Rocket Remit international money transfers in Australia. The fees, rates & how-tos
If youâre looking for a way to send money internationally from within Australia, youâll no doubt have discovered that now there are a whole range of solutions...
These days, the world is a pretty small place, so there are lots of reasons you might need to send money overseas. Whether you're transferring just a small amount to repay a friend based overseas, or you work outside of Hong Kong and are sending your entire salary home, it pays to know a little about how international money transfers with HSBC Hong Kong work.
đ° Wise provides you the real exchange rate and low transparent transfer fees shown upfront. |
---|
Learn more about Wise
money transfers
Due to the timescales â and costs â involved in moving money abroad are often quite hard to calculate, itâs a good plan to do some research in advance so there are no surprises. Itâs likely that, instead of HSBC, you could actually save a bit of money by using a money transfer provider like Wise. But more on that later.
Some premium bank accounts from HSBC Hong Kong have slightly different terms and conditions when it comes to international money transfers. This could mean that the fees are different and the amount of time it takes to arrange a transfer might also vary. Check out the details for your specific account, too.
To better understand the fee structure of a transfer with HSBC HK, here's a theoretical international transfer sending HK$10,000 from Hong Kong to a GBP bank account in the UK.
Provider | Fee | Exchange Rate | Total Cost |
---|---|---|---|
HSBC (Hong Kong) sent online | HK$50š | Exchange rate + markup | HK$50 + exchange rate markup + likely fees from intermediary and recipient banks² |
HSBC (Hong Kong) via bank branch | HK$120â240š | Exchange rate + markup | HK$120â240 + exchange rate markup + likely fees from intermediary and recipient banks² |
Wise* | HK$44.86 HKD (if you pay by bank transfer) | The real exchange rate â the same one you find on Google | HK$44.86 |
*Rates as seen on 27 Dec 2021
Keep in mind that nearly all transfers sent internationally are sent via SWIFTš. Which means there are intermediary banks and/or the recipient bank that may levy fees of their own (which HSBC claim they may receive commission, income or revenue from other entities)². Costing you even more.
Don't forget that as well as any flat fees applied, you need to know if the exchange rate used is fair. HSBC Hong Kong has an online calculator where you can see their current exchange rate. However, as exchange rates move all the time, this could have changed slightly by the time the transfer is processed. The small print on the web page with the calculator specifies that itâs indicative only, and customers should check when they place their transfer.
Provider | Exchange rates |
---|---|
HSBC Hong Kong exchange rate for 10000 HKD | 0.0949 = 948.95 GBP ReceivedÂł |
Wise exchange rate for 10000 HKD | 0.0956312 = 957.06 GBP Received |
Rates as seen on 27 Dec 2021
You can see from the above test using the rates indicated, that your recipient will get more for every Dollar you send using Wise.
To make sure they make a profit, banks can mark up the exchange rate, and keep the difference. This means that the rate thatâs actually used may vary quite a bit from the exchange rate offered on Google. Check if your chosen currency is affected before you commit.
International transfers with HSBC Hong Kong² | Additional fees |
---|---|
Each telegraphic transfer's amendment/enquiry/cancellation/return | HK$250 plus any charges levied by the other bank or banks involved in the transaction |
If you want a different way to send or receive money from abroad, Wise might be just the fit for you. As specialists in international money transfers, Wise lets you move your money quickly and safely, using the real exchange rate and with only a small transparent cost per transaction.
If you need to move money internationally often â because you live or work overseas for example -you might also benefit from a Wise multi-currency account.
With a Multi-currency account, you can hold your money in different currencies, and move it around the world at the touch of a button. You can convert money using the real exchange rate â the one youâd find on Google â when you need it the most.
And if you get paid in the EU, the UK, Australia or the US but live elsewhere, a Multi-currency account will let you get paid locally using local bank details, cutting out international transfers entirely. Even better, there are no intermediary banks involved, so no extra fees to worry about.
See for yourself if you can get a better deal with Wise.
HSBC Hong Kong allows customers to make international money transfers online, by visiting a branch, or by phone if you prefer.
To send money through an international bank transfer, you're going to need a few key details. These might vary a little depending on where your money is going, but you can expect to be asked for the following:
If youâre sending money in RMB, itâs a legal requirement to specify why youâre doing so, using one of the accepted codes. Youâll be asked to submit this information when you place your transaction.
You can register account details and set a transaction limit up to HKD 3million for each Registered Account. Transfers to non-registered third party accounts is HKD400,000 per day.â´
How long it takes to process an international transfer depends on where your money is going, and whether itâs a transfer to another HSBC account held in a different country. For some customers with premium accounts who are transferring to their own HSBC accounts held overseas, a transfer can be made almost instantly. However, for all other transfers, you can expect a delay of a 1â5 days.
Itâs also important to understand that HSBC processes international transfers throughout the working day, which means the cutoff time for payments is from 8:15 am to 5:55 pm on weekdays and 8:15 am to 11:55 am on a Saturday, with no transfers taking place on a Sunday or Hong Kong public holidaysâľ.
If youâre making a transfer in RMB the cut off times are different, and no transfers are initiated on a Saturday, so itâs worth checking when your payment will be processed.
Youâll need to give the sender the following information to receive an international money transfer with HSBC Hong Kong: âś
Also instruct the sending bank to send us their payment instruction by SWIFT MT103 with full payment details and reimbursement instruction.
You can use this helpful tool to find, or check your SWIFT/BIC code.
The bank doesnât offer any particular way to speed up payments. They do mention that providing all required details will prevent additional delays.
If you have specific questions about your transfer, there are several different ways you can talk to the advisors at HSBC Hong Kong: âˇ
Making international money transfers is part of everyday life for many people. Unfortunately, that doesnât mean itâs always cheap or straightforward. Common pitfalls and hidden fees can make it expensive and lead to nasty surprises.
Open your Wise account in minutes đ
So, wherever youâre transferring your money to, itâs smart to do your research in advance, to make sure you get the best deal for your situation. Use our pricing calculator below to have an idea of how much you get to save sending money overseas with Wise.
Sources:
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
If youâre looking for a way to send money internationally from within Australia, youâll no doubt have discovered that now there are a whole range of solutions...
Sending money overseas is no longer confined to complex bank transfers, making it easier than ever to send funds to friends and family overseas. Whether for a...
Sending money overseas can seem complex if youâve never done it before. Unlike transferring domestically, there can be differences in fees, transfer times and...
Have you ever wondered about the safety behind sending money abroad? Well depending on which provider you choose can vary how safe your money and account will...
The online space can be like the wild west, especially when it comes to moving money. As the demand for secure financial transactions grows, concerns...
In a world where online transactions have become increasingly the norm, concerns about security and reliability are paramount. With so many providers and...