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HSBC Exchange Rates Compared

Read our review of HSBC's foreign exchange services and how their exchange rates compare to FX specialist providers, compare rates and check if you can save money when you send and spend abroad.

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.

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.

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.

Foreign Transfers

USD to EUR International Money Transfers

 Compare  HSBC logo

FX ProviderReceive EURExchange RateFee USDDeal Links
HSBC logo
HSBC
8,064.84
4.33%
0.808120
OFX
8,388
0.5%
€323 more
0.83880^
XE
8,325
1.25%
€260 more
0.83250
Wells Fargo Bank logo
Wells Fargo Bank
8,064.73
4.33%
€0.11 less
0.808930
Bank of America logo
Bank of America
8,031.83
4.72%
€33 less
0.805630
U.S. Bank logo
U.S. Bank
8,023.86
4.82%
€41 less
0.804830
U.S. Bank logo Bank of America logo HSBC logo Wells Fargo Bank logo
8,046
4.55%
Bank Average
0.806920
HSBC logo HSBC
 
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HSBC: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:20
Exchange Rate:0.8081 (4.14% from mid-rate)
To Amount (EUR)8,064.84
Total Cost:4.33%
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:HSBC


OFX logo OFX
 
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OFX: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:0^ - No fees for BestExchangeRates users (normally $12 for smaller transfers)
Exchange Rate:0.8388 (0.5% from mid-rate)
To Amount (EUR)8,388
Total Cost:0.5%
Difference:
€323 EUR more than using HSBC
Time:
Rate Fetched: 14:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers, Foreign Currency Accounts
Rating:
 
: 4.8/5.0
Review:OFX


Compare OFX
XE logo XE
 
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XE: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:
Exchange Rate:0.8325 (1.25% from mid-rate)
To Amount (EUR)8,325
Total Cost:1.25%
Difference:
€260 EUR more than using HSBC
Time:14:29 Local
Transfer Speed:1-2 days
Services:Bank Transfers - Online & Phone, Speak to Dealers
Rating:
 
: 3.5/5.0
Review:XE


Compare XE
Wells Fargo Bank logo Wells Fargo Bank
 
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Wells Fargo Bank: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:30
Exchange Rate:0.8089 (4.05% from mid-rate)
To Amount (EUR)8,064.73
Total Cost:4.33%
Difference:
€0.11 EUR less than using HSBC
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:Wells Fargo Bank


Compare Wells Fargo Bank
Bank of America logo Bank of America
 
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Bank of America: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:30
Exchange Rate:0.8056 (4.44% from mid-rate)
To Amount (EUR)8,031.83
Total Cost:4.72%
Difference:
€33 EUR less than using HSBC
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:Bank of America


Compare Bank of America
U.S. Bank logo U.S. Bank
 
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U.S. Bank: Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:30
Exchange Rate:0.8048 (4.53% from mid-rate)
To Amount (EUR)8,023.86
Total Cost:4.82%
Difference:
€41 EUR less than using HSBC
Time:14:29 Local
Transfer Speed:2-3 days
Services:Online, Branch, Bank Transfers
Rating:
: /5.0
Review:U.S. Bank


Compare U.S. Bank
Banks - Average Rate
 
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Foreign Transfer USD→EUR
From Amount (USD)U$10,000
Fee:
Exchange Rate:0.8031 (4.73% from mid-rate)
To Amount (EUR)8,046
Total Cost:4.55%
Difference:
€19 EUR less than using HSBC
Transfer Speed:
Services:
Click bank icon to add to table


 
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Snapshot 10/24/2020 - View live rates
Sending $AUD 10K with HSBC vs FX Providers
 

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.

 
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.