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Foreign exchange FAQ

How do I make currency conversions?

You will need an Everyday Global Account (EGA) to start currency conversions which can be opened via HSBC Internet Banking if you are an existing HSBC customer or at any HSBC branch if you are a new customer. You will receive an Everyday Global Debit Card upon opening your EGA which provides you with access to up to 11 different currencies* and make currency conversions using:

  1. "Domestic Transfer" at real-time competitive rates
  2. "Set your rate" at your own preferred rates

*Australian Dollar, Canadian Dollar, Euro, Japanese Yen, New Zealand Dollar, Pound Sterling, Swiss Franc, US Dollar, Hong Kong Dollar, Chinese renminbi (Offshore) and Singapore Dollar.

How do I invest in foreign currency?

There are two ways to gain a return on your capital from foreign currency, either through interest-rate differences or exchange-rate fluctuations.

Many financial institutions offer margin trading on foreign currencies. Of course, this is highly speculative and can be extremely risky. If the currency devalues by more than your interest return, you may potentially incur losses on your principal amount.

What are the various FX products/services that HSBC offers me?

Round-the-clock automated Limit Orders with FX Order Watch

Access real-time FX trading services anytime, anywhere. Simply set your target exchange rate and leave it to us to monitor the market and convert your funds for you when your designated rate is reached 24 hours a day, 5.5 days a week.

Transfer funds globally at low cost

Experience one view of all your HSBC accounts worldwide and perform instant transfers between them with Global View & Global Transfer.

Transfer funds to banks outside of Singapore with ease

Access multiple currencies with Everyday Global Account

Meet your transactional needs in up to 11 different currencies with one account that you can manage anytime, anywhere.

Stay informed with market insights and investment analysis

Get the latest on global economic landscapes and insights from our financial experts.

Keep track of the global currency markets and spot opportunities when they become available with a daily market view with FX insights.

Never miss a payment

Enjoy preferential real-time rates on weekdays and set up standing instructions to send payments and remittances to over 26 countries/regions.

What can I use FX for?

Below are some suggestions on ways to use FX:

  • Payments in foreign currencies (personal expense, rent fees, credit card payments, utility payments, education fees, Insurance premium),
  • Travel expenses,
  • Purchase of property,
  • Investment,
  • Savings and more

What are the regulatory restrictions related to FX?

  • There are limited restrictions pertaining to currencies that can be cleared locally. For example, KRW, TWD, MYR.
  • We will not be able to clear onshore RMB.

What are FX Structured Products?

We have Dual Currency. HSBC's Dual Currency Plus offers you the potential to earn higher returns through investing in a currency-linked option. By selecting a currency pair you are comfortable holding, you can take advantage of currency market movements. This is a regulated product and follows the sales process.

Who can transact in FX?

Any client that holds an account with us. More details as seen below.

FX Order Watch

The FX Order Watch service is available to all HSBC customers who have foreign currency accounts.

If you do not have a foreign currency account, you may open an Everyday Global Account that gives you access to up to 11 currencies to make a foreign currency exchange. More information can be found here.

Worldwide Transfer

You will need to have an overseas beneficiary's crediting account to complete a worldwide transfer.

Global View and Global transfer

You will need eligible HSBC accounts in another country/region to make a transfer.

What platforms are available for me to do FX?

Via HSBC Online Banking, HSBC Singapore app, or in our branches.

Simply log on to HSBC Online banking to make an FX transfer on the following platforms:

  • FX Order Watch
  • Global transfer
  • Worldwide transfer

For Premier customers, you may enquire about preferential pricing through your respective Relationship Managers.

How do I invest in commodities?

This is currently not available in HSBC Singapore.

What are the risks associated with FX products?

FX is subject to exchange rate fluctuations, for example, (but not limited to) exchange rate risk, liquidity risk, country/region risk. These risks will subject your foreign currency deposit to exchange rate fluctuation. If you choose to convert your foreign currency to other currencies at an exchange rate that is less favourable than the exchange rate in which you made your original conversion to foreign currency, you may suffer loss in principal.

As a customer, will I get access to the latest FX update?

You may access the daily FX updates through here.

How do I use the HSBC Everyday Global Debit Card?

After you have performed a currency conversion within your EGA via the HSBC Singapore app, you can make retail purchases, online shopping and cash withdrawal with no FX fee* using the HSBC Everyday Global Debit card.  If you are spending USD100 on your EGA debit card, we will just deduct USD100 from your EGA. It's that simple, with no hidden charge. Please note that EGA Debit Card does not support Renminbi transactions.

*Applies to successful retail purchase, online shopping and cash withdrawal made via the 9 supported foreign currencies.

You can refer here for more information on Everyday Global Account Debit Card.

HSBC FX Loyalty Pricing

What is the qualifying period and offer period for HSBC FX Loyalty Pricing?

The qualifying period refers to the window where all your eligible FX transactions will be aggregated to determine your eligible FX rate discount on your next FX transaction. The qualifying period is between 1 January 2022 and 15 July 2022 (both dates inclusive).

The offer period refers to the window where eligible FX rate discounts will be made available to your next eligible FX transactions. The offer period is between 18 April 2022 and 15 July 2022 (both dates inclusive).

How does HSBC FX Loyalty Pricing work for joint relationships?

The aggregate FX transaction amount is computed depending on how your eligible FX transaction is initiated. If you hold sole account(s), the eligible FX transactions performed using your sole account will be used to determine the discount for your subsequent eligible FX transaction made using your sole account. All eligible FX transactions performed via HSBC’s online platforms are initiated on your sole account.  Where the eligible FX transaction is made using your joint account (this is only available at HSBC branches), the eligible FX transactions performed using your joint account will be used to determine the discount for your subsequent eligible FX transaction made using your joint account.

Will non-SGD FX transactions be included in the computation of aggregate FX transaction amount?

All non-SGD eligible FX transactions in currencies other than SGD will be notionally converted into SGD at the bank’s prevailing exchange rate for the purpose of determining the aggregate FX transaction amount.

Where can I find out more about HSBC Loyalty Pricing?

You can speak to your Relationship Manager or our staff for more details.

What FX transactions will be eligible for HSBC FX Loyalty Pricing?

FX transactions done using Worldwide Transfers, transfers within your Everyday Global Accounts (at branches, via phone banking, or on HSBC Singapore app and HSBC Online Banking), and non-domestic currency FX transfers using HSBC Global Money Transfers are eligible for HSBC FX Loyalty Pricing.

Does the eligible discount apply to any promotional FX rates offered under other promotions?

If an eligible customer qualifies for a promotional FX pricing under another FX promotion, the better discount of the two will be applied.