HSBC Australia international transfer: Fees, rates and transfer time

TransferWise content team
09.11.17
5 minute read

We live in a time where sending money overseas is faster and easier than ever. But with that said, it’s still not a simple process — fees, requirements and processes that are different for every bank are enough to make your head spin.

How do you make international transfers as painless — and cheap — as possible? By knowing what’s required to send and receive them from your bank. Read on to learn everything you need to know about sending and receiving international transfers (sometimes called telegraphic transfers or TT) from HSBC Australia.

How do you make an international bank transfer with HSBC Australia?

HSBC Australia offers a number of ways to transfer money internationally:

  • online
  • in person at a branch.

HSBC Australia doesn’t currently offer international money transfers by phone.

Online

  • Log on to personal internet banking
  • On the left side, select “Transfers” from the menu
  • Select the account you’d like to make the transfer from
  • Select transfer to “Overseas and Other Local Banks (telegraphic transfer)”
  • Follow to on-screen prompts

(Source 13 October 2017)

At a HSBC Australia branch

At a HSBC Australia branch, a teller or cashier will help you complete the transaction. He or she will ask you for relevant details — more on that below — and tell you what options are available for completing your transfer.

What do I need in order to make an international money transfer?

To make an international transfer with HSBC Australia, you’ll need:

  • The recipient’s full name
  • The recipient’s address
  • The recipient bank’s SWIFT/BIC code
  • The recipient’s IBAN or account number

What do I need or what should I give to the sender in order to receive an international bank transfer?

To receive an international money transfer to HSBC Australia, you’ll need to give the sender:

  • Your account number
  • Your full name
  • Your address
  • HSBC Australia’s SWIFT code
  • You may need to agree with the sender about who will pay the fees associated with the transfer

You can log into your internet banking to find this information, or visit a branch or call 1300 308 008.

How long does an international bank transfer with HSBC Australia take?

How long does it take normally to arrive to the destination account?

International transfers from HSBC Australia generally take 1-3 business days to process. However, depending on the destination country for the transfer, they could take longer. HSBC Australia doesn’t guarantee that transfers will process within any specific timeframe.

What are the different payment methods and how long do those take?

Transfers for HSBC Australia are normally paid for from your bank account balance. Fees for an international transfer are deducted automatically from the transfer amount. Alternatively, if the sender wants to pay for fees, he or she can transfer the full amount plus the cost of fees.

Is there any way to make a faster transfer for an extra fee?

HSBC Australia doesn’t currently offer a faster transfer for an extra fee.

Does the amount of time it takes vary by destination?

Transfer times aren’t guaranteed, and some countries and recipient banks may take longer to process international transfers. It’s a good idea to check specific cutoff times to figure out the best time to send your money abroad.

(Source 13 October 2017)

What are the fees?

HSBC Australia International Transfer Regular Fees
Incoming international transfer A$10 if money is credited to existing HSBC accountA$10 if money is transferred to another Australian bank (or A$15 if BSB wasn’t supplied)A$10 + 1% (A$10 minimum up to A$200 maximum) if money is paid with foreign currencyA$20-A$30 if you request money be transferred from another HSBC Group bankPlus HSBC Australia’s currency exchange rate for that day
Outgoing international transfer A$20 if initiated onlineA$25 if initiated in a branchA$20 PowerVantage and HSBC Premier customersA$0 for some HSBC to HSBC transfers if you’re an HSBC Premier customer
Additional fees may apply See Additional Fees section below for more information

(Source 13 October 2017)

HSBC Australia exchange rates

When you send or receive money to a bank that uses a currency that’s different from what’s used at your home bank, either the recipient bank or an intermediary bank will usually convert the currency at an exchange rate of its choosing. The bank will often choose an exchange rate 4-6% poorer than the mid-market rate, or the rate you see on Google, which allows the bank to make a profit off the conversion.

That means the person receiving the transfer will often receive less money than what was originally transferred due to fees and exchange rates. You’ll want to watch out for that.

(Source 13 October 2017)

Additional fees

Money that's transferred internationally may often pass through up to 3 intermediary banks on its way to its final destination. Those banks sometimes charge a fee for this, anywhere from A$20-$50 per bank depending on the currency, the country, and the bank.

HSBC Australia International Transfers Additional Fees
Paying for intermediary/recipient bank fees A$30 + additional applicable fees
Sending/recipient and/or intermediary bank(s) HSBC notes “HSBC is unable to control how the payment will be processed by other banks and therefore makes no guarantee that intermediary and receiving banks will not deduct additional fees and charges from the payment during processing despite payment for this flat fee”
Payment tracing fee (per trace) A$20
Cancellation of transfer A$25 + other bank’s charges
Transfer amendment A$25 + other bank’s charges

(Source 13 October 2017)

A cheap and transparent alternative: TransferWise

If the fees associated with making international bank transfers are getting you down, another option is TransferWise, which allows you to send money at a great exchange rate. In fact, TransferWise uses the mid-market rate you’ll find on sites like Google or XE and only adds plus a minimal, fair transfer fee of anywhere from 0.5% - 2.5% depending on the currencies involved. And those fees are always spelled out upfront. Since TransferWise doesn’t actually move money across borders because they use a series of local bank accounts all across the world to transfer money, there are no international or intermediary bank fees. Instead, your money moves cheaply and locally.

Another perk for TransferWise users is borderless accounts, which allow you to send, receive and manage money in multiple global currencies all at the same time. Also, borderless accounts will even come with consumer debit cards by the start of 2018.

Send money today with TransferWise and see for yourself how easy it can be to move money internationally.

Contact / Help - More questions around your transfer?

For more information, there are multiple ways to contact HSBC Australia’s customer support. Phone numbers will vary by location, so if you’re planning to call, check online to find the right number for your area.

Sending money across international borders should only be getting faster and easier as technology improves. But the best way to transfer money is still to educate yourself about the processes, requirements and fees involved so you can make an informed choice about how to move your money.

TransferWise is the smart, new way to send money abroad.

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