There is no fee if you transfer money to another HSBC account. ... A lot of customers think exchange rates are standard and the fee is what matters. SkiptomaincontentAuthor,MikeSmith It’snoteasytogetclearinformationfromthebigbanks.I’veputtogetherthisguidetosaveyoutimetrawlingthroughjargonlookingforanswers.BelowyouwillfindoutwhatHSBCchargesforaninternationaltransfer,howlongittakes,thecosts,andhowtheprocessworks. HSBCinternationaltransferfee OneofthefirstthingspeoplewanttoknowiswhatfeeHSBCchargeforaninternationaltransfer. HSBCchargeaflatfeeof£4forinternationaltransfersdoneonlineorifyouuseabranchortelephonebanking,thefeeis£9.ThereisnofeeifyoutransfermoneytoanotherHSBCaccount. It’sfairlystandardthesedaystochargealowerfeeforonlinetransferscomparedtousingabranchortelephonebanking. HSBCInternationalPayments Online BranchorTelephone HSBCtoHSBC TransferFee £4 £9 Free WhilethetransferfeeschargedbyHSBCaren’thuge,theycanaddupforthosemakingfrequentpayments. Asatip,somemoneytransferspecialistsdon’tchargetransferfees.Soifthefeesbotheryou,consideranalternativeprovidertoyourbank. Pleasenote–thetransferfeeisnottheonlychargeforanHSBCinternationaltransfer.MostofthemoneymadebyHSBCisfrom theexchangerate. HSBCexchangerates Unlikethetransferfee,theexchangerateisa hiddencharge. Whileit’snotobvious,theexchangerateisusuallythe mostsignificantcost ofaninternationaltransfer. Likeallthebanks,HSBCbuyscurrenciesatawholesalepriceandaddsamark-upormargin. ThecustomerexchangerateofferedtoyouhasaprofitmarginalreadybuiltintoitbyHSBC. Alotofcustomersthinkexchangeratesarestandardandthefeeiswhatmatters. Unfortunately,theydon’trealisewherethemoneyisbeingmade! Assomeonethatworksintheforeignexchangeindustry,Iamusedtocalculatingtheprofitmarginonexchangerates. IamalsoacustomerofHSBC,soIcanlogintotheirsystemandassesstheirrates. Here’swhatIfoundoutaboutHSBCexchangerates: £5,000amount=3.49%charge=£174.50inexchangeratecosts £10,000amount=3.49%charge=£349.00inexchangeratecosts £50,000amount=2.43%charge=£1,217.03inexchangeratecosts Asyoucansee,theexchangeratecostsarequitesubstantial. Ona£50,000transfer,youwouldbechargedover£1,200inexchangeratecosts! Theexchangeratescosts(hiddencharge)dwarfthetransferfee(visiblecharge). Isuspectmostpeoplearen’tawareoftherealcost. IfyoujustacceptwhateverrateischargedbyHSBC,youcouldendupreceivingalotlessthantheyexpected. Havingworkedintheindustryforyears,Iknowthatsmalldifferencesintheratecanmakeabig financialdifference. Asaquickexample,sayyouweretransferring£120,000tobuyapropertyinFrance. IftheHSBCexchangeratemarginwasjust1%higherthanelsewhere,itwouldcostyouan extra£1,200inexchangeratecosts. Myadviceistoalwaysgetaquotefromanalternativeproviderandcomparehowmuchmoneyyouwouldreceiveforyourpounds. There’snoharminshoppingaround. I’vegotnogripewiththebigbanks,buttheyseemtobeawarethatalotofcustomerswilljustaccepttheirchargeswithoutquestion. Atleastyou’rereadingthispage,soyouarebetterinformedthanmost! IfyouwouldliketocompareourratestoHSBC,simplyrequestafreequotebelow. GetafreeQuote HowlongdoesaHSBCinternationaltransfertake? Itnormallytakesupto4workingdaysforaninternationaltransferwithHSBCtocomplete. It’spossibletotakelongerifsecuritychecksareneededtovalidatethepayment. Differenttimezones,dailycut-offtimesandpublicholidaysmayalsoinfluencethetimetaken. TransferswithintheEEAwillusuallybefaster. IsthereadailylimitforHSBCinternationaltransfers? HSBChasa£50,000dailylimitforinternationaltransfersusingonlinebanking. Thereisnolimitwithinabranch,butyouwillneedtobringsomeID. Fortelephonebanking,thereisnolimitforPremiercustomersanduptoa£10,000dailylimitforNon-Premiercustomers. Whatinformationwillyouneed? TosendmoneyabroadusingHSBC,youneedthefollowinginformation: