Singapore accounts: enhanced foreign exchange information coming in 2020

Last updated: 25 November 2019

In January 2020, we’re upgrading our systems to provide you with more transparent foreign exchange (FX) information for transactions from your Singapore accounts.

What’s changing?

Starting in January, we’re introducing mid-market FX rate information in HSBCnet’s Get Rate and Preview exchange rate screens. The mid-market rate information helps you assess the currency conversion rate offered for your payments and transfers.

Here’s what the new screens will look like:

(select image to enlarge)

What is the HSBC mid-market rate?

The mid-market rate indicates the midpoint between the prevailing rates at which HSBC could buy or sell one currency against another in the interbank market. It’s based on the exchange rate market for each currency we offer, so it fluctuates in accordance with market conditions.

We provide this rate for information purposes only, as it doesn’t include our risk appetite, the costs and charges we incur when conducting the transaction, or our commercial return.

Updates to your Singapore account statement narratives:

From January, we’ll also provide mid-market rate information in statement narratives found in HSBCnet’s Account Information and Reports and Files Download services. In addition to the mid-market rate information, we’ll also provide the booking timestamp to help you understand the time of your foreign currency booking.

View details about how your Singapore account statements are changing >

If you use ERP systems or automated account reconciliation programs for your electronic statements, you may be impacted. To ensure the ongoing operation of your automated reconciliation processes, we recommend that you review your internal systems and, if required, update them by 31 December 2019.

What’s next?

While we’re starting in Singapore, we’ll continue to introduce these enhancements across a number of other markets throughout 2020 – 2021.

Find out more

You can learn more about HSBC’s foreign exchange rates by selecting the ‘?’ icon in Get Rate and Preview exchange rate screens.

If you have any questions, please don’t hesitate to contact your local HSBCnet Support Centre.

* Subject to availability of new HSBCnet payment screens. Mid-market rate information is not available on older versions of HSBCnet screens.