HSBC are aware of the growing number of people living and working abroad with an increasing need to move money into a foreign bank account and send money to friends and family back home.
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"HSBC only offer money transfer services to existing customers. Unfortunately their exchange rates are not competitive. Please get a quote from one of the private foreign exchange companies listed within our money transfer table instead to see how much money you could save by using a currency specialist."
In fact whether you are planning to buy an overseas property, emigrating, paying a bill or making an overseas payment for another reason, HSBC will ensure your money reaches your beneficiaries account successfully.
HSBC are prominent on the UK high street and will carry out money transfer transactions for existing account holders only
HSBC's main features include:
Money Transfer services are only available to current account holders.
HSBC offer four different types of international payments to existing account holders that can be made over the telephone, in branch or via internet banking. These include:
Please think carefully before you use the bank to make an international money transfer. Banks are notorious for offering poor exchange rates and you could save hundreds if not thousands by shopping around to find an alternative money transfer specialist. Reputable private companies that are regulated by the Financial Conduct Authority can help you to mitigate your exposure to exchange rate fluctuations and help you to find the best time to covert your money. Do you think the bank would offer this same level of service?
Both the banks and private brokers offer online trading platforms that you can log in to at any time.
Compare HSBC against the UK's leading money transfer firms in our easy-to-use comparison table here.