HSBC vs Airwallex: Transfer fees and processing times compared

Key takeaways

• The real cost of sending money through HSBC includes telegraphic transfer fees, exchange rate markups, and potential intermediary bank charges.

• HSBC Global Transfers and traditional telegraphic transfers have different fee structures. Understanding the difference can help you avoid unexpected costs.

• Airwallex Business Accounts let you send payments through local payment rails to more than 100 countries and regions. Around 94% of transactions bypass SWIFT.

HSBC international transfers are a popular choice for Hong Kong businesses paying global suppliers. However, the total cost involves more than the upfront telegraphic transfer fee. You also need to consider exchange rate markups and intermediary bank deductions.

This guide explains how HSBC transfers work, including their processing times and fees. It also compares HSBC vs Airwallex to help you choose the right payment solution for your business.

Two ways to send money with HSBC: Global Transfers vs telegraphic transfers

HSBC offers two main ways to make cross-border payments: Global Transfers and telegraphic transfers. Their fees and processing times differ, so choosing the right option can help you avoid unnecessary costs.

Global Transfers move funds between HSBC accounts in different locations. Telegraphic transfers send funds from HSBC to an account held with another bank. Global Transfers are generally faster and less expensive, while telegraphic transfers involve additional banks and may incur more charges.

Global Transfers: Moving funds between HSBC accounts

Global Transfers apply when you move money between your own HSBC accounts worldwide, or send money to designated HSBC account holders in the Asia-Pacific region. For example, sending funds from your Hong Kong HSBC account to your Singapore HSBC account counts as a Global Transfer.

At present, only HSBC Business Direct and BusinessVantage accounts support same-day transfers. Sprint accounts do not qualify. Original transaction fees still apply, even no additional fee is charged for Global Transfers.

Telegraphic transfers: Sending funds to other banks

Telegraphic transfers have a more complex cost structure. In addition to HSBC’s transfer fee, you may incur foreign exchange markups and intermediary bank deductions. Together, these charges can make telegraphic transfers more expensive than expected.

Step-by-step guide: HSBC online transfer and account opening

To make an online transfer, you must first apply for and activate an HSBC business account. The bank offers three business accounts: Sprint for startups, Business Direct for growing businesses, and BusinessVantage for established companies.

Businesses can open an account remotely by following the steps:

1. Complete the online application form, including details about the business, its structure, and contact information.

2. Upload the business registration certificate, proof of address, and identification documents of all shareholders.

3. Receive a verification code via SMS.

4. Once the bank approves your application, you can officially activate your account by verifying your identity through the HSBC Business Express mobile app.

Opening an account online costs HK$1,300, while opening an account in a branch costs HK$1,600. Applications can be approved in as little as three business days.

Remote opening is only available for limited companies, partnerships, or sole proprietorships registered in Hong Kong. All shareholders must possess a Hong Kong identity card. Otherwise, you may need to visit a branch or verify via video call.

How to make an online transfer with HSBC

Once your HSBC business account is successfully activated, you can make local and international remittances through HSBC Online or Mobile Banking. Simply log in to the business' online banking platform and click on “Payments and Transfers” to initiate remittances via HSBC. You can also keep an eye on the status of your payments by using the “Payment Tracking” feature.

Before starting a transfer, prepare the following information:

• Payee name: This must match the account name registered with the recipient bank.

• Payee bank name and address: Some destinations require specific branch details.

• SWIFT/BIC code: The international code used to identify the recipient bank.

• Account number: This depends on the destination. For example, Europe uses International Bank Account Numbers (IBANs), while Australia uses Bank State Branch (BSB) numbers.

• Transfer amount and currency: Confirm the amount and currency before submitting the payment.

Remittance fees and processing time of HSBC

The total cost of an HSBC transfer can include the telegraphic transfer fee, foreign exchange markup, and intermediary bank charges. Below is the updated fee schedule for HSBC.

(Note: Asia-Pacific region includes Mainland China, Taiwan, Macau, Singapore, Malaysia, Korea, Japan, Australia. Same-day delivery is only applicable to USD and HKD.)

OUR, SHA, and BEN: Who pays intermediary bank fees?

When you make a telegraphic transfer, HSBC asks you to select a fee allocation method. These options determine who pays the intermediary and receiving bank fees.

• OUR: The sender pays all fees, including intermediary bank charges, so the recipient should receive the full amount.

• SHA: The sender pays HSBC’s fees, while the recipient pays intermediary and receiving bank charges.

