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HSBC Exchange Rates Compared

#Banks #FinTech #Global #HSBC
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As a leading global bank, HSBC has a wide portfolio of services aimed to cater to their customers and their foreign exchange requirements. If you are a customer looking to send money overseas with HSBC Exchange Rates through an International Money Transfer (IMT) or get travel money, then read on.

Foreign Transfer ProvidersReceive USD($)Exchange RateFee AUDTotal CostDeal Links
OFX (OzForex) logo
6,719 USD
Best Overall
0.67190^0.8%
Westpac logo
6,722.53 USD
3.53 USD
0.6736200.75%
ANZ Bank logo
6,579.14 USD
140 USD
0.6591182.86%
BankSA International Money Transfers
BankSA logo
6,522.92 USD
196 USD
0.653620.013.69%
Bank of Melbourne International Money Transfers
Bank of Melbourne logo
6,522.27 USD
197 USD
0.6536213.7%
Bank of Queensland logo
6,516.39 USD
203 USD
0.6536303.79%
Banks - Average Rate
National Australia Bank (nab) logo Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo Bank of Queensland logo Bank of Melbourne logo BankSA logo
6,516 USD
203 USD
0.6529153.79%
National Australia Bank (nab) logo
6,472.73 USD
246 USD
0.6487224.43%
Commonwealth Bank (CBA) logo
6,404.16 USD
315 USD
0.64086 5.45%
St George Bank logo
6,389.2 USD
330 USD
0.6402205.67%
OFX (OzForex): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:0^ - No fees for BestExchangeRates users (normally $15 for transfers over $10K)
Exchange Rate:0.6719 (0.8% from mid-rate)
USD amount:6,719 USD
Total Cost:0.8%
Time:
Rate Fetched: 16:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
Westpac: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6736 (0.55% from mid-rate)
USD amount:6,722.53 USD
Total Cost:0.75%
Difference:
3.53 USD more than using OFX (OzForex)
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
ANZ Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:18
Exchange Rate:0.6591 (2.69% from mid-rate)
USD amount:6,579.14 USD
Total Cost:2.86%
Difference:
140 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Mon Aug 19 2019 16:03:05 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
BankSA: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20.01
Exchange Rate:0.6536 (3.5% from mid-rate)
USD amount:6,522.92 USD
Total Cost:3.69%
Difference:
196 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Melbourne: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:21
Exchange Rate:0.6536 (3.5% from mid-rate)
USD amount:6,522.27 USD
Total Cost:3.7%
Difference:
197 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
Bank of Queensland: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:30
Exchange Rate:0.6536 (3.5% from mid-rate)
USD amount:6,516.39 USD
Total Cost:3.79%
Difference:
203 USD less than using OFX (OzForex)
Time:
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:15
Exchange Rate:0.6613 (2.36% from mid-rate)
USD amount:6,516 USD
Total Cost:3.79%
Difference:
203 USD less than using OFX (OzForex)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
National Australia Bank (nab): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:22
Exchange Rate:0.6487 (4.22% from mid-rate)
USD amount:6,472.73 USD
Total Cost:4.43%
Difference:
246 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Mon Aug 19 2019 16:05:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2.1/5.0
Reviews:
Commonwealth Bank (CBA): Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:6
Exchange Rate:0.6408 (5.39% from mid-rate)
USD amount:6,404.16 USD
Total Cost:5.45%
Difference:
315 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - Mon Aug 19 2019 16:02:02 GMT+0000 (UTC)
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Foreign Transfer AUD→USD
AUD amount:$10,000 AUD
Fee:20
Exchange Rate:0.6402 (5.48% from mid-rate)
USD amount:6,389.2 USD
Total Cost:5.67%
Difference:
330 USD less than using OFX (OzForex)
Time:
Rate Fetched: website - 16:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 1/5.0
Reviews:
 
