Is Transferwise a better alternative to HSBC for sending money overseas?

User Rating
TrustPilot or Feefo User Ratings
Transfer Type
Coupon
Fee
Speed
Regular Payments
Mobile App
Min Transfer Amount

TransferWise

9.3/10
Online Only
One off transfers Regular transfers
First £3,000 Fee Free!

First TransferWise transfer is free up to £3,000 or other currency equivalent. E.g. USD$4,500, AUD$6,000, €4,000.
Redeem Coupon
~0.5%
Min and Max Fees apply.. Learn More
1 - 2 Days
£1 / $1
Min and Max Fees apply.. Learn More

HSBC

0.7/10
Online, Phone, Agent,
Bank Account to Bank Account
Visit Website
£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, and Australian dollars.
A prepaid Mastercard provides easy access to money in your 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.