HSBC UK international transfers: Fees, exchange rates and transfer times

Apart from using the HSBC app or online banking platform, HSBC customers can also make international transfers via phone, in-person branch visits, or by post, although these methods may come with higher fees.

With so many options, you might be feeling a little confused. 

This guide provides comprehensive information on making online payments to friends, family, or businesses overseas, covering the fees, exchange rates and limits to HSBC UK international transfers.

But before we begin, it’s worth pointing out that while HSBC offers international transfer services, there are digital alternatives out there offering faster and more cost-effective international transfers.

For example, this is how TransferGo compares to HSBC:

With all that said, let’s get started.

1: How HSBC UK charges for international transfers

When sending money abroad with HSBC, you’ll encounter charges in the form of transfer fees and exchange rates.

HSBC UK international transfer exchange rates

Exchange rates are the most significant factor affecting the cost of international money transfers. 

This is because traditional banks such as HSBC often include a markup in the exchange rates they offer to customers, which serves as an additional, albeit hidden fee that may not be readily apparent during the transfer setup process.

HSBC UK employs two main exchange rates: the ‘HSBC exchange rate’ and the ‘HSBC global transfers exchange rate’. While customers receive a quote on the exchange rate upon initiating a transfer, it remains unclear whether these rates incorporate a markup.

Although the exact exchange rate markup applied by HSBC is not explicitly disclosed, customers can compare the quoted exchange rate with the mid-market exchange rate using online currency converters. 

To get a sense of the exchange fee usually incurred when making HSBC UK international transfers, Top Money Compare carried out an analysis estimating fairly high exchange costs: accordingly, HSBC charges between 1.5% and 3% of the total transfer amount.  

HSBC also does not provide an upfront exchange rate for bank transfers, leaving customers unaware until the last moment when the transaction is initiated. 

How does this compare to TransferGo?

TransferGo charges a small FX mark-up on the mid-market rate, ranging between 0.5% and 1.5% based on the destination of your transfer.

These exchange rates are among the most favourable on the market, which is why TransferGo consistently secures a 9/10 Exchange Rate Score on Monito.

Ultimately, TransferGo allows the recipient to receive more money compared to HSBC’s exchange rates.

TransferGo also includes all the fees in the amount your receiver gets: for the transfer to go through, you just pay in the exact same amount you entered in your transfer order. 

In other words, there are no hidden fees when making international transfers with TransferGo.

HSBC UK international transfer fees

HSBC charges transfer fees, which vary depending on factors such as destination, account type and how the payment is arranged. For example:

Receiving an international transfer:

• Euros from within the EEA: No fee.
• Foreign currency (excluding Euros) within the EEA: £5.
• British pounds from outside the UK: £5.

Sending an international transfer:

• Sending Euros within the EEA: Free via phone, in-branch, or using mobile banking.
• Sending Euros outside the EEA or any other currency internationally:
  • Free to another HSBC account when arranged online, by phone, or in-branch.
  • £5 to non-HSBC accounts when arranged online, by phone, or in-branch.
  • £17 for transfers arranged by post.

Understanding the impact of transfer fees on your overall transaction cost is essential. 

Compared to HSBC’s fee structure, TransferGo ensures transparent and inclusive fees based on delivery option, eliminating the need for senders or receivers to cover any additional funds: 

• Same day delivery: £1.99 – £2.99
• Next day delivery: £2.99
• 30 minute delivery: £2.99 

HSBC UK international transfer additional fees

Apart from transfer fees and exchange rate margins, there may be additional costs associated with HSBC UK international transfers. These could include charges from intermediary banks or the recipient’s bank. 

Unfortunately, it’s difficult to determine these costs in advance.

In comparison, with TransferGo you can guarantee no additional fees, ensuring that the recipient receives the full amount specified in your transfer order without any deductions.

In summary, while HSBC provides a convenient platform for international transfers, it’s essential to consider the potential impact of exchange rates and transfer fees.

2: How long does it take to make an international transfer with HSBC?

The duration of your international money transfer with HSBC varies based on the destination. Here’s what you can expect:

• Transfers between UK and Europe: International money transfers between the UK and Europe typically take between one and two working days to complete.
• Transfers outside Europe: If you’re transferring money outside Europe with HSBC, it should generally take no more than five working days.

With TransferGo, you have the flexibility to choose the delivery option that best suits your needs, allowing for faster and more efficient international transfers.

Depending on the delivery option you choose when ordering your transfer, TransferGo can deliver your money to your recipient within:

• One working day
• End of the same day from when you created the transfer
• The next working day, until noon
• In 30 minutes

TransferGo offers expedited transfer times, ensuring your money reaches your recipient swiftly. 