Snapshot 08/19/2019 - See full table
Sending $AUD 10K with HSBC vs FX Providers
 

From this article, you will

  • Find the right exchange rate as per your need.
  • Calculate currency conversion by using the exchange rates
  • Compare the HSBC exchange rates to that of other foreign exchange providers

The components that decide HSBC exchange rates

There are three main components that decide the exchange rates for a currency. They are:

  • The currency itself
  • Type of transaction – buy or sell
  • Product purchased (cash, travel card or bank transfer)

Before going into each component in detail, let’s understand this better by looking at an actual table that carries all factors. It lists the exchange rates of various currencies on a given day. You can use this table to understand the HSBC exchange rates better.

Currency

The exchange rates primarily depend on the currency you wish to buy or sell.  Assuming you are travelling to the US, you’ll need USD, and if travelling to New Zealand, you’ll need NZD. Once you decide upon the currency you need to buy or sell, all you have to do is check the rates relevant to that currency. So, if you are travelling to the US, check the row showing rates of USD in the above table. If travelling to New Zealand, check the rates of NZD only.

HSBC lets you take advantage of currency fluctuations and exchange foreign currencies online at real-time FX rates throughout the day. 

Type of transaction

Once you’ve decided upon the foreign currency you need, the next step is to decide what you want to do with it. Are you looking to convert from, say, AUD to USD or EURO or any other foreign currency? In that case, you can check the exchange rates for buying foreign currency found under the column – ‘sending money overseas or buying travel money’. Please note the fact that there are slight differences in the rates offered for each option across a currency. If you planning the reverse, i.e., have excess foreign currency with you that you need to convert back to AUD, you would want to sell it. In that case, you’ll have to refer to the rates under the column ‘Have foreign currency to convert?’

Please note that the conversion from AUD to a foreign currency or vice versa will have different cross currency rates at work. That is, for 1AUD, you get USD at one rate, and when converting back from, say USD, you get AUD at another rate.

 

Product required

Another factor that determines exchange rates is the type of product you wish to buy. Cash or Travel money, Travel cards, and International money transfers (IMT) are the main products offered by HSBC. As the names suggest, if you are travelling to another country, you would need foreign currency in hard cash or a travel card. Carrying a lot of cash may be risky and travel cards might work out to be a better option in some cases. If you are remitting foreign exchange to anyone abroad, an international money transfer is all you need to do. Another option is to use a combination of all three options depending on your situation.

Are there any hidden costs?

There is a cost attached to these transfers that are dependent on the amount involved. The default limit for online transfer is $25,000 and there is a $25 fee levied for these. Additional fees imposed by an intermediary or recipient bank and also for any amendments, cancellation or for tracing a payment could vary between $20 and $30, depending on the bank.

Incidentally, there are no fees while making the transfer over the phone.

 

Time taken to do an international money transfer through HSBC

The turnaround time for an international transfer originating from a branch of HSBC to an overseas account depends on the country of the target account. The credit to the beneficiary can happen in anything from one to three business days.

Travel Money

HSBC Australia has partnered with Travelex to provide foreign currency services in HSBC branches around Australia, so you can organise your currency needs while you bank. Travelex is the world’s largest retail foreign exchange operator and serves customers in over 1000 locations. With over 50 currencies available in branches and over 35 currencies available to buy online, Travelex is the first stop over on your travel itinerary.

At Travelex counters in HSBC branches you will have access to foreign currency, Travelex Cash Passport, Travellers Cheques and other travel money related products.

