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As HSBC is an international financial company, they offer free transfers among their branches, but also the opportunity to order a regular international money wire to any bank worldwide. This way, you can send your money to anyone you want, with the whole process taking place online or at the bank’s office. However, in order to issue any payments through this bank, you need to open a regular account with them.
After you open an account with HSBC, you will be able to issue international payments, either within the HSBC network or to other banks. Simply fill out the transfer information, and the company will take care of the whole process of moving your money abroad. You can send international payments to over 150 countries in over 70 currencies.
They say that transactions made in EUR or GBP should be processed and delivered even the next day, while the rest of the currencies can take up to 4 days. However, the expected delivery times are different from country to country.
The transfers between different accounts within the HSBC network are free of charge and are processed almost instantly. International transfer with HSBC sent to any other bank worldwide will generate a stable fee of 4GBP. The fees apply to online transfers. If you order the money wire via a phone call or by visiting your local branch of HSBC, you will need to pay an additional 20GBP.
The bank applies their own exchange rates, which are transparently updated on the platform. Once you make the order, the rate is locked, so you won’t get charged any additional costs because of potential forex market fluctuations.
You can send up to 50,000GBP online. For bigger amounts, you should contact HSBC representative for more details.
In terms of reliability and security, a multi-national bank such as HSBC undoubtedly wins against other online money transfer platforms. While the costs are still rather cheap compared with other banks, other online platforms, and independent transfer services are often able to provide better exchange rates and even cheaper transfers. The transfer time of 4 days may seem unfavorable for HSBC, as other platforms can deliver international transfers within minutes.
To send money internationally with HSBC, you need to open a regular bank account with them.
You can visit your local HSBC branch or contact the representative to get the most up to date information about their offer. There is also an online option to register a personal account through their website. Click on the “Register” button at the top of the page and navigate to “Register for Online Banking.” You can also download a mobile app available for Android and iOS.
Only last year, the company has processed over 1.3 million international payments, which shows that the service is quite reliable and efficient. In order to send the money you need to set up a bank account with them. Therefore, you also know that there are no intermediaries or places where your money could get lost, as HSBC is an international wide-recognized financial institution.
The bank needs to comply with all of the financial regulations and laws and needs to offer the highest security measures. Also, they have developed a unique “Secure Key,” which protects your account from unauthorized access. They explain the feature here:
“If you use online or mobile banking, our Secure Key gives you added protection against the threat of fraud. As well as your normal username and passwords, you’ll generate a code from your device, which only you have access to.”
As HSBC is a multinational banking and financial services holding company, which has been on the market for more than 100 years, they have faced numerous controversies and scandals. There were problems connected with money laundering, as the company has failed to meet proper safety measures. They also took part in tax avoidance schemes and were investigated and fined multiple times by various financial government institutions.
On the other hand, the company has been doing a lot of charity work and donations. They have sponsored SOS Children, or even sports events such as golf championships or tennis competitions. They were also an official sponsor of Jaguar Racing Formula One.
Many of the reviews found online seems to be negative. However, the bank is being used in numerous countries and by thousands of customers, therefore one can safely assume that it’s rather reliable.
“Banked with them for more than thirty years and online they are great. Always helpful and courteous customer service. Overall, great!” ~ Britain on TrustPilot
Some people notice that the scandals, which HSBC took part in, make the service rather unlikeable, and they can’t be trusted after problems with money-laundering or helping money scam schemes. However, the customers still admit that the sole quality of the services is rather good.
“I banked with them for almost 20 years before they decided to close all my accounts. Besides that, I never really had an issue with them as a bank. They certainly have a bad reputation from a corporate ethics point of view” ~ MDKrouzer on Reddit
Other users notice that it may be quite complicated to order the payments online, as there are a lot of security measures. It may actually be an advantage for some of the users:
“Online banking is the worst and most convoluted system I have used! Can't set up standing orders using the mobile app which is a real pain as most other banks do. You need to have about 6000 passwords, secure keys and who knows what else to set everything up. You need to enter your secure key to make a payment even after you have used your fingerprint first! Isn't the whole idea of the finger print (security) so that you don’t have to keep entering a password!?” ~ complains Steven in his Trustpilot review
There are multiple ways to contact the HSBC team, you can visit your local branch, as the company has numerous locations all over the world. There is also a phone number available, and you can talk to them through a live online chat on the platform.
There is also a well-developed FAQ and help section, which may solve all of your initial doubts and beginner questions.
While HSBC is a regular bank and is not able to offer that much fast and cheap transactions like some of the independent online platforms do, they are still a strong competitor, as the international transfer costs are reasonable, and the platform is easily accessible. Moreover, they have increased security measures and apart from transfers can offer you different banking and financial services. Some people have problems with the company because of some controversies, but others have been using it for many years without any issues. HSBC has been on the market for more than 100 years. Therefore, they surely know how to handle your finances.
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