HSBC Money Transfer Review

HSBC’s wire transfer service has different fees according to the type of account you hold and the amount of the transfer. The bank’s schedule of charges details the amounts. Before the transfer is completed you’ll be able to view the charges that apply to your specific transaction.

In many cases there is no fee. HSBC defines those circumstances as

• When the currency you send in is different from the currency of the sending account AND
• The transfer is less than CAD $10,000 AND
• You are sending from a personal account

You can also benefit from lower costs if you are transferring money to your own HSBC account abroad. In this case the bank charges no fees. This program is called Global Transfer but only works if you already bank with HSBC.

One thing to note is that other banks or agencies that process your transfer may apply fees. HSBC does not have any control over these charges.

The general process involves:

• Log in to the HSBC online banking portal or use the HSBC app.
• Click on Banking then Move Money.
• You will need to create a Payee, which is the receiver that the funds are going to. Get your receiver’s full address and their bank account number before creating the transfer instruction.
• Enter the receiving bank’s SWIFT code or BIC code.
• Enter the currency of the transfer and the amount.
• Once all the details are correct, click confirm.

HSBC implements an extra layer of security through its Security Device. This is either a physical device that is sent to you, or a digital one accessed through your phone. This will be used to generate a code when you log on so that the bank can confirm that the transfer is legitimate.

To check if the receiver has received the transfer, tell them to contact their local bank. Once you have sent a transfer for the first time you can actually set up a recurring transaction to send in the future.

For some countries you’ll need specific information to complete your transfer.

• For China the transfer must be in a foreign currency that is not Chinese yen. The only exception is transfers to commercial entities for a commercial purpose. You’ll need to enter the reason for the transaction if this is the case.
• For India similarly you will need to provide the purpose of the payment. Use the payment details section of the wire transfer to enter the details. Your receiver should give you this information beforehand. If they do not know, they can contact their bank for clarification.
• For Europe most banks will require an IBAN. This is made up of the bank’s code and some other information identifying the receiver’s account. These include the transit number and their account number.
• For Mexico, there is an 18-digit code called the CLABE that needs to be provided. If it is not, the transfer may be cancelled. This code is similar to a SWIFT, IBAN or BIC.

The following methods are available:

1-888-310-4722 1-877-621-8811 (Online and mobile banking)

On their website. Log in to online banking for a secure conversation.

Find a branch near you on the HSBC websie

885 West Georgia Street, Vancouver, British Columbia, V6C 3E9

HSBC has a long history worldwide, and it's driving idea has always been “a local bank serving international needs”. Due to this it has a great understanding of customers who need to manage their money in different countries. The first of the HSBC group banks opened in Asia in 1865.

In Canada, it has been a high profile bank since 1981. After first buying out the Bank of British Columbia, it continued to acquire other banks. These included Lloyds Bank Canada, Barclays Bank of Canada, National Westminster Bank of Canada and Intesa Bank Canada. Today HSBC ranks at number seven in terms of size on the list of Canadian banks.

If you've been living in Canada for less than five years, you are eligible for the HSBC Canada Newcomers Program.

For international students there is a possibility to get a special Student Newcomer account. This has benefits such as no monthly fees for a year, bonuses for common transactions, and even the chance to get a credit card when you don’t have any Canadian credit history. You will need to visit a branch in order to apply, but you can book an appointment online using the site first.