HSBC — Sending Money Abroad

Whether you're trying to support some of your family members overseas or simply just pay for things from international stores on the internet, there are plenty of reasons why you might need to send money abroad.

Still, with things like foreign currency conversions and international exchange rates, it can actually be a pretty complicated process when you're trying to transfer money internationally.

Fortunately, though, it's generally quite simple to perform an HSBC international money transfer, especially in comparison to some of the other major banking institutions out there that provide less clarity about the general process.

So, throughout this article, we'll be taking an in-depth look at how you can send money abroad with your HSBC bank account, but we'll also be covering a lot of the background information surrounding this topic — things like international transfer fees, HSBC exchange rates, and how the HSBC mobile banking app plays a role here, for instance.

Understanding HSBC International Transfers

Aside from some of the more basic features and reasons you'd use your HSBC account, the wider platform actually gives you access to a much broader range of financial services, including the subject of this article, international money transfers.

In fact, whether you have a personal or business account with HSBC, you're able to send funds overseas with relatively little effort — there are specialised accounts that they've made specifically for international money transfers, like Global View, but the main takeaway here is that you can perform them with any kind of account.

Generally speaking, it's this kind of convenience that convinces many businesses and people to use HSBC for any international financial transactions they need to make.

To get specific, though, HSBC does in fact have a dedicated service for international transfers that they often refer to as global transfers, essentially allowing you to move money between your own HSBC accounts across the world.

Put simply, this means that if you have an HSBC account in your home country and another in a foreign country, you're basically able to transfer funds between these accounts without any effort at all.

The Convenience of Online Banking

All in all, one of the most standout features of HSBC's international transfer service is how you can do it all via their online banking platform — compared to, say, visiting an international money transfer office in person and waiting days to perform a wire transfer.

So, with what's basically just a few clicks, you're able to set up and initiate international money transfers all from the comfort of your home or office. Actually, this level of convenience extends to the HSBC mobile banking app, too, meaning that if you ever need to send money abroad on the go or in a rush, you can do so straight from your phone.

Of course, it's nice that this online banking service is simple to use, but one of the main reasons you'd use this platform is because of how secure it is, too. In essence, HSBC employs a few different security measures — like encryption, for example — to properly safeguard your financial information, ultimately ensuring that you're able to send money in a safe and secure environment.

If that's not enough for you, HSBC also gives you an opportunity to add multi-factor authentication to your account, so you've got an extra layer of protection.

The Versatility of HSBC International Transfers

Obviously, everyone's got their own reasons for needing to make an international money transfer, and HSBC can generally always facilitate them — regardless of what the purpose is.

Whether you're mainly just trying to support family members overseas, making international payments quite regularly, managing your business transactions globally, or even just exploring various opportunities abroad, the bottom line is that HSBC can meet your specific needs.

Let's look at some of the more personal uses of this service, for example, and how HSBC international transfers provide an incredibly convenient way of sending money to loved ones who might currently be living in a different country.

This is mainly thanks to their platform spanning numerous countries and regions, so it's generally easier than ever to support your family members or friends financially, regardless of where they might be located or what currency they need the money in.

Businesses, on the other hand, can also benefit massively from using these kinds of money transfer services, as you've got an opportunity to perform any cross-border trade, pay international suppliers, and generally manage your global accounts.

Obviously, it goes without saying that being able to move money across the world in an efficient manner is absolutely paramount for any businesses out there that do a lot of international commerce, so it's just as well that you use HSBC's platform as their global network and range of services specifically designed for businesses make it a preferred choice for many people.

HSBC International Transfer Fees

Naturally, having an understanding of how much it's going to cost to make an international transfer is pretty important whenever you're sending money abroad — especially if you're doing so in fairly high quantities where high exchange rates can mean hundreds if not thousands of pounds.

Having said that, it's quite tricky to provide you with a ‘one size fits all' figure here, as while their international transfer fees are definitely competitive, they do in fact tend to vary depending on a few different factors — which country you're sending the money to, the currency it needs to be exchanged to, and the actual transfer method you're using, for instance.

So, to find more accurate information on how much your international transfer is going to cost you with HSBC, it's generally more advisable that you visit the HSBC website or even just contact your local branch so you can receive a completely accurate quote based on your particular circumstances and factors we mentioned above.

Keep in mind, though, that even then, these fees can change fairly drastically over time, so it's always crucial to stay in the loop if you need to engage in any recurring transfers.

