Provider profile · 2026 edition
HSBC UK review 2026: scores, fees and alternatives.
HSBC UK Bank plc is a bank, with eligible deposits protected by the FSCS up to £120,000.
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HSBC UK Bank plc is a bank, with eligible deposits protected by the FSCS up to £120,000.
HSBC UK scores 2.3 out of 5 (46 out of 100) in the Buckingham Intelligence Global Trade Banking Index 2026 and ranks 19 of 26. It is strongest for UK traders needing letters of credit and trade finance, with 5 out of 5 for financing and protection and standing. Not published or not stated on the pages read: FX margin and FX cost.
Scores from the Global Trade Banking Index 2026.
| Segment | Score out of 100 | Rank |
|---|---|---|
| For importers | 45 | 19 of 26 |
| For exporters | 42 | 20 of 26 |
| For wholesalers and distributors | 52 | 14 of 26 |
The score out of 5 is the overall score out of 100 divided by 20. Leader goes to the top three overall, Best for to the first in each segment, and Top rated for to a score of 5 out of 5 on a criterion. Awards cannot be bought.
Where it scores best, and where to check closely, as shown in each ranking.
UK traders needing letters of credit and trade finance.
What HSBC UK publishes on its own pages, read on 21 October 2026.
HSBC UK Bank plc is a bank, with eligible deposits protected by the FSCS up to £120,000. It is the only provider in this edition offering import and export letters of credit, collections, guarantees, buyer loans and receivables finance. It requires UK tax residency, charges £17 for an international payment online and £96 to £180 a year for a foreign currency account, and does not publish its FX margin.
| Fact | What the provider publishes |
|---|---|
| Account fee | Small business account free; Business Banking Account £10 a month; foreign currency account £96 to £180 a year with a 5,000 minimum balance |
| FX margin | Not published; converted at HSBC's quoted daily rate |
| Receiving | GBP sort code; Global Wallet receive like a local £5 a transaction; incoming foreign payments of £100 or more £6 |
| Paying suppliers | International payment online £17; SEPA 24p; by branch or phone up to £30 |
| Stablecoins | Not published |
| Finance | Import and export letters of credit, collections, guarantees, buyer loans, TradePay, receivables finance, overdrafts |
| Onboarding | 65% of small business accounts opened within 24 hours; UK tax residency required |
| Protection | FSCS up to £120,000 |
| Date read | 21 October 2026 |
Who can open an account, by country of registration
| Country | Published position |
|---|---|
| United Kingdom | Yes |
| United States | No |
| Mexico | No |
| Brazil | No |
| Colombia | No |
| Hong Kong | No |
| China | No |
| Türkiye | No |
| UAE | No |
| Nigeria | No |
| Pakistan | No |
A fact that is not published is scored as not offered or, for a fee, as if it were high. It is never estimated.
Facts read on 21 October 2026 from: business.hsbc.uk/-/media/media/uk/PDFs/…, business.hsbc.uk/en-gb/products/…, business.hsbc.uk/en-gb/products-and-solutions/…, business.hsbc.uk/en-gb/products/….
Each score with the evidence behind it.
Each criterion is scored 0 to 5 against the best published offer in the Global Trade Banking Index. 0 means not offered or not published. How it is scored
The other providers in the same ranking, ordered by score.
| Provider | Score out of 5 | Rank | Strongest for |
|---|---|---|---|
| Wise Business | 3.8 | 1 of 26 | Transparent FX and receiving in 22 currencies |
| WorldFirst | 3.5 | 2 of 26 | Importers paying Asian suppliers, no account fees |
| Airwallex | 3.5 | 3 of 26 | Free local supplier payments to 120+ countries |
| Statrys | 3.1 | 4 of 26 | Hong Kong, Singapore and BVI companies trading with Asia |
| XTransfer | 3.1 | 5 of 26 | Trade with China and emerging-market collection |
| Aspire | 3.0 | 6 of 26 | Singapore, Hong Kong and US-nexus companies trading in Asia |
| Currenxie | 3.0 | 7 of 26 | Asian and Mexican traders collecting in nine currencies |
| Payoneer | 3.0 | 8 of 26 | Marketplace sellers and exporters in 190+ countries |
| Mercury | 2.8 | 9 of 26 | US-registered companies with founders abroad |
| Ebury | 2.8 | 10 of 26 | Mid-size traders needing supplier finance with their FX |
| Verto | 2.7 | 11 of 26 | African exporters collecting in NGN, KES and ZAR |
| 3S Money | 2.7 | 12 of 26 | Non-resident companies from 190+ countries wanting UK and EU IBANs |
| Slash | 2.5 | 13 of 26 | Non-US wholesalers spending in dollars and receiving USDT |
| Revolut Business | 2.5 | 14 of 26 | UK, EEA and US companies wanting cards and FX allowances |
| Shield | 2.5 | 15 of 26 | Wholesalers in Latin America paid in USDT |
| OFX | 2.4 | 16 of 26 | FX-heavy traders wanting a dealer on the phone |
| Tazapay | 2.4 | 17 of 26 | Exporters collecting from buyers in 85+ markets |
| Wio Bank | 2.4 | 18 of 26 | UAE trade licence holders wanting a bank with lending |
| iBanFirst | 2.0 | 20 of 26 | EEA and UK companies exchanging €200,000 or more a year |
| Conduit | 1.9 | 21 of 26 | Companies in 100+ countries settling trade in stablecoins |
| Bitso Business | 1.8 | 22 of 26 | Latin American traders settling on Pix, SPEI and ACH |
| Flutterwave | 1.7 | 23 of 26 | African exporters receiving USD, GBP, EUR and AED |
| Equals Money | 1.7 | 24 of 26 | UK businesses wanting cards and 40 currencies in one account |
| Moneycorp | 1.7 | 25 of 26 | UK and Irish traders wanting dealer-led FX |
| Nium | 1.6 | 26 of 26 | Platforms and fintechs embedding payouts, not yet small traders |
Side by side on every criterion, fact and award.
Head-to-head comparisons cover pairs within the top five of each ranking. HSBC UK is compared with its alternatives in the table above.
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