Should You Use HSBC to Make International Money Transfers?

HSBC to make international money transfers

 

Headquartered in London, United Kingdom, HSBC is the world’s third largest bank (if counted by total assets). HSBC is organized into four basic subdivisions: Commercial banking, investment banking, Retail Banking & Wealth Management, and Global Private Banking. HSBC has locations in most major US cities. Our currency expert will help you further explore if you should use HSBC to make international money transfers.

 

The Currency Shop says:

  • Typically you will find better rates and lower fees with a dedicated currency provider.
  • If you’re curious about various providers rates, fees, and services check out our comparison tool.
  • OFX, HiFX, and Torfx are good places to compare exchange rates.

 

What We’ll Cover:

The most important takeaway is to understand how much it costs to use HSBC to make international money transfers. In the following, we’ll touch on:

  • How do HSBC exchange rates compare to their competitors?
  • What fees will you need to pay to utilize HSBC’s services?
  • Is it difficult to make a transfer with HSBC?
  • With HSBC, how long does an international transfer take to complete?

 

How do HSBC Exchange Rates Compare to Their Competitors?

Full HSBC exchange rates will shortly be added to our table, but for now feel free to compare other providers rates and services.

 

What Fees Will You Need to Pay to Utilize HSBC’s Transfer Services?

With HSBC there is no fixed rate but rather you will see the costs on your prepayment and receipt disclosures (you will receive this at the time of your transfer). An average you might expect is $30-$40 on a $20,000 transfer.

 

Is it Difficult to Make a Transfer With HSBC?

You have many options with HSBC, you can transfer money online, on the phone, to an agent, bank account to bank account, cash transfer and/or international money order.

 

How Long Will It Take When You Use HSBC To Make International Money Transfers?

The standard amount of time it takes to complete an international transfer with HSBC is 3-5 business days.

Related: How Long Does An International Money Transfer Take?

 

Other Considerations

One great perk of using HSBC is that they allow you to hold accounts in multiple currencies at one time. You can access them through one simple account login and transfer between them instantly. This is a real benefit for people who frequently spend time in different countries.

 

Conclusion

HSBC is probably not the cheapest option for international transfers but they do offer some really great features like multiple currency accounts and premium customer service.

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