Priority Payments: enhanced foreign exchange information for your cross-border payments

Last updated: 23 June 2021

Starting in July 2021, when making cross-border payments, you’ll be able to see the suggested beneficiary account currency in HSBCnet before you make a payment.

What this means for you

In July 2021, this new feature is being introduced for cross-border Priority Payments from accounts in the UAE. We’ll then make this feature available for accounts in the US, UK, Canada, Singapore, and Hong Kong in the second half of 2021. Other markets will receive this feature in 2022.

How does it work?

When you enter beneficiary information for a cross-border payment, we’ll let you know what we think the currency of the beneficiary account is, helping you self-select the currency details in your payment instructions.

If your payment involves foreign exchange (FX) conversion, your payment journey will continue via Get Rate, as you know it today.

You don’t have to proceed using the proposed currency; you can select any currency that meets your payment needs. If you don’t change to the proposed currency, the payment will follow existing payment processing as it happens today and FX conversion may be done by any other bank in the payment journey.

Here’s what the new feature will look like:

(select image to enlarge)

Find out more

You can learn more about our FX rates by selecting the ‘?’ icon in Get Rate and preview exchange rate screens.

Please contact your local HSBCnet Support Centre if you need further information.