Foreign exchange FAQ

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.

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.

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.

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 (for purchasing of equities/bonds/structured products/unit trusts/ETFs denominated in foreign currencies).
• Savings and more

• 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.
  

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.

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.

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.

This is currently not available in HSBC Singapore.

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.

You may access the daily FX updates through here.

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.

The programme period is from 1 April 2023 to 31 December 2024, both dates inclusive.

The transactional period will be 180 days prior to the date on which you make a transaction during the programme period.

For example, the programme start date is on 1 April 2023. The transactional period for the accumulation of FX transactions is 3 October 2022, which is 180 days before the programme start date. If you made an FX transaction of SGD100,000 on 20 October 2022, and another one of HKD275,723 (SGD50,000) on 12 November 2022, your accumulated FX transaction amount on the programme start date would be SGD150,000.

If you then make an FX transaction of SGD50,000 on 8 April 2023, you'd have an accumulated FX transaction amount of SGD200,000. This means you can enjoy the Gold tier FX rate discount of 25% for that transaction. The new transactional period for your accumulation start date is now 10 October 2022.

If you make another FX transaction of SGD450,000 on the same day, your new accumulated FX transaction amount would be SGD650,000. Therefore, you can enjoy the Platinum tier FX rate discount of 40% for that transaction.

We determine your entitled FX rate discount by adding the SGD equivalents of:

• your eligible FX transactions during the transaction period
• any transactions already completed that day
• any current transactions being processed

The discount will be applied to the FX markup margin.
 

All eligible FX transactions in currencies other than SGD will be converted to SGD at the bank's prevailing exchange rate to determine the approximate FX transaction amount.

The default base tier is Bronze. As your accumulated FX transaction amount increases, you'll be eligible for higher discounts according to the tier you qualify for.

For example, you're a Personal Banking customer who wants to make an eligible FX transaction by converting USD42,835.72 to Singapore dollars. We'll assume that the rate is 1.4113.

After deducting the markup margin, the rate becomes 1.4007⁺ and once converted, the value of the transaction is SGD60,000. As a result, you'll be upgraded from Bronze to Silver. A 15% discount will be applied to the markup margin for this current FX transaction.

If the USD-to-SGD FX rate is 1.4007 after the markup margin has been included, your rate will improve to 1.4023 once the 15% Silver discount has been applied. Your converted amount will then increase from SGD60,000 to SGD60,068.66, and you'll have saved USD48.96.

If your new accumulated FX transaction amount reaches or exceeds SGD100,000 after it's been converted from USD, your eligible FX rate discount will increase to 25%.

⁺ The rate after the markup margin has been deducted will differ for Premier and Premier Elite customers as they will enjoy preferential rates.

The following FX transactions are eligible for HSBC Singapore Loyalty Pricing:

• Transfers between your Everyday Global Accounts, made at a branch or via HSBC Phone Banking at branches, the HSBC Singapore Mobile Banking app and HSBC Online Banking
• FX transactions made using Worldwide Transfers
• FX transfers made at branches

Non-domestic currency FX transfers using HSBC Global Money Transfers and Union Pay are not eligible under this programme. 

^* Non-Everyday Global Account Transfers, FAST, and PayNow are not accumulated under the Loyalty Pricing Programme.

The accumulated FX transaction amount is calculated based on how you make your eligible FX transaction.

If you have a sole account but make eligible FX transactions using a joint account online, on mobile or at a branch, they'll be used to determine the discount for your next eligible FX transactions made using your sole account online, on mobile or at a branch. The FX transaction amounts accumulated using your joint account will not be shared with your other joint account holders.

If you have a joint account and use it to make eligible FX transactions at a branch, they'll be used to determine the discount for your next eligible FX transactions made using your joint account at a branch.

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 accumulated FX transaction amount.

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

If you qualify for promotional FX pricing under another FX promotion, the better discount of the two will be applied.