HSBC Review Verdict
HSBC is convenient if you already bank there, and the money is genuinely protected: deposits are FSCS-covered up to £120,000, which no e-money transfer app can match. For sending money abroad, though, it is expensive.
The cost is hidden in the exchange rate, a margin of roughly 1.5–3.5%, far more than the small £4–£5 fee suggests. On £1,000 to Europe, a specialist typically leaves your recipient £30-plus better off.
Best for
- Existing HSBC customers wanting everything in one app
- People who value FSCS protection on the money they hold
- Occasional transfers where convenience beats squeezing the rate
Look elsewhere if
- You want the lowest cost on a transfer abroad
- Your recipient needs cash pickup or a mobile wallet
- You send regularly and the margin adds up
How Much Does HSBC Cost to Send Money?
HSBC's exchange rate and margin
The small transfer fee is not where a bank makes its money. HSBC builds most of its charge into the exchange rate, a margin of roughly 1.5–3.5% above the mid-market rate, the figure you would see on Google.
That margin varies by currency and size. GBP to EUR runs around 3.5%, GBP to USD higher still, and GBP to INR roughly 2.1–2.8%. Larger transfers get a slightly tighter rate.
This is the single reason a bank usually costs more than a specialist, even when its fee looks small.
HSBC transfer fees
The explicit fee is modest, and lower online than in branch.
| Channel | Fee |
|---|---|
| Online / mobile app | £4–£5 (£5 outside the EEA or in non-Euro currencies) |
| Branch or telephone | £9 |
| Euro to the EEA, and HSBC-to-HSBC | Fee-free |
On SWIFT routes an intermediary bank may also take a cut before the money arrives, under the SHA default. HSBC's Global Money Account avoids the explicit and intermediary fees, though its rate still carries a margin.
Sending £1,000 to India with HSBC
Standard account. Figures are illustrative, on the sourced margins and the mid-market rate of 24 June 2026, so confirm the live quote.
| Rate | Fee | Recipient gets | |
|---|---|---|---|
| HSBC, GBP to INR (~2.5% margin) | ~123.7 | £5 | ~₹123,700 |
| HSBC, GBP to EUR (~3.5% margin) | ~1.110 | £4 | ~€1,110 |
A specialist using the mid-market rate would send roughly €1,146 or ₹126,000 on the same £1,000. That gap, around £30–£40, is simply the cost of using the bank.
Costs to watch
- The real cost is the 1.5–3.5% margin, not the £4–£5 fee
- SWIFT intermediary banks can reduce the amount received
- Standard debit-card spending abroad adds a ~2.75% non-sterling fee
Where Can You Send Money With HSBC?
Countries and currencies supported
A standard transfer reaches most countries via SWIFT, including popular remittance corridors such as India. The Global Money Account widens this to fee-free transfers in over 50 currencies to more than 200 countries.
Payout methods
- Bank-to-bank only, using IBAN and SWIFT/BIC details
- No cash pickup, in any country
- No mobile wallet payout
- A traditional banking model, not a remittance network
Transfer speed and limits
| SWIFT (GBP to EUR/USD/INR) | 1–5 business days |
| HSBC network / Global Money | 1–3 days, some near-instant |
| Maximum (digital) | £50,000 per transaction or per day |
Who Is HSBC Best For?
Sending money to family overseas
Convenient but pricey. If you bank with HSBC, sending to a relative's account is a few taps, and the Global Money Account improves the cost.
But there is no cash pickup, and on most routes a specialist puts more money in their hands. Convenience here has a price.
Business and supplier payments
Workable, rarely cheapest. HSBC's business banking handles international payments, but with an FX margin of 2–4%, a firm paying suppliers regularly can lose thousands a year against an interbank-rate provider.
For occasional payments it is fine; for a steady flow, the margin quietly compounds.
Large one-off transfers
Here the bank has one real edge: FSCS protection up to £120,000 on money you hold, which transfer specialists cannot offer.
But HSBC cannot lock a rate, and the margin on a large sum is costly. For a property completion, a broker that fixes the rate usually wins on price by a wide margin.
When another provider fits better
- You want the best rate on a transfer abroad
- Your recipient needs cash in hand or a wallet top-up
- You want to fix a rate for a future payment
HSBC Pros and Cons
✓Pros
- FSCS protection up to £120,000, including Global Money balances
- The convenience of sending within your existing banking app
- Global Money offers fee-free transfers to 200+ countries
- A modest explicit fee online, and fee-free Euro and HSBC-to-HSBC
- Strong security: 2FA via Secure Key and fraud monitoring
✕Cons
- A 1.5–3.5% FX margin, the real and largely hidden cost
- Specialists routinely beat it by £30+ on £1,000, and more at scale
- Bank-to-bank only: no cash pickup or mobile wallet
- SWIFT transfers are slow, 1–5 business days, and can lose intermediary fees
- No way to lock a rate for a future payment
Is HSBC Safe?
