In order to transfer money internationally, you'll need to have an eligible account. The service is only available for HSBC Premier and HSBC Advance customers. HSBCMoneyTransferReviewExchangerates,Paymentmethods,Howto,TransferfeesandmuchmoreHSBCReviewIfyou’relookingtosendmoneytofamilyandfriends,paytuitionfeesoverseas,ormanageaproperty,you’regoingtoneedatrustworthymoneytransferservice.OneofthemajorCanadianbanks,HSBCofferstwotypesofinternationaltransfersyoumaybeinterestedin.ButwhatisthedifferencebetweentheHSBCGlobalTransferandaregularwiretransfer?AndisanHSBCmoneytransferthefastestorcheapestoption?Ifyou’vegotquestions,thisguidewilltellyoueverythingyouneedtoknowabouttransferringmoneyoverseaswithHSBCCanada.HowToFundYourInternationalMoneyTransferWithHSBCInordertotransfermoneyinternationally,you’llneedtohaveaneligibleaccount.TheserviceisonlyavailableforHSBCPremierandHSBCAdvancecustomers.HSBCtakesthefundsforthetransfer,includinganyfees,directlyfromyourbankaccount.HowMuchICanTransferWithHSBC?ThemaximumyoucantransferwithHSBCis$50,000oritsequivalent.Foramountshigherthanthis,upto$150,000youcanstarttheinstructionthroughonlinebanking.Howeveryouwillthenneedtocallcustomerservicesoitcanbemanuallyauthorised.HSBCTransferFeesHSBC’swiretransferservicehasdifferentfeesaccordingtothetypeofaccountyouholdandtheamountofthetransfer.Thebank’sscheduleofchargesdetailstheamounts.Beforethetransferiscompletedyou’llbeabletoviewthechargesthatapplytoyourspecifictransaction.Inmanycasesthereisnofee.HSBCdefinesthosecircumstancesasWhenthecurrencyyousendinisdifferentfromthecurrencyofthesendingaccountANDThetransferislessthanCAD$10,000ANDYouaresendingfromapersonalaccountYoucanalsobenefitfromlowercostsifyouaretransferringmoneytoyourownHSBCaccountabroad.Inthiscasethebankchargesnofees.ThisprogramiscalledGlobalTransferbutonlyworksifyoualreadybankwithHSBC.Onethingtonoteisthatotherbanksoragenciesthatprocessyourtransfermayapplyfees.HSBCdoesnothaveanycontroloverthesecharges.ProsAndConsOfUsingHSBCProsConvenienttransfersthroughonlinebankingCanalsotransferthroughthebranchorbytelephonebankSecuretransactionswithabankaccountyoualreadyhaveFeesareshownupfrontConsMoneycantakeupto4businessdaystoarriveExchangeratemarginisn’ttransparentCanonlytransfertoareceiver’sbankaccountHowDoesHSBCWork?Thegeneralprocessinvolves:LogintotheHSBConlinebankingportalorusetheHSBCapp.ClickonBankingthenMoveMoney.YouwillneedtocreateaPayee,whichisthereceiverthatthefundsaregoingto.Getyourreceiver’sfulladdressandtheirbankaccountnumberbeforecreatingthetransferinstruction.Enterthereceivingbank’sSWIFTcodeorBICcode.Enterthecurrencyofthetransferandtheamount.Onceallthedetailsarecorrect,clickconfirm.HSBCimplementsanextralayerofsecuritythroughitsSecurityDevice.Thisiseitheraphysicaldevicethatissenttoyou,oradigitaloneaccessedthroughyourphone.Thiswillbeusedtogenerateacodewhenyoulogonsothatthebankcanconfirmthatthetransferislegitimate.Tocheckifthereceiverhasreceivedthetransfer,tellthemtocontacttheirlocalbank.Onceyouhavesentatransferforthefirsttimeyoucanactuallysetuparecurringtransactiontosendinthefuture.Forsomecountriesyou’llneedspecificinformationtocompleteyourtransfer.ForChinathetransfermustbeinaforeigncurrencythatisnotChineseyen.Theonlyexceptionistransferstocommercialentitiesforacommercialpurpose.You’llneedtoenterthereasonforthetransactionifthisisthecase.ForIndiasimilarlyyouwillneedtoprovidethepurposeofthepayment.Usethepaymentdetailssectionofthewiretransfertoenterthedetails.Yourreceivershouldgiveyouthisinformationbeforehand.Iftheydonotknow,theycancontacttheirbankforclarification.ForEuropemostbankswillrequireanIBAN.Thisismadeupofthebank’scodeandsomeotherinformationidentifyingthereceiver’saccount.Theseincludethetransitnumberandtheiraccountnumber.ForMexico,thereisan18-digitcodecalledtheCLABEthatneedstobeprovided.Ifitisnot,thetransfermaybecancelled.ThiscodeissimilartoaSWIFT,IBANorBIC.OtherMoneyTransferProvidersSeeallHSBCExchangeRatesTheexchangerateforyourtransactionwillbeshownduringtheprocess.There’snowaytoknowbeforehandwithoutstartingtheinstructiontosendthemoney.FortheGlobalTransfersservicethebankusesabetterrate.HowDoesHSBCMakeMoney?Ontheexchangerate.PlatformsWhereHSBCIsAvailableHSBC’stransferserviceisavailablethroughitsonlinebankinganditsapps.Thephoneappsarewellrated,withascoreof3.9outof5ontheGooglePlaystore,and4.6outof5ontheAppStore.HSBCalsohastelephonebanking.IsHSBCSecure?HSBChasseveralmeasuresinplacetohelpyousecureyourmoney.Infact,whenyouuseonlinebankingtotransfermoney,there’stheHSBCSecurityDevicetogiveanextrapieceofprotection.WhatCountriesDoesHSBCAllowYouToSendMoneyTo?UsingHSBC’swiretransferserviceallowsyoutosendmoneyin21currencies.YoucanseethefulllistontheHSBCwebsite.AmongthepopularcountriesyoucansendtoaretheEurozone,Australia,India,China,SouthAfrica,Mexico,andthePhilippines.HowToContactHSBCThefollowingmethodsareavailable:Telephone:1-888-310-4722 1-877-621-8811(Onlineandmobilebanking)Livechat:Ontheirwebsite.Logintoonlinebankingforasecureconversation.Branches:FindabranchnearyouontheHSBCwebsiePost:885WestGeorgiaStreet,Vancouver,BritishColumbia,V6C3E9AlternativesToHSBCMoneyTransferOtherbanksBanksareseenasasafeandtrustworthychoicetosendyourmoneyoverseas.Manypeopledon’tevenknowthattherearealternatives.Inthemodernfinancialworld,however,banksareprobablytheleastconvenientandmostexpensivemoneytransferoption.Somebankshavemadeiteasiertosendonlinebutforthemostpartsendingatransferthroughabankistimeconsumingandexpensive,withfeesandexchangeratesthatarenottransparent.01OnlinebanksForcustomerswhoarecomfortablewithtechnology,anonlinebankcanbeanalternativetousingHSBC.Theyofferlowfeeaccountsandcompetitiveratesontransfers.Inadditiontothis,theyhavetoplevelsecurityontheirappssoyoucanfeelsafeusingthemtotransfermoney.SomeofthetopCanadianonlinebanksareSimpliiFinancial,EQBank,andTangerine.02TraditionalMoneyTransferProvidersForthequickestandmostconvenienttransfers,it’sworthlookingintotraditionalmoneytransferproviders.TheseincludeWesternUnion,Ria,andMoneyGram.Theyoffercashpickupandyourreceiverprobablyhasabranchnearthem.Theonlydownsideoftheseservicesaretheextremelyhightransferfees.Theexchangeratesarealsonotcompetitive.03OnlineMoneyTransferCompaniesLikeRemitlyRemitlyisamoneytransfercompanywiththeadvantageofalargebank.Ithasanimpressivenumberofbanksinitsnetwork.Thismeansit’slikelybothsenderandreceiverwillhaveabankclosetothem.Therearemultiplepayoutmethodsavailablethatthereceivercantakeadvantageof.ThereareotheronlinecompaniessuchasRemitbeewhoalsodomoneytransfersexclusively.Duetotheirloweroperatingcosts,youcanbenefitfromthesavingstheypassontocustomers.04TransferwiseTransferwiseoperatesexclusivelyonlinesendingmoneybetweendifferentcurrencies.Thefeesarelowandtransparent.TherealdrawhoweveristhefactthatTransferwiseusestherealmid-marketexchangerate.LikeHSBC,yourrecipientwillneedabankaccounttoreceive.05HSBCFrequentlyAskedQuestionsHerearesomefrequentlyaskedquestionsaboutchoosingBMOMoneyTransferforyouronlinemoneytransfers:HowmuchcanIsendwithHSBCGlobalMoneyTransfer?Bydefaultyouraccountcansend$50,000.Inordertoincreasethelimityou’llneedtocontactcustomerservice.HowdoIfundatransfer?YoucansendatransferusingmoneyinyoureligibleHSBCaccount.WhatarethefeesforHSBCinternationaltransfers?HSBCwaivesfeesforwiretransfersunder$10,000ifthecurrencyyousendinisdifferentfromthecurrencyofthesendingaccount.Inothercasesthefeerangesfrom$35to$55.TransferstoyourHSBCaccountsabroadalsohavefeeswaived.Whenwillmyrecipientgettheirtransfer?Thelongestitwilltakeisthreetofourbusinessdays.Insomecasesitiswiththereceiverinaslittleasonebusinessday.Yourreceivershouldcontacttheirbanktofindoutmore.HistoryOfHSBCHSBChasalonghistoryworldwide,andit'sdrivingideahasalwaysbeen“alocalbankservinginternationalneeds”.Duetothisithasagreatunderstandingofcustomerswhoneedtomanagetheirmoneyindifferentcountries.ThefirstoftheHSBCgroupbanksopenedinAsiain1865.InCanada,ithasbeenahighprofilebanksince1981.AfterfirstbuyingouttheBankofBritishColumbia,itcontinuedtoacquireotherbanks.TheseincludedLloydsBankCanada,BarclaysBankofCanada,NationalWestminsterBankofCanadaandIntesaBankCanada.TodayHSBCranksatnumbersevenintermsofsizeonthelistofCanadianbanks.OtherServicesHSBCOffersCurrencyexchangeserviceSavingsaccountsininternationalcurrenciesFreeInterace-transfersCreditcardsTravelinsuranceLoansMortgagesInvestmentproductsSmallbusinessservicesHowToOpenAnAccountWithHSBCIfyou'vebeenlivinginCanadaforlessthanfiveyears,youareeligiblefortheHSBCCanadaNewcomersProgram.ForinternationalstudentsthereisapossibilitytogetaspecialStudentNewcomeraccount.Thishasbenefitssuchasnomonthlyfeesforayear,bonusesforcommontransactions,andeventhechancetogetacreditcardwhenyoudon’thaveanyCanadiancredithistory.Youwillneedtovisitabranchinordertoapply,butyoucanbookanappointmentonlineusingthesitefirst.SoWhatIsHSBCInANutshell?HSBCinternationalmoneytransferisoneofthemanybankoptionsavailabletoCanadiansenders.Itcanbeconvenientifyoualreadyhaveanaccountwiththebank.Orifyouwanttotransferalargeamountatonce.Itishowevernotthecheapestoption,soit’sbesttocompareotherproviderstoseewhicharebest.Toexplorewhichmoneytransferoptionsmayworkforyou,readtheRemitbeeBlog.Disclaimer:Allthird-partytrademarks(includinglogos)referencedbyRemitbeeInc.inthisarticleremainthepropertyoftheirrespectiveowners.Unlessspecificallyidentifiedassuch,Remitbee'suseofthird-partytrademarksdoesnotindicateanyrelationship,sponsorship,orendorsementbetweenRemitbeeandtheownersofthesetrademarks.AnyreferencebyRemitbeetothird-partytrademarksistoidentifythecorrespondingthird-partygoodsand/orservicesandshallbeconsiderednominativefairuseunderthetrademarklaw.Furthermore,wearenotresponsibleforanyinaccuraciesidentifiedinthearticle'scontent,andthatinformationcanbeverifiedbycontactingtherespectivethirdpartiesdirectlymentionedinthearticle.TryRemitbeetodayandgeta15$bonusforyourfirsttransfer!Bestexchangerates,one-daydelivery,freetransfersover500$andamazingcustomersupport!Toogoodtobetrue?Howaboutasweet15$bonustowardsyourfirsttransfer?Justgiveusashot!Getyour15$bonus