|HSBC CANADA||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||NO MINIMUM||5/7 DAYS||6.1%||$1.525|
|EUR € - to CAD||NO MINIMUM||5/7 DAYS||6.1%||$1.378|
|CURRENCIES DIRECT||MIN. TRANSFER||SPEED||FX MARGIN RATE||*GUIDE RATES||MORE DETAILS|
|GBP £ - to CAD||FROM £100||FROM 1 DAY||0.7 to 1.0%||$1.608 to $1.615|
|EUR € - to CAD||FROM €100||FROM 1 DAY||0.7 to 1.0%||$1.453 to $1.459|
Table *GUIDE RATES are updated daily (Monday to Friday) at 09:00 GMT.
Save on the exchange rate conversion when transferring money overseas from your HSBC account in Canadian dollars, UK pounds, the euro and other currencies. HSBC international money transfers to or from Canada have higher transaction charges, due to a less competitive exchange rate offered by HSBC. Skip to: Canada Money Transfer Specialists
Typically, sending funds to or from your HSBC account in Canadian dollars or UK pounds will involve a margin rate of 6.1% – much higher than most currency broker rates (typically 0.7 to 1.0%).
Sending foreign currency to or from your HSBC account in Canada needn’t be a complex matter, moreover, you can save time and money when you use a specialist currency broker instead.
Specialist foreign exchange companies including our recommended providers here can save you money and time on the transaction. Our recommendations are based on international coverage and office locations together with the lowest foreign exchange margin rates offered.
Example: A typical overseas currency transfer of $100,000 Canadian dollars (CAD) using HSBC Canada services would have a transaction exchange rate margin of around 6.1% – or $6,100 CAD. Using a specialist broker, in this example TorFX – the exchange rate margin would work out at 0.7% – or only S700 CAD in total, which is a large saving over the bank service.
International money transfers from HSBC could take longer to arrive than using a private currency exchange provider and you will also need to be an existing HSBC account holder to use their services. HSBC may additionally charge a flat rate commission fee when sending money abroad into another currency and bank transfer commission fees vary depending on the amount you need to transfer. Private brokers offer commission free currency transfers, typically over a value of $5000.
Unless you pay a premium, HSBC’s service will take from 5 to 7 days for your funds to arrive at the destination bank. Private foreign exchange companies typically complete the transaction either same day, or next day.
HSBC Canada is a foreign subsidiary bank of HSBC Holdings, a British financial services company, based in London, UK. HSBC Holdings is the world’s seventh largest bank by total assets and the largest bank in Europe. In Canada, HSBC has its headquarters in Vancouver has over 140 local bank branches in the country.