UK accounts: upcoming foreign exchange enhancements

Last updated: 3 May 2021

From July 2021, we’re continuing our system upgrades to provide you with more information on your FX transactions from your UK accounts. These enhancements will be made across a number of other markets into 2021. We’ll continue to keep you informed of progress.

You may be impacted if you are using an Enterprise Resource Planning (ERP) system or automated account reconciliation program for your electronic statements.

The following new fields will be introduced into your account statements:

• 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.

• FX booking timestamp:
  In addition to the mid-market rate information, we’ll provide the booking timestamp to help you understand the time of your foreign currency booking.

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

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This enhancement will be applied on statements in the following file formats (space permitting): MT940/942, BAI2, CSV, camt.052/053, and FINSTA.

Will I see the new foreign exchange information for all my transactions?

The enhanced foreign exchange information will be provided for both incoming and outgoing foreign exchange transactions.

However, in certain instances, you may not see changes on your transactions. These could include, but are not limited to: payments made where FX is booked using an HSBC dealing platform, in branch or with pre-arranged rates, or transactions in restricted currencies.

What else is changing?

In April 2020, we introduced the mid-market rate in HSBCnet’s Get Rate and Preview exchange rate screens. The mid-market rate helps you assess the currency conversion rate offered for your payments and transfers.

Here’s what the screen looks like:

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Find out more

You can learn more about HSBC’s foreign exchange rates by selecting the ‘foreign exchange rate guide’ link in the 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.