Quick answer: HSBC announced on 31 July 2026 that it will wind down its Australian retail banking business over approximately 18 months. Customers don’t need to act immediately and will receive direct communications about their products. If you use HSBC to send money to China, Hong Kong, or anywhere else in the world, this is a good time to understand your options — including services like Remitly that support money transfers to these locations.
Change like this can feel unsettling, especially when it touches something as personal as how you send money overseas. HSBC has said there’s no need to rush: its retail banking business will wind down in phases over roughly 18 months, and customers will receive communications about their individual products along the way.
If HSBC has been your go-to for sending money to Hong Kong, mainland China, or elsewhere overseas from Australia, it’s reasonable to start thinking about what comes next. This article walks through what’s happening with HSBC Australia, what to look for in an alternative, and some of the features Remitly offers so you can make an informed choice on your own timeline.
What is Happening to HSBC Bank in Australia?
HSBC announced the closure of its Australian retail banking business on 31 July 2026. Here’s what that means in practical terms:
- Home and personal loans are subject to a separate sale or transfer process.
- HSBC’s retail banking business — including everyday accounts and international transfer services — will be wound down over approximately 18 months.
- Customers should follow HSBC’s own communications regarding their specific products, as timelines and next steps may vary depending on what accounts or services you hold.
If You Use HSBC to Send Money Overseas, What Should You Look for in an Alternative?
Before looking at alternative providers, it helps to know what matters when choosing a money transfer service. Use these six criteria to evaluate any option, Remitly included:
- Trust and reputation – Who operates the service, and how established are they?
- Security and verification – How does the provider verify customers and protect their accounts?
- Country coverage – Does the service support transfers to China or Hong Kong, using a delivery method your recipient can use?
- Cost transparency – Can you see the exchange rate, the fee, and the amount your recipient will receive before you send?
- Transfer visibility – Can you track what happens to your money after you press send?
- Customer support – What happens if something goes wrong or you have a question?
Keeping these six factors in mind can give you a framework for judging any potential money transfer provider.
Why Australians Sending Money to China or Hong Kong May Want to Consider Remitly
If you’re looking for a new way to send money to China or Hong Kong, Remitly is one option to consider. Here are a few things that may help you decide whether Remitly is right for you.
You Can Send With an Established, Publicly Listed Company
Remitly has been helping people send money internationally since 2011, and its parent company, Remitly Global, Inc. is publicly traded on the Nasdaq stock exchange under the ticker RELY. As of 2Q 2026, Remitly reported more than 10 million quarterly active customers.
For someone trying a new money transfer service for the first time, knowing who is behind it — and how established the company is — can be an important part of making a decision.
You Can Know What to Expect From Identity Verification
When you sign up for Remitly, you may be asked to verify your identity by providing personal information or documentation. If you’re used to sending money through a bank you’ve been with for years, this extra step may feel unfamiliar.
Identity verification is generally required for regulated financial services. Remitly uses these checks to confirm your identity and meet applicable regulatory requirements. Before signing up, you can also review Remitly’s privacy and security information to understand how your personal information and transaction and account information is handled.
You Can Track Your Transfer Along the Way
Sending money overseas can come with an obvious question: where is my money now? With Remitly, you can track your transfer and receive updates on its progress, so you have greater visibility as your money makes its way to your recipient.
You Can See How Millions of Customers Rate Remitly
If you haven’t used Remitly before, reviews from existing customers can provide another useful point of reference. Remitly currently has global ratings of 4.9-star rating from ~ 4.5 million App Store ratings and a 4.8-star rating from more than 1.4 million Google Play ratings (app ratings are based on all countries or regions and the rating may vary based on user location and device type) .
Sending Money From Australia to Mainland China with Remitly
Remitly currently supports delivery to mainland China through Alipay, Weixin (WeChat Pay), and bank card, depending on recipient location. The general process looks like this:
- Create a Remitly account online or through the Remitly app
- Select China as the country you’d like to send to
- Enter the amount you want to send
- Choose a payment method
- Choose a delivery method (Alipay, Weixin, or bank card)
- Enter your recipient’s details.
- Review the transfer details.
- Send the transfer.
- Track your transfer until it’s delivered
For full details and current options, check Remitly’s dedicated page for sending money to China.
Sending Money From Australia to Hong Kong with Remitly
Hong Kong has its own delivery options, separate from mainland China. Remitly currently supports methods including bank deposit and cash pickup for transfers from Australia to Hong Kong, with availability depending on the provider and delivery method selected based on the recipient’s location.
- Create a Remitly account online or through the Remitly app
- Select Hong Kong as the country you’d like to send to
- Enter the amount you want to send
- Choose a payment method
- Choose a delivery method
- Enter your recipient’s details.
- Review the transfer details.
- Send the transfer.
- Track your transfer until it’s delivered
For the most current options, visit Remitly’s page for sending money to Hong Kong.
What Will My Transfer Cost?
When comparing ways to send money to China or Hong Kong from Australia, it can be tempting to focus on the exchange rate or transfer fee. But neither tells you the whole story on its own.
What can matter to those needing to send money is to understand the final amount the recipient will actually receive. The exchange rate and any applicable fees can both affect that amount, so looking at the final payout gives you a clearer way to understand the value of your transfer.
Before you send with Remitly, you can review the transfer details, including the exchange rate, applicable fees, and the amount your recipient is expected to receive. Because rates and fees can change, check the final amount each time you send before confirming your transfer.
The key takeaway: Don’t look at the exchange rate or fee in isolation. Look at how much money your recipient will actually receive.
What You’ll Need Before Making Your First Transfer
To make your first transfer as smooth as possible, have the following ready:
- A Remitly account
- Your recipient’s details (name, contact information, and any details required for your chosen delivery method)
- Your preferred delivery method
- Your payment method
Keep in mind that banking partner requirements and additional information or documentation may apply, and sending limits may vary by country, delivery method, and FX rates.
Making the Switch to Remitly
Moving away from a bank you’ve used for years isn’t just about finding another app. When you’re sending money to family or maintaining financial connections overseas, you want to know who’s handling your money, what you’ll pay, how your recipient will receive it, and what happens after you hit send. HSBC’s exit gives you time to work through those questions properly, without pressure.
Remitly offers many of the features you may want to consider when choosing a money transfer service including being an established, publicly traded company, and giving you the ability to review pricing before you send, and tools to track your transfer.
Ready to send? Sign up online or through the Remitly app and make your first transfer to China or Hong Kong today.
Frequently Asked Questions (FAQs)
Is HSBC leaving Australia?
HSBC is closing its Australian retail banking business, as announced on 31 July 2026.
When is HSBC Australia’s retail banking closing?
HSBC’s retail banking business in Australia will wind down in phases over approximately 18 months from the July 2026 announcement.
Can I send money from Australia to Hong Kong with Remitly?
Yes. Remitly currently supports sending for bank deposit and cash pickup in Hong Kong.
How can my recipient receive money in China or Hong Kong?
In China, recipients may receive funds through options such as Alipay, Weixin (WeChat Pay), and bank cards. In Hong Kong, recipients may receive funds through bank deposit or cash pickup.
