FX Order Watch FAQ

• About FX order watch
  
• Placing an order watch
  
• After an order watch is placed
  
• Stop loss order
• One Cancels the other order

FX Order Watch service is a rate watching service that allows you to set your own target foreign exchange rate to convert funds automatically within your banking accounts, and / or to receive alert when the designated foreign exchange rate is reached.

If you have foreign currency accounts, you can set up orders straightaway in online banking or the HSBC Singapore app. Otherwise, you can set up your orders at a HSBC Branch.

The following currencies can be set up: Australian dollar, Canadian dollar, Euro, Japanese yen, New Zealand dollar, Pound sterling, Singapore dollar, Swiss franc, US dollar and Hong Kong dollar.

You can use FX Order watch to:

• gather real-time market data and FX news.
  
• check the market spot reference and historical trend chart for the past 5 years.
  
• view technical analysis such as the Relative Strength Index, moving averages, support and resistance levels.
  
• access related FX news and economic and technical analysis indicators provided by Reuters.
  

The FX Order Watch service is available to all customers with foreign currency accounts.

You may set up email or SMS text notifications.

You can set up orders at minimum of USD 100 and maximum of USD 1,000,000 for currency pairs.

There is no transaction fees and charges for the usage of this service.

The orders will be carried out when the HSBC Watched Rate¹ meets the prevailing HSBC foreign exchange rate applicable to the relevant currencies³. The checks are done every 10 seconds, or such other frequency or interval as may be determined by the Bank from time to time.

At the time of actual transfer, the order will be carried out at the Client Target Conversion Rate², and at an amount which is determined by the Bank with reference to the transfer amount set by the customer. The prevailing HSBC foreign exchange rate applicable to the relevant currencies³ provided by HSBC market makers that may be different from the rates published by external sources such as Reuters and Bloomberg.

The prevailing HSBC foreign exchange rate applicable to the relevant currencies provided by HSBC market makers may be different from the rates published by external sources such as Reuters and Bloomberg. The HSBC Watched Rates¹ are taken from our HSBC proprietary trading desk.  As a result, when the HSBC Watched Rate appears to match the foreign exchange rates from external sources, they may not have met the prevailing HSBC foreign exchange rate.

No, the orders will not be carried out.

The orders will stand for maximum of 30 calendar days, while the FX Rate alert will stand for maximum of 90 calendar days.

Yes, you may cancel your order if the order is not carried out or in processing. However, time is needed to accept and act upon the cancelation. Until the order is cancelled, the order may still be acted upon.

The amount in the order cannot be withdrawn, while the order is not cancelled or in processing.

A Stop Loss order is an instruction to automatically exchange currency if the market reaches an exchange rate you set (your "Stop Loss rate"). It helps limit potential losses if the exchange rate moves against you. 

You choose a Stop Loss rate when placing your FX order. If the market reaches that rate, your order is triggered and sent for execution automatically. 

Not always. In fast-moving or volatile markets, your order may be executed at the next available rate, which can be different from your Stop Loss rate. This is known as slippage. 

• Helps manage risk by setting a maximum loss level you're comfortable with 
• Reduces the need to monitor the market constantly
• Adds discipline by setting your exit point in advance

• Stop Loss: help limit losses if the rate moves against you 
• Take Profit: helps lock in gains if the rate moves in your favour 

Stop Loss orders can help manage risk, but they don't remove it. Market movements and gaps can mean your trade executes at a less favorable rate than expected.

To place a Stop Loss order in the HSBC Singapore app, follow the below steps:

1. Log in to the HSBC SG app.
2. Navigate to ‘Wealth’ or ‘Pay and transfer’ on the main menu.
3. Select ‘Foreign exchange’.
4. Tap on ‘Set your target rate’ or start from the FX Order Watch/watchlist section.
5. On the order type selection screen, choose ‘Stop Loss’ 
6. Enter the required details:
   1. Select your source and destination accounts/currencies.
   2. Specify the amount you want to exchange.
   3. Set your Stop Loss rate
   4. Choose the order expiry date if needed.
7. Review all entered details and tap ‘Confirm’ to place your order.
8. Once submitted, you’ll receive a confirmation notification and a reference number for tracking.

Yes, you will receive a push notification via the HSBC SG app (or email if you opt out of push notifications) when your order is executed, along with a reference number for your records.

Yes, when you set up a Stop Loss order, you can select an expiry date (up to the maximum period allowed in the app). If neither target rate is reached by the expiry, the order will automatically be cancelled.

You can view or cancel any active FX Stop loss Order by logging into the HSBC SG app, going to ‘Foreign exchange’, and then checking the ‘Active orders’ or ‘Order history’ section.

An OCO (One Cancels the Other) order lets you place two FX orders at the same time:

• a Take Profit order to lock in gains if the exchange rate moves in your favour; and
• a Stop Loss order to help limit losses if the exchange rate moves against you.

If one order is triggered and executed, the other order is automatically cancelled. this helps you manage both potential outcomes without needing to monitor the market constantly. 

Each 'One cancel the other' order generates a unique reference number. Customers can use this for enquiries or tracking the order in the app’s order history.

Important notes

¹HSBC Watched Rate refers to the rate provided by the Bank to the Customer as the watched rate prior to the placement of any transfer instruction by the Customer, being the Client Target Conversion Rate with Bank spread incorporated.

²Client Target Conversion Rate refers to the exchange rate at which actual transfers shall be made to effect purchases of currencies which the customer may elect.

³Prevailing HSBC foreign exchange rate applicable to the relevant currencies refers to the prevailing HSBC foreign exchange rate applicable to the relevant currencies provided by HSBC market makers that may be different from the rates published by external sources such as Reuters and Bloomberg.