FAQs about how to internationally transfer money online through Global Money transfers

• About Global Money Transfers
• Global Money Transfer charges, fees & exchange rates
• Making global payments
• International payees
• Global Education Payments (GEP)
• Recipient information

Global Money Transfers is an international transfer service on the HSBC India app. It lets you send money to anyone, anywhere in the world, faster than ever before.

Haven't used digital banking before? No problem, you can sign up using the app:

Follow the on-screen instructions to set up online banking, mobile banking and your Digital Secure Key all at once. Once you are set up, you can immediately use Global Money Transfers.

Not a customer? Please join us today. Apply online in a few minutes.

Global Money Transfers is only available on HSBC India app. It's fast and relatively cheaper compared to the traditional ways of sending money. When you send money through our website, it uses the traditional SWIFT messaging. But when you use Global Money on the HSBC India app, it uses an internal messaging system which costs less. You can still do international money transfers using www.hsbc.co.in, but using Global Money Transfers on the HSBC India app is relatively cheaper. 

You'll need to use:

• iPhone, iPad and iPod Touch with iOS version 12.2 or above
• Mobile handsets with Android OS version 6 or above
• Android tablets with Android OS version 6 or above and a display screen size of 7" or larger

You can make payments using the following currencies:

United Arab Emirates dirham (AED), Australian dollar (AUD), Canadian dollar (CAD), Swiss franc (CHF), Czech koruna (CZK), Danish krone (DKK), Euro (EUR), British pound sterling (GBP), Hong Kong dollar (HKD), Japanese yen (JPY), Norwegian krone (NOK), New Zealand dollar (NZD), Polish zloty (PLN), Saudi riyal (SAR), Swedish krona (SEK), Singapore dollar (SGD), Thai baht (THB), Turkish new lira (TRY), United States dollar (USD), South African rand (ZAR).

Most transfers via HSBC Global Money Transfers are fee-free. Nevertheless, depending on the currency and country of the recipient, there could be applicable taxes. You can see an estimate of any taxes when you review your transfer.

Foreign exchange rates are updated every 90 seconds during market hours. You can check the new rate and select 'Confirm' if you're happy to proceed. The final rate will be set when you confirm transfer. Please note that all conversions and foreign exchange rates used or provided are indicative only and subject to change by the bank at any time (including intra-day changes) without notice.

Real time rates are available 24/7 (including bank holidays). Please note that exchange rates are subject to a higher bank spread when markets are closed.

Most Global Money Transfers are free for both the sender and the receiver. However, some intermediary and/or receiving banks may apply charges to an incoming international transaction. HSBC has no control over what an intermediary or receiving bank may charge.

Each bank that does apply a charge to an incoming payment will have a set of tariffs that the recipient can check.

Yes, you can put any additional details in the 'Payment reference' section.

Depending on the location you are sending to, you'll need one or more of the following details:

You will need the payee's bank account details, their full name and address (optional in some cases)

Some places will also need you to include:

• Bank code/sort code
• SWIFT BIC (Bank Identifier Code)
• IBAN (International Bank Account Number)
• Purpose of payment
  

Global Money Transfers generally take 1 - 3 business days. However, depending on the currency you send and its destination country, you may be able to access even faster payment times. The estimated time of arrival will be displayed on review screen while effecting a payment.

We don't currently support future dated or recurring payments with Global Money Transfers.

No, as transactions are sent instantly, they can't be cancelled. Please contact us to discuss your options if you have sent a payment in error.

You can add a new payee for Global Money Transfers using one of the following options:

• Tap 'Send money internationally', enter the transfer details and then tap 'Add international payee'; or
• Tap 'Add international payee' on the 'Move Money' tab; or
• Manage payees via tapping the 'International Payees' option on the 'Move Money' tab, from here you can add additional bank details to an existing payee or delete payee information.

You'll also need to input your payee's account details, such as their name, bank code, account number and address (optional in some cases).

The required details vary by location but may include:

• bank code / Account Number or IBAN
• payee full name
• payee address
• purpose of payment

For some countries or regions, it's a regulatory requirement to include information about why the funds are being sent. Please select the most relevant option from the drop down menu presented in the app (this will vary by country or region).

You can use a maximum 35 characters in the payee's name field. If their name is over 35 characters, you should prioritise their primary surname and add their other names as initials.

At the moment, you can't amend a saved payee's details, although we are working to make this available soon. In the meantime, if their account details have changed, you can delete the payee using the 'International payees' section, and then re-add them with the new info.

Global Money Transfers will filter your payees based on the location you're sending to and the currency you're using. If your payee doesn't have an account in that region or that currency, you won't see them as an option.

Note: If you're sending money via the HSBC website, you won't see any of the international payees or HSBC payees you added via the HSBC India app.

To make transfers to overseas universities in our app, follow these steps:

1. Go to 'Move Money' and select the 'Send Money internationally'
2. Select payment type as 'Education transfer'
3. Select or manually add your desired institute to make transfer
4. Enter your transfer and student details
5. Upload your loan documents if the fund source is selected as 'Student loan'
6. Confirm and submit the transfer details.

We'll send you confirmation of the transaction and payment status in the payment record. You can also check the notifications from Global Education Payments.

You can check the payment status on the account transactions page in the HSBC India Mobile Banking app. Or contact us.

Yes, you can still make education transfers to your desired university by manually adding the details in the HSBC India Mobile Banking app.

Yes, you can get tax benefits if you select the source of fund as 'Student loan' and provide valid loan documents for an amount over INR 700,000.

We strongly recommend you allow 3-5 days to process payments. In addition, the institution may need more working days to process the payment. If the payment deadline is approaching, please contact the institution to confirm how long they will take.

The reference exchange rate is an exchange rate provided as reference for the amount of foreign currency you need before confirming your payment instructions.

The real-time exchange rate is the rate upon which the exchange rate and the actual amount of payment are based, and it appears on the payment confirmation page.

Yes, you can still make payment to your desired university by manually adding the university details in the HSBC India Mobile Banking app.

You can contact us to get a SWIFT transfer number or transaction reference number which can be shared with your university.

Your transfer could be rejected for many reasons, including incorrect account details or cross border transfer sanctions. Please contact your HSBC branch or your relationship manager for more details.

The transfer will take 3-5 working days, please call your relationship manager or contact us as soon as you can to pause the transaction or recall the funds to your account.

This varies from bank to bank and country to country. Some local payment schemes won't show all the information you may have used when sending the payment.

It's worth completing the payment reference and sharing the details of the payment being sent, particularly for Australia, New Zealand, Canada and Hong Kong as their customer's statements show very limited detail.

Please note, your payee may also be able to see the payee nickname you've used to store their details within the mobile banking app.

You can share the payment details via the app for any payment you send.

This is a really useful tool to confirm that you have sent the payment, and for the recipient to be able to use it to reconcile the payment reaching their account (especially as some receiving banks do not show all the information you entered when sending the payment). In particular, payees in Australia, New Zealand, Canada and Hong Kong will see very limited details on their receiving statements.

For example, is you are paying university fees and the payment reference does not show, or bill payments where you need to put in a particular reference for the item/ service purchased.

On the confirmation screen (which also shows the estimated arrival date and the tracking number) you can tap the share icon at the top right of the screen to send the payment details to your recipient.