HSBC International Transfer in Malaysia - 2024

This article will cover everything you need to know about HSBC international transfers including how much they cost, how long they take and how to get started sending money with HSBC. Despite being a huge global company with a customer base of millions, HSBC may not be your best option for sending money overseas from Malaysia.

While HSBC charges transfer fees which include an exchange rate markup - and may mean running into possible third party costs - some other digital providers can offer simpler charging structures and lower overall costs. Our comparison shows that specialist providers like Wise and Instarem can mean your recipient gets more in the end compared to major Malaysian banks. Read on.

Table of contents:

• HSBC international transfer fees
• HSBC exchange rate
• Receiving money from abroad with HSBC
• HSBC SWIFT code
• HSBC Customer Service
• How long does an HSBC international money transfer take?
• How to make an international transfer with HSBC
• Transfer limits and available countries

HSBC international money transfer comparison

Before we dive into the details of HSBC bank Malaysia international transfers, let’s talk about costs. HSBC Malaysia has a 25 MYR fee to send money online, and 45 MYR if you choose to send your payment in person. In addition to this there is an exchange rate markup which varies depending on the currency involved, and potential third party fees as your payment passes through the SWIFT system.

We’ll look at how HSBC Malaysia telegraphic transfer fees map out more later, but it helps to know that specialist digital providers can often offer a better detail compared to banks. We ran a comparison of a couple of popular specialist services - Wise and Instarem - and 2 major Malaysian banks to illustrate. To see how much your HSBC Malaysia transfer will cost you, you’ll need to log into your online banking service - but here’s our comparison of specialist providers vs banks, to give you a flavour:

*Details correct at time of research - 16th April 2024

As you can see, the amount of money your recipient will get when you send money from Malaysia to the US can vary depending on the provider or bank you pick. However, in our comparison, specialist providers came out on top - in fact, your recipient gets over 40 dollars extra if you use Wise instead of Maybank.

Because specialist providers like Wise and Instarem are optimised for digital use they are easy to use, and can have your money moving in minutes.

HSBC international transfer fees

HSBC international transfer fees can include more than one cost. You might pay any of the following:

• An upfront transfer fee - usually very easy to see, but may vary based on how you set up your payment

• Currency conversion markups - you can only see these if you compare the rate offered to the mid-market rate (more on that later)

• Third party fees - these often can not be known in advance and may mean your recipient gets less that you expect in the end

Here’s a summary of the standard HSBC telegraphic transfer fees - bear in mind that these may vary slightly based on the account type you have:

HSBC exchange rate

HSBC online offers competitive exchange rates which you can see live before you confirm a payment, as long as you’re transacting within market hours. To calculate the exchange rate used to convert your ringgit to the currency for deposit in your recipient’s account, HSBC will take the mid-market or wholesale exchange rate and may add a variable markup. This is a percentage fee which is rolled into the rate used for your transfer. Because it’s not split out from the overall exchange rate, to spot the fee you need to compare the HSBC rate for your currency with the mid-market rate available on Google or using a currency conversion tool. If there’s a difference, that’s the markup.

Exchange rate markups are common but well worth knowing about as they can often work out to be the single most expensive fee on an international transfer. Not all providers use a marked up exchange rate - some, like Wise, give the mid-market rate and split out the conversion costs transparently so you can check and compare them.

HSBC additional fees

We mentioned earlier that there may be third party fees which creep into your HSBC international transfer, and which may not be known in advance. This occurs when payments are sent through the SWIFT network - the payment network favoured by banks. In SWIFT one or more intermediary banks can help the sending and receiving bank to move the money along, so it arrives in the correct account. Intermediary banks can deduct a fee for their services which is deducted from the amount being transferred as it passes along. If this happens your recipient may get less than you expected.

With HSBC in some cases you’ll have the option to choose between different payment types:

• OUR - in this case, the sender pays all fees including intermediary fees

• BEN - the recipient pays all fees including intermediary fees

• SHA - fees are split between the two parties

These payment options aren’t available on all routes, but you’ll be shown if it’s something you can select when you set up your HSBC telegraphic transfer.

