HSBC Exchange Rates

HSBC bank, owned by the Hongkong and Shanghai Banking Corporation Limited, gives you several options to convert one currency to a different currency. When considering this service, it’s really important to take a look at (and compare) foreign exchange rates offered. HSBC Bank offers many different types of functional currencies that are in worldwide circulation. Furthermore, they offer several methods of acquiring this currency (either physically in cash or digitally through a bank account deposit). If you are a loyal client of HSBC, it probably makes sense to prioritize their FX services over the other big banks in Canada.

Historically speaking, the big banking system has been the go-to for many Canadian individuals and businesses looking to exchange currencies. However, in today’s modern markets, online-only “fintech” companies are capable of offering better rates whilst prioritizing good customer service. The traditional banking system deals with extremely high operational costs and overhead, so you can’t always rely on them for the top rates.

These aforementioned newly-emerging FX companies that specialize entirely in currency transactions, such as KnightsbridgeFX, guarantee you amazing rates and quality service. KFX values their customers so much that they are willing to offer a transparent rate that is guaranteed to beat any large Canadian bank.

 

Compare HSBC Bank Exchange Rates with Other Banks

The buy/sell difference between the two separate HSBC exchange rates can be substantial. In some cases, this difference can reach up to 5% (and that’s before calculating any FX fees). The best way to see what HSBC can offer you, in terms of conversion services, is to visit their website or give them a call during working hours. As soon as you’ve contacted them you can begin looking for competing deals. To lower your search time, we’ve listed the main Canadian banks’ exchange rate offerings.

Bank Exchange Rates Markup % Source Potential Savings on $10,000 USD with KFX
HSBC – HSBC Bank 2.10% HSBC Foreign Exchange Rates $180
KnightsbridgeFX 0.8% Knightsbridge Foreign Exchange
RBC – Royal Bank of Canada 2.60% RBC Exchange Rates $230
TD – Toronto Dominion Bank 2.64% TD Bank Exchange Rates $234
BMO – Bank of Montreal 2.65% BMO Exchange Rates $235
Scotia – Scotia Bank 2.88% Scotia Bank Foreign Exchange Rates $258
CIBC – CIBC Bank 3.34% CIBC Foreign Exchange Rates $304
Desjardins 2.49% Desjardins Foreign Exchange Rates $219
PayPal 2.50% PayPal Exchange Rates $220

Tucked inside virtually every currency conversion is a rate markup on the exchange rate. Basically, the rate markup varies in percentage and is the customer’s way of paying for the currency exchange service. But since a large chunk of Canadians exclusively use their primary bank for all of their banking needs; they’re not getting the best deals possible. In most cases, converting currencies with your primary banking institution is an act of convenience – not money saving. To help you save even more money, FX companies such as KnightsbridgeFX, can take a smaller margin (less markup) on transactions than the big banks.

Finding the Best Exchange Rate

With every passing moment where financial technology improves, banking in Canada gets that much easier. To elaborate, as banking becomes easier individuals are less constrained to just one primary bank. HSBC aims to deliver a seamless online experience to their clients. Download the HSBC mobile banking app for quick and simple banking. Take a look at their foreign exchange offerings – if you are still indecisive on the best possible rate, make sure to use our FX currency tools to see how much you could save.

Regardless of what currencies you’re transacting, use our currency convertertool to make sure you’re getting a fair exchange rate on your money whenever you’re booking a trade. Your savings are important! While the US dollar and the Canadian dollar are closely linked, most other tradable currencies show higher levels of variability when paired against the CAD. One more thing: make sure to scope out and compare any fees a bank is charging (on foreign exchange) relative to its competitors.

HSBC Exchange Rate Overview

HSBC offers foreign exchange services for a variety of different currencies. At HSBC you also have the option to open a foreign currency savings account available in many of the world’s major currencies. They provide the Renminbi, US Dollar, British Pound, Euro, and Hong Kong Dollar savings accounts.
These services will help ease the difficulties that arise with cross border financial processes. Selected accounts are also high rate savings accounts, furthering the incentive to open an account.

Alternatives to HSBC’s Foreign Exchange Services

There’s an abundance of alternatives to HSBC available to you when you’re looking for currency conversion services. Every major Canadian bank (BMOCIBCRBCScotiabankTD) will provide you with foreign exchange opportunities. At the top of this page, you may compare HSBC’s exchange rates with those offered by other large Canadian banks. When you’re searching for a cash exchange it is always in your best interest to shop around for the best possible deal (one that will leave you with the highest amount of savings).

Are you seeking a currency exchange transaction where the amount exceeds $5000 CAD or USD? If so, there’s no debating it – finding the best foreign exchange rate could save you hundreds of dollars.

Picking KnightsbridgeFX instead of the traditional banks will certainly save you a ton of money in large-amount currency transactions. The company guarantees a rate that beats any other big Canadian bank by a margin of at least 1%.

