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Apart from using the HSBC app or online banking platform, HSBC customers can also make international transfers via phone, in-person branch visits, or by post, although these methods may come with higher fees.
With so many options, you might be feeling a little confused.
This guide provides comprehensive information on making online payments to friends, family, or businesses overseas, covering the fees, exchange rates and limits to HSBC UK international transfers.
But before we begin, it’s worth pointing out that while HSBC offers international transfer services, there are digital alternatives out there offering faster and more cost-effective international transfers.
For example, this is how TransferGo compares to HSBC:
| HSBC UK International Transfers | TransferGo International Transfers | |
| Exchange Rates | Between 1.5% and 3% of total transfer amount Source: TopMoneyCompare | 0.5% to 1.5% of total transfer amount |
| Transfer Fee | EEA: free Outside EEA (Non-HSBC accounts): £5 | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minute delivery: £2.99 |
| Additional fees | Intermediary and recipient banks may charge extra | Transparent fees (included in the recipient amount) |
| Transfer limit | £50,000 per day | Subject to receiver country and delivery method |
| Transfer times (UK and Europe) | 1 -2 working days | 4 delivery options: 30 minutes End of the same day Next working day, until noon One working day |
| Transfer times (Outside Europe) | Up to 5 working days | as above |
With all that said, let’s get started.
Table of Contents
1: How HSBC UK charges for international transfers
When sending money abroad with HSBC, you’ll encounter charges in the form of transfer fees and exchange rates.
| HSBC charges | TransferGo charges | |
| Exchange rates | Between 1.5% and 3% of total transfer amount Source: TopMoneyCompare | 0.5% to 1.5% of total transfer amount |
| Transfer fees | EEA: free Outside EEA (Non-HSBC accounts): £5 | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minute delivery: £2.99 |
| Additional fees | Intermediary and recipient banks may charge extra | Transparent fees – all included in the recipient amount |
HSBC UK international transfer exchange rates
Exchange rates are the most significant factor affecting the cost of international money transfers.
This is because traditional banks such as HSBC often include a markup in the exchange rates they offer to customers, which serves as an additional, albeit hidden fee that may not be readily apparent during the transfer setup process.
HSBC UK employs two main exchange rates: the ‘HSBC exchange rate’ and the ‘HSBC global transfers exchange rate’. While customers receive a quote on the exchange rate upon initiating a transfer, it remains unclear whether these rates incorporate a markup.
Although the exact exchange rate markup applied by HSBC is not explicitly disclosed, customers can compare the quoted exchange rate with the mid-market exchange rate using online currency converters.
To get a sense of the exchange fee usually incurred when making HSBC UK international transfers, Top Money Compare carried out an analysis estimating fairly high exchange costs: accordingly, HSBC charges between 1.5% and 3% of the total transfer amount.
HSBC also does not provide an upfront exchange rate for bank transfers, leaving customers unaware until the last moment when the transaction is initiated.
How does this compare to TransferGo?
TransferGo charges a small FX mark-up on the mid-market rate, ranging between 0.5% and 1.5% based on the destination of your transfer.
These exchange rates are among the most favourable on the market, which is why TransferGo consistently secures a 9/10 Exchange Rate Score on Monito.
Ultimately, TransferGo allows the recipient to receive more money compared to HSBC’s exchange rates.
TransferGo also includes all the fees in the amount your receiver gets: for the transfer to go through, you just pay in the exact same amount you entered in your transfer order.
In other words, there are no hidden fees when making international transfers with TransferGo.
HSBC UK international transfer fees
HSBC charges transfer fees, which vary depending on factors such as destination, account type and how the payment is arranged. For example:
Receiving an international transfer:
- Euros from within the EEA: No fee.
- Foreign currency (excluding Euros) within the EEA: £5.
- British pounds from outside the UK: £5.
Sending an international transfer:
- Sending Euros within the EEA: Free via phone, in-branch, or using mobile banking.
- Sending Euros outside the EEA or any other currency internationally:
- Free to another HSBC account when arranged online, by phone, or in-branch.
- £5 to non-HSBC accounts when arranged online, by phone, or in-branch.
- £17 for transfers arranged by post.
Understanding the impact of transfer fees on your overall transaction cost is essential.
Compared to HSBC’s fee structure, TransferGo ensures transparent and inclusive fees based on delivery option, eliminating the need for senders or receivers to cover any additional funds:
- Same day delivery: £1.99 – £2.99
- Next day delivery: £2.99
- 30 minute delivery: £2.99
HSBC UK international transfer additional fees
Apart from transfer fees and exchange rate margins, there may be additional costs associated with HSBC UK international transfers. These could include charges from intermediary banks or the recipient’s bank.
