HSBC launches multi-currency wallet for international payments

Banking giant HSBC Bank launched a multi-currency digital wallet dubbed ‘HSBC Global Wallet’ that enables businesses to make international payments from one single global account.

Integrated within the bank’s existing business banking platform, the HSBC Global Wallet removes the need for businesses to use third-party providers for international transactions. Clients can send and receive money in several currencies and hold and manage those currencies in the same Global Wallet account.

HSBC Global Wallet uses the bank’s global payments network, helping customers to ‘pay like a local’, enabling remittances to be delivered to a beneficiary’s account within minutes of it being sent.

By showing customers the exchange rate before they execute a payment transaction and fixing it to ensure the right amount settles in the beneficiary’s account, HSBC Global Wallet eases international money transfer for its millions of customers.

Targeted at SMEs with international supply chains, the wallet provides instant access to currencies from within customers’ day-to-day banking platform.

Launching the wallet initially in the US, the bank will include payment capabilities in Euros, UK Pound Sterling, Hong Kong Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars and Malaysian Ringgit with more currencies to be added over the coming months, it said.

Commenting on the new launch, HSBC head of liquidity & cash management, US and Canada Drew Douglas said, “We are excited that the US is one of the first markets in which we are launching HSBC Global Wallet. 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.”

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