International money transfers using HSBC

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Sending Large Money Transfers using HSBC

At Regency FX we help you achieve the most from the currency you are converting using HSBC’s international banking solutions.

As an independent currency specialist, we have lower overheads than the banks, enabling us to pass the savings we can achieve using HSBC’s money transfer options directly on to you.

We can also discuss all of HSBC’s international transfer offerings and agree on the right time to exchange your money with HSBC’s international banking, rather than using a bank or online-only system and having to accept the international transfer rates HSBC have given you on the day.

International money transfers are never easy and they are variety of ways international transfers can be transacted. I am going to try and help you understand them a bit better so you can get the most from your HSBC international transfer transactions and save money doing it.

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What information will you need?

You will need: the recipient’s full name and address, their country, their IBAN and BIC and the reason for the transfer.

BIC (Bank Identifier Codes) are used to identify the bank.

IBAN (International Bank Account Number) is used to identify the specific account.

These codes can vary depending on what country you are sending or receiving from.

How to carry out the HSBC transfer?

There are a few methods to transfer the money; online baking, telephone banking or visiting the branch.

Online banking is very simple as you log into your account, select move money then follow the steps and prompts on the screen.

Telephone banking you need to call 03457 707 070 for premier customer.

Non premier customers call 03457 404 404

In a branch you need to get some assistance from a staff member and let them know you want to make an international transfer.

They will give you a form to fill out.

You will need some photo ID (passport or driving license) to be able to carry out the transfer in a branch.

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What is the timeframe?

Usually, it takes up to 4 working days with HSBC.

It can take a longer amount of time if certain checks are needed such as security checks.

Time zones and daily cut-off time can also slow down the process.

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How much can you send a day?

HSBC’s daily limit is £50,000 for international money transfers online.

In a branch there is not a limit however you will need to take a valid form or ID with you.

With telephone banking the daily limit is £10k for non-premier customers and no limit for premier customers.

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HSBC’s transfers fees

HSBC charge a £4 online foreign transaction fee per single transaction or if you do it in branch or on the phone the fee is £9.

There will be no international transfer fee at all if the money is going from a HSBC account to another HSBC account, which really saves you money when it comes to HSBC’s bank charges.

And, whilst HSBC international transfer fees are not massive, if you need to make frequent payments then HSBC bank charges can soon add up and really sting.

That is where Regency FX comes in, we are here to make sure your HSBC bank charges don’t mount up and get the better of you.

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Exchange rates

Most people know about the transfer fees however, not so many people are aware of the exchange rate costs.

These costs can actually be a lot more than the transfer fees.

Banks will set their own exchange rates will their profit margin included in them.

Here is an example of what you could be charged: with a transfer of £10,000 if there was a 3.49% margin then you would be paying £349 in exchange rate costs.

That is a lot of money to be paying in costs!

With a transfer of £50k you would be charged £1,200!

If you do not shop around and compare with different companies then you could end up losing a lot of money!

If you compare companies, make sure to do it around the same time as the quote will be more accurate this way.

Are banks the only option?

No, they are definitely not!

There are other options when sending money internationally which are using a money transfer company.

A lot of people think using their bank is much easier when actually banks have uncompetitive rates and lots of charges as well as daily limits.

Banks are better with smaller, non-frequent payments.

Money transfer specialists have lowest costs and more competitive rates.

They specialise in larger transfers over £5,000.

Banks also do not offer much help in this area as it is not their area of expertise and you will not be the bank’s priority!

Who are we?

Regency FX are a UK based independent currency broker, specialising in high volume transfers.

We pride ourselves on our premium level of customer service, you will be allocated your own personal account manager whom you will have direct access to.

All funds transferred through Regency FX are made using client segregated accounts in accordance with the FCA (Financial Conduct Authority) guidelines.

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The important thing is the comparison, online rates shown on Google and other search engines are not always accurate for the consumer.

They can often refer to the rates that banks exchange at rather than what is available to you, the customer.

Even if you are just looking for property at this stage it is worth getting in touch to discuss your options.

We can monitor the market on your behalf enabling you to budget more effectively.

As a first-class currency transfer service, here at Regency FX we endeavour to get the best available rate regardless of how much you are transacting.

Get a quote and see how we stack up.