How HSBC protects your money
We checked HSBC against the FCA Register. HSBC UK Bank plc is a fully authorised UK bank, regulated by the FCA and PRA under FRN 765112.
Crucially, your deposits are protected by the FSCS up to £120,000 per person since the limit rose from £85,000 on 1 December 2025, and that cover extends to currency balances in the Global Money Account.
This is a genuine advantage over money-transfer apps, which only safeguard funds rather than offer FSCS cover. If protecting the money you hold matters to you, the bank wins here.
Account security and fraud protection
HSBC requires two-factor authentication via its Secure Key for digital banking and new payees. International wires are checked against IBAN and BIC details, and a name mismatch can trigger a hold. A Digital Security Promise covers unauthorised transactions if you have protected your credentials.
Using HSBC: Sign-Up, App and Support
Signing up and verification. International transfers are available to existing current-account customers through online and mobile banking, with no separate sign-up.
App and website. The HSBC app is well regarded, and the bank has folded its international payments into the core app via Global Money after closing the standalone Zing app in 2025.
Customer support. You can get help in-app, by phone or in branch. The common friction on transfers is a fraud or compliance hold, which can delay a payment while it is reviewed.
HSBC Customer Reviews and Reputation
We read the recent reviews, though note the headline score covers HSBC's banking overall, not transfers alone.
| Source | Score | Reviews | As of |
|---|---|---|---|
| Trustpilot (HSBC UK) | 4.5/5, "Excellent" | 27,619 | Jun 2026 |
What people praise: the app, the branch staff, and the reassurance of a large, regulated bank.
What goes wrong: for transfers, the exchange-rate cost and the occasional fraud hold.
How Does HSBC Compare?
Against Wise, the gap is stark: Wise uses the mid-market rate with a sub-1% fee, while HSBC's 1.5–3.5% margin makes it markedly dearer.
Against Revolut, both offer multi-currency features, but Revolut's everyday rate is usually keener, while HSBC counters with FSCS protection. Our money transfer comparison ranks both alongside the specialists.
For the cheapest transfer, a specialist almost always wins; for protected money in one bank, HSBC has a point. We compared these routes ourselves, and we refresh the live figures daily, so use our live comparison of today's rates and fees for the route you care about.
Final Verdict: Is HSBC Worth It?
For sending money abroad, HSBC is the convenient choice, not the cheap one.
If you already bank with HSBC, value FSCS protection, and transfer only now and then, it does the job, and Global Money softens the cost. We rate it 3.3 out of 5.
But the margin is real: on most transfers a specialist will leave your recipient meaningfully better off, so for anything regular or large, compare before you send.
HSBC FAQs
Usually, yes, once you count the exchange rate. The £4–£5 fee is small, but the 1.5–3.5% FX margin is the real cost, often £30 or more on £1,000 against a specialist using the mid-market rate.
It is HSBC's app-based, fee-free multi-currency transfer feature, covering over 50 currencies to 200-plus countries. It removes the explicit and intermediary fees, but the exchange rate still includes a margin, so it is cheaper than a standard transfer, not at-cost.
Yes. HSBC UK Bank plc is FCA/PRA-authorised (FRN 765112) and your deposits are FSCS-protected up to £120,000, including Global Money balances. That is stronger than the safeguarding offered by e-money transfer providers.
No. HSBC sends bank-to-bank only, with no cash pickup or mobile wallet. If your recipient needs cash, use a remittance specialist such as Western Union or Remitly instead.
Usually, yes, once you count the exchange rate. The £4–£5 fee is small, but the 1.5–3.5% FX margin is the real cost, often £30 or more on £1,000 against a specialist using the mid-market rate.
It is HSBC's app-based, fee-free multi-currency transfer feature, covering over 50 currencies to 200-plus countries. It removes the explicit and intermediary fees, but the exchange rate still includes a margin, so it is cheaper than a standard transfer, not at-cost.
Yes. HSBC UK Bank plc is FCA/PRA-authorised (FRN 765112) and your deposits are FSCS-protected up to £120,000, including Global Money balances. That is stronger than the safeguarding offered by e-money transfer providers.
No. HSBC sends bank-to-bank only, with no cash pickup or mobile wallet. If your recipient needs cash, use a remittance specialist such as Western Union or Remitly instead.
Verified 24 June 2026. Provider data cross-checked against the FCA Register, hsbc.co.uk and Trustpilot via the HSBC deep-research source set. Live transfer figures are illustrative and refreshed by the Currency Expert comparison engine.
Currency Expert compares money transfer providers and may earn a commission when you use our links. It does not change how we rank providers or what we say below. Rates and fees move daily, so the figures here are dated; confirm the live amount with HSBC before you send.