What Is A Bank Transfer? | Transfer Funds – HSBC UK (2024)

FAQs

What Is A Bank Transfer? | Transfer Funds – HSBC UK? ›

A bank transfer is a way of transferring money from one bank account to another. You can typically transfer money online, in a branch, or through mobile banking. You can make a bank transfer to someone at the same bank as you, or at a different bank. They can also be used to send money internationally.

A bank transfer is simply the direct transfer of funds from one bank account into another. This transfer of funds can be between two different UK banks or between two accounts held with the same UK bank.

Sending money to other accounts within the UK

It's free to send money up to your account's personal payment limit with online and mobile banking.

The Global Transfer Service enables the customers (customer) of The Hongkong and Shanghai Banking Corporation Limited, India (HSBC/the bank) a convenient way to transfer money between accounts linked in Global View, through the bank's online banking in that country/region with your accounts held and accessible through ...

A bank transfer lets you move money from one bank account to another. It's usually instant, free and done using mobile or online banking, over the phone or in branch.

In short, yes: in a wire transfer, the sender's bank acts as an intermediary, sending information about the transfer to the receiver's bank before the money is moved, whereas a bank transfer simply involves sending money directly from one bank account to another.

There's usually no transfer charge to HSBC customers, but international banks may charge the recipient an incoming transfer fee. Real-time rates are available 24 hours from Monday to Saturday, excluding bank holidays.

In most cases, funds arrive in the recipient's bank account within seconds. Faster Payments may occasionally take up to 2 hours to go through but this is uncommon. However, you should use these timeframes as a general estimate.

You'll also need the person's name as it appears on their account. For international payments, you'll need the IBAN or account number of the person you're sending the money to. You'll also need their address, as well as the bank code of the receiving bank, which will be a BIC or SWIFT code.

What is the international transfer limit for HSBC? ›

Internet Banking guide

Log on and select Payments and transfers from your account. In the To section, select Pay someone new. Enter the payee's name, account number and sort code. Select Continue and we'll confirm their details.

Speak to your bank

Make sure you have all your details handy (including details of the transaction). Your bank should act within 2 working days. They should contact the bank that's received the money and ask for the money to be returned.

Personal Internet Banking allows you to transfer money between your HSBC accounts, your non-HSBC bank accounts, and to other accounts at banks around the world.

If you're an HSBC customer, you can send a CHAPS payment in branch or by post. If you hold an HSBC Premier account, you can also do this over the phone. To make a CHAPS payment in branch, you'll need to bring valid ID and the details of the person you want to pay. There is no payment limit with a CHAPS transfer.

Yes, bank-to-bank transfers are generally safe and secure. Banks use various security measures to protect their customers' financial information and prevent unauthorised access to their accounts.

Most bank transfer fraud is done through mistaken identity – rather than a fault in the system. So you must trust that the recipient is credible before the transfer is undertaken. Because once the money is sent, it's often very difficult – if not impossible – to get it back.

You may be charged a money transfer fee

This fee is usually a small percentage (up to 5.00%) of the amount you're transferring into your current account. You'll most likely be charged each time you make a money transfer.