HSBC International Transfer

HSBC India customers can send international payments through a couple of different methods depending on their account type and the specific transfer they need to arrange - standard bank telegraphic transfers and the HSBC Global Transfer service. This guide covers the HSBC international bank transfer process for both, including how much it costs, the exchange rate and limits.

HSBC India is part of the huge global HSBC group - but it may not be your best bet when it comes to sending payments overseas. Depending on your needs you may find you can get a better deal from specialist services like Wise and Western Union, including a better exchange rate and more transparent fees.

HSBC international money transfer comparison

HSBC India customers can arrange international money transfers through a standard telegraphic transfer or HSBC’s own Global Money Transfer system if you have an eligible account and access to the HSBC app. We’ll look at both options in more detail later - but it can help to know that most international payments arranged with a traditional bank can mean paying a few different fees:

• Transfer fee - this can be low or even free depending on the payment type

• Exchange rate markup - this is added to the exchange rate used to convert funds - and usually the highest charge of all

• Recipient and intermediary bank fees - payable to third parties involved in processing the transfer

To give an idea of how HSBC compares with other payment services, let’s look at an example. Here’s what you’d pay if you were sending an online transfer of 100,000 INR to a GBP denominated account, with HSBC India and a few specialist services.

HSBC India Global Transfers can be a good option if you’re eligible, for fast

payments to a range of countries and currencies. However, the exchange rate markup and third party fees may end up being fairly high so it’s still worth comparing the overall costs with online specialist services like Wise and Western Union.

Specialist services let you create an account, get verified and send a payment, online or in an app for convenience. Read our detailed article to learn how Wise compares to international bank transfers: Wise vs International Bank Transfers

HSBC India international transfer fees

HSBC India offers a couple of different ways to send money abroad. You can make a traditional bank telegraphic transfer (also often called a wire payment), or you may be eligible to send a payment through the Global Transfer service which is available online.

Here’s what you need to know about HSBC international remittance fees:

HSBC exchange rates in India

The HSBC exchange rate  which will apply to your payment will be made available when you start to set up your transfer. In some cases, you’ll get real time rates - but this can only be offered between supported currencies and within banking hours. If it’s not possible to see the live rate - for example, if you set up your payment on the weekend - the HSBC exchange rate that you see will include a higher markup compared to a weekday rate. More on markups and how they work, next.

HSBC charges a fairly low fee - or even no fee at all - for sending payments overseas. However, this doesn’t mean your transfer is entirely free - HSBC has to cover its costs and make a profit after all. To cover this, banks often add a markup to the mid-market exchange rate when calculating the rate applied to customer transfers. That’s an extra fee, often in the region of 3%.

To give some context, here’s  how a 3% fee rolled into the exchange rate would add up up for different transfer amounts:

• Sending 50,000 INR - a 3% exchange rate markup adds 1,500 INR to the total

• Sending 100,000 INR - a 3% exchange rate markup adds 3,000 INR to the total

• Sending 500,000 INR - a 3%  exchange rate markup adds 15,000 INR to the total

Here’s a reminder of the total costs - including exchange rate markups - from the providers we looked at earlier. This is what you’ll pay with each if you send 100,000 INR online, to a GBP denominated account:

• HSBC India: with HSBC Global Transfer there’s no transfer fee - exchange rate markup and third party costs are still likely to apply

• Wise transfer fees: 2,102.12 INR transfer fee  and no markup on the mid-market exchange rate

• Western Union: No transfer fee, but a markup is added to the mid-market exchange rate

HSBC India additional fees

HSBC international payments may involve a couple of extra fees which aren’t usually paid to your own bank, but to correspondent or intermediary banks which are involved in processing the transfer through the SWIFT network. If you leave these fees to be paid by the recipient they may receive less than you’re expecting in the end. Otherwise, depending on the type of transfer you select, you may be able to cover these costs yourself, for a 1,200 INR fee.

How long does an HSBC international money transfer take

HSBC transfers can have varied delivery times depending on where you’re sending money to. Where payments are sent through the SWIFT network they can take 3 - 5 working days to arrive. However, HSBC Global Transfers, especially on common payment routes, may arrive much faster.

Here’s how that compares with the other providers we looked at earlier:

• HSBC: delivery times vary based on the destination country or currency
• Wise: 80% of payments arrive in 24 hours
• Western Union: 0 - 1 business days Go to Wise

Pros and cons of transferring money abroad with HSBC in India

Pros:

• No transfer fee for HSBC Global Money Transfers

• Send in a broad range of global currencies

• Online and in app service for convenience

Cons:

• Overall costs can be high, once you include third party fees

• Exchange rates are likely to include a markup

HSBC international transfers offer a convenient service with a low upfront fee. However, that doesn’t necessarily mean it’s the very best option out there for your payment. Take a look at alternatives including specialist online services like Wise or Western Union, which may be able to offer more transparent fees and lower overall costs. Read our detailed comparison articles to see how they compare:

How to make an international transfer with HSBC India

Sending an HSBC Global Money Transfer online or in the HSBC app is the easiest option. Here’s how:

1. Log on to the HSBC online or in the mobile banking app

2. Tap Move Money then Send money internationally

3. Enter the payment details including the recipient’s bank name, address or bank code

4. Review your transfer including the estimated arrival time, amount, fee and applicable taxes

5. Confirm and your money is on its way

What information do you need to make an international transfer with HSBC India?

To use HSBC for sending money overseas you’ll need to add the following details about your recipient:

• Beneficiary full name

• Beneficiary bank account number or IBAN

• Beneficiary bank name and address

• Additional information based on the country - like a sort code for the UK or routing number for the US

You’ll be able to retrieve recipient details if you’re making a repeat payment, and can look up bank information to make the process easier to send payments.

Transfer limits and available countries

HSBC transfer limits  across all transfer types mean that you can usually send a total of up to 100,000 USD from your account per day.

For international payments, RBI rules will also apply, meaning you can usually send no more than 250,000 USD or the currency equivalent per year.

You can send an HSBC international wire payment in 14 major global currencies: US dollars (USD), British pounds (GBP), Euro (EUR), Japanese yen (JPY), Canadian dollars (CAD), Australian dollars (AUD), Hong kong dollars (HKD), Singapore dollars (SGD), Swiss francs (CHF), UAE dirhams (AED), Saudi riyal (SAR), Swedish krona (SEK), Danish krone (DKK) or South African rand (ZAR).

You may also be eligible to use the HSBC Global Money Transfer service to send payments in a broad range of currencies, to a maximum of 25,000 USD per day if you’re a resident Indian.

Receiving money from abroad with HSBC in India

If you’re expecting an international payment into your HSBC India account you’ll need to give the sender the following information:

• Your HSBC India account number

• Your name and address

• Correspondent bank details if known

• The purpose of the remittance

• HSBC India SWIFT Code

HSBC India SWIFT code

You’ll need to give the sender the HSBC Bank India SWIFT code to make sure your payment can be processed properly. SWIFT codes are unique identifiers used to route international payments and get your money where it needs to be without unnecessary delays.

The HSBC India SWIFT/BIC code is: HSBCINBB

Conclusion

HSBC  international money transfers offer a couple of convenient payment types, which may even have no upfront transfer fee to pay. That said, because banks often roll their fees up into the exchange rates used for international payments, it makes sense to compare the HSBC rate against alternatives, so you can be sure you’re getting the best deal out there.

Before you confirm your HSBC transfer, take a look at online specialist providers like Wise or Western Union. You can get an instant quote without needing to set up an account, to see if the deals on offer are better than your options with HSBC. And if they are, online services like these have easy sign up processes for a fully digital payment.