Business Account Overseas Money Transfer Options – HSBC Bank
HSBC Bank overseas business payments may have associated charges and fees which you can avoid when making corporate money transfers. If your business has overseas payments to manage, a regular foreign payroll to make, or overseas earnings to repatriate, HSBC business clients should consider using a currency transfer specialist to help save money and automate these processes.
| HSBC UK | MIN. TRANSFER | SPEED | *GUIDE RATES | INFORMATION |
|---|---|---|---|---|
| GBP £ - to EUR | NO MINIMUM | 5/7 DAYS | €1.155 | MORE DETAILS |
| GBP/EUR (BROKER RATES) | FROM £100 | 1 DAY | €1.196 | MORE DETAILS |
| EUR € - to GBP | NO MINIMUM | 5/7 DAYS | £0.796 | MORE DETAILS |
| EUR/GBP (BROKER RATES) | FROM £100 | 1 DAY | £0.824 | MORE DETAILS |
| GBP £ - to CHF | NO MINIMUM | 5/7 DAYS | Fr 1.076 | MORE DETAILS |
| GBP £ - to CZK | NO MINIMUM | 5/7 DAYS | Kc 29.004 | MORE DETAILS |
| GBP £ - to DKK | NO MINIMUM | 5/7 DAYS | kr 8.62 | MORE DETAILS |
| GBP £ - to HUF | NO MINIMUM | 5/7 DAYS | Ft 478.112 | MORE DETAILS |
| GBP £ - to NOK | NO MINIMUM | 5/7 DAYS | kr 13.644 | MORE DETAILS |
| GBP £ - to PLN | NO MINIMUM | 5/7 DAYS | zl 4.92 | MORE DETAILS |
| GBP £ - to SEK | NO MINIMUM | 5/7 DAYS | kr 13.298 | MORE DETAILS |
Transfer exchange rates are calculated and updated hourly (Monday to Friday) from 8 am to 4 pm UK – GMT
HSBC Business Account – General Fees
HSBC offers a range of business account options for customers, each with their own set of general fees. For the Basic Business Account, there is a monthly fee of £6.50, while the Business Current Account charges a monthly fee of £5.50. Both accounts also come with transaction fees, such as charges for electronic payments, cash withdrawals, and cheques. Additional services, such as overdrafts and foreign currency transactions, may also incur fees. It is important for businesses to carefully consider their needs and usage when selecting an HSBC business account in order to minimise fees and maximise value.
HSBC Business Account – International Charges
For businesses that operate internationally, the HSBC Business Account offers a convenient way to manage cross-border transactions. However, it is important to note that there are international charges associated with using the account. These charges may include fees for foreign currency transactions, overseas ATM withdrawals, and international money transfers.
It is important for businesses to understand these charges to ensure they can manage the costs effectively. HSBC provides clear information on their website about the international charges associated with their business accounts to help businesses make informed decisions about their banking needs.
HSBC Bank – International Business Exchange Rates
HSBC Bank provides exchange rates for over 100 currencies, and these rates are updated in real-time to ensure accuracy. With HSBC Bank’s international business exchange rates, companies can easily manage their overseas transactions while minimising the risk of currency fluctuations. This service is just one example of the many ways that HSBC Bank supports international businesses and helps them grow in a global marketplace.
However, business owners may want to explore alternative options if they frequently conduct international business and want to minimise costs when making overseas currency transfers, or receiving payments in other currencies.
HSBC Bank and SEPA (Single Euro Payments Area)
SEPA (Single Euro Payments Area) rules are written around the euro currency, general EU banking laws and do not take into account the actual currency conversion or money transfer exchange rates, which is what happens when money is transferred into or out of the euro zone. European banks including HSBC Bank can still charge anything they like for that service, irrespective of SEPA.
The aim of SEPA is to make payments in euro and across Europe as fast, safe and efficient as UK payments are today. On the downside, all banks (HSBC Bank included) will still charge their own foreign exchange margin rate to the transaction.
Example: HSBC Bank SEPA Business Transfer
A HSBC Bank SEPA business currency transfer (HSBC Bank to an external bank brand) from UK pounds to the euro has a commission fee capped at £2.00 on the actual transaction, however the transfer amount sent has a 4.1 percent exchange rate margin applied, which is deducted on the total amount received. This is far from the best business money transfer deal on the market. Moreover, SEPA payments can take longer to complete than transactions via a currency transfer specialist.
For businesses who transfer regular amounts overseas to make payments in the euro or other popular European currencies, using a currency broker is a money saving decision if your monthly transfers exceed £250. For smaller amounts you’ll have to continue using HSBC Bank service.
For further information regarding HSBC Bank overseas business exchange rates, business account international payment fees, charges and SEPA, you could ask a currency transfer specialist which options you have available for your business payment requirements, or contact your local branch’s HSBC Bank Business Manager directly.
