UAE accounts: changes to statement and advice narratives coming July 2020

Last updated: 7 April 2020

Starting in July, we’ll be providing you with more transparent foreign exchange (FX) transaction information found in your account statements and advices.

What’s changing?

By the end of July, this new information will be available for both incoming and outgoing foreign exchange transaction on statements and advices for your UAE accounts.

You will find these new fields on your statements available through the Account Information and Reports and Files Download services.

Account Information:

The new fields included in your statements and advices, space permitting, will be 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 does not include our risk appetite, the costs and charges we incur when conducting the transaction, or our commercial return.
Foreign currency exchange rate booking timestamp:
In addition to the HSBC mid-market rate information, we’ll also provide the booking timestamp to help you identify the specific time your FX rate was booked at.

Here’s what the new narrative will look like in Account Information:

New narrative in Account information of HSBCnet

(select image to enlarge)

Reports and files download:

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 as soon as possible. If you have any questions about file format changes, please contact your local Client Services representative.

This enhancement will be applied to statement entries in the following file formats: HSBCnet Account Information Excel exports, and Reports and files download BAI2 End of Day, MT940, and CSV formatted reports. The change will also be visible on the Account Information transactions list.

What if I don't see the new foreign exchange information for my transaction?

Enhanced foreign exchange information is not available for the following transactions:

Pre-booked deals and transactions authorised using HSBCnet’s Get Rate feature. For transactions authorised using Get Rate, you will receive this enhanced foreign exchange information in your UAE account statements and advices later this year.
Real-time rate information isn’t currently available for some transaction types such as, paper transactions etc.

What’s next?

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 on HSBCnet.

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