Unlock the full potential of Suncoast Credit Union international wire transfers with our comprehensive guide.
HSBC USA® allows you to make international wire transfers into a broad selection of foreign currencies from eligible account types.
Most customers with a checking or savings account with HSBC USA can make an international wire transfer - but it’s good to know that you might be able to save your time and money if you use a service like Wise instead.
This guide walks you through how to make a transfer overseas with HSBC USA, and touches on Wise as an alternative, non-bank option for comparison.
HSBC doesn’t make rates available for outgoing and incoming international wire transfers until the time you request them. And, as noted, from a customer’s perspective when trying to make sure you’re making the most cost-effective transfer, that can be frustrating as it’s quite difficult to compare pricing.
Likely, the fees charged will vary based on your account type and the amount of money you’re transferring and many run anywhere from $10-$50 for an outgoing or incoming international wire transfer, based on US bank averages.
Another option, if you want to make your transfer through HSBC from the convenience of your home is to actually use Wise.
After you go through verification for your first transfer, you can connect your HSBC US account to your Wise profile or pay for your transfers with your debit card. Wise skips the expensive international SWIFT transfer system in favor of new world technology that connects local bank accounts all over the world.
Meaning you get to skip the international fees. Get a great exchange rate. And be sure you’re counting all the costs upfront. That means fair, low cost money transfers, every time.
|HSBC USA international transfer
|Incoming/Outgoing international transfers
|May range from $10-$50
|Sending/recipient bank and/or intermediary bank(s)
|Most international transfers are processed using the SWIFT system. That will likely mean that up to 5 banks deduct their own fees ranging $10-$50 as your money passes through their systems.
|Can vary based on account type and tier
|Markup is likely, see next section
When you’re transferring money to a different country, an exchange rate is used to determine how much the recipient will get in their respective country.
If you want your recipient to receive a currency other than US dollars, then the exchange between 2 currencies is often made by a corresponding or recipient bank, unless you specifically request HSBC to make the exchange themselves.
However, regardless of who converts your money, you should know that most banks and money service providers won’t offer you the interbank or spot rate.
That’s a name for an exchange rate which is also called the mid-market exchange rate. It’s the rate banks get when buying and selling currencies themselves, and also the one you’d get on Google or with a currency converter tool.
If you’re not living in the US — or if you simply want a more flexible account you can open from anywhere — check out Wise.
Wise isn’t a bank, but a money service business (MSB) that offers an account which allows you to hold, send and receive money. As well as getting an attached debit card — plus you’ll get some extra perks which suit anyone living an international lifestyle.
You’ll be able to hold 40+ currencies, and get local account details for up to 9 currencies including USD, to get paid easily by wire or ACH.
Wise offers linked debit cards for spending and withdrawals around the world, and all currency conversion uses the mid-market exchange rate.
That means that whenever you send a payment or spend in a foreign currency your dollars are converted with the mid-market rate with low conversion fees from 0.41%. Easy.
Specific types of international transfers such as Global Transfers may be restricted to a few different types of HSBC accounts and even then, may not be available in all countries.
To be sure, take a look at the HSBC US International homepage¹, double check your terms and conditions or get hold of someone in your local branch.
There are 2 different ways you can send money internationally with HSBC online.
Step 1. Go to wise.com
Step 2. Choose the originating currency and amount in the top box and then choose the corresponding recipient currency in the bottom box
Step 3. To find out how much Wise fees will cost you, click on Show fee breakdown (the cheapest total cost to you as a consumer will be to pay with Bank debit (ACH) or debit card)
Step 4. Click the green button Get started
Step 5. Fill out your personal details
Step 6. Enter your recipient’s information
Step 7. Make sure you’re happy with the cost and exchange rate
Step 8. On the final step, you’ll have several options to pay for your transfer
Before you can make an international wire transfer, every financial institution will require you to have some information readily available.
If you’re sending money directly through HSBC USA, you’ll need to collect the following information³:
If you’re sending money by connecting your HSBC account through Wise, you’ll likely need:
If you’re receiving an international wire transfer through HSBC USA, you’ll need to have the following information with you:
However, if you’re receiving money from abroad through Wise, you’ll need the following information you can find on your checkbook: your full name, your 9-digit ACH routing number, and your account number.
With HSBC, in many cases, you can choose to have a wire transfer processed immediately or sent at a later date³.
Wire transfer requests submitted before 5:45 PM EST (New York time) on a business day will be processed the same day. Wire transfer requests to international banks can be completed online at any time, however, those completed after 5:45 PM EST (New York time) on business days will be automatically processed the following business day⁴.
But just because a wire is sent doesn’t mean it has yet arrived to the recipient. Depending on the number of intermediary banks needed and the country the recipient bank is located in will make the time vary greatly. In most cases, however, international wire transfers can take anywhere from 1-7 days to complete.
So there you have it - a full guide to sending an international wire with HSBC US. Armed with the right tools, your international transfer should go off without a hitch. Use this guide to get started - and remember to also take a look at Wise as a smart way to send your payment, with the mid-market rate and a super fast delivery time.
- HSBC US - global transfers
- HSBC US - wire FAQs
- HSBC US - transfer FAQs
- HSBC US - international banking
Sources checked on 02.02.2024
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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