HSBC UK lets customers send money worldwide through the app, online, by phone, or in person. You can send to over 150 countries. The steps include giving full details about who you’re sending to.
Some transfers, like between HSBC accounts, might not have fees. But, other services cost money. For example, sending money by mail costs £17 GBP. Also, HSBC’s rates are higher than the market rate, which can make big transfers expensive.
When looking at HSBC money transfer reviews, remember the fees. The bank charges 5 GBP for foreign payments, except for euros from the EEA. You can send up to £50,000 through the app or online, which is convenient.
Even though HSBC has its own rates and fees, it’s smart to compare them to the market rate. This helps you make better choices.
How to Make an International Money Transfer with HSBC
Making an international money transfer with HSBC is easy. You can do it online or through the HSBC mobile app. First, you need to verify your account with a Secure Key. You’ll need the recipient’s bank info, the amount you want to send, and why you’re sending it.
If you’re sending money overseas with HSBC for the first time, start online. After that, you can use the mobile app or online for future transfers. For detailed steps, check out an HSBC international transfer guide.
Online international money transfers with HSBC take a few days. The time depends on where you’re sending money, the currency, and the banks involved. Transfers to the UK and Europe usually take 1 to 2 business days.
Remember, HSBC has fees and exchange rates. They charge a markup of 1.5% to 3% of the total amount. Also, HSBC limits transfers to £50,000 per day.
Transfer fees vary. For example, getting Euros from within the EEA is free. But sending Euros outside the EEA costs £5. You can track your transactions easily with HSBC, giving you peace of mind.
Whether you’re sending a lot or a little, HSBC makes it secure and efficient. Their tools, like HSBC Global View and Global Transfers, make managing your money abroad simple.
Guide to Sending Money Abroad with HSBC UK
Sending money abroad with HSBC UK has its own set of fees and things to consider. It’s important to know about transfer fees, exchange rates, and extra charges from other banks. For example, sending euros within the Eurozone via SEPA is usually free, including all SEPA payments from HSBC accounts. This makes HSBC a good choice for euro transactions in the EEA.
The Single Euro Payments Area (SEPA) makes euros transfers easy across 36 European countries. SEPA transfers are fast, with one-off payments processed in 1 business day. This is a big plus for payments within the EEA. But, sending money to non-EEA countries or in other currencies can cost more and have less favorable rates.
Looking at HSBC’s transfer services, the impact varies by currency. The Philippine peso (PHP) has the most transactions, followed by the US dollar (USD) and Chinese renminbi (CNY). The Swiss franc (CHF) has the least transactions. Also, the US dollar (USD) and Euro (EUR) are used the most for transactions, while currencies like Singapore dollar (SGD) and Thai baht (THB) are used the least.
HSBC has a big presence in international transfers. 25% of HSBC affiliated banks handling international transfers are in London, 15% in Hong Kong. This wide network helps but also means higher fees and less clear pricing compared to services like Wise.
Services like Wise offer clearer fees and better rates, making them a cheaper option than HSBC UK international transfers. Wise can be up to 8x cheaper than traditional banks. They also complete payments quickly, often in 2 working days. This makes Wise a popular choice for international transactions.
To learn more about managing euro payments in a UK bank account and comparing transfer services, check out this comprehensive guide.
HSBC UK Alternatives: Wise and Currencies Direct
Wise and Currencies Direct are great choices if you’re looking for alternatives to HSBC for international transfers. They are known for being clear, charging less, and using the real exchange rate. Wise, for instance, sends money to over 160 countries with fees starting at 0.35%. This means you get the most value for your money.
Wise’s fees are as low as 0.33%, much less than HSBC UK’s fees of up to £17. Currencies Direct is perfect for big transfers, giving you great rates and fast transfers. Even small differences in fees and rates can save a lot of money.
HSBC UK and Lloyds can charge up to 3.55% in exchange rate markup. But, Wise Money Transfer and Currencies Direct keep markups low. This helps you save money on your transfers.
First Direct and Nationwide offer some payment types with no fees, but international transfers can take up to five days. Wise and Currencies Direct, on the other hand, are faster, taking one to four working days. To learn more about multi-currency accounts and their benefits, check out this complete guide. By choosing these alternatives, you can save money and have a smooth experience with international transfers.
