- User RatingTrustPilot or Feefo User Ratings
- Transfer Type
- Coupon
- Fee
- Speed
- Regular Payments
- Mobile App
- Min Transfer Amount
TransferWise
- 9.3/10
- Online OnlyOne off transfers Regular transfers
- ~0.5%Min and Max Fees apply.. Learn More
- 1 - 2 Days
- £1 / $1Min and Max Fees apply.. Learn More
HSBC
- 0.7/10
- Online, Phone, Agent,
Bank Account to Bank Account - £4 fee for online transfers from the UK. Transfers to other HSBC accounts are fee-free.
- 1 day
- $10
Given the highly reliable services provided by different online money transfer companies, running a TransferWise vs. HSBC comparison before selecting between the two makes sense. While TransferWise is a relatively new entrant, HSBC has offered its banking services for some time. However, TransferWise specializes in carrying out cross-border remittances, and this is only one aspect of HSBC’s overall operations.
Taking the HSBC vs. TransferWise comparison to Trustpilot gives you an indication of what customers of both service providers have to say. On this platform, TransferWise averages at a respectable 9.2 out of 10. HSBC UK, HSBC Hong Kong, and HSBC France score 0.7 out of 10, 1.6 out of 10, and 1.3 out of 10, respectively.
Whether you should select HSBC or TransferWise for your next overseas money transfer requires that you pay attention to different aspects.
- Exchange Rates
- Fees
- Countries
- Ease of Use
- Security
- Regular Overseas Payments
- Coupons
Exchange Rates
To find out which of the two does better in this section of the TransferWise vs. HSBC comparison, it is best that you compare their rates shortly before your transfer. This is because rates provided by both fluctuate according to existing market rates.
TransferWise
- Mid-market rates provided by TransferWise remain close to existing market rates.
- The currency calculator found on the company’s homepage gives you easy means to view live rates.
- Signing up for rate alerts attracts no fees.
HSBC
- HSBC updates its exchange rates every few hours during trading hours.
- You find out what rate will apply on your transfer before finalizing your deal.
Fees
If you are looking for the most cost effective way to send money overseas, this section of the HSBC vs. TransferWise comparison requires particular attention.
TransferWise
- TransferWise charges a small percentage of the amount you transfer as fees.
- Transfer fees depend on the currencies involves, the amount you wish to transfer, and the desired payment method.
- The TransferWise fee table offers further details about the company’s pricing policy.
- You may receive payments and add funds into your TransferWise Borderless account without paying any fees.
- You pay nominal fees when making withdrawals or converting currencies through the Borderless account.
HSBC
- Transfer fees depend on where you live and which HSBC website you use.
- Online transfers from the UK attract £4 as fees, although transfers to other HSBC accounts are fee-free.
- If you live elsewhere, refer to the pre-payment and receipt disclosures to determine how much you need to pay as fees.
Countries
Where you and the recipient live may have a bearing on whether you should select TransferWise or HSBC.
TransferWise
- TransferWise accepts customers from most countries, and you may view the complete list online.
- The company’s list of supported currencies is also available online.
HSBC
- Where you live has a bearing on the countries to which you may send money.
- If you live in the UK, you may send money to more than 150 countries in over 70 currencies.
- From the U.S., you may send money in up to 14 currencies.
Ease of Use
Carrying out an online overseas money transfer through HSBC or TransferWise is fairly straightforward. However, you may use the services of HSBC only if you have an existing savings or checking account with the bank.
TransferWise
- The company operates a multilingual website.
- Acceptable payment methods, depending on your country of residence, include bank account transfers, debit cards, credit cards, and SOFORT.
- TransferWise Borderless account holders get free receiving accounts in pound sterling, euros, U.S. dollars, Polish zloty, Australian dollars, and New Zealand dollars.
- A prepaid Mastercard provides easy access to money in your Borderless account. TransferWise provides this card to personal and business customers from several countries.
- Setting up direct debits in GBP and EUR is simple through the Borderless account.
HSBC
- You may send money overseas online or in person.
- In Hong Kong, only HSBC Premier and HSBC Advance customers may use its international money transfer services.
Security
Security of your funds and personal information is not a concern no matter where you select TransferWise or HSBC. Both make use of high encryption levels to safeguard the transfer of information over the internet.
TransferWise
- Headquartered in the UK, TransferWise is registered with and regulated by the Financial Conduct Authority (FCA).
- In the U.S., its program finds a sponsor in the Community Federal Savings Bank.
- It has the required licenses to provide services in various American states.
HSBC
- HSBC UK Bank is authorized and regulated by the Prudential Regulation Authority (PRA), and it is also regulated by the FCA.
- In the U.S., the Office of the Comptroller of the Currency (OCC) is the bank’s primary federal regulator.
- The bank has the required licenses to operate out of different countries the world over.
Regular Overseas Payments
Depending on where you live, this section of the TransferWise vs. HSBC comparison might tilt in favor of the latter. HSBC lets its customers from some countries schedule transfers according to their needs. TransferWise does not provide this feature yet.
Coupons
Ongoing promotional offers might lead to additional savings. However, there are no existing offers from TransferWise or HSBC.
Learn More
- When TransferWise and WorldRemit go head to head.. who wins?
- Read about TransferWise features and their pro’s and con’s.
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