HSBC Global Money Transfers (Singapore)

[Stocky]

HSBC Singapore have been talking up their new faster international money transfers using the global money transfer option in their HSBC phone app. So I thought I'd give it a try as a possible alternative to Wise, though HSBC's small print is one of the reasons I use Wise, for although HSBC Singapore now waive their fees, it does say

"Some intermediary banks may charge fees. You can see an estimate of the applicable fees when you review your transfer. The actual amount is subject to the intermediary bank and will be debited after you've confirmed your transfer."

So the figure you are shown might not be the final cost!

 

I made two small transfers, one from Singapore to Thailand for Bht5,000 the other Singapore to the UK for £500. The Thai Baht transfer gave me Bht 25 more than Wise, the UK transfer was £4.50 less than Wise, both transfers arrived within 20 minutes. So far, 48hrs on, I've not been hit with any intermediary bank charges for either transfer. Comparing rates for Baht transfers, then below about Baht12,000 HSBC was fractionally cheaper, as the Wise fee percentage are high to start but fall with larger transfers, but for HSBC the difference in exchange rates offered remains at about 0.85%. That said, the difference at say Bht100,000 is only Bht300 so it's not a great loss; HSBC are now certainly a lot cheaper than they used to be, and with transfers taking only twenty minutes HSBC Global Transfer is a real alternative to Wise.

 

Please note I have no idea if this fast Global Money Transfer works for HSBC account holders globally.

 

Will update should an intermediary bank charge appear at a later date.

 

https://www.hsbc.com.sg/accounts/products/global-money-transfers/