HSBC Global Wallet Expands Currency Offerings and Provides New Platform Capabilities

Rhea-AI Summary

HSBC has launched the HSBC Global Wallet, enabling US-based businesses to manage multiple currencies from a single account. The platform, available since May 2021, now includes additional currencies like Chinese Yuan, Japanese Yen, Swiss Francs, and Malaysian Ringgit. This service allows businesses to receive, pay, and transfer funds internationally with reduced fees and enhanced efficiency. With an international network serving over 1.3 million businesses, HSBC aims to support US small and medium-sized enterprises in expanding globally.

Positive

• Launch of HSBC Global Wallet allows US businesses to manage multiple currencies efficiently.
• Expanded currency offerings include Chinese Yuan, Japanese Yen, Swiss Francs, and Malaysian Ringgit.
• Integration with HSBC's existing banking platform, enhancing client experience.
• Supports over 1.3 million customers worldwide, indicating strong market presence.

Negative

• None.

“Receive like a local” gives HSBC Global Wallet holders the ability to easily collect foreign currency into a US account, as if having an overseas account.

NEW YORK--(BUSINESS WIRE)-- HSBC Bank USA, N.A., (HSBC), announced new offerings today for current and new Business Banking customers who buy from or sell to international companies. With HSBC Global Wallet, small and medium sized businesses can now receive, pay, hold and transfer funds between currencies in the same FDIC-insured, US based business account. HSBC Global Wallet is distinguished as the first multi-currency digital wallet accessed from a major US bank’s main business banking platform with local payment and collections capabilities.

HSBC Global Wallet has expanded its currency offerings to include Chinese Yuan, Japanese Yen, Swiss Francs and Malaysian Ringgit and will continue to add currencies over time.

Since early adopters started using HSBC Global Wallet in May 2021, the platform has supported Euros, American Dollars, UK Pound Sterling, Hong Kong Dollars, Canadian Dollars, Singapore Dollars, Australian Dollars.

Now, HSBC Global Wallet will also allow customers to both pay and receive payment in multiple foreign currencies, as well as hold and transfer currencies, all from the same business account. The ability to “receive and pay like a local” saves clients time and money, reduces fees and ensures that international payments are made simple and efficient with a single-account solution.

“This innovative solution is fully integrated with HSBC’s existing business banking platform, bringing the strength of the HSBC international network to our small and medium-sized business US customers, supporting a much more efficient expansion of their international businesses,” said Drew Douglas, Head of Liquidity & Cash Management, US and Canada.

Sending money internationally is often a complex and time-consuming process, with foreign exchange rates frequently changing and high transaction fees. Targeted at small- and medium-sized US businesses with international supply chains, HSBC Global Wallet enables payments and collections US businesses the ability to operate globally with greater confidence.

Click here to learn more about HSBC Global Wallet, including a video illustrating the wallet’s functionality. 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.

Note 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 Holdings plc

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 US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210909005643/en/

Media enquiries to:

Matt Kozar 631-482-6586 matt.kozar@us.hsbc.com

Source: HSBC Bank USA, N.A.

FAQ

What is the HSBC Global Wallet?

The HSBC Global Wallet is a multi-currency digital wallet that allows US businesses to receive, pay, hold, and transfer funds in various currencies through a single account.

Which new currencies are included in HSBC Global Wallet?

The HSBC Global Wallet has expanded to include Chinese Yuan, Japanese Yen, Swiss Franc, and Malaysian Ringgit.

How does HSBC Global Wallet benefit US businesses?

It simplifies international transactions, reduces fees, and enables businesses to operate globally with greater confidence and efficiency.

When was HSBC Global Wallet launched?

HSBC Global Wallet was initially launched in May 2021.

What types of businesses can use HSBC Global Wallet?

HSBC Global Wallet is designed for small and medium-sized US businesses engaged in international trade.