Personal Features

TransferWise

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50

TransferWise provides a simple easy to use international money transfer service with digital wallet capabilities. Their digital wallet, or Borderless account also gives the individual local banking details in 6+ currencies including, EUR, SGD, NZD, USD, GBP and AUD. Their TransferWise Borderless debit card backs on to their Borderless digital wallet allowing you to spend directly out of your multi-currency account balances.

What TransferWise offers individuals

  • International money transfers
  • Borderless multi-currency receiving accounts
  • Borderless Debit Card - FX optimised debit card
  • Android and Apple apps
  • Send money to email address

What TransferWise does not offer individuals

  • Personal account management
  • Full support for regular transfers. Currently regular transfers or ‘scheduled transfers’ need to have a Borderless multi-currency account balance. Find out which countries support TransferWise Borderless account.
  • Cash pick up or international bill payments

HSBC

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67

You need to be an existing HSBC customer if you want to use HSBC transfer money abroad services. 
 

What HSBC offers

  • HSBC international money transfers.
  • Regular transfers.
  • Travel rewards cards.

What HSBC doesn’t offer

  • Cach pickup.
  • Digital wallet.
  • Account manager.

HSBC

TransferWise wins!

TransferWise scores better in the Personal Features category.

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Winner

Business Benefits

TransferWise

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56

In addition to the services TransferWise offers the individual, there are some features only available for a business. Unfortunately, as TransferWise is online only, a business customer does not have support with currency fluctuations and trends. TransferWise does however offer easy to use transactional foreign currency receipts and payments.

What TransferWise offers businesses

  • Batch payments
  • Xero and Quickbook integration
  • FX optimised business debit card
  • Multi-user account access

What TransferWise for business doesn’t offer

  • Business account management
  • Risk management tools
  • Regular transfers

HSBC

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78

HSBC provides specialized services for small, medium and large businesses in different countries.
 

What HSBC offers businesses

  • Global payables solutions for making international payments.
  • Global receivables solutions that include paper and electronic collection services.
  • Risk management solutions.
  • Access to an HSBC Relationship Manager.
  • Access to FX specialists.
  • Global corporate credit cards.

What HSBC for business doesn’t offer

  • Solutions for online sellers.
  • Digital wallets.

HSBC

TransferWise wins!

TransferWise scores better in the Business Benefits category.

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Winner

Fees & Exchange Rates

TransferWise

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54

TransferWise offers the real time exchange rate at the time of your transfer. Therefore fees are visible in addition to the transfer amount. The fee structure is complex as it differs depending on the currencies you are sending from and to. Fees also apply to the type of Borderless account transaction. Fees can also apply on the use of the TransferWise Borderless debit card. Fees are briefly summarised below. Read the detailed TransferWise review for more details on TransferWise fees.

TransferWise ServiceTransferWise fee
Simple International Money Transfer

0.4% - 2% 

Varies on currency and payment type

Adding to TransferWise Borderless account0.4% - 0.5%
Converting between Borderless account0.3% - 0.6%
Sending money out of Borderless accountLess than 0.1% in most cases
Borderless Account Debit Card

No fee for card issuance

Fee free cash withdrawal limit of US$250, 2% thereafter

Zero cost on spend from existing currency balance, 0.24 - 3.69% fee if there is no existing balance


HSBC

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17

HSBC exchange rate

The HSBC exchange rate you get when carrying out an international wire transfer includes a margin/markup that HSBC adds on top of the existing mid-market exchange rate. The markup can be as high as 5%.
 

HSBC wire transfer fee

HSBC international transfer fee for wire transfers depends on the currencies being traded as well as the amount you wish to transfer. The fee can be up to $35 for transfers carried out from the US. However, international transfers from and to qualifying HSBC deposit accounts attract no fees.

If you are an HSBC Premier or an HSBC Advance account holder, you may use the Global View Global Transfers service to carry out fee-free transfers of up to $200,000 per day between your different HSBC accounts.


TransferWise

TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

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Winner

Ease of Use

TransferWise

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83

The TransferWise app design and user experience of their technology is great with simple, intuitive processes.

Registration - Fast and easy account creation

ID verification - Instant in some countries

Transfer speed - It can be instantaneous in some countries. Fast payments to TransferWise comes at an additional cost.

Minimum transfer amount - $1

Mobile app - Simple and easy to use. Probably the best designed app of the international money transfer companies.

Payment options - TransferWise has the broadest range of payment options. Local bank transfer, debit / credit card and country specific solutions such as POLi.


HSBC

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Signing up

You don't have to create a separate account to send money overseas if you're an existing HSBC deposit account holder.
 

Transfer methods

You may set up your transfer online or by visiting any HSBC Bank branch.
 

Transfer speed

Transfers carried out using the HSBC transfer money abroad service take up to 4 business days to process. However, they might take longer depending on the destination country.
 

Payment options

You may pay for your transfer through any of your eligible HSBC deposit accounts.
 

HSBC mobile app

HSBC provides region-specific mobile apps for Android and Apple users. The features on offer might vary depending on the country-specific app you use.


TransferWise

TransferWise wins!

TransferWise scores better in the Ease of Use category.

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Winner

Support & Countries

TransferWise

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88

TransferWise’s supported countries vary with different services having different supported customer countries and destination countries. These are detailed in the TransferWise Countries and Currencies article and is summarized below.

Send from - 23 countries plus the Europe SEPA countries

Send to - Over 60 currencies

Borderless account and debit card - Over 6 countries can sign up to their Borderless services.


HSBC

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50

Supported registration countries

You can sign up as an HSBC customer from different countries across the Americas, Europe, the Middle East and Asia-Pacific. 
 

Supported destination currencies

Supported destination currencies may vary depending on your country of residence. From the US, you may transfer money to AED, AUD, CAD, CZK, EUR, GBP, HKD, INR, NZD, PHP, SAR, SGD, THB and USD.
 

Customer service

HSBC provides customer service via chat, email and phone.
 

Multilingual website and customer support

HSBC operates region-specific websites for its customers from different countries. Access to a number of these websites comes in local languages. Customers can also receive customer support in local languages.


TransferWise

TransferWise wins!

TransferWise scores better in the Support and Countries category.

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Winner

Trust & Transparency

TransferWise

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63

TransferWise is fully regulated by the FCA and their customer funds are segregated from their business banking activities.

TransferWise is rated on TrustPilot as Excellent. Unfortunately there have been some poor reviews on TrustPilot indicating sudden account closures with funds being returned with no explanation.

TransferWise continues to raise capital through private funding. This could be a concern for the future when the shareholders are looking for aggressive growth and / or a return on their investment.


HSBC

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Regulated - HSBC is regulated by relevant governing bodies of all the countries in which it operates.

Exchange rate transparency - HSBC's exchange rates are non-transparent, wherein HSBC does not inform its customers of the margins/markups it applies.

Trustpilot - HSBC US and HSBC UK rate as Bad on Trustpilot. While HSBC US gets an average score of 3.2 out of 10, HSBC UK averages at 2.8 out of 10. Several HSBC reviews on this platform complain about receiving poor customer service.


TransferWise

TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

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Winner

The Result

Winner ribbon iconWinner

 TransferWise

Considering money transfer providers normally are the better option for foreign exchange, it is surprising the overall score is not more in favour of TransferWise.  In fact HSBC wins across its personal and business features.  After that it is clear that TransferWise offers cheaper rates and better services for money transferring reflected across the remaining four categories.