HSBC UK customers can send money to over 150 different countries, ... send or receive international transfers frequently, travel a lot or ... HSBCUKcustomerscansendmoneytoover150differentcountries,usingtheHSBCapporonlinebankingnetwork¹.Youcanalsoarrangepaymentsbyphone,byvisitingabranch,orevenbymail-althoughhigherfeestendtoapplyfortheseoptions.Thisguidewalksthroughallyouneedtoknowtoarrangeanonlinepaymenttofriends,family,orabusinessoverseas. Tohelpyoudecideifusingyourregularbankaccountisthebestwaytosendyourinternationaltransfer,we’llalsointroduceWiseasafast,safealternativewaytosendaninternationalpaymentusingtherealmid-marketexchangerateandlow,transparentfees. Example:1000GBPtoEURbankaccountinGermany BeforewestarttodigtoodeeplyintohowtosendaninternationaltransferwithHSBC,let’slookatacostexample.Inthiscasewe’resending1000GBPtoafriendbasedinGermany.Thetransferisbeingmadeonline,andtherecipientaccountisnotheldwithHSBC. So-whatexactlydoweneedtolookatheretocompareHSBCinternationaltransferswithalternativeproviders?Thetruecostsofsendinganinternationalpaymentcanbesplitacrossafewdifferentfees: Upfronttransfercosts Exchangeratemarkups Thirdpartyfees Notallprovidersprocessinternationaltransfersinthesameway.Some-likeWise-usesmartmodernapproacheswhichcutoutalotofthesesneakyfees.Here’swhatwemean: ProviderFeeExchangerateTotalcost HSBC£4HSBCexchangerate+markup£4+exchangeratemarkup+thirdpartyfees Wise£3.69Therealexchangerate-thesameoneyoufindonGoogle£3.69 Inthisexample,theupfronttransfercostslookprettysimilar.However,whenyoulookalittlecloseryou’llseethatotherchargescanmakequiteabigdifference. Firstly,you’llwanttochecktheexchangerateusedbyyourpreferredprovidertoseeifamarkup-anextrafee-hasbeenadded.Exchangeratesdobouncearoundallthetimewithfluctuationsinglobalmarkets.However,theeasiestwaytokeepupwiththeexchangerateistouseareputableonlinecurrencyconverter. Acurrencyconverter-orevenjustaGooglesearch-willshowyouthemid-marketexchangerateforyourcurrencypair.ThisistheratebankslikeHSBCbuyforeigncurrencyat-butnotusuallytheratepassedovertocustomers.Insteadextrafeesareoftenrolledupintotheratesused-pushinguptheoverallcosts.Moreontheimportanceofexchangeratesinjustamoment. Next,makesureyouknowifthereareanythirdparty-orintermediarycosts.ThirdpartycostsusuallycreepinwhenpaymentsaresentusingtheSWIFTsystem,andcanincludefeesfromHSBCpartnerbanksortherecipient'sownbank.Thesecostsaretrickybecauseyouoftendon’tknowabouttheminadvance-whichcancomeasanastysurprisewhenyourpaymentlandsandcomesupshort.We’llcoverthirdpartyfeeslater,too. HSBCexchangerates Aswenotedabove,traditionalbanksoftenaddamarkuptotheexchangeratesthattheypassontocustomers.Thismattersbecauseit’sanextrafee,butit’shardtoseeitwhenyou’resettingupyourtransfer. Checktheexchangerateyou’regettingbeforeyouconfirmanyinternationaltransfer-andcompareittotherealmid-marketexchangerateusinganonlinecurrencyconverter.Ormakelifeeasyandchooseaproviderwhichdoesn’taddexchangeratemarkups,instead. Wiseandthemid-marketexchangerate Wiseofferscustomersinternationaltransfersandcurrencyexchangewhichusestherealmid-marketexchangeratewithnomarkups.You’llgettheexchangerateyoufindonGoogleeverytime,andjustpayalowtransparentfeeforyourtransaction-whichcanworkoutfarcheaperthanusingyourregularbank. WhatarethefeesforaninternationaltransferwithHSBCUK? Ontotheimportantstuff-thecosts.CheckoutwhatyoucanexpecttopayforanHSBCinternationaltransferhere. HSBCinternationaltransferfeestable