Global Wallet: upcoming change to receive like a local payments
Last updated: 27 May 2024
To ensure that HSBC Global Wallet is fully compliant with payment transparency principles, from 10 June 2024, incoming payments to Global Wallet accounts must include the HSBC entity in front of the company name in the beneficiary name field.
What this means for you
Global Wallet is available in Malaysia, Singapore, United Kingdom and United States and each market has the same requirement to include the HSBC entity and company name in the beneficiary name as detailed below:
| Global Wallet account location | Mandatory beneficiary name format |
|---|---|
Malaysia |
HSBC MY re Customer Name |
| Singapore | HSBC SG re Customer Name |
United Kingdom |
HSBC UK re Customer Name |
| United States | HSBC US re Customer Name |
If the beneficiary information in the payment is not formatted in this way, the payment will be rejected and automatically returned.
As a reminder, Global Wallet account details are available in HSBCnet's Account Information service for receive-enabled Global Wallet accounts. You can download a PDF file that contains the account details and share it with your payers.
Here’s where you can find the download button in HSBCnet:
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What you need to do
To help make sure you continue to receive Global Wallet payments from 10 June 2024, we strongly recommend that you contact your payers before further Global Wallet payments are sent and make sure they’re including the Global Wallet account details in the required format when sending payments.
Find out more
To learn more about how to receive payments like a local, go to the ‘Using HSBC Global Wallet’ page in the HSBCnet User Guides portal.
If you have any questions, please feel free to contact your HSBC representative or local HSBCnet Support Centre.