Personal Features

TransferWise

50

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
  • Regular transfers
  • Cash pick up or international bill payments

HSBC

67

67

Schedules transfers via Online, Phone, Agent and Bank Account to Bank Account

1 day transfer turnaround

No regular payments

Mobile app 


TransferWise wins!

TransferWise scores better in the Personal Features category.

HSBC
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Winner

Business Benefits

TransferWise

56

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

78

78

HSBC provides services in foreign exchange among many other banking services.


TransferWise wins!

TransferWise scores better in the Business Benefits category.

HSBC
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Winner

Fees & Exchange Rates

TransferWise

54

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

17

17

Exchange Rates

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.
 

Additional Fees

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.


TransferWise wins!

TransferWise scores better in the Fees and Exchange Rates category.

TransferWise
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Winner

Ease of Use

TransferWise

83

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

43

43

You can only use the services of HSBC if you have an existing savings or checking account with the bank.

Send money overseas online or in person.

In Hong Kong, only HSBC Premier and HSBC Advance customers can use its international money transfer services.


TransferWise wins!

TransferWise scores better in the Ease of Use category.

TransferWise
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Winner

Support & Countries

TransferWise

88

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

50

50

Supported Countries

Where you live has a bearing on the countries to which you may send money.

If you live in the UK, you can send money to more than 150 countries in over 70 currencies.

From the U.S., you can send money in up to 14 currencies.
 

Customer Support

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.


TransferWise wins!

TransferWise scores better in the Support and Countries category.

TransferWise
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Winner

Trust & Transparency

TransferWise

63

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

44

44

HSBC makes use of high encryption levels to safeguard the transfer of information over the internet.

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 all over the world.


TransferWise wins!

TransferWise scores better in the Trust and Transparency category.

TransferWise
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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.