Exchange Rates and the Exchange Rate Margin

Following on from the previous point, if you've ever conducted an international money transfer at some point in the past, you'll know just how critical role exchange rates play in terms of how much money your recipient is actually going to receive.

So, whenever you need to send money abroad with HSBC, you'll encounter these exchange rates, which basically determine how valuable your money is going to be in the currency of whichever country you're sending the money to.

Fortunately, though, HSBC offers highly competitive exchange rates, meaning that you're always going to be getting the most out of your international transfers.

Again, the specific figure for what this exchange rate is actually going to be will always depend on the country you're sending the money to, so check out their website if you need a specific quote.

Having said all of this, it's still important to keep the exchange rate margin in mind whenever you're making international transfers.

In essence, this is basically the difference between the mid-market exchange rate (meaning the rate at which banks exchange currencies) and the rate that you're actually going to receive whenever you send money through the HSBC app.

Of course, while HSBC will always strive to provide you with the most competitive rates out there, remember that there'll always be some form of margin, as this ultimately contributes to the bank's revenue.

Now, the specific size of this margin won't always be the same, as it ultimately depends on the specific transaction you're making and what the global exchange rates are at that moment in time, so it's best to check out the details before you continue with your international transfer.

Sending Money Abroad with HSBC

So, now that you've got a much more firm understanding of some of the basics of international money transfers let's dive a bit deeper into how you can actually send the money with a step-by-step process:

1. Online Banking Access

Assuming that you've already got an HSBC account in place, the first thing you need to ensure is that you've got access to their online banking platform so that you're able to manage all of your finances straight from your home or office.

Having said that, if you'd prefer the ability to make transactions on the go instead, it's worth downloading the HSBC mobile banking app from either the App Store or Google Play store, depending on whatever mobile device you're using.

Not only does this app let you send money fairly effortlessly (and from wherever you want), but you've also now got access to a range of other useful services — from general account management features to transaction history statements and alerts so that you're always in control of your finances 24/7.

2. Choose Your Transfer Method

Now, once you've actually logged into your HSBC account via online banking or simply by using the mobile app, move on over to the international transfers section, where you'll be shown a variety of options for transferring your money.

As touched on earlier, HSBC, in particular, gives you a few different methods to transfer your money. Probably one of the most simple ways you can do this is by choosing the standard international transfer, for instance, but you've also got the option of using the HSBC Global Money Account if you want more streamlined global transfers.

This'll usually depend on where your recipient is — as well as your own personal preferences — but at this point, you can opt for a wire transfer, a bank draft, or even just use the SWIFT network in order to transfer the money — the choice here is ultimately yours.

3. Recipient Information

So, once you've decided what transfer method you're going to use, the next step is simply to provide the proper details for the recipient — naturally, this includes things like their full name, contact information, and, if it's applicable, their international bank account number (IBAN).

It goes without saying that it's vital you enter all of this information correctly if you want to avoid any unexpected delays or complications in the transfer process.

Aside from this, though, certain destinations might have their own requirements or formats for recipient information, so it's worth double-checking these details according to the recipient's country and bank.

4. Select Transfer Amount and Currency

After this, type the amount of money you're looking to send to your recipient — at this point, HSBC will let you choose from a huge array of currencies that they support, so your international transfer can pretty much reach any corner of the globe without an issue.

In addition, they'll also provide you with real-time exchange rate information, like we covered earlier, so you're able to make an informed decision regarding which currency you'd like to use for the transfer.

5. Review and Confirm

As you make your way through the transfer process, you'll notice that HSBC gives you ample opportunities to ensure you've inputted all the relevant transaction details properly — which is something you should definitely embrace given that it's your last chance to make any adjustments before proceeding.

This step will normally include a breakdown of all the transfer fees, exchange rates, and, ultimately, the final amount that's going to be deducted from your account for the transfer.

6. Transaction Confirmation

So, once you've finally confirmed the transaction, you'll be given some form of confirmation for your transaction, possibly coming in the form of an email that gets sent to your registered email address, an SMS alert, or even just a push notification if you've been using the HSBC mobile banking app.

Essentially, this confirmation is a record of the transaction containing certain details like the transaction reference number, transfer amount, recipient information, and even the estimated delivery date or time frame.

As such, it's paramount that you keep a hold of this for your records, as it can be crucial in terms of tracking or in case you've got any issues with the transfer that you need to talk about with one of HSBC's staff members.

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