Worldwide Transfers FAQ

• Overview
• Rates and fees
• Cut-off times
• IBANs and SWIFT BIC codes

Yes, your default daily third party transfer limit is SGD5,000 and the maximum daily third party transfer limit is SGD250,000. To update your daily limits, log on to HSBC Online Banking, select > 'Move Money' > 'Online banking limits' > 'Manage your daily limits' > 'Edit'. Then enter your new limits and select 'Continue'.

This depends on the nature and timing of the transaction. 

If your transaction request is completed after the cut off time, it will be processed at the next business day and you will see the following message: "You have completed your transaction after the daily cut-off, therefore, your remittance transfer will not be processed until the next business day".

Your transaction may be routed through intermediary banks and final credit to the end beneficiary is dependent on the processing by the different banks in the transaction chain. The funds could be credited to your beneficiary either on same business day or up to 5 business days after your instructions are received, subject to clearing and settlement by the banks in the chain.

Yes, you may submit your instruction on a public holiday in Singapore or in the country/region to which you are sending your funds to. The transaction will be executed at the exchange rate indicated by the bank and accepted by you before the rate lapses. Your account will be debited with the amount of the remittance immediately and the telex will only be sent to the beneficiary on the next business day (if it is a public holiday in Singapore or the telex will be sent on the same day (if the instruction is received before the cut-off time) and the beneficiary bank will process the payment on the next business day (if it is a public holiday in the beneficiary country/region).

You can click here for the cut-off times of the respective currencies.

Please note that for World Wide transfers, the exchange rates used are priced 24 hours a day 5 days per week. They are variable, changing constantly and quoted every 20 seconds, reflecting the movements in foreign exchange markets. On weekends and public holidays, we use the exchange rate saved at the close of business on the previous business day and incorporate a bank spread representing a risk margin to the Bank which will be higher than that on weekdays.

All transfers can be saved by clicking save beneficiary once the details have been validated. This will save you time if you need to send money to the same beneficiary again.

In accordance with the bank's policies on anti-money laundering and countering of terrorism financing regulation, the remitter's name, account number and address (as held in the bank's records) will be included in the transfer message. Without limiting any other terms and conditions applicable to the remitter's accounts with the bank, by initiating the telegraphic transfer the remitter consents to the inclusion in the message of these details and/or any other information referred to in any relevant anti-money laundering and countering of terrorism financing regulation.

For Online Banking users, transaction amounts should be in the range of SGD1 to SGD250,000.

HSBC Singapore charges are waived. For more details on the various charges imposed, see Fees and Charges (PDF).

Yes, you can choose to pay the transfers fees and charges by yourself, or share them with the beneficiary, or choose for them to be fully borne by the beneficiary. If you choose to share the transfer fees and charges with the beneficiary, the fees and charges levied by the remitting bank will be borne by you and the fees and charges levied by the receiving bank will be borne by the beneficiary. Please ensure there are enough funds in the account you are debiting from to cover the transfer fees and charges.

They will normally have their own bank's charges to bear for receiving your funds, depending on the handling by the beneficiary bank. In addition, if you had indicated that the overseas fees and charges imposed by the remitting bank are to be borne by the party receiving funds, your beneficiary will also have to bear these fees and charges.

The exchange rate indicated by the bank will be displayed for 20 seconds. To secure the rate, simply click on 'Confirm' before the rate expires.

No, the exchange rate indicated by the bank only applies to immediate transfers. The exchange rates executed for future-dated transfers will be based on the exchange rate indicated by the bank on the day the instruction is effected.

You may request for another exchange rate after the timer displayed expires. Click on 'Refresh' to obtain a new exchange rate indicated by the bank. Once you click "Confirm", the new exchange rate will be the agreed rate for execution of the transaction and you cannot request for another exchange rate for the same transaction.

Yes. All the times listed in the table are in Singapore time (GMT+8).

Yes, the instruction will still be carried out. The transaction will be executed at the exchange rate indicated by the bank and accepted by you before the rate lapses.

However, it can only be processed on the next business day. Thus if you submit a telegraphic transfer request on Friday at 8pm (Singapore time – GMT+8) to a bank overseas, this will be received by our system (evident from the acknowledgement received by you) and stored until Monday morning whereby the payment will be sent to your beneficiary.

For World Wide transfers, the exchange rates used are priced 24 hours a day 5.5 days per week. They are variable and are changing constantly quoted every 20sec, reflecting the movements in foreign exchange markets. On weekends and Public Holidays, we use the exchange rate saved at the close of business on the previous business day.

We are unable to verify beneficiary account information. Verification procedures adopted in different banks/countries may vary. Example for some banks both account number and account name is used to verify inward remittances. Customer is advised to ensure beneficiary account information provided is complete and correct.

These are international bank code that identifies particular banks worldwide.

SWIFT codes also known as Bank Identifier Codes (BIC) are used to send money overseas or receive inward remittances in most cases.

IBAN stands for International Bank Account Number. It is a new format for an existing bank account number that will be recognised internationally. You may need to use an IBAN when you make or receive cross border payments for certain countries/regions that mandate the use of IBAN for International payments.

IBAN = Country/region code + Check number +Bank Code + Bank Account Number

It's a way of identifying a bank account which cuts down errors and delays in international payments. Not using an IBAN will slow down your payment for manual checking and possibly incur charges at the receiving bank. The IBAN is designed to increase the speed and accuracy of International Payments by adding a standard prefix to existing domestic account numbers.

However, this is not a replacement for existing account numbers; the IBAN merely compliments what is already there. Additional characters will appear in front of the account number, including a 2 letter country/region code. The information your beneficiary provides may or may not state the word IBAN, but must contain a two-letter country/region code which appears in front of existing bank code/account numbers, for example:

Austria = AT, Germany = DE, France = FR

These two letters will always be followed by a two-digit (check number) which should be obtained by the beneficiary Bank.

Example of UK HSBC IBAN components:

Country/region Code: GB
Check number: 09
Bank Code: MIDL
Sort code: 404517
Account number: 00234573
IBAN to enter in Account number: GB09MIDL40451700234573
 

Example of other countries/banks IBAN components:

Country/region Code: AT
Check number: 61: 19043
Account number: 00234573201
IBAN to enter in Account number: AT611904300234573201

IBANs include all the necessary details for a receiving bank to apply the payment directly to a beneficiarys bank account without any manual intervention. An IBAN contains information relating to the country/region, bank and branch of the beneficiary as well as the account number itself.

IBAN numbers must be accompanied by the SWIFT BIC code of the beneficiary bank. You may need to use an IBAN when you make or receive cross border payments for certain countries/regions that mandate the use of IBAN for International payments. When an IBAN is processed electronically, it must not contain spaces and must not include the word 'IBAN'

You can check an IBAN quoted to you is configured correctly by visiting the Association for Payment clearing services (APCS) website. However, this check cannot verify the actual existence of the account.

The usual way to obtain BIC and IBAN is to contact the beneficiary directly and request the details from them.

You can check an IBAN quoted to you is configured correctly by visiting the Association for Payment clearing services (APCS) website. However, this check cannot verify the actual existence of the account.

Please enter the "IBAN (International Bank Account Number)" in the beneficiary's IBAN number/account Number field.