Unfortunately, it’s difficult to determine these costs in advance.
In comparison, with TransferGo you can guarantee no additional fees, ensuring that the recipient receives the full amount specified in your transfer order without any deductions.
In summary, while HSBC provides a convenient platform for international transfers, it’s essential to consider the potential impact of exchange rates and transfer fees.
2: How long does it take to make an international transfer with HSBC?
| Destination | HSBC transfer times | TransferGo transfer times |
| Within UK and Europe | 1 -2 working days | 4 convenient delivery options: In 30 minutes End of the same day Next working day, until noon One working day |
| Outside of Europe | Up to 5 working days | As above |
The duration of your international money transfer with HSBC varies based on the destination. Here’s what you can expect:
- Transfers between UK and Europe: International money transfers between the UK and Europe typically take between one and two working days to complete.
- Transfers outside Europe: If you’re transferring money outside Europe with HSBC, it should generally take no more than five working days.
With TransferGo, you have the flexibility to choose the delivery option that best suits your needs, allowing for faster and more efficient international transfers.
Depending on the delivery option you choose when ordering your transfer, TransferGo can deliver your money to your recipient within:
- One working day
- End of the same day from when you created the transfer
- The next working day, until noon
- In 30 minutes
TransferGo offers expedited transfer times, ensuring your money reaches your recipient swiftly.
3. How to make an international transfer with HSBC step-by-step
To send money internationally with HSBC, you have two options: using the Global Money account feature in the HSBC UK mobile banking app or making an international payment through online banking or the app.
Send money with Global Money:
- Access the HSBC UK mobile banking app: Log in to your HSBC UK mobile banking app.
- Use Global Money: If you have a Global Money account, select ‘Pay or transfer’ and then choose ‘Send money internationally’ from the menu.
- Enter payment details: Input the payment details and follow the on-screen instructions.
- Review and confirm: Check the payment details and confirm the transaction.
If you don’t have a Global Money account, you’ll need to open one first.
Log in to the HSBC app, select the ‘Global Money’ option and follow the instructions to set up your account.
Send money through online banking:
- Access online banking: Log in to your HSBC online banking account.
- Add payees: Add your friends and family as payees if you haven’t already.
- Initiate payment: Select ‘Pay and transfer’ and choose the account for the payment.
- Enter payment details: Fill in the recipient’s details and follow the instructions.
- First-time international payments: If it’s your first time sending money outside the UK, you may need to authorise the transaction using your Secure Key.
- Review and confirm: Review the payment summary and confirm the transaction. You can make future international payments to the same payee via the app.
4. What information is required for an international money transfer with HSBC?
To make an international transfer with HSBC, you’ll need to provide a specific set of details, including:
- The amount of the payment, specifying if it’s in pounds sterling or another currency.
- Beneficiary’s name and address.
- Beneficiary bank’s SWIFT/BIC code.
- Beneficiary’s IBAN (international bank account number) or complete account number.
- Beneficiary bank’s address.
- Reason for the payment.
- Payment reference.
The information required may vary depending on the country to which you’re sending the payment.
For instance, when sending money to countries that don’t utilise the IBAN system, you may need to provide your recipient’s bank account number and additional details such as a sort code or routing number.
5. HSBC UK customer satisfaction
The best way to understand how customers feel is by reading reviews on independent platforms.
HSBC, a major bank, has a rating of 1.6 out of 5 on TrustPilot, with 8,499 reviews. This rating is considered ‘Bad’. It suggests areas where HSBC could improve, including service quality and overall banking experience.
In contrast, TransferGo boasts an “Excellent” TrustPilot rating of 4.7/5, based on 34,047 reviews. This high rating indicates excellent service and customer satisfaction, as shown by the positive experiences shared by many users.
While these ratings provide valuable insights, it’s important for individuals to research and consider their specific needs when choosing a financial service provider.
