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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.

  

EUR to USD International Money Transfers

   HSBC Bank HSBC logo

Foreign Transfer ProvidersReceive USD(U$)Exchange RateFee EURTotal CostDeal Links
HSBC International Money Transfers
HSBC logo
U$5,317.51
Compare
1.0651€7.53.83%
TorFX logo
U$5,426
U$108 more
1.085201.87%
OFX logo
U$5,485.5
U$168 more
1.09710 for BER users (normally $15)0.8%
WorldFirst logo
U$5,502
U$184 more
1.100400.5%
Deutsche Bank International Money Transfers
Deutsche Bank logo
U$5,266.8
U$51 less
1.064€504.75%
Citibank International Money Transfers
Citibank logo
U$5,263.84
U$54 less
1.0553124.8%
Santander International Money Transfers
Santander logo
U$5,233.48
U$84 less
1.0509205.35%
Banks - Average Rate
Deutsche Bank logo Santander logo Citibank logo Sparkasse Bank logo HSBC logo Bank of Ireland logo Crédit Agricole logo AIB Bank logo BNP Paribas logo
U$5,204
U$114 less
1.0480125.88%
Bank of Ireland International Money Transfers
Bank of Ireland logo
U$5,201.96
U$116 less
1.0509€505.92%
BNP Paribas International Money Transfers
BNP Paribas logo
U$5,173.25
U$144 less
1.0451€506.44%
Crédit Agricole International Money Transfers
Crédit Agricole logo
U$5,164.34
U$153 less
1.0433€506.6%
AIB Bank International Money Transfers
AIB Bank logo
U$5,142.56
U$175 less
1.0389€507%
Sparkasse Bank International Money Transfers
Sparkasse Bank logo
U$5,075.23
U$242 less
1.0181158.22%
 

HSBC logo

HSBC: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€7.5 EUR (.15%)
Exchange Rate:1.0651 (3.69% from mid-rate)
To Amount (USD) U$5,317.51
Total Cost:3.83%
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

TorFX logo

TorFX: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:0
Exchange Rate:1.0852 (1.87% from mid-rate)
To Amount (USD) U$5,426
Total Cost:1.87%
Difference:
U$108 USD more than using HSBC
Time:0:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone
Rating:
 
: 4.7/5.0
Reviews:
 

OFX logo

OFX: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:0 for BER users (normally $15)
Exchange Rate:1.0971 (0.8% from mid-rate)
To Amount (USD) U$5,485.5
Total Cost:0.8%
Difference:
U$168 USD more than using HSBC
Time:
Rate Fetched: 0:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Reviews:
 

WorldFirst logo

WorldFirst: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:
Exchange Rate:1.1004 (0.5% from mid-rate)
To Amount (USD) U$5,502
Total Cost:0.5%
Difference:
U$184 USD more than using HSBC
Time:0:45 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Foreign Currency Accounts
Rating:
 
: 4.6/5.0
Reviews:
 

Deutsche Bank logo

Deutsche Bank: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€50 EUR (1%)
Exchange Rate:1.0640 (3.79% from mid-rate)
To Amount (USD) U$5,266.8
Total Cost:4.75%
Difference:
U$51 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Citibank logo

Citibank: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:12
Exchange Rate:1.0553 (4.58% from mid-rate)
To Amount (USD) U$5,263.84
Total Cost:4.8%
Difference:
U$54 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Santander logo

Santander: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:20
Exchange Rate:1.0509 (4.97% from mid-rate)
To Amount (USD) U$5,233.48
Total Cost:5.35%
Difference:
U$84 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
 
: 2/5.0
Reviews:
 

Banks - Average Rate

Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:12
Exchange Rate:1.0476 (5.27% from mid-rate)
To Amount (USD) U$5,204
Total Cost:5.88%
Difference:
U$114 USD less than using HSBC
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
 

Bank of Ireland logo

Bank of Ireland: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€50 EUR (1%)
Exchange Rate:1.0509 (4.97% from mid-rate)
To Amount (USD) U$5,201.96
Total Cost:5.92%
Difference:
U$116 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

BNP Paribas logo

BNP Paribas: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€50 EUR (1%)
Exchange Rate:1.0451 (5.5% from mid-rate)
To Amount (USD) U$5,173.25
Total Cost:6.44%
Difference:
U$144 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Crédit Agricole logo

Crédit Agricole: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€50 EUR (1%)
Exchange Rate:1.0433 (5.66% from mid-rate)
To Amount (USD) U$5,164.34
Total Cost:6.6%
Difference:
U$153 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

AIB Bank logo

AIB Bank: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:€50 EUR (1%)
Exchange Rate:1.0389 (6.06% from mid-rate)
To Amount (USD) U$5,142.56
Total Cost:7%
Difference:
U$175 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 

Sparkasse Bank logo

Sparkasse Bank: Foreign Transfer EUR→USD
From Amount (EUR)€5,000
Fee:15
Exchange Rate:1.0181 (7.94% from mid-rate)
To Amount (USD) U$5,075.23
Total Cost:8.22%
Difference:
U$242 USD less than using HSBC
Time:0:45 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Reviews:
 
Snapshot 12/08/2019 - 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.

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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