HSBC is the world’s fifth largest bank by total assets with a market value of over £120 billion; offering myriad global financial services which include international money transfers. The HSBC name originates from the initials of the Hong Kong and Shanghai Banking Corporation. Headquartered in London, HSBC sees both the United Kingdom and Hong Kong as its home markets. HSBC has approximately 60 million global customers served by around 6,600 offices in 80 countries and territories across Africa, Asia, Oceania, Europe, North and South America.
HSBC is organized into four principal business sectors: Commercial Banking, Global Private Banking and Retail Banking and Wealth Management. Investment banking, and international money transfers are provided under HSBC’s Global Banking and Markets division.
Global Banking and Markets provides investment banking and finance for corporate and institutional clients, including corporate banking, investment banking, capital markets, trade services, payments and cash management, and leveraged acquisition finance. It provides services in foreign exchange as well as equities, credit and rates, money markets and securities services and asset management services.
HSBCnet is the specific global service platform providing payments and foreign exchange services, operated under the Global Banking and Markets Division
HSBC bank account holders have access to Personal Transfer Services:
HSBC international money transfers Expat banking accounts.
Multi-currency accounts and wealth management services are specifically designed for expats and account holders who regularly make international money transfers. New customers need to have a minimum of £60,000 or currency equivalent in deposits and/or investments with HSBC.
HSBC Business and Corporate Services:
Dynamic sales and trading teams offer up-to-date market intelligence, advice and timely deals throughout the trading day. HSBCnet integrates real-time foreign exchange pricing tools into secure transaction portal. With HSBCnet clients can:
HSBC offers modern tools- like a currency calculator, backed by more than 140 years of experience.
HSBC’s website simply makes the process of transferring money into an unnecessary labyrinth that convinces the visitor this isn’t the bank’s specialty. The currency calculator labelled ‘HSBC Spot FX’ comes with this caveat: ‘This currency calculator supplies indicative information only and the data should not be used as the basis for any transactions or treated as either a definitive currency price or investment advice.’ The information isn’t indicative of the rate they deliver and since that won’t be revealed until after the transfer has begun, there isn’t transparency in HSBC’s actual exchange rates.
HSBC would prefer customers contact them by phone, rather than make the process of transferring online straightforward. Account holders will find the bank offers only one page of services available which aren’t specific enough to know what the options really are. In the time customers have researched the services they might well have already registered and transferred a payment with their dedicated currency company dealer, having secured a better rate with much less hassle.
TRUSTPILOT rates HSBC money transfers as Bad/ 0.6 with 267 reviews. The running theme through multiple complaint scenarios can be summed up as: wait. Calling customer service was an exercise in waiting on hold, visiting a branch ( no matter where in the world) was consistently reported as hours lost to waiting. After account holders struggled with spending time trying to make mobile app features work properly or out-dated online platforms effective, they were rewarded with waiting on the telephone ( for over 40 mins, many noted) for customer service that typically couldn’t assist them.
ConsumerAffairs gives HSBC 1 out of 5 stars with 673 reviews. The theme dominating the reviews was once again, wasted time waiting both in branches and on telephones all over the world.
Mybanktracker rates HSBC 1 out of 5 stars with 71 reviews. Online banking and service issues are reported with the same ubiquitous wait feature.
Despite the expat accounts, HSBC isn’t offering their account holders an easy effective way to transfer money abroad, because they have made it unnecessarily complicated. Those impressed or daunted by wading through the bank’s vast array of services will find the experience of using a currency specialist company liberating. Without the hidden fees and poor exchange rates, those transferring money will be delighted to find they’ve saved themselves a great deal of money without ever having to tolerate the long telephone waiting times HSBC is famous for.
1 out of 5 stars for poor customer service and worse money transfer exchange rates
Traditionalists may enjoy feeling secure with a familiar banking brand. Some of HSBC’s services like a weekly Expat email may feel like support from home.
HSBC foreign exchange seems to operate out of the old fashioned notion that the money they trade is theirs and not their account holders. HSBC behaves opposite to the way companies specializing in foreign exchange work. Time is money, and HSBC has average phone wait time of 40 minutes.