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UK and Malta accounts: enhanced foreign exchange information coming in April

Last updated: 7 April 2020

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

What’s changing?

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 on your payments and transfers.

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.

Here’s what the new Get Rate screens will look like:

(select image to enlarge)

Malta FX payment enhancements

In addition to seeing the mid-market rate on the Get Rate and Preview exchange rate screens, you’ll also see the estimated payment charge information for your foreign-currency payments when verifying your on-screen payments and the estimated total amount that will be debited from your account, inclusive of charges.

Here’s what the estimated payment charge and estimated total debit amount information will look like:

(select image to enlarge)

Note: the estimated payment charge is the maximum payment charge and is for reference only. The final charge might vary and will be reflected on your account statement.

What’s next?

We’ll continue to introduce the mid-market rate 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.

 

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