HSBC Exchange Rate

HSBC Currency Exchange Spread and Fees

HSBC charges a £5 fee and an average exchange rate markup of 2.8% for international payments. If you’re sending money in any currency outside the EEA, or to somewhere in the EEA in a currency other than euros, there is a transfer fee of £5. This fee does not apply if you use a Global Money account. The markup in the exchange rate, also known as the margin, varies based on the currency you’re converting. It can be as high as 3.1% in some cases. The markup depends on the amount you’re converting and whether you use the Global Money account or not.

How Long Do International Transfers Take HSBC?

The time it takes for international transfers with HSBC can vary depending on several factors, including cut-off times, payment routes, and additional checks.

• Cut-Off Times: HSBC has specific cut-off times for processing international payments. If you submit your payment request before the cut-off time, it will be processed on the same business day. Payments submitted after the cut-off time will be processed on the next business day.
• Payment Route: The route your payment takes can also affect the transfer time. Payments sent through local routes, such as SEPA for Euro transfers within the EU, are typically faster and can be completed within 1-2 business days. Payments sent via SWIFT, which is used for transfers outside the EU, may take longer, typically 2-5 business days.
• Fraud Checks: HSBC may perform fraud checks on international transfers. If your payment is flagged for additional checks, you may be required to provide additional documentation, which can delay the transfer.

Ultimately, international transfers with HSBC can take anywhere from 1 to 5 business days. However, if fraud checks are required, the process may take longer depending on how quickly the necessary documents are provided and reviewed.

What is the HSBC Global Money Account?

The HSBC Global Money Account is a digital account designed to make international money management easy and cost-effective. With this account, you can hold, manage, and send multiple currencies. It allows you to make real-time transfers between your HSBC accounts worldwide and to other banks. The Global Money Account is ideal for those who frequently travel. With its user-friendly mobile app, you can track your transactions, view real-time exchange rates, and manage your money on the go.

While the HSBC Global Money Account is great for traveling and spending abroad, it’s important to note that the exchange rates offered by Rutland FX are far superior. Rutland FX provides better rates for currency conversion, which can result in significant savings. However, Rutland FX does not currently offer debit cards for spending abroad, making the HSBC Global Money Account a convenient option for everyday transactions while traveling if you require spending on a debit card.

Is Rutland FX Cheaper Than HSBC?

Rutland FX is significantly cheaper than HSBC for international payments. We offer competitive exchange rates, providing you with better value for your money. Additionally, our service is designed to be faster and more transparent.

One of the key advantages of using Rutland FX is our use of SWIFT gpi for most of our payments. This system allows you to track your international transfers like a parcel, providing complete transparency and peace of mind. The majority of payments sent via SWIFT gpi arrive within an hour, ensuring that your funds reach their destination quickly and efficiently.

Additional Services

• Free Multi-Currency Account: Manage your funds in multiple currencies with ease.
• FX Hedging Solutions: Utilize forward contracts and other tools to manage currency risk.
• Dedicated Account Executive: Get personalized assistance for all your transfers.
• Easy Access to Online Account: Manage your payments effortlessly through our online platform.

These services help streamline your international payments and provide added value, making Rutland FX a practical choice for managing your currency needs.