• BEN: The recipient pays all fees. HSBC deducts these charges from the transferred amount.

Selecting OUR does not guarantee that the recipient will receive the full payment. Intermediary banks may still deduct charges before the funds arrive, and these deductions are outside HSBC’s control. If your recipient must receive an exact amount, consider adding a buffer to your payment.

Exchange rate markups: The hidden cost of international transfers

Exchange rate markups are often one of the largest hidden costs in international payments. When you convert currencies through HSBC, the bank applies a markup to the interbank exchange rate. The difference between the two rates is an additional cost to your business.

For example, converting Hong Kong dollars to US dollars through HSBC may involve an exchange rate that is less favourable than the mid-market rate. The larger the transfer, the more noticeable this difference can become. HSBC does not publicly state its exchange rate markups. In some cases, this hidden cost can exceed the telegraphic transfer fee.

Cut-off times: The deadline for same-day processing

If you need same-day processing, check the relevant cut-off time before submitting your payment. Online payments submitted through HSBC Business Internet Banking must be sent before the applicable deadline for same-day execution. Missing the cut-off time can delay processing until the next business day.

Cut-off times vary by destination and currency. Check the cut-off times carefully before making a transfer to confirm the current deadline.

Transfer limits: How much can you send each day?

HSBC sets daily transaction limits for online payments based on your account type and account settings. If you need to send a large amount, you may need to increase your transfer limit, split the payment into smaller amounts, or send it over several days.

Comparing HSBC vs Airwallex: Fees and processing time

While HSBC provides a diverse range of business account options, Airwallex prioritises efficiency by providing only one global business account. This approach speeds up the decision-making and application processes, and hence, allows users to manage international transactions and finances with greater ease.

HSBC vs Airwallex: Comparison of add-on features and services

Airwallex: a one-stop financial and remittance solution designed for global businesses

With an Airwallex Business Account, you can open domestic and foreign currency accounts in 20 countries within minutes, access 90+ trade currencies at interbank rates, and send payments through local payment networks to over 100 countries and regions. Around 94% of transactions bypass SWIFT, which helps process faster with lower fees. 93% of payments arrive on the same day.

 Our advanced financial technology automates your business’ financial management, allowing you to save time and focus on expanding into the international market.

Open an account now to unlock your global growth potential.

Frequently asked questions

How do I make an international transfer with HSBC?

Log in to HSBC online banking and select “Payments and transfers”. Enter the payee’s details, including their name, bank name, SWIFT/BIC code, and account number.

Enter the payment amount and currency, select a fee allocation method – OUR, SHA, or BEN – then submit the payment. You can use Global Transfers when sending money to another HSBC account.

Why did the recipient receive less money even though I chose OUR?

Intermediary banks may deduct handling fees before the payment reaches the destination bank, even when you select OUR. These charges are outside HSBC’s control. If your recipient must receive an exact amount, add a small buffer to the payment amount.

What is the HSBC daily transfer limit?

HSBC sets daily online payment limits according to your account tier and account settings. You can check your daily limits or request an adjustment through HSBC online banking. For particularly large payments, you may need to request a higher limit, split the payment into smaller amounts, or send the funds over several days.

​​Sources: 

Information on HSBC was retrieved as of October 2026, from the sources below. Information provided is for reference only. Please refer to the official website of HSBC for the most up-to-date details.

• https://www.business.hsbc.com.hk/zh-hk/regulations/commercial-tariffs 

• https://www.business.hsbc.com.hk/zh-hk/regulations/compare-accounts 

• https://www.online-banking.business.hsbc.com.hk/portalserver/onboarding/account-opening 

• https://www.business.hsbc.com.hk/en-gb/products/hsbc-sprint-account

• https://www.business.hsbc.com.hk/en-gb/products/hsbc-business-direct

• https://www.business.hsbc.com.hk/en-gb/products/businessvantage 

• https://www.business.hsbc.com.hk/zh-hk/products/foreign-exchange-spot-fx 

• https://www.business.hsbc.com.hk/en-gb/regulations/document-checklist

• https://www.business.hsbc.com.hk/en-gb/products/asia-pacific-same-day-remittance-services

Disclaimer: We wrote this article in December 2024, and updated in October 2026. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. This research is reviewed every six months. This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected]. Airwallex (Hong Kong) Limited is regulated by the Customs & Excise Department and holds a Money Service Operator license (MSO License No. 16-09-01929).