HSBC UK International Transfer: fees, rates and transfer times

HSBC UK¹ customers can send money to over 150 different countries, using the HSBC app or online banking network. You can also arrange payments by phone, or by visiting a branch, or even by mail².

This guide walks through all you need to know to arrange an online payment to friends, family, or a business overseas, including fees, exchange rates, and limits.

We’ll also touch on how sending money with Wise can be a handy alternative to compare to HSBC international transfers. Send payments quickly or instantly³, to 160+ countries, with the mid-market rate and low, transparent fees - and get a Wise account to hold, exchange, send, spend and receive foreign currencies conveniently and with no ongoing fees⁴.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Learn more about Wise account

What are the fees for an international transfer with HSBC?

HSBC offers a few different options for sending an international transfer - which may involve different fees, too.

You can make an HSBC international transfer from your regular HSBC current or savings account using the online or mobile banking system, by calling into a branch or by phone. You can also arrange a payment by mail, although this is an expensive option. As an alternative you can open an HSBC Global Money Account, and send money from the HSBC Global Money app.

HSBC international transfer fees

Costs vary depending on where you’re sending money, the account type, and how you set up the payment. Let’s take a look at the standard fees involved in sending money overseas with HSBC UK. First, the fees to send an international payment:

And next, a quick look at HSBC UK’s fees for receiving payments from abroad:

It’s important to note that the transfer fee isn’t the only thing you need to think about when you arrange an overseas payment. There may be other fees involved, including charges rolled into the exchange rate used for currency conversion. More on that, next.

HSBC exchange rates

HSBC sets their own exchange rates for international transfers. It’s important to compare the rate you’re quoted for your payment against other providers, and against the mid-market rate, which you can find on Google or with a currency converter tool.

When banks and providers calculate the exchange rate used for international transfers it’s common to find a markup - a fee - is added to the mid-market rate to create the retail exchange rate you’re offered. As this is a percentage charge it can quickly mount up, particularly if you’re sending a higher value transfer. It’s also tricky to spot, as it’s not split out as a separate line on your bill. The mid-market rate can be used as a benchmark as this is the rate usually found on global foreign exchange markets. If the exchange rate HSBC offers you isn’t the same as this mid-market rate, the chances are that the difference is the markup.

Not all international transfer services use a markup. Some, like Wise, prefer to split out all the costs you pay, and use the mid-market rate for conversion.

Additional fees from HSBC

Further fees may apply to your international transfer, which may be charged by HSBC, or by intermediary banks which help to process your payment through the SWIFT network. You may not be able to see what these fees are in advance, which can mean your recipient gets less than you’d expected as charges are deducted from the transfer as it passes through the system.

If you’re sending money to someone in the EEA you will have to pay any intermediary fees which apply to your transfer. For payments outside of the EEA you might have the option to pay these costs, pass them on to the recipient, or share them equally between the sender and the recipient. You’ll see the options which apply to your payment when you set it up.

Compare the costs of sending money with HSBC against the option of sending money with Wise. You’ll get a low transfer fee, no hidden costs, and the mid-market exchange rate.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

How do you make an international bank transfer with HSBC?

The easiest way to send an international bank transfer with HSBC is by using the online banking system. Although you can send money using the HSBC app as well, you can only make in-app transfers to people you’ve paid before. The first transfer you make to any recipient will need to be arranged using online banking.

You can also set up a transfer through the HSBC UK Mobile Banking app, by phone, by post, or in branch.

Here’s the step-by-step for using online banking:

1. Log into your account
2. Choose ‘Pay and Transfer’
3. Enter the recipient’s details
4. Check the details and confirm the transfer

If it’s your first international transfer with HSBC, you’ll also need to follow through a verification step using your Secure Key before you can confirm the transfer.

What do you need to make an international money transfer with HSBC?

To send an international transfer with HSBC, you will have to provide a set of information including:

• The amount of the payment, and whether it’s in pounds sterling or another 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
• Any payment reference you want the beneficiary to see

It’s good to know that the exact details you need to provide will depend on the country you’re sending a payment to. For example, not all countries use the IBAN system - in that case you may need to provide your recipient’s bank account number and some additional details like a sort code or routing number.

When does the transfer arrive to the recipient’s account?

The length of time it takes for any international payment to be received can vary depending on the destination country, the currency, and the recipient’s own bank processes. It’s common for international transfers which are processed through the SWIFT network to take a few days to be deposited. You can track your HSBC international transfer through online banking or the mobile app.

What’s the maximum transfer limit with HSBC?

You can send up to £50,000 (or the currency equivalent) using the HSBC mobile app or online banking. Making a transfer over the phone limits the daily amount to £10,000 (or the currency equivalent) for most customers, although Premier customers may have a higher phone limit.

If you’re sending money with an HSBC Global Money Account you can send up to £50,000 (or the currency equivalent) per day.

How to contact HSBC?

HSBC offers a few different ways to get in touch or resolve issues with your international transfer.

Here are your main options:

• Log in to online banking to chat with an advisor
• Visit the HSBC Help page for troubleshooting support and FAQs
• Use an HSBC branch finder to get help in person
• Or give HSBC a call - 03457 404 404 (for the existing customers); 03455 873 444 (for new customers); +44 1226 261 010 (from outside the UK)

Send money internationally with Wise

Check out Wise as an alternative to HSBC international transfers.

Send payments to 160+ countries, with the mid-market rate and low, transparent fees from 0.35% - and get a Wise account to hold and exchange 40+ currencies, spend in 150+ countries with a Wise debit card, and receive foreign currencies conveniently with local bank details.

Wise is upfront about what your international transfers will cost, to help you check the fees against other providers and find the very best deal for your particular payment. See if you can save with Wise, today.

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sign up with Wise today 🚀

Sources used:

Sources last checked on date: 03-JUN-2024