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Headquartered in the United Kingdom, HSBC Holdings is currently the second largest bank in the world. Around the world, there are more than 7,200 HSBC offices and branches within 85 different countries. Altogether, this accounts for more than 89 million different customers.
Surprisingly, HSBC was started in just 1991. Since that late beginning, HSBC has risen to be the third largest company to be included on the London Stock Exchange. Conveniently, clients at this large company can choose to send their money abroad via phone, internet or in person. If the money is transferred via telephone or Internet, the client must have an account with the bank to receive a no fee transfer. International transfers with HSBC can only be done by current customers at the bank. To get the cheapest rate for an international transfer, clients should open up a Premier account. This specific style of client accounts allows the user to receive many free transfer options and they can also send money internationally.
Unfortunately, HSBC does not have any exchange rates posted live to their website. Like most traditional banks, HSBC offers a daily rate for currency. If the rate fluctuates throughout the day, the only person who will profit from a change is the bank.
Compared to other traditional banks, HSBC is a spectacular option. It lets users transfer money online, via phone and clients can create a forward contract. If they need to, clients can always get in touch with a live person at any time. HSBC provides the client with more information about foreign exchanges and transfers than comparable banks do. Plus, the free transfer given to Premium accounts is much cheaper than the charges made by traditional banks.
HSBC is still more expensive than foreign exchange companies that operate online. Although they outperform many of their traditional competitors, the online marketplace can be a fierce one. Problematically, HSBC does not allow non-customers to transfer money. If the client wants to send money abroad, they will need to make an account with the company. The best foreign exchange rates are given to the business customers who bank at HSBC.
Overall, HSBC is one of the top choices for the individual who wants to use a traditional bank. For a cheaper, more efficient experience, clients should check out online exchange brokers. Although HSBC has a great reputation in the business, it is not worth setting up an account or paying a higher exchange rate.