Funds sent via a remittance go through an international payment network, such as the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system.
You can receive funds through an inward remittance or send money through an outward remittance.
Remittances are important as they allow for a smooth flow of funds across different countries or territories. They can help expats, for example, financially support loved ones back home.
An inward remittance is where you receive funds into your bank account from another country or territory. There are a few reasons you might receive an inward remittance. For example, you may be moving to another country or territory and need to transfer funds between bank accounts.
An HSBC Global Money Account lets you hold multiple currencies in 1 account, which could be useful if you’re travelling or working around the world.
To open a Global Money Account, you’ll need:
If you receive an international payment to your bank account, be aware that some banks may charge fees for receiving the funds.
An outward remittance is where you send funds to someone in another country or territory. This could be for a number of reasons, including a loved one’s living expenses or education, a mortgage payment or healthcare costs. For example, if one of your children is an international student, you may want to send them money to cover their tuition fees.
If you’re an HSBC Expat customer with our mobile banking app, you can use our Global Money Transfers service, which lets you pay money to other people's accounts, including those outside HSBC in 1 to 3 days.
There’s a daily limit of GBP100,000 (or currency equivalent) with no HSBC fees on international payments made using Global Money. Non-HSBC fees may apply.
Remittances can be sent in a few ways, including:
Payments sent through HSBC are processed by the SWIFT system.
You may be able to send an international remittance through:
If you’re an HSBC Expat customer with a Global Money Account, you can use our mobile banking app to send money internationally.
Before you start, you’ll need the country or territory, currency, and account details of the payee.
You may also be asked for information, such as the payee's address or the purpose of the payment depending on local regulations.
To make an international payment:
You’ll then be guided through questions to make sure your funds reach their intended destination safely.
