HSBC’s new feature to help customers send money overseas
**The only global bank in Singapore to offer direct RMB fund transfer to UnionPay Cardholders**
HSBC Bank (Singapore) Limited has today added a new global fund transfer capability to the HSBC Singapore App. The move enables customers to send money to accounts overseas with the same ease, transparency, and speed of doing a fund transfer and payment in Singapore.
Previously, customers could only transfer money to overseas accounts via the HSBC Online Banking platform. Now, HSBC Global Money Transfer enables HSBC Everyday Global Account customers to manage their overseas remittance and payment via the HSBC Singapore app.
Furthermore, HSBC Singapore will not charge any fees for global transfers, giving customers a faster and more cost-effective fund transfer and payment option.
HSBC is also the only global bank in Singapore to currently partner with UnionPay International for fuss-free RMB remittance to mainland China’s UnionPay Cardholers1. This is especially useful to Singapore-based customers where in the past, they are unable to make direct fund transfers to mainland China’s UnionPay cardholders via an international bank account.
Via their mobile, customers can now:
- Send funds like a local to more than 20 countries and territories including Europe, Hong Kong, mainland China, and the United States in as fast as a few minutes. More to be added progressively.
- Remit funds in ten foreign currencies (CAD, CHF, NZD, GBP, EUR, HKD, USD, SEK, RMB and ZAR) to other HSBC account holders and non-HSBC customers, including those holding a UnionPay Card issued in mainland China2.
- Remit funds to over 200 countries and territories via SWIFT.
- Access real-time and competitive foreign exchange rates.
- See transparent pricing for transfers via SWIFT where potential fees charged by other banks or service providers are displayed upfront.
- Get an estimated arrival time of transfer.
Mr Anurag Mathur, Head of Wealth and Personal Banking, HSBC Bank (Singapore) said, “Maintaining familial connections is the top reason behind international payments among retail banking customers. Be it to financially support family members, pay for children’s education or even gifting to family members overseas. Global Money Transfer taps on HSBC’s extensive global network and partnerships to make international remittance and fund transfers via the HSBC Singapore app even more seamless and secure.”
He added: “In Singapore, we are pleased to partner with UnionPay International to extend direct remittance in RMB to our customers. Singapore being an international business and wealth hub attracts a lot of global citizens including overseas Chinese and Indians. Having the ability to offer simple, fee-free and fast direct fund transfers to over 20 markets and in 10 foreign currencies would make it easier for these customers to manage their money.”
Mr Huiming Cai, General Manager, UnionPay International Southeast Asia said, “We are pleased to partner HSBC Singapore, our first remittance partnership with a global bank in this region, to make sending money to UnionPay Cardholders quick, easy, secure and convenient. With this collaboration, HSBC Everyday Global Account customers will now be able to remit funds globally and at competitive rates to mainland China’s UnionPay Cardholders.”
Global Money Transfer was introduced in the US, UAE and now, Singapore, with a pipeline of further markets as well as new currencies and enhancements to be added. This is part of HSBC’s strategy to digitise at scale across its international network, using technology to make banking easier for customers, opening up new opportunities for them across the world.
Enhanced HSBC Everyday Global Account
HSBC Everyday Global Account is a multi-currency account which comes with a Visa- and NETS-enabled multi-currency Debit card, and supports fuss-free conversion and international payments in ten foreign currencies (CAD, CHF, NZD, GBP, EUR, HKD, USD, SEK, RMB3 and ZAR) in addition to SGD. It was launched in 2019 initially as a key transactional account for internationally-minded customers.
In addition, HSBC customers will soon be able to get rewarded for using their HSBC Everyday Global Account via HSBC Everyday+, a new customer rewards programme. Customers can enjoy cashback of up to SGD500 every month on eligible HSBC credit and debit card spend and GIRO bill payments, with no minimum spending required. They will also be able to enjoy bonus interest of up to SGD300 every month and a one-time cash reward of up to SGD300 when they save with the HSBC Everyday Global Account.
2021-2025 Growth Ambition
Building from a position of strength, HSBC today is Asia’s leading bank across the wealth continuum (Mass affluent/HNW/UHNW segments) with a combined AUM of US$488 billion4. In 2020, Asia generated nearly half of HSBC’s USD1.7 trillion in wealth balances and 65% of the Group’s wealth revenues.
