Learn whether the HSBC is a good option for making international money and currency transfers in this HSBC Exchange Rates Review.
HSBC Holdings plc is a British multinational banking and financial services company headquartered in London, United Kingdom. It is the world's third largest bank by assets. HSBC is organised within four business groups: Commercial banking; Global banking and Markets (investment banking); Retail Banking and Wealth Management; and Global Private Banking.
The Currency Shop says:
- A dedicated currency provider will almost always give you better rates and lower fees.
- Use our comparison table to compare foreign exchange rates, fees and services of other providers.
- Transferwise, OFX, and World First are good places to compare exchange rates.
What we will cover in this HSBC exchange rates review
We’re most interested in how much it costs to transfer money internationally through HSBC Australia. In this article, we’ll explore:
- How HSBC Australia exchange rates compares to others
- Fees involved in sending and receiving international currency
- How easy is it to make a transfer via HSBC?
- How long does an international money transfer take through HSBC?
How HSBC exchange rates compares to others
HSBC exchange rates will soon be added to our comparison guide – in the meanwhile please use it to see the exchange rates of the big banks and other foreign exchange providers.
Fees involved in sending and receiving international currency
You can send money via internet banking with a default maximum amount of $50,000 at a fee of $25. But you can also raise this limit and conduct a telegraphic transfer up to $100,000. You can also save $5 for each overseas transfer using the HSBC internet banking service.
How easy is it to make a transfer?
You can transfer money through online, phone, agent, bank account to bank account, cash transfer and international money order.
How long does an international money transfer take through HSBC?
Transferring money internationally through HSBC will take up to 3-5 days.
HSBC does allow you to hold multiple currency accounts. You can view them using one log-on and can transfer funds between the accounts instantly. This is particularly handy for people that spend significant time each year in different countries.
Through HSBC international money transfer, you can save $5 through internet banking service. Processing time is still 3-5 days which could be an inconvenience for urgent situations.