International money transfers used to involve a lot of complicated paperwork, but not anymore. Now it’s as simple as selecting 'Move Money' when you're on the HSBC Australia Mobile Banking app.
Whether you’re sending money to a loved one or you’re paying for something outside Australia, there are a few things to consider.
The method you choose will depend on your needs, how long the transfer will take, transfer limits, and any fees. It's worth shopping around to find a reputable International Money Transfer (IMT) provider and compare rates.
Also known as a telegraphic transfer, this transfer uses an electronic network like SWIFT. Fees can vary, and the receiving bank or financial institution may also charge a fee. Money transfers can be made through an IMT service or the post office.
Sending money through your bank can be quick, easy and safe. You can do this in a branch, online or through your mobile banking app. If you're sending money between your bank accounts or within your banking network, this service is often instant and free.
The requirements will depend on how you're transferring the money. However, there are a few essential things to ensure a smooth transfer process.
These include:
Double-check all the details before you make the transfers. It can be difficult to recover your money if you send it to the wrong account.
On average, transfers take 1-5 business days. However, depending on the regulations and controls of the receiving country, the currency, and the transfer amount, it may take 5-7 days or longer.
With HSBC, transfers via Global Money Transfers on the HSBC Australia Mobile Banking app generally take 1-2 business days. If you hold multiple global HSBC bank accounts, you can make instant, fee-free transfers between your accounts with HSBC Premier Global Transfers[@article-eligibility-hsbc-premier].
International money transfers are generally secure and reliable. All remittance service providers must be registered with AUSTRAC – Australia's anti-money laundering agency. The Australian Securities and Investments Commission regulates banks and financial institutions. Banks in turn employ advanced encryption methods to keep your online and mobile banking secure.
It pays to take the time to find the right international transfer service. That way, you can feel confident your money is secure and will arrive safely. The Australian government's moneysmart website is a good source of smart tips for sending money overseas.
The cost of an international money transfer can vary significantly. You may get charged a fixed transfer fee or a percentage of the amount you’re transferring. The intermediary and receiving banks may also charge a handling fee.
In the end, an international money transfer can range from $0 to $50 per transaction, depending on the:
To make an international transfer, you'll need to open a bank account and register for online banking. You can then log in to your account or use the mobile app and follow the steps. In-person payments can also be made at an HSBC Australia branch. We offer competitive exchange rates and low fees for international transfers.
Global Transfers is available exclusively to Premier customers for instant transfers between your global HSBC accounts, free of charge.
Global Money Transfers is available to all customers for fast, easy and secure global transfers to third parties in over 50 currencies with a $0 HSBC transfer fee[@zero-hsbc-transfer-fee]. Transfers can be made to over 200 countries and regions with the HSBC Australia Mobile Banking app.