Wire Transfer Cost Comparison
Financial Institution Tier-Based Fees Fixed Charge Var. Charge Min. Fee / Max. Fee Free?
KnightsbridgeFX No YES
HSBC Yes $40 – $90 $40 – $90 No
CIBC Yes $30 – $80 $30 – $80 No
BMO No $10 0.20% $15 – $125 No
RBC No $13.50 – $20 $13.50 – $35 No
Scotiabank Yes 0.15% $25 – $100 No
National Bank No $15 – $20 0.34% $15 – $60 No

Transferring cash “by wire” – also known as a wire transfer – has historically been offered by major Canadian banks to transfer your money abroad. To set up a wire transfer (a secure and safe way to transfer your funds to different bank accounts) you’re required to see a local branch representative and sign it in person. Nowadays you could easily find banks that give discounts for transfers that are booked online (some examples are HSBC and RBC). In fact, banks like the National Bank of Canada will even give you a discount on wire transfers if as long as the money you’re sending out goes to a US account. The reality of the matter is, even if you can obtain a discount on wire transfers from the conventional banking system, the cost is never completely written off.

KnightsbridgeFX guarantees to give you a completely free no-strings-attached wire transfer to anywhere in Canada, the US, and parts of Europe.

Importance of FX Comparison

For ultimate rate transparency you can use a non-bank provider to exchange currency and compare rates.. When you realize the potential savings with KFX relative to Canadian bank exchange rates, roughly 2% better, you’ll want to use Knightsbridge for all your FX needs.

Take a look at the live currency chart below and compare the exchange rates below to see a few live dollar pairings. This will give you a rough idea of what your money is currently valued at.

Through the use of our live FX tool, you’ll be able to know if you’re getting a good deal on your money based on a currency pairing’s bid/ask spread. Take advantage of KnightsbridgeFX’s live FX tools and comparison charts to find FX rates provided by other financial institutions. Once you have a clearer picture of the FX market, see how competitor deals stack up to HSBC.

US Dollar and Canadian Dollar Exchange Rates
More on HSBC Bank

Headquartered in London, United Kingdom, HSBC is a multinational banking and financial services company with nearly 6,000 offices in 72 different countries and territories.

With around 48 million customers worldwide, HSBC’s aim is to be acknowledged as the world’s leading international bank. Initially established as a facilitate trade between Europe and Asia, HSBC now enables business opportunities on a global scale.

Accessing HSBC’s Exchange Rates

HSBC posts its foreign exchange rates online. Keep in mind that if you want the most up to date rates, you will need to contact any HSBC branch. You can call them toll-free at 1-888-310-4722.

You can also have a look at HSBC’s currency exchange calculator to assess any transactions you may want to make.

Compare Other HSBC Products

HSBC provides their clients with a plethora of financial services including bank accounts, credit cards, travel insurance, mortgages, loans and investments solutions.

HSBC’s financial product scope is incredibly diverse. It’s never a bad idea to compare your current provider’s services to HSBC’s services to make sure that you’re getting the best possible financial treatment.

Our Recommendations on Foreign Exchange Services

We strongly recommend picking KnightsbridgeFX any time you need to convert from one tradable currency to another.

Hopefully after reading this overview you’ve gotten a better understanding of just how much you could potentially save with KFX. Thanks to KFX’s digital services, you’ll no longer have to pay unnecessarily high exchange rates, or fall victim to an unfavorable spread.

Simply by leveraging digital money transfer services, KFX ensures that your transaction will be smooth, efficient, and cost-friendly. Planning to trade thousands of dollars into a different currency? In return, KFX will help you save hundreds.

Get a zero-obligation quote today by speaking with one of our traders: Toll-Free: 1-877-355-5239

HSBC Foreign Exchange FAQs – Frequently Asked Questions
There are several types of foreign currency accounts at HSBC. In terms of a chequing account, they currently offer one in USD (similar to their regular offering which is in CAD). For savings accounts there are more varieties (USD, GBP, CNY, HKD, and the EURO).
None of HSBC’s chequing accounts come with an interest rate, but the majority of their savings account offerings do – even if it is very low (rates will vary). The only foreign currency account at HSBC that does not feature an interest rate is the CNY savings account.
Yes. If you are not a current banking member of HSBC (in other words you do not have an account opened with them) you cannot use them or currency conversions. Some of HSBC’s foreign currency accounts will only allow their funds to be transferred in other HSBC accounts (such as HSBC chequing).
If you decide to open a foreign savings account with HSBC there are zero monthly fees for any active accounts, regardless of which type you choose. Foreign chequing accounts however are subject to either a $14.95 monthly fee for unlimited transactions, or a $4.00 monthly fee for a limit on transactions.

*Please be advised: We are not affiliated with Scotiabank – all of the information in this overview was acquired from publicly available sources.