Money transfer language explained

Learn key money transfer terms and phrases when sending funds locally or internationally.

To BIC, SWIFT or sort? It depends on the country! Learn the language for easy, error-free international money transfers. 

Domestic and international bank transfer terms vary by country and region. Here are a few in alphabetical order that you may come across when sending money internationally 

Bank Identifier Code (BIC)/SWIFT code 

The BIC code, also called the SWIFT code, is a number that identifies your bank. A BIC/SWIFT code  is needed if you want to send or receive money from overseas. Learn more here, including HSBC Philippines SWIFT code.

Direct Debit 

Direct Debits are mainly used for payments when you've given another party permission to take money from your bank account, such as for a utility bill. 

Foreign Exchange Rate (FX) 

This is the conversion rate applied when you exchange one currency for another. Currency exchange rates go up and down over time and can vary depending on which bank, or company, you use to make the exchange. 

HSBC Global Transfers 

HSBC Global Transfers is an instant money transfer service of up to USD200,000 (or the currency equivalent) a day to self-named or eligible third-party overseas personal HSBC accounts. The service is free for eligible HSBC customers. 

International Bank Account Number (IBAN) 

Your IBAN is a unique code used to identify your specific bank account for the purpose of cross-border payments in the Eurozone and UAE. If you bank with HSBC in these regions, this number is found at the top of bank statements near your account number and in your online banking or mobile banking app. 

Remittance 

This is a payment of money that is transferred to another party. The term is most often used to describe money sent by someone working abroad to their family back home. 

Telegraphic Transfer (TT) 

Also known as telex transfers, this electronic method of transferring funds is mainly used for overseas wire transactions. To use this service, you'll need the receiver's complete bank account information, including the SWIFT code. 

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