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Singapore accounts: enhanced foreign exchange statement narratives coming February 2020

Last updated: 3 February 2020

Further to our earlier communication sent on 7 January 2020, we’ll be making upgrades to the foreign exchange (FX) transaction information found in your account statements and advices starting in February 2020.

What’s changing?

By the end of February 2020, enhanced FX information will be provided for both incoming and outgoing foreign exchange transactions in Singapore account statements and advices.

This new information will be available in statement narratives found in HSBCnet’s Account Information and Reports and Files Download services.

HSBCnet Account Information:

Here’s what the new statement narrative will look like on HSBCnet:

(select image to enlarge)

Reports and Files Download:

The new fields which will be included in your statements and advices, space permitting, are:

1. 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 is 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.

2. Foreign currency exchange rate booking timestamp:

   In addition to the HSBC mid-market rate information, we will also provide the booking timestamp to help you identify the specific time of your foreign currency exchange rate booking.

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.

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 the enhanced foreign exchange information in your Singapore account statements and advices later this year.


• Real-time rate information isn’t currently available for some transaction types such as FAST, paper transactions etc.

Find out more

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

If you have any questions, please contact your local HSBCnet Support Centre.

 

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