HSBC USA launches HSBC Global Wallet, a multi-currency digital wallet for international payments

By Pavithra R

HSBC Bank USA has announced the launch of ‘HSBC Global Wallet’, a multi-currency digital wallet that enables businesses to make international payments simply and securely.

The solution 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 now send money in a number of currencies and hold and manage those currencies.

The digital 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.” It enables payments to be delivered to a beneficiary’s account usually within minutes of being sent.

“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,” said Drew Douglas, Head of Liquidity & Cash Management, US and Canada.

The wallet allows U.S. businesses to operate globally with greater confidence. Clinets can leverage the offering to benefit from managing FX upfront and ensuring the correct amount settles in the accounts of their international suppliers and vendors.

The bank is launching the wallet 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. It is also launched today in the United Kingdom and Singapore.

HSBC Bank USA, the American subsidiary of UK-based HSBC, serves customers through retail banking and wealth management, private banking, commercial banking, and global banking and markets segments. The bank is taking an agile product development approach and rolling out digital innovations that address the needs of businesses.