Travel Money ProvidersAmount USD($)Exchange RateFee AUDTotal CostDeal Links
Westpac logo
666.86 USD
Compare
0.6736A$101.54%
Travelex Online AU logo
659.10 USD
7.76 USD
0.6591$0 BPay, Card 0.72%-1%2.69%
ANZ Bank logo
652.51 USD
14 USD
0.6591A$103.66%
Banks - Average Rate
Westpac logo ANZ Bank logo Commonwealth Bank (CBA) logo St George Bank logo National Australia Bank (nab) logo Bank of Melbourne logo BankSA logo
645.63 USD
21 USD
0.6536104.68%
Bank of Melbourne Foreign Currency
Bank of Melbourne logo
643.80 USD
23 USD
0.6536A$154.95%
BankSA Foreign Currency
BankSA logo
643.80 USD
23 USD
0.6536A$154.95%
Commonwealth Bank (CBA) logo
640.73 USD
26 USD
0.6472A$105.4%
St George Bank logo
636.90 USD
30 USD
0.6466A$155.96%
National Australia Bank (nab) logo
634.79 USD
32 USD
0.6412106.28%
Westpac: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6736 (0.55% from mid-rate)
USD amount:666.86 USD
Total Cost:1.54%
Time:
Rate Fetched: website - Mon Apr 15 2019 01:04:04 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2/5.0
Reviews:
Travelex Online AU: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:$0 BPAY, 0.77% MasterCard debit, 0.94% MasterCard credit, 0.72% Visa debit and 1% Visa credit
Exchange Rate:0.6591 (2.69% from mid-rate)
USD amount:659.10 USD
Total Cost:2.69%
Time:
Rate Fetched: Mon Aug 19 2019 16:00:05 GMT+0000 (UTC)
Currency Services:Online order, Branch pickup, Home delivery
Delivery/Collect:2-3 days
Rating:
 
: 4.3/5.0
Reviews:
ANZ Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6591 (2.69% from mid-rate)
USD amount:652.51 USD
Total Cost:3.66%
Time:
Rate Fetched: website - Mon Aug 19 2019 16:03:05 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 3/5.0
Reviews:
 

Banks - Average Rate

Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6438 (4.95% from mid-rate)
USD amount:645.63 USD
Total Cost:4.68%
Currency Services:Branch
Delivery/Collect:-
Bank of Melbourne: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6536 (3.5% from mid-rate)
USD amount:643.80 USD
Total Cost:4.95%
Time:
Rate Fetched: website - 16:47 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
BankSA: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6536 (3.5% from mid-rate)
USD amount:643.80 USD
Total Cost:4.95%
Time:
Rate Fetched: website - 16:47 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
: /5.0
Reviews:
Commonwealth Bank (CBA): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$10 AUD (1%)
Exchange Rate:0.6472 (4.44% from mid-rate)
USD amount:640.73 USD
Total Cost:5.4%
Time:
Rate Fetched: website - Mon Aug 19 2019 16:02:02 GMT+0000 (UTC)
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1.2/5.0
Reviews:
St George Bank: Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:A$15 AUD (Minimum fee)
Exchange Rate:0.6466 (4.53% from mid-rate)
USD amount:636.90 USD
Total Cost:5.96%
Time:
Rate Fetched: website - 16:47 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 1/5.0
Reviews:
National Australia Bank (nab): Travel Money AUD→USD
AUD amount:$1,000 AUD
Fee:10
Exchange Rate:0.6412 (5.33% from mid-rate)
USD amount:634.79 USD
Total Cost:6.28%
Time:
Rate Fetched: website - 16:47 Local
Currency Services:Branch
Delivery/Collect:-
Rating:
 
: 2.1/5.0
Reviews:
 
Snapshot 08/19/2019 - See full table
Changing $AUD 2K with HSBC vs Ordering Online
 

For overseas transfers HSBC charge 3% of the total amount of each transaction.

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“We were wrong,” said HSBC’s head of strategy David Bloom as he cancelled the bank’s forecast for the euro to reach parity with sterling this year. For much of 2017, HSBC analysts have been among the gloomiest on sterling with their predictions for continued declines in the currency against both the euro and dollar. Bloom had […]

Last update: 16 Feb, 2019

 

Posted to: Banks

 
 
Please note that the opinions of our authors are their own and do not reflect the opinion of Best Exchange Rates and should not be taken as a reference to buy or sell any financial product.
 

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