HSBC Launches Multi-Currency Wallet for Simplified International Payments

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 launched 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 locally. 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.