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Discover faster and cheaper ways to transfer money

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Transfer Terms






Did you know, when transferring money, you can choose who pays: you, the receiver, or you share the cost?

 

Every time you send money to someone, different types of fees are involved which may or may not apply such as:


•   Transfer fee
•   Exchange rate
•   Intermediate bank fee
•   Receiver or Beneficiary bank fee


If you decide to pay, you'll be responsible for your bank's and the intermediate bank's fees (if applicable), on top of the transfer amount and exchange rate. So the person you're sending the money to will receive the full amount (minus, if any, the receiver's bank fee)


For example, if you transfer a $1000, a $10 transfer fee as well as a $20 intermediate bank fee will be deducted from your account. The person you're sending the money to will receive $1000, minus any charges (if any) from their bank.*

Best For Internation Transfer

If you choose to have the receiver pay, your bank will deduct the transfer fee and the intermediate bank fee from the transfer amount. The receiver will then receive the transfer amount minus the transfer fees, intermediate bank and receiver's bank fee (if any).

So if you transfer a $1000, the receiver will receive $970- which is the transfer amount minus your bank's transfer fee of $10 and the intermediate bank's fee of $20 if any (The receiver's bank may charge a fee)*

Best For Internation Transfer

If you want to share the cost, your bank will deduct the transfer fee directly from your account. However the intermediate bank's fee will be deducted from the transfer (in addition to any receiver's bank fee if any)

So if you transfer a $1000, then the receiver will get $980 which is $1000 minus the intermediate bank's fee of $20 if any. (The receiver's bank may charge a fee) *

 

*The amounts of the charges mentioned in the example are only for illustration purposes and may vary depending on the financial institutions involved.

Best For Internation Transfer

 

How HSBC can help you:
HSBC gives you the option to choose who pays the fees, by selecting one of the below charge types:

•   BEN if you want the receiver to pay
•   OUR if you want to pay
•   SHA if you want to share the fees with the receiver

If you choose OUR, HSBC will let you know the transfer fee and intermediate bank charges to be deducted before you confirm your transfer.

 

 

Did you know you get the latest currency exchange rates when transferring money Monday to Friday?

 

You can get live exchange rates when you send money from Monday to Friday (both days inclusive) when international markets are open. From Saturday to Sunday and on international public holidays, international markets are closed. So the exchange rates quoted are not live but a close estimate, which means they carry a slightly higher margin compared to live rate.

 

 

How HSBC can help you:
HSBC offers live exchange rates to its customers conveniently through three different channels:

1.  Personal online banking accessible anytime and from anywhere with a transfer limit of AED 500,000
2.  A network of eight branches and ten Customer Service Units (CSUs) across the UAE. For the location of our branches and CSUs, please visit www.hsbc.ae/branches
3.  call Customer Services with bi-lingual agents (Arabic & English) available 24/7- you can Contact HSBC on 600554722 with a limit of AED 367,000

Terms and conditions apply.

 

 

Did you know it's often faster and cheaper to transfer money to the same bank abroad than to any other bank?

 

When you transfer money from a bank in the UAE to a bank in another part of the world, normally up to three banks may be involved; your bank, the intermediate bank and the receiver's bank.

Best For Internation Transfer

So it could be faster, easier and cheaper to transfer money locally and internationally between the same banks (instead of different banks), because an intermediate bank isn't involved.

Best For Internation Transfer

 

How HSBC can help you:
HSBC is a leading international bank that is present in 80 countries. This makes it more convenient for customers to transfer money from the UAE to any of the other countries it operates in. For the list of countries, please click here.
We also offer our customers an online platform called Global View and Global Transfers (GVGT). GVGT allows you to view your HSBC accounts globally on one screen and send money instantly between them.

Please visit www.hsbc.ae/GVGT for more information on Global View and Global Transfers

 

 

 

Did you know if you transfer money on Mondays or Tuesdays, it will get there faster than on any other day?

 

It could takes two to three working days to process a payment. Since UAE banks are closed on Fridays and banks abroad are closed on Saturdays and Sundays, it's best to transfer money on Mondays or Tuesdays from your UAE bank account. This is because they are the first two international working days of the week (unless there's a public holiday).

