HSBC Launches Multi-Currency Wallet for Simplified International Payments


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

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.

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