Alternatives To HSBC Money Transfer

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.} number="01" /> 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.} number="02" /> 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.} number="03" /> 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.} number="04" /> Transferwise operates exclusively online sending money between different currencies. The fees are low and transparent. The real draw however is the fact that Transferwise uses the real mid-market exchange rate. Like HSBC, your recipient will need a bank account to receive.} number="05" />

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