Similarly, since HSBC Singapore unveiled its plan to grow the Wealth and Personal Banking business in 20185, the bank has successfully expanded its frontline wealth teams, which include both retail and private banking relationship managers and investment specialists, and grown total wealth balances6 at double-digit annualised rates within 3 years.
In its next phase of growth, HSBC Singapore aims to double the total wealth balances of its Wealth and Personal Banking business in the next five years.
Key growth drivers:
- Grow frontline wealth teams supporting high net worth (HNW) and ultra-high net worth (UHNW) customer segments
- HSBC’s strong Asia presence connected to global footprint c50 markets
- Accelerate growth in international customer segments, including overseas Chinese and Indians, and UHNW marketshare
- Ramp up digital banking capabilities and expand product and solution suite, including adding more ESG-themed investments
Media enquiries:
Betty Fong, HSBC Singapore | +65 6658 4103 | betty.c.y.fong@hsbc.com.sg
Note to Editors
- In February 2021, HSBC announced plans to invest over USD3.5 billion in the next five years to accelerate the growth of its WPB business in Asia. These investments will focus on expanding our wealth teams to increase distribution capabilities in Hong Kong, mainland China, and Singapore, enhancing our digital wealth capabilities and platforms across Asia and developing new products to deliver a distinctive wealth experience across the full client spectrum.
- HSBC is ranked first in Asia Wealth Continuum (ex-China onshore) league table from Asian Private Banker 2020. It includes client assets classified as “wealth” or “wealth management” assets, held by retail banks (with a private banking facility) across client segments and increasingly serviced from an integrated platform.
- In 2018, HSBC announced the launch of a new global business, Wealth and Personal Banking, which combines Retail Banking and Wealth Management, and Global Private Banking, to become one of the world’s largest global wealth managers with USD1.4 trillion in assets, with nearly half of the assets from Asia7.
About UnionPay International
UnionPay International (UPI) focuses on the growth and support of UnionPay’s global business. In partnership with more than 2,400 institutions worldwide, UPI has enabled card acceptance in 180 countries and regions with issuance in 70 countries and regions. UPI provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants. In Southeast Asia, UPI has enabled ATM, POS acceptance and card issuance across all 10 countries.
For more information, please visit http://www.unionpayintl.com/en/aboutUs/
About HSBC Singapore
HSBC Group’s history in Singapore dates back to 1877 when its founding member, The Hongkong and Shanghai Banking Corporation Limited, opened its first branch on the island. A qualifying full bank, HSBC in Singapore offers a comprehensive range of banking and financial services including retail banking and wealth management; commercial, investment and private banking; insurance; forfaiting and trustee services; securities and capital markets services. One of the earliest banks to establish in Singapore, HSBC today is a prominent player in Singapore's financial services sector serving the banking needs of multi-national corporations, home-grown businesses, private banking clients, institutional and retail customers. In May 2016, HSBC locally incorporated its retail banking and wealth management business in Singapore and established, HSBC Bank (Singapore) Limited. HSBC Singapore has a retail network of 10 dedicated HSBC Premier Centres and 2 HSBC Jade Centres including an International Wealth Hub as well as many locations across the island providing self-service terminals.
About The Hongkong and Shanghai Banking Corporation Limited
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,976bn at 30 June 2021, HSBC is one of the world’s largest banking and financial services organisations.
1List of UnionPay Receiving Banks: https://www.unionpayintl.com/en/servicesProducts/servicesBenefits/crossBorderRemittance/
2RMB is not supported for debit card payment and cash withdrawal. Transfers via a UnionPay Card issued in Mainland China cannot be made from a RMB currency account.
3RMB is not supported for debit card payment and cash withdrawal. Transfers via a UnionPay Card issued in Mainland China cannot be made from a RMB currency account.
4Asian Private Banker, 2020 Wealth Continuum AUM League Table
5HSBC Singapore Press Release: “HSBC Singapore sets ambitious plan to capture Asian Wealth”
6“Wealth Balance” is defined as “Retail banking deposits and AUM, GPB client assets and HSBC Asset Management AUM in Singapore”
7HSBC Press Release: “HSBC creates wealth powerhouse to tap Asia opportunity”