HSBC FOREIGN EXCHANGE REVIEW: HSBC Bank is one of the largest financial service organizations in the world. It regularly serves 67 countries and more than 38 million clients. HSBC also offers international money transfer services, which cater to individuals or families that travel abroad for vacations, business trips, and luxury purchases.
The company has several unique features, such as safety net account access and multi-currency accounts.
If you are a frequent traveler and are looking for a comprehensive money transfer service, read our detailed HSBC Foreign Exchange Review
- 24/7 service
- Live updates for exchange rates
- Multiple currency accounts available
- Safety net options available
- Limits on International money transfer amount
- Fees apply for money transfers
How Does HSBC International Money Transfer Work?
Users interested in international money transfer services with HSBC must first register for online internet banking. This will require a personal banking number, access code, and online security device. The online security device can be obtained by mail or at an HSBC branch.
Here is a step-by-step registration guide for setting up internet banking:
- At the HSBC internet banking page, select the registration link.
- Enter the personal banking number and access code.
- Create your username and passcode.
- Your online security device will be shipped to your address. This allows you to activate your online account – which you can use to transfer funds from your HSBC accounts.
How Do I Make an International Money Transfer through the Wire?
- When logged into your online banking account, navigate to the ‘My Banking’ screen.
- Select your account that you will use to transfer the funds.
- Select the ‘Move money’ option.
- If this is your first time making a payment to this recipient, select ‘New payee.”
- Input the recipient’s full name, address, routing number or bank code, and account number.
- Enter your payment amount.
- Select the prearranged date and time of the payment transaction.
To learn how to transfer money to an overseas bank account without high fees, watch our video on the subject.
What Payment Methods Does HSBC Offer?
With HSBC, you can transfer money online from one bank account to another. Your transfer payment options include regular payments, one-off payments for luxury purchases, market orders, and forward contracts at a set exchange rate.
Credit cards can be used to issue payments.
How Safe is HSBC International Money Transfer?
HSBC takes a strong precaution to provide a safe, secure environment for your online banking needs and transactions. With HSBC, you can manage your account details under the authentication of your username and password.
HSBC also offers full 128-bit encryption. That means that when your browser communicates with the bank’s computers, HSBC blankets your sensitive information by transforming it into a line of unrecognizable text. You can bank with confidence that your personal information is shielded at all times.
At HSBC, all online internet banking customers have a $0 liability and online guarantee that adds another layer of protection to their online experience. You can read more about this responsibility and more in HSBC’s Security and Fraud Center.
What Exchange Rates Will I Get?
HSBC provides international money transfers for free. The exchange rates are also competitive; customers can benefit from preferential foreign exchanges in their very own HSBC online accounts.
Also, clients have the added value of a multi-currency account, which can hold ten different foreign currencies at once.
How Do I Send or Receive Money from Overseas with HSBC?
HSBC offers the Global View and Global Transfers, which make international money transfers to your HSBC deposit accounts easy.
If are a first-time user of HSBC, consider becoming an HSBC Premier and Advance client. This extra advantage provides you with two additional, unique online banking features for your transactions — such as quick international transfers to your eligible accounts.
With Global View, you can monitor all eligible deposit accounts from anywhere on the planet. This unprecedented overview of your HSBC accounts can give you full transparency of your international deposits and balances for all of your linked accounts.
Global Transfers allows you to transfer cash from one HSBC account to the next easily. Including international funds. Here are some of the benefits for using Global Transfers:
- Fast international money transfers
- Secure transactions
- No hidden transfer fees from any eligible HSBC deposit accounts in the U.S.
- Transfer larger amounts across your eligible HSBC accounts
What Currencies Can I Transfer with HSBC?
HSBC offers free money transfers at attractive exchange rates. All transfers are instant and will immediately reflect in your online banking account.
HSBC transfers the following currencies:
- CAD – Canada Dollar
- CHF – Switzerland Franc
- CNY – China Yuan / Renminbi
- EUR – Euro
- FJD – Fiji Dollar
- GBP – Great Britain Pound
- HKD – Hong Kong Dollar
- INR – India Rupee
- JPY – Japan Yen
- NZD – New Zealand Dollar
- PHP – Philippines Peso
- SGD – Singapore Dollar
- THB – Thailand Baht
- USD – USA Dollar
- ZAR – South Africa Rand
Use our currency converter to learn how your cash compares to the market.
What Business Services Does HSBC Offer?
HSBC Business. For businesses of all sizes, HSBC offers a service that is designed to help your organization trade with international partners and take advantage of any applicable opportunities abroad. HSBC offers business accounts to provide these banking solutions, as well as financial management services and capital solutions.
Advanced financial planning. Secure the economic future of your family with HSBC's personalized financial planning services. With financial planning, you can manage all investments, portfolios, and prepare for expensive life changes like college or retirement.
Advanced financial assistance. HSBC also offers loans and mortgages to its clients.
What Additional Benefits Does HSBC Offer its Clients?
HSBC clients have a variety of unique banking services and options designed for specific life situations, such as:
International relocation. If you plan on moving abroad, HSBC is there to help you with global financial relocation services, such as transferring credit histories, setting up your finances, and more.
Mortgage assistance. Whether you are buying a home in a foreign country or selling your residence before you move abroad, HSBC has mortgage consultants to assist your home financing needs.
Banking for international students. Foreign and exchange students must be adept at managing foreign currencies when studying abroad. HSBC can assist with its comprehensive guides designed to educate new students and aid current ones.
For more information on HSBC’s financial services for those interested in international money travel, visit here.
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