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 Transfers
| Foreign Transfer Providers Ratings & Reviews | Receive USD($) | Exchange Rate | Fee AUD | Total Cost | Transfer Services | Transfer Speed | Deal Links |
|---|---|---|---|---|---|---|---|
  TorFX provide no fee transfers with good exchange rates and excellent customer service. More▾ | 7,072 USD Best Overall | 0.7072 | 0 | 0.91% | Bank Transfers - Online & Phone | 1-2 days | |
 OFX exchange rates are highly competitive for global money transfers, great customer service. ^Zero transfer fees for BestExchangeRates customers. More▾ | 7,075 USD 3 USD | 0.7075 | 0^ | 0.87% | Bank Transfers - Online & Phone | 1-2 days | |
 Great rates and platform for personal, business and online sellers. Get local currency accounts in GBP, EUR, CAD, USD, AUD, NZD, JPY and CNY. More▾ | 7,108 USD 36 USD | 0.7108 | 0 | 0.41% | Bank Transfers - Online & Phone | 1-2 days | |
 Excellent rates and platform. Get local 'Borderless' accounts in GBP, EUR, USD, AUD, & NZD. More▾ | 7,100.6 USD 29 USD | 0.7137 | $51 | 0.51% | Bank Transfers - Online | 1-2 days | |
 Highly recommended peer-to-peer money transfer service. More▾ | 7,083.36 USD 11 USD | 0.7094 | $15 | 0.75% | Bank Transfers - Online only | 1 day | |
BankSA International Money Transfers  | 6,873.22 USD 199 USD | 0.6887 | 20.01 | 3.7% | Online, Branch, Bank Transfers | 2-3 days | |
Bank of Melbourne International Money Transfers  | 6,872.54 USD 199 USD | 0.6887 | 21 | 3.71% | Online, Branch, Bank Transfers | 2-3 days | |
 | 6,866.34 USD 206 USD | 0.6887 | 30 | 3.79% | Online, Branch, Bank Transfers | 2-3 days | |
 | 6,819.7 USD 252 USD | 0.6832 | 18 | 4.45% | Online, Branch, Bank Transfers | 2-3 days | |
Banks - Average Rate      Average rate from these selected Banks. Click icons to see each bank's individual rate and fee. More▾ | 6,796 USD 276 USD | 0.6810 | 15 | 4.77% | Online, Branch, Bank Transfers | 2-3 days | |
 | 6,794.02 USD 278 USD | 0.6809 | 22 | 4.81% | Online, Branch, Bank Transfers | 2-3 days | |
 | 6,722.53 USD 349 USD | 0.6736 | 20 | 5.81% | Online, Branch, Bank Transfers | 2-3 days | |
 | 6,718.97 USD 353 USD | 0.6723 | 6 | 5.86% | Online, Branch, Bank Transfers | 2-3 days | |
| 6,702.57 USD 369 USD | 0.6716 | 20 | 6.09% | Online, Branch, Bank Transfers | 2-3 days |
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 $30, depending on the bank.
Incidentally, there are no fees while making the transfer over the phone.
Time taken to do an international money transfer through HSBC
The turnaround time for an international transfer originating from a branch of HSBC to an overseas account depends on the country of the target account. The credit to the beneficiary can happen in anything from one to three business days.
Travel Money
HSBC Australia has partnered with Travelex to provide foreign currency services in HSBC branches around Australia, so you can organise your currency needs while you bank. Travelex is the world’s largest retail foreign exchange operator and serves customers in over 1000 locations. With over 50 currencies available in branches and over 35 currencies available to buy online, Travelex is the first stop over on your travel itinerary.
At Travelex counters in HSBC branches you will have access to foreign currency, Travelex Cash Passport, Travellers Cheques and other travel money related products.
Travel Money - Best vs Banks
| Travel Money Providers Ratings & Reviews | Amount USD($) | Exchange Rate | Fee AUD | Total Cost | Currency Services | Delivery/Collect | Deal Links |
|---|---|---|---|---|---|---|---|
 Order multiple currencies in one transaction and have it delivered to your door in 5 days. More▾ | 697.40 USD Best Overall | 0.6974 | 0 | 2.3% | Online order, Free delivery, Pickup in Adelaide only | 5 days | |
 Get great travel money rates from Travelex when you order online. More▾ | 690.20 USD 7.2 USD | 0.6902 | $0 BPay, Card 0.72%-1% | 3.31% | Online order, Branch pickup, Home delivery | 2-3 days | |
 Order over 60 currencies at best online rate and collect at over 130 locations across Australia. More▾ | 689.90 USD 7.5 USD | 0.6899 | $0 BPay, Credit Card 1% | 3.35% | Online order, Branch pickup | 3-5 days | |
 Get better rates when you order online (via Travelex) for pickup at your local AusPost branch. More▾ | 688.80 USD 8.6 USD | 0.6888 | $0 BPay, Card 0.72%-1% | 3.5% | Online order, Branch pickup, $10 fee for orders under $1000 | 2-3 days | |
Bank of Melbourne Foreign Currency | 678.47 USD 19 USD | 0.6888 | $15 | 4.95% | Branch | - | |
BankSA Foreign Currency | 678.47 USD 19 USD | 0.6888 | $15 | 4.95% | Branch | - | |
| 676.37 USD 21 USD | 0.6832 | $10 | 5.24% | Branch | - | |
| 673.89 USD 24 USD | 0.6807 | $10 | 5.59% | Branch | - | |
Banks - Average Rate Average rate from these selected Banks. Click icons to see each bank's individual rate and fee. More▾ | 673.26 USD 24 USD | 0.6815 | 10 | 5.68% | Branch | - | |
| 669.80 USD 28 USD | 0.68 | $15 | 6.16% | Branch | - | |
| 668.94 USD 28 USD | 0.6757 | 10 | 6.28% | Branch | - | |
| 666.86 USD 31 USD | 0.6736 | $10 | 6.58% | Branch | - |
For overseas transfers HSBC charge 3% of the total amount of each transaction.
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Category: Reviews Tags: Global, HSBC, Money Transfer Services
