HSBC launches multi-currency wallet for simplified international payments

NEW YORK–()–HSBC USA today announces the launch of a multi-currency digital wallet that allows businesses to make international payments simply and securely.

HSBC Global Portfolio is the first multi-currency offering from a US bank that eliminates the need to use third-party providers for foreign exchange and international transactions. HSBC customers in the US can send money in a number of currencies, and hold and manage those currencies.

HSBC Global Wallet uses the bank’s global payment network and is fully integrated with the bank’s existing commercial banking platform, allowing customers to “pay like a local”.

HSBC Global Wallet is initially launching in the US with payment capabilities in Euros, British Pounds, Hong Kong Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars and Malaysian Ringgit, and will be further enhanced later this year to support the reception capabilities of these currencies.

HSBC takes an agile approach to product development and deploys digital innovations that meet business needs. HSBC Global Wallet also launched today in the UK and Singapore. More markets will follow in 2022, and the bank has a pipeline of new currencies and enhancements.

“We are delighted that the United States is one of the first markets in which we are launching HSBC Global Wallet,” said Drew Douglas, Head of Liquidity and Treasury Management, United States and Canada. “As we continue to focus on making international business easier and more efficient, this innovative solution will allow our US business customers to more efficiently manage their foreign currency balances locally and pay internationally like a local.” We are thrilled with the launch and look forward to expanding the range of currencies as we move forward and introducing ‘like a local’ receipt functionality in the very near future.”

Sending money internationally is often a complex and time-consuming process, with often unmanaged exchange rates and high transaction fees. Aimed at US small and medium businesses with international supply chains, HSBC Global Wallet allows payments to be delivered to a recipient’s account typically within minutes of being sent.

HSBC customers benefit from initial currency management and ensuring that the correct amount is settled in their international vendor and vendor accounts. Thus, HSBC Global Wallet enables US businesses to operate globally with greater confidence.

HSBC Global Wallet provides instant access to currencies from customers’ everyday banking platform, enabling greater cash flow visibility, and is backed by the trust and security of HSBC’s global network, with more than 1, 3 million professional customers in 53 countries. markets.

Each currency wallet operates as a local account, allowing international payments to the UK, Canada, Hong Kong, Singapore, Australia, Malaysia and all 19 Eurozone markets made via one-time payment networks real nationals. More information about HSBC Global Wallet, including a video illustrating the payment functionality of the wallet, is available at www.business.us.hsbc.com/en/hsbc-global-wallet.

Research conducted by HSBC for its annual report Navigator A survey found that 87% of US companies consider expanding into new markets an immediate priority. The same percentage said digital tools and platforms were a priority, while 92% said they would prioritize cash flow and capital management.

HSBC develops and deploys some of the most advanced and innovative technologies in the industry. 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 a single account, allowing them to hold up to eight currencies at once and send money in over 15 countries to other eligible countries. HSBC accounts instantly and at no cost. In the coming months, HSBC will be rolling out additional features.

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About HSBC

HSBC United States

HSBC Bank USA, National Association (HSBC Bank USA, NA) serves clients through the 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, NA 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, NA, member FDIC, depository services. investment and brokerage are provided by HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided by HSBC Insurance Agency (USA) Inc.

HSBC Commercial Bank

For over 150 years, we’ve been where the growth is, connecting customers to opportunity. Today, HSBC Commercial Banking serves more than 1.3 million customers in 53 markets, ranging from small businesses focused primarily on their home markets to businesses operating across borders. From working capital, term loans, trade finance, to payment and cash management solutions, we provide the tools and expertise businesses need to thrive. As the cornerstone of the HSBC Group, we give businesses access to a geographic network covering over 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 geographic regions: Europe, Asia, North America, Latin America, Middle East and North Africa. With assets of $2.959 billion as of March 31, 2021, HSBC is one of the largest banking and financial services organizations in the world.

Sara R. Cicero