps
4. Enter the amount you’d like to send
5. Confirm the payment.

If you want to send a larger amount than your daily transfer limit allows, you’ll need to head into a local HSBC branch to send a CHAPS payment. You’ll need to bring some ID along with you. Alternatively, you can do it by phone or post.²

But before you do anything, make sure you have the recipient details ready. Here’s what you’ll need:

• The recipient’s name as it appears on their bank account
• Their bank account number and sort code
• The type of account (personal or business)

Along with the above, you’ll need these additional details if you’re sending money abroad:

• The name, account number and address of the person or company you’re paying
• The recipient’s International Bank Account Number (IBAN)
• The SWIFT/BIC code for their bank
• Their bank’s address
• The reason for the payment.

To send an international transfer with HSBC, you can use your choice of online, mobile, phone or branch banking. If you have an HSBC Global Money Account, you can use its dedicated app to send your transfer.

How long do large transfers take with HSBC

Take a look at average transfer times with HSBC for each of the payment types it offers:

What's the maximum transfer limit with HSBC?

The maximum amount you can send with HSBC depends on your account type and how you’re making your transfer.

Let's take a look at of the transfer methods available with HSBC and the sending limit for each:

Wise – A low-cost alternative to bank transfers

Looking for a secure, convenient and low-cost way to send large sums of money internationally? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can send large amount transfers worldwide to countries for low, transparent fees* and you’re guaranteed the mid-market exchange rate with no markup.

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Sources used:

Sources last checked on date: 10-Jan-2025