3. How to make an international transfer with HSBC step-by-step

To send money internationally with HSBC, you have two options: using the Global Money account feature in the HSBC UK mobile banking app or making an international payment through online banking or the app.

Send money with Global Money:

1. Access the HSBC UK mobile banking app: Log in to your HSBC UK mobile banking app.
2. Use Global Money: If you have a Global Money account, select ‘Pay or transfer’ and then choose ‘Send money internationally’ from the menu.
3. Enter payment details: Input the payment details and follow the on-screen instructions.
4. Review and confirm: Check the payment details and confirm the transaction.

If you don’t have a Global Money account, you’ll need to open one first. 

Log in to the HSBC app, select the ‘Global Money’ option and follow the instructions to set up your account.

Send money through online banking:

1. Access online banking: Log in to your HSBC online banking account.
2. Add payees: Add your friends and family as payees if you haven’t already.
3. Initiate payment: Select ‘Pay and transfer’ and choose the account for the payment.
4. Enter payment details: Fill in the recipient’s details and follow the instructions.
5. First-time international payments: If it’s your first time sending money outside the UK, you may need to authorise the transaction using your Secure Key.
6. Review and confirm: Review the payment summary and confirm the transaction. You can make future international payments to the same payee via the app.

4. What information is required for an international money transfer with HSBC?

To make an international transfer with HSBC, you’ll need to provide a specific set of details, including:

• The amount of the payment, specifying if it’s in pounds sterling or another currency.
• Beneficiary’s name and address.
• Beneficiary bank’s SWIFT/BIC code.
• Beneficiary’s IBAN (international bank account number) or complete account number.
• Beneficiary bank’s address.
• Reason for the payment.
• Payment reference.

The information required may vary depending on the country to which you’re sending the payment. 

For instance, when sending money to countries that don’t utilise the IBAN system, you may need to provide your recipient’s bank account number and additional details such as a sort code or routing number.

5. HSBC UK customer satisfaction

The best way to understand how customers feel is by reading reviews on independent platforms.

HSBC, a major bank, has a rating of 1.6 out of 5 on TrustPilot, with 8,499 reviews. This rating is considered ‘Bad’. It suggests areas where HSBC could improve, including service quality and overall banking experience.

In contrast, TransferGo boasts an “Excellent” TrustPilot rating of 4.7/5, based on 34,047 reviews. This high rating indicates excellent service and customer satisfaction, as shown by the positive experiences shared by many users.

While these ratings provide valuable insights, it’s important for individuals to research and consider their specific needs when choosing a financial service provider.

6. How do HSBC UK international transfers compare to other banks?

Exchange Rates

Transfer fees

Transfer Limit

Transfer times – UK to Europe

Transfer times – UK/EU to Rest of World

7. HSBC UK contacts

If you have inquiries or require assistance, there are various channels through which you can contact HSBC:

Mobile banking app

You can get in touch with HSBC through the HSBC mobile banking app. Follow these steps to start a chat:

1. Log on to the mobile banking app.
2. Select the ‘Support’ tab.
3. Choose ‘Chat with us’.

Branch visit

Alternatively, you can visit an HSBC branch. Use their branch finder to locate the nearest branch.

Phone

From the UK:

• Phone: 03457 404 404
• Operating Hours: 08:00 to 20:00 daily

From outside the UK:

• Phone: +44 1226 261 010

Non-HSBC customers

Within the UK:

• Phone: 03455 873 444
• Operating Hours: 08:00 to 20:00 daily (except Christmas Day, Boxing Day and New Year’s Day)

From outside the UK:

• Phone: +44 1226 261 010

Summary 

Whenever you send an international payment and are researching the most cost-effective ways to do it, pay attention to all the different fees that may apply. 

As we have seen, some of these fees are not always that obvious. Doing a little research (as you’ve just done by reading this helpful guide!) and comparing all your options could save you quite a bit of money and inconvenience in the end.

Sources

HSBC UK international transfers info:

• HSBC UK | international transfers
• HSBC UK | Global Money
• HSBC personal banking terms and conditions and charges
• HSBC | How to contact us

Exchange cost estimates:

• TopMoneyCompare | Barclays
• TopMoneyCompare | HSBC 
• TopMoneyCompare | Nationwide
• TopMoneyCompare | NatWest
• TopMoneyCompare | Santander

Customer satisfaction:

• TrustPilot | HSBC UK
• TrustPilot | TransferGo

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Need to send money home? Don’t forget to sign up to TransferGo for easy, fast and affordable money transfers to Europe, Africa, Asia and beyond.