HSBC Launches Multi-Currency Wallet for Simplified International Payments
May 17 2021 - 10:57PM
Business Wire
First US bank that lets US small- and
medium-sized businesses “pay like a local” in foreign
currencies
HSBC USA today announces the launch of a multi-currency digital
wallet that enables businesses to make international payments
simply and securely.
HSBC Global Wallet is the first multi-currency offering by a
U.S. bank that removes the need to use third-party providers for
foreign exchange and international transactions. HSBC clients in
the United States can send money in a number of currencies, and
hold and manage those currencies.
HSBC Global Wallet uses the bank’s global payments network and
is fully integrated with the bank’s existing business banking
platform, enabling customers to “pay like a local.”
HSBC Global Wallet launches initially in the United States with
payment capabilities in Euros, UK Pound Sterling, Hong Kong
Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars
and Malaysian Ringgit, and will be enhanced later this year to
support receive capabilities for these currencies.
HSBC is taking an agile product development approach and rolling
out digital innovations that address the needs of businesses. HSBC
Global Wallet also launched today in the United Kingdom and
Singapore. Further markets will follow in 2022, and the bank has a
pipeline of new currencies and enhancements.
“We are excited that the US is one of the first markets in which
we are launching HSBC Global Wallet,” said Drew Douglas, Head of
Liquidity & Cash Management, US and Canada. ”As we continue to
focus on making international business easier and more efficient,
this innovative solution will allow our commercial US clients to
more effectively manage their foreign currency balances locally and
to pay internationally like a local. We are excited for the launch
and looking forward to expanding the breadth of currencies as we
move forward and to introducing receive ‘like a local’
functionality in the very near future.”
Sending money internationally is often a complex and
time-consuming process, with foreign exchange rates frequently
unmanaged and high transaction fees. Targeted at small- and
medium-sized U.S. businesses with international supply chains, HSBC
Global Wallet enables payments to be delivered to a beneficiary’s
account usually within minutes of being sent.
HSBC clients benefit from managing FX upfront and ensuring the
correct amount settles in the accounts of their international
suppliers and vendors. Thus HSBC Global Wallet allows U.S.
businesses to operate globally with greater confidence.
HSBC Global Wallet provides instant access to currencies from
within customers’ day-to-day banking platform, allowing for greater
visibility of cash flow, and is backed by the trust and security of
HSBC’s global network, with more than 1.3 million business
customers in 53 markets.
Each currency wallet works like a local account, enabling
international payments to the United Kingdom, Canada, Hong Kong,
Singapore, Australia, Malaysia and the 19 markets in the Eurozone
made over domestic real-time payment networks. More information
about HSBC Global Wallet, including a video illustrating the
wallet’s payment functionality is available at
www.business.us.hsbc.com/en/hsbc-global-wallet.
Research conducted by HSBC for its annual Navigator survey
revealed that 87 percent of U.S. businesses see expansion into new
markets as an immediate priority. The same percentage said digital
tools and platforms were a priority, while 92 percent said they
would be prioritizing cash flow and capital management.
HSBC is developing and deploying some of the industry’s most
advanced and innovative technology. HSBC USA was the first market
to launch the Global Money Account, in November 2020. This
multi-currency account allows HSBC Wealth and Personal Banking
customers to convert, hold and transfer multiple currencies from
one account, allowing them to hold up to eight currencies at once
and send money to more than 15 countries to other eligible HSBC
accounts instantly and fee-free. In the coming months HSBC will be
rolling out additional features.
Notes to editors:
About HSBC
HSBC USA
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves
customers through retail banking and wealth management, commercial
banking, private banking, and global banking and markets segments.
It operates bank branches in: California; Washington, D.C.;
Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia;
and Washington. HSBC Bank USA, N.A. is the principal subsidiary of
HSBC USA Inc., a wholly-owned subsidiary of HSBC North America
Holdings Inc. In the United States, deposit products are offered by
HSBC Bank USA, N.A., Member FDIC, investment and brokerage services
are provided through HSBC Securities (USA) Inc., (Member
NYSE/FINRA/SIPC) and insurance products are provided through HSBC
Insurance Agency (USA) Inc.
HSBC Commercial Banking
For over 150 years we have been where the growth is, connecting
customers to opportunities. Today, HSBC Commercial Banking serves
over 1.3 million customers across 53 markets, ranging from small
enterprises focused primarily on their home markets through to
corporates operating across borders. Whether it is working capital,
term loans, trade finance or payments and cash management
solutions, we provide the tools and expertise that businesses need
to thrive. As the cornerstone of the HSBC Group, we give businesses
access to a geographic network covering more than 90% of global
trade and capital flows.
HSBC Group
HSBC Holdings plc, the parent company of HSBC, is headquartered
in London. HSBC serves customers worldwide from offices in 64
countries and territories in its geographical regions: Europe,
Asia, North America, Latin America, and Middle East and North
Africa. With assets of $2,959bn at 31 March 2021, HSBC is one of
the world’s largest banking and financial services
organizations.
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Media enquiries to: Rob Sherman (646) 939-6998
robert.a.sherman@us.hsbc.com US Head of Media Relations HSBC
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