Let’stakealookatthestandardfeesinvolvedinsendingmoneyoverseaswithHSBCUK.Costsvarydependingonwhereyou’resendingmoney,theaccounttype,andhowyousetupthepayment. HSBCUKinternationaltransferStandardfee² ReceivinganinternationaltransferNofeeforreceivingapaymentineurosfromwithintheEEAReceivingapaymentinacurrencyotherthaneuros,fromoutsidetheEEA:Nofeeforpaymentsunder100GBP;Feeof8GBPappliesforhighervaluetransfers SendinganinternationaltransferSendingeuroswithintheEEA:Freeifpaymentarrangedonlineusingmobilebanking,byphoneorinbranch;17GBPtoarrangebypostSendingeurosoutsidetheEEA,orsendinganyothercurrencyinternationally:FreetoanotherHSBCaccountwhenarrangedonline,byphoneorinbranch;9GBPtoanyotheraccount,paymentarrangedbyphoneorinbranch;4GBPtoanyotheraccount,paymentarrangedonlineorusingmobilebanking;17GBPforanytransfersarrangedbypost AdditionalfeesfromHSBC It’sworthknowinginadvancethattheremaybeextracostsinvolvedwithsendinganoverseastransferwithHSBC. TheHSBCPersonalbankingtermsandconditionsexplains:² “IfwesendmoneyoutsidetheEEA,wemayuseanintermediarybank.Theintermediaryandthebankreceivingthemoneymayapplytheirowncharges.Thiscouldincludepaymentssentthrough,orto,anotherHSBCbank.” Thatmeansadditionalchargesinadditiontothoselistedabovemayapply.Dependingonwhereyou’resendingmoneyto,youmaybeabletoavoidthesechargesbyhavingtherecipientpaythem.It’snotusuallypossibletocheckinadvanceexactlywhatthesecostsmaybe,whichmightmeanyourrecipientgetslessthanexpectedintheend. Wisemulti-currencyaccount Ifyousendorreceiveinternationaltransfersfrequently,travelalotorlovetoshoponlinewithinternationalretailers,youcouldbebetteroffwiththeWisemulti-currencyaccount. OpenyourWiseaccountonlineforfree,holdandmanage54currencies,sendpaymentsto80+countries,andspendwithyourlinkedinternationaldebitcard.Converttothecurrenciesyouneedusingtherealmid-marketexchangerateandspendforfreewithyourcard,toavoidforeigntransactionfeesandhavemoretospendonyourself.Nohiddencharges,nobadexchangerates,justsimple,flexiblewaystomanageyourmoneyacrossborders. JoinWisetoday HowdoyoumakeaninternationalbanktransferwithHSBC? TheeasiestwaytosendaninternationalbanktransferwithHSBCisbyusingtheonlinebankingsystem.AlthoughyoucansendmoneyusingtheHSBCappaswell,youcanonlymakein-apptransferstopeopleyou’vepaidbefore.Thefirsttransferyoumaketoanyrecipientwillneedtobearrangedusingonlinebanking.Here’show:¹ Logintoyouronlinebankingservice Navigatetotheaccountyouwanttomakeapaymentfrom SelectMoveMoney Followtheon-screenpromptstoaddyourrecipientdetailsandapaymentreference Ifthisisthefirsttimeyou’vepaidthisrecipient,you’llneedtocompleteaverificationstepwithyourdigitalorphysicalsecurekey Doublecheckthedetailsandconfirm BeforeyousendmoneyoverseaswithHSBCyou’llwanttochecktheexchangeratethatwillapplytoyourtransfer.Comparethisagainstafewalternativestomakesureyou’regettingthebestpossibledeal. Readytogetstarted?There’smoreontheinformationyouneedtosendanHSBCinternationaltransfersafely,comingrightup. WhatdoIneedinordertomakeaninternationalmoneytransferwithHSBC? TosendaninternationaltransferwithHSBCyouwillhavetoprovideasetofinformationincluding:¹ Theamountofthepayment,andwhetherit’sinpoundssterlingoranothercurrency Beneficiarynameandaddress BeneficiarybankSWIFT/BICcode BeneficiaryIBAN(internationalbankaccountnumber) Beneficiarybankaddress Reasonforpayment Anypaymentreferenceyouwantthebeneficiarytosee It’sgoodtoknowthattheexactdetailsyouneedtoprovidewilldependonthecountryyou’resendingapaymentto.Forexample,notallcountriesusetheIBANsystem-inthatcaseyoumayneedtoprovideyourrecipient’sbankaccountnumberandsomeadditionaldetailslikeasortcodeorroutingnumber. WhatshouldIgivetothesenderinordertoreceiveaninternationalbanktransfer? IfsomeoneissendingyouapaymentfromoverseastoyourHSBCaccountyouwillneedtogivethemyourdetailstomakesurethepaymentarrivessafely.Usingincorrectorincompletedetailscanmeanyourtransferisdelayed-orevenpaidintothewrongaccountentirely. Askthesenderwhatinformationtheyneedtoprocessyourpayment.Inmostcasesyou’relikelytohavetogive:¹ Yourpersonaldetailsincludingyourfullnameasshownonyouraccount YouraccountIBANorfullaccountnumber YourSWIFT/BICcode You’llfindyourIBANonanybankstatement,andyoucanusethishelpfultooltofind,orcheckyourSWIFT/BICcode. HowlongdoesaninternationalbanktransferwithHSBCtake? Ifyou’resendingapaymentwithintheEEA,toanaccountineithereurosorpoundssterling,it’llprobablyarrivebythenextworkingday.Paymentstootherpartsoftheworldcantakeupto4workingdaystoarrive.¹ Internationaltransfersmaybesubjecttoextrachecks-whichcanslowdownarrivaltimes,ormaysufferdelaysduetopublicholidaysinthedestinationcountry.Leaveplentyoftimeifyou’remakinganimportanttransferwhichhastoarrivebyafixeddeadline. Contact/Help-Morequestionsaroundyourtransfer? HSBCoffersafewdifferentwaystogetintouchorresolveissueswithyourinternationaltransfer.Hereareyourmainoptions: Logintoonlinebankingtochatwithanadvisor VisittheHSBCHelppagefortroubleshootingsupportandFAQs UseanHSBCbranchfindertogethelpinperson OrgiveHSBCacall-03457404404 Sothereyouhaveit-allyouneedtoknowaboutusingHSBCUKtosendmoneyacrossborders. Nexttimeyouneedtosendaninternationalpayment,don’tforgettolookcarefullyatthefeesandchargesyourbankwillapply.Comparethesetoalternativeproviders-andtheWisemulti-currencyaccountasasmartandeasywaytomanageyourmoneyacrossbordersforless. Sourcesusedforthisarticle: HSBCUK-internationalmoneytransfer HSBCUK-personalbankingtermsandconditions Sourcescheckedon16-September-2021 Thispublicationisprovidedforgeneralinformationpurposesonlyandisnotintendedtocovereveryaspectofthetopicswithwhichitdeals.Itisnotintendedtoamounttoadviceonwhichyoushouldrely.Youmustobtainprofessionalorspecialistadvicebeforetaking,orrefrainingfrom,anyactiononthebasisofthecontentinthispublication.Theinformationinthispublicationdoesnotconstitutelegal,taxorotherprofessionaladvicefromTransferWiseLimitedoritsaffiliates.Priorresultsdonotguaranteeasimilaroutcome.Wemakenorepresentations,warrantiesorguarantees,whetherexpressorimplied,thatthecontentinthepublicationisaccurate,completeoruptodate. Wiseisthesmart,newwaytosendmoneyabroad. Findoutmore PersonalFinance ThebestUKbanksforsendingmoneyabroad AusefulcomparisonofthebestUKbanksforsendingmoneyabroad,includingfees,exchangeratesanddeliverytimescales. 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