 

For example, if you send money on a Monday or Tuesday, in most cases, it will reach its destination during the same week because there will be enough time to resolve any issues or request any potential issues or request any missing documents or information.

 

When you transfer money on a Wednesday, banks in the UAE will take one to two days to process it, this means normally it will reach banks abroad during the weekend (Saturday and Sunday). So the payment will not be processed and will not reach its destination until the following Tuesday or Wednesday. But if a transfer is done on Monday, then it will reach its destination by Wednesday, at the latest, giving banks abroad two week days to process it, before the weekend.

 

 

How HSBC can help you:
HSBC can help you in many ways, so we're always available when you need to make a transfer. Our most popular services are 24/7 online banking and our call centre, in addition to our eight branches and 10 Customer Service Units spread across the UAE. For the locations and opening hours of our branches, please click on www.hsbc.ae/branches

 

 

Did you know exchanging money at airport terminals can be more expensive?

 

When you exchange money at airport terminals, exchange rates could be subject to additional business costs and a slightly higher margin is usually charged.

 

 

How HSBC can help you:
HSBC wants to make sure you get competitive currency exchange rates. If you don't leave it till the last minute, you can drop by one of our eight convenient branches in the UAE to exchange your money before reaching to the airport.
For the locations and opening hours of our branches, please click on www.hsbc.ae/branches

 

 

Did you know if you transfer money before 10am UAE time, there's a better chance it will get there the next day?

 

During weekdays most major currencies' cut off time is usually between 10 am- 12 pm UAE time. A two hour margin is advised for processing provided that there is no missing information needed or discrepancies that need to be solved before the transfer takes place. Hence if you make your transfer before this time, there's a better chance of it being processed on the same day and therefore received the next day.

 

 

 

 

How HSBC can help you:
HSBC want to make transferring money as convenient as possible, by offering you three channels to transfer money through:

1.  Personal online banking accessible anytime and from anywhere, with a transfer limit of AED 500,000.
2.  A network of eight branches and ten Customer Service Units (CSUs) across the UAE.
(For the location of our branches and CSUs, please visit www.hsbc.ae/branches.)
3.  24/7 call centre with bi-lingual agents (Arabic and English), just contact us on 600554722.

 

 

Did you know that online transfers are often faster and cheaper?

 

Online transfers are often faster and cheaper because it reduces the probability of errors and gives the customer a notification on the spot. This reduces the time of the transfer being rejected or returned which cuts down on processing time and reduces cost. Additionally, it is easy and secure.

 

 

How HSBC can help you:
You can manage your finances effortlessly with HSBC Personal online banking. It allows you to send money transfers anytime. You can either send a one time transfer or set up regular transfers. What's more, you now get live exchange rates online.

We also offer our Premier and Advance customers an online platform called Global View and Global Transfers (GVGT). GVGT allows you to view your HSBC accounts globally on one screen and send money instantly between them.

Please visit www.hsbc.ae/knowmore to understand more about GVGT

 

 

 

 

Did you know that withdrawing money at an ATM overseas is usually cheaper than exchanging money at the airport before travelling?

 

When you exchange money at airport terminals, exchange rates are usually more expensive because of higher business costs and a higher margin which is often charged.

 

If you withdraw cash from an ATM abroad, you will be charged a withdrawal fee and a margin on the exchange rate.

 

When you use your debit/ ATM card to withdraw cash overseas in the local currency of the country of withdrawal, you transaction is subject to the following charges:

 

– Withdrawal fee
– A foreign currency exchange rate
– A percentage charge on the exchange rate

 

If you decide to exchange currency directly when you are at the airport, you will not get the same exchange rate when you withdraw money from an ATM.

 

How HSBC can help you:
HSBC debit cards are accepted at over one million ATMs around the globe. In addition, HSBC is present in 80 countries. Premier customers are not charged withdrawal fee at HSBC ATMs worldwide. Our charges are transparent for all our customers.
For more details and exact charges, please visit www.hsbc.ae/cards-abroad

 

 

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