Wire transfer is the fastest mode of receiving money in your HSBC account from abroad. You can receive money into your HSBC account from a foreign country via International wire transfer. The transaction is initiated by the sender through a financial institution, however, you need to provide your banking details to the sender for successful transfer of money.
International Wire Transfer to HSBC
International wire transfer is one of the fastest way to receive money from foreign countries. Banks use SWIFT network for exchanging messages required for performing international wire transfer. Usually, the receiving bank (in UK) and the sending bank (in other country) need to have a direct arrangement in place to start the swift transfer – this is sometimes referred to as correspondent banking.
Incoming International Wire Transfer Instructions
To receive international wire transfer in your HSBC account, please provide the following wire instructions to the sending financial institution:
|Bank Name:||HSBC UK|
|SWIFT BIC Code for HSBC:||For HSBC UK, this code is MIDLGB22|
|Your International Bank Account Number (IBAN):||It’s on your statement|
|Your Sort Code:||You can find it on your statement or through online banking|
|Beneficiary Account Number:||Your complete HSBC account number (including leading zeros, if any)|
|Beneficiary Name:||The full name of your account as it appears on your statement|
|Beneficiary Address:||Your complete address|
Note of Caution on Fees: If your money transfer involves currency conversion, there is a high chance you will get a poor exchange rate from the banks and as a result pay high hidden fees.
Outgoing International Wire Transfer Instructions
To send international wire transfer from your HSBC account, You need to know the following information about the person or company receiving the money:
|Your Own Account Details:||Details of your HSBC Account you wish to be debited|
|Beneficiary’s Full Name and Address:||Beneficiary’s full name and address, you should obtain these details from them|
|Beneficiary’s Bank Code:||Business Identifier Code (BIC), from your beneficiary
(For some countries you may need the national bank code rather than the BIC)
|IBAN (International Bank Account number) or Account Number:||The IBAN is a series of alphanumeric characters that helps to identify accounts held anywhere in the world|
|Country of Their Bank:||Your beneficiaries account holding bank may not always be the same as their home country|
|Amount of The Payment:||How much you would like to send to your beneficiary|
|Any Reference:||Any reference you would like to be included to be sent to the beneficiary|
|Reason for Making The Payment:||Bank may ask you for a reason for the payment|
Incoming Wire Transfer Fees for HSBC UK
International Incoming Wire Transfer Fees for HSBC is as follows:
|Non-sterling electronic payments|
|Payments of £100 or more||£8|
|Payments under £100||£0|
|Sterling electronic payments from banks outside the UK|
|Payments of £100 or more||£6|
|Payments under £100||£0|
Outgoing Wire Transfer Fees for HSBC UK
International Outgoing Wire Transfer Fees for HSBC is as follows:
|HSBC to HSBC||£0||£0||£0|
|HSBC to any Other Bank||£4||£9||£9|
Apart from the wire transfer fees, if the transfer involves currency conversion, banks make money on currency conversion as well by giving retail conversion rates to you which is usually 1-2% lower than the market rate. We recommend using services like TransferWise for getting best conversion rates with lower wire transfer fees.
Incoming Wire Transfer Cutoff Time for HSBC UK
The Wire Transfer Cutoff Time for HSBC UK will depend on the currency of your payment.
1. For Euro and Sterling cutoff time is 3:30 pm.
2. For US Dollars cutoff time is 6 pm.
3. For all other currencies please visit any HSBC branch.
4. Any requests received after cutoff time will normally be processed the next working day.