6. How do HSBC UK international transfers compare to other banks?
Exchange Rates
| Bank | Exchange Rates |
| HSBC | 1.5% to 3% of total transfer amount [source: TopMoneyCompare] |
| Barclays | 3% to 4% of total transfer amount [source: TopMoneyCompare] |
| Halifax | 0 – £25,000: 3.55% £25,000.01 – £75,000: 2.40% £75,000.01 – £250,000: 2.00% £250,000.01 and above: 1.50% [Halifax Exchange Margin Calculator] |
| Lloyds | 0 – £25,000: 2.60% £25,001 and above: Variable [Lloyds FX Margin] |
| Nationwide | 2% to 4% of total transfer amount [TopMoneyCompare] |
| NatWest | 3% to 5% of total transfer amount [TopMoneyCompare] |
| Santander | 2% to 4% of total transfer amount [TopMoneyCompare] |
| TransferGo | 0.5% to 1.5% of total transfer amount |
Transfer fees
| Bank | Transfer Fees |
| HSBC | EEA transfers: Free Outside EEA transfers (Non-HSBC accounts): £5 |
| Barclays | Online: Free Branch or telephone: £25 |
| Halifax | Sender fees Euro: Free Other currencies: £9.50 Recipient fees USA, Canada and Europe: £12 Rest of the world: £20 |
| Lloyds | Lloyds to Lloyds: Free Online: £9.50 Branch or telephone: £9.50 |
| Nationwide | Euro: £0 All other international payments (SWIFT): £20 |
| NatWest | Online: Free SWIFT: £15 By phone/in-branch/post: Euro (standard): £0 Non-Euro (standard): £22 Euro (urgent): £23 Non-Euro (urgent): £30 |
| Santander | Electronic transfers: £25 Electronic Euro transfer (non-urgent: SEPA): Free |
| TransferGo | Same day delivery: £1.99 – £2.99 Next day delivery: £2.99 30 minutes delivery: £2.99 |
Transfer Limit
| Bank | Transfer Limit |
| HSBC | £50,000 per day |
| Barclays | Varies based on bank account type |
| Halifax | £100,000 per day online |
| Lloyds | £100,000 online |
| Nationwide | No transfer limit |
| NatWest | £10,000 per day online |
| Santander | £100,000 per day |
| TransferGo | Subject to receiver country and delivery method |
Transfer times – UK to Europe
| Bank | Transfer Time (UK-EU) |
| HSBC | 1-2 working days |
| Barclays | 1-2 working days |
| Halifax | Payments in Euros: Next working day Payments in other currencies: Up to four working days |
| Lloyds | 1-2 working days |
| Nationwide | Payments in Euros: End of next working day Payments in other currencies: Up to four days |
| NatWest | Standard: 2-4 working days Urgent: 1-2 working days SEPA transfers: Same day |
| Santander | Up to 1 working day |
| TransferGo | Four delivery options: 30 minutes End of the same day Next working day, until noon One working day |
Transfer times – UK/EU to Rest of World
| Bank | Transfer Time (Outside of Europe) |
| HSBC | Up to 5 working days |
| Barclays | 3-4 working day |
| Halifax | North America, Canada, Australia, South Africa, New Zealand and the Middle East: Up to four working days All other countries: Up to 14 working days |
| Lloyds | Up to 3 working days |
| Nationwide | More than 4 days |
| NatWest | Standard: 1-2 working days Urgent: 1-2 working days SEPA transfers: Same day |
| Santander | Up to 4 working days |
| TransferGo | X4 delivery options: 30 minutes End of the same day Next working day, until noon One working day |
7. HSBC UK contacts
If you have inquiries or require assistance, there are various channels through which you can contact HSBC:
Mobile banking app
You can get in touch with HSBC through the HSBC mobile banking app. Follow these steps to start a chat:
- Log on to the mobile banking app.
- Select the ‘Support’ tab.
- Choose ‘Chat with us’.
Branch visit
Alternatively, you can visit an HSBC branch. Use their branch finder to locate the nearest branch.
Phone
From the UK:
- Phone: 03457 404 404
- Operating Hours: 08:00 to 20:00 daily
From outside the UK:
- Phone: +44 1226 261 010
Non-HSBC customers
Within the UK:
- Phone: 03455 873 444
- Operating Hours: 08:00 to 20:00 daily (except Christmas Day, Boxing Day and New Year’s Day)
From outside the UK:
- Phone: +44 1226 261 010
Summary
Whenever you send an international payment and are researching the most cost-effective ways to do it, pay attention to all the different fees that may apply.
As we have seen, some of these fees are not always that obvious. Doing a little research (as you’ve just done by reading this helpful guide!) and comparing all your options could save you quite a bit of money and inconvenience in the end.
Sources
HSBC UK international transfers info:
- HSBC UK | international transfers
- HSBC UK | Global Money
- HSBC personal banking terms and conditions and charges
- HSBC | How to contact us
Exchange cost estimates:
- TopMoneyCompare | Barclays
- TopMoneyCompare | HSBC
- TopMoneyCompare | Nationwide
- TopMoneyCompare | NatWest
- TopMoneyCompare | Santander
Customer satisfaction:
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Need to send money home? Don’t forget to sign up to TransferGo for easy, fast and affordable money transfers to Europe, Africa, Asia and beyond.
