HSBC expands cross-border payments reach with enhanced Global Money Transfers service

HSBC Singapore today announced a significant enhancement to its Global Money Transfers capability through a strategic partnership with Dandelion, the largest real-time, cross-border payments network in the world, making it the first bank in Singapore to offer zero-fee¹ international transfers to over 100 destinations in more than 60 currencies.

This enhancement triples HSBC Singapore’s cross-border payment capabilities, adding 50 new destinations and 40 new currencies. Customers can now make zero-fee¹ international transfers to key ASEAN markets including Malaysia, Indonesia, Thailand, and Vietnam, as well as other major corridors such as South Korea, United Arab Emirates, Bangladesh, Pakistan, and Sri Lanka and many more.

Enabling customers to transact “Like a Local”

Global Money Transfers enables customers to “Send Like a Local” with same-day or next-business-day delivery to most destinations through HSBC Singapore’s mobile banking app. This seamlessly complements the multi-currency Everyday Global Account, which allows customers to “Spend Like a Local” with a multi-currency Debit Card in SGD and 10 foreign currencies at competitive real-time FX rates².

Global Money Transfers supports international payments and multi-currency holdings in one integrated, accessible experience:

• Zero-fee¹ transfers to more than 100 destinations in over 60 currencies
• Instant transfers to HSBC accounts in more than 20 destinations
• RMB transfers to mainland China via UnionPay
• SWIFT wire transfers to over 200 destinations
• HSBC’s FX Order Watch alerts
• Simple payee and account management directly through the HSBC Singapore mobile app

Solving pertinent pain points in international transfers

The enhanced service addresses long-standing challenges in traditional cross-border payment rails, where multiple intermediaries have historically led to higher costs and longer processing times. Moreover, today’s customers expect predictability in their transactions and want assurance that their money will arrive in full, on time.

Backed by Dandelion’s cutting-edge payment infrastructure and proven track record in processing hundreds of millions of transactions, HSBC Singapore can trace transactions and ensure reliable service even during peak volumes, offering its customers peace of mind.

“As our customers increasingly lead international lifestyles, we are committed to transforming how they move money across borders,” said Ashmita Acharya, Head of Wealth and Personal Banking, Singapore. “This enhancement to Global Money Transfers represents a significant milestone in our journey to make international banking more accessible, affordable, and efficient. With a key pillar of our international banking platform in place, we are committed to continually innovate and improve our offerings to customers across the globe.”

Nadeesha Senaratne, Head of Retail Products and Journeys, Singapore, says, “This enhancement to Global Money Transfers is a testament to our commitment to delivering innovative, customer-first solutions. By leveraging Dandelion’s real-time payment infrastructure, we’ve significantly expanded our coverage while ensuring faster, fee-free transfers to key markets. Whether it’s supporting families or individuals managing global lifestyles, this upgrade underscores our dedication to simplifying cross-border payments for all our customers.”