HSBC Money Transfer Review

Exchange rates, Payment methods, How to, Transfer fees and much more

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HSBC Review

If you’re looking to send money to family and friends, pay tuition fees overseas, or manage a property, you’re going to need a trustworthy money transfer service. One of the major Canadian banks, HSBC offers two types of international transfers you may be interested in. But what is the difference between the HSBC Global Transfer and a regular wire transfer? And is an HSBC money transfer the fastest or cheapest option? If you’ve got questions, this guide will tell you everything you need to know about transferring money overseas with HSBC Canada.

History Of HSBC

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.

How To Fund Your International Money Transfer With HSBC

In order to transfer money internationally, you’ll need to have an eligible account. The service is only available for HSBC Premier and HSBC Advance customers. HSBC takes the funds for the transfer, including any fees, directly from your bank account.

HSBC Exchange Rates

The exchange rate for your transaction will be shown during the process. There’s no way to know beforehand without starting the instruction to send the money. For the Global Transfers service the bank uses a better rate.

How Much I Can Transfer With HSBC?

The maximum you can transfer with HSBC is $50,000 or its equivalent. For amounts higher than this, up to $150,000 you can start the instruction through online banking. However you will then need to call customer service so it can be manually authorised.

How Does HSBC Work?

The general process involves:

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.

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.</i>

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.

Is HSBC Secure?

HSBC has several measures in place to help you secure your money. In fact, when you use online banking to transfer money, there’s the HSBC Security Device to give an extra piece of protection.

Best rates with RemitBee

RemitBee makes sending money abroad simple, fast, and affordable. With transparent fees and no hidden charges, it offers competitive pricing for international transfers. You can choose from multiple payment methods and benefit from the mid-market exchange rate, which ensures you get the best value for your money.

Transfers are secure, with top-level encryption protecting your data and funds. Whether you're sending money to family or handling business transactions, RemitBee ensures a smooth, reliable experience every time.

Pros And Cons Of Using HSBC

Props

Convenient transfers through online banking

Can also transfer through the branch or by telephone bank

Secure transactions with a bank account you already have

Fees are shown up front

Cons

Money can take up to 4 business days to arrive

Exchange rate margin isn’t transparent

Can only transfer to a receiver’s bank account

Rates

HSBC Exchange Rates

Platforms where HSBC is available

Web browsers

Native iOS app

Native Android app

What Countries Does HSBC Allow You To Send Money To?

Using HSBC’s wire transfer service allows you to send money in 21 currencies. You can see the full list on the HSBC website. \n\n Among the popular countries you can send to are the Eurozone, Australia, India, China, South Africa, Mexico, and the Philippines

Alternatives to HSBC money transfer

Other banks

Banks are seen as a safe and trustworthy choice to send your money overseas. Many people don’t even know that there are alternatives. In the modern financial world, however, banks are probably the least convenient and most expensive money transfer option. Some banks have made it easier to send online but for the most part sending a transfer through a bank is time consuming and expensive, with fees and exchange rates that are not transparent.

Online banks

For customers who are comfortable with technology, an online bank can be an alternative to using HSBC. They offer low fee accounts and competitive rates on transfers. In addition to this, they have top level security on their apps so you can feel safe using them to transfer money. Some of the top Canadian online banks are Simplii Financial, EQ Bank, and Tangerine.

Traditional Money Transfer Providers

For the quickest and most convenient transfers, it’s worth looking into traditional money transfer providers. These include Western Union, Ria, and MoneyGram. They offer cash pickup and your receiver probably has a branch near them.

The only downside of these services are the extremely high transfer fees. The exchange rates are also not competitive.

Online transfer companies

Remitly is a money transfer company with the advantage of a large bank. It has an impressive number of banks in its network. This means it’s likely both sender and receiver will have a bank close to them. There are multiple payout methods available that the receiver can take advantage of. There are other online companies such as Remitbee who also do money transfers exclusively. Due to their lower operating costs, you can benefit from the savings they pass on to customers.

How to contact HSBC?

Online chat

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

Phone

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

[email protected]

Post

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

Other Money Transfer Providers

Conclusion

HSBC international money transfer is one of the many bank options available to Canadian senders. It can be convenient if you already have an account with the bank. Or if you want to transfer a large amount at once. It is however not the cheapest option, so it’s best to compare other providers to see which are best.

Frequently asked questions

Have questions? We have answers!

How much can I send with HSBC Global Money Transfer?

How do I fund a transfer?

What are the fees for HSBC international transfers?

When will my recipient get their transfer?