Receiving money from abroad with HSBC

There’s usually a 5 MYR fee to receive a payment from abroad to an HSBC Malaysia account. You’ll also need to make sure the sender has all the right information to get your money to you quickly and without any hassle.

You should provide the person sending you money with the following:

• Your bank name (HSBC Bank Malaysia Berhad)

• Your account number

• The HSBC SWIFT code

• Purpose of payment

It’s important to note that an inward telegraphic transfer which does not detail the purpose of payment will be rejected. If the purpose of payment is unclear, there might be a delay in your payment arriving. If your inward payment is rejected, fees will not be repaid.

HSBC SWIFT code

When you’re receiving an inward telegraphic transfer to HSBC Malaysia your recipient will need your SWIFT code. This is a unique identifier which guides the payment to the correct bank - even when payments are being sent across international borders. Double check the specific HSBC Malaysia SWIFT code you need - here’s the most commonly used one:

HSBC Bank Malaysia Berhad SWIFT code -  HBMBMYKL

HSBC Customer Service

HSBC Malaysia has customer service options online, in app, by phone and in person. For digital help it’s easiest to log into your online banking and open a chat there - but you can also chat directly from the HSBC website if you have more general questions not relating to a specific account or payment.

By phone, you can call from 7:30am - 9:30pm as follows:

• Local call number: 1300 88 1388

• International call number: +603 8321 5400

You can also pop into your local HSBC Malaysia branch whenever it’s open, to ask for in person support with your problem. The HSBC Malaysia website has a lot of self service information including FAQs and forms which makes it worth looking at before you leave home, to see if the answer to your question is available online.

How long does an HSBC international money transfer take?

HSBC states that outward transfers to non-HSBC accounts can take 3 to 6 working days, depending on the payment route and how your money is processed.

This is quite common when payments are transferred using SWIFT, as the process of moving a payment through intermediaries can take some time. Not all providers use SWIFT - check out digital providers like Wise as an alternative. Wise has built its own payment network to move money faster, and cut out the costs involved in the SWIFT system. This means that 50% of Wise payments arrive instantly, and 90% are there in 24 hours.

Pros and cons of transferring money abroad with HSBC

Pros:

• You can send money online, in app, by phone or in person

• Send money to 150+ countries

• Competitive exchange rates available

• Safe and familiar service

Cons:

• Exchange rate markups and transfer fees apply

• Third party fees may creep in which can not be known in advance

• 3 - 6 working day delivery time

How to make an international transfer with HSBC

You can send money with HSBC Malaysia online, in app, by phone, and in a branch. The easiest and cheapest way will be to make a digital payment online or in the HSBC app. The steps to send money with HSBC online are usually:

1. Login to HSBC Online Banking and select "Pay and transfer"

2. Select account to transfer from, then "New payment to a person", or "Your accounts or someone you’ve paid before" depending on the situation

3. For Payee type, select "Telegraphic Transfer"

4. Fill in all the required payee information including bank details - more on what’s needed next

5. Enter the currency, amount and payment purpose

6. Select FEP Declaration and generate the security code by following the instructions

7. Confirm your payment and your money is on the way

What information do you need to make an international transfer with HSBC?

To send your HSBC telegraphic transfer you'll need the following information:

• Recipient's account number/IBAN

• Recipient's name

• SWIFT/BIC code

Transfer limits and available countries

New customers with HSBC can send 5,000 MYR online daily - established customers can send 200,000 MYR. There’s not usually a limit to how much you can send in a branch, but the fees are higher for this service.

You can send money to 150+ countries with HSBC Malaysia.

Conclusion

Using a bank to send your money overseas can seem like the obvious choice but it may not be the cheapest or quickest. Alternative digital providers have often built their own payment networks which means they can move money overseas cheaply and without the delays caused by the SWIFT network.

Use this guide to HSBC international transfers to decide if it’s the right route for you to send your payment from Malaysia, and check out alternatives like Wise and Instarem to compare the costs and convenience.