Recipient’sfullnameandaddress. Countryofrecipient. BIC(BankIdentifierCode). TheIBAN(InternationalBankAccountNumber). Reasonforyourtransfer. IwillexplainaBICandIBAN. Putsimply,theBICidentifiesaspecificbankandtheIBANisusedtoidentifyanindividualaccount. AllbankshaveaBIC.Itisalsoknownasa SWIFTcode. It’susuallyonastatementorshownwhenyoulogin.Ifnot,askinabranch. AnIBANisalongstringoflettersandnumbers. Tomakemattersconfusing,itslengthvariesfromcountrytocountry. Forexample,inBelgium,anIBANisonly16characterslong.WhereasinMalta,anIBANis32characters–doublethelength. TherearequiteafewfreeonlineIBANgenerators.I’mnotpromotinganyofthoseforcyber-securityreasons. Ifyou’reabitnervousaboutthispart,oneoptionmightbetouseamoneytransferspecialistorgointoabankbranch. Thatwaysomeonecan personally assistyou withallthepaymentdetailsand helpmakesureeverythingiscorrect. HowtomakeanHSBCinternationaltransfer Thefirststepistochoosehowyouwanttosendyourmoney: OnlineBanking TelephoneBanking;or Branch Here’saquickoverviewofeach… OnlineBanking: Logontopersonal internetbanking. SelectMoveMoney. Enterthepaymentdetailsandfollowtheon-screenprompts. Theprocessdragsonabit.There’salotofinformationneeded. Attheend,youreviewandconfirmeverythingandthengeneratetheusualsecuritycodesneeded. TelephoneBanking: Call03457707070(Premiercustomers) Call03457404404(Non-Premiercustomers) WithinaBranch: Letsomeoneknowyouneedtomakeaninternationaltransfer(alsocalledatelegraphictransfer)andtheywillprovidetherelevantform. Younormallyhavetofillthisoutyourself,butsomeoneshouldcheckoveritbeforeitissubmittedforprocessing. YouwillneedtobringalongsomephotoIDaswellasthepaymentandrecipient(beneficiary)details. Atrustedandhelpfulalternative:KeyCurrency EvenifyoubankwithHSBC,youhaveplentyofoptionsifyouneedtosendmoneyabroad. Amoneytransferspecialistmaybealotcheaper,aswellasbeingmorehelpfulandefficient. Onethingthatsetsourcompanyapartfromothersisweprovidepersonalsupportandexchangerateguidance. There’sabigpushthesedaystoforcecustomersonlineandtakeallhumancontactaway. Banksareheadedthatway. Asacustomer,youarelefttodoeverythingyourself. Butalotofourcustomersaren’tcomfortablemovingtheirmoneyusinganonlinesystemormobilephoneapp. Whyshouldyouputyourselfthroughthehassleandaggravation? AtKeyCurrencyweprovideallourcustomerswithapersonalservice.Likethebanksusedtodo! Wewillassistyouwiththepaymentdetails,discussandagreewithyouontherighttimetoexchangeyourmoneyandkeepyoufullyinformedthroughoutyourtransfer. Asacompany,weareopenandtransparent. Thenames,facesandbackgroundsofallour people areshownonourwebsite. Wehavea 5-star“excellent”customerrating onthereviewwebsiteTrustpilot;it’sthehighestratingavailable. KeyCurrencyisanFCAAuthorisedPaymentInstitution.Assuch,allmoneytransfersareconductedusingsafeguardedbankaccounts. Ifyouwouldlikeafreealternativequotefromus,pleaseclickonthebuttonbelow. CompareourRates Home Personal Business Partners UsefulArticles GBPtoEuro GBPtoUSD Reviews Howitworks Aboutus Contact PrivacyNotice Terms&Conditions EditorialPolicy Disclaimer KeyCurrencyLimited,St.PiranHouse,TruroTechnologyPark,Truro,TR12XN,UnitedKingdom.RegisteredinEnglandandWales(registeredno.9603083) KeyCurrencyLimitedisauthorisedandregulatedbytheFinancialConductAuthorityasanAuthorisedPaymentInstitution(FinancialServicesRegisterNo.753989). Theinformationcontainedonthiswebsiteisgeneralinnatureandisnottobeconstruedaspersonaladvice.