As the world of business inches towards borderlessness, small and medium-sized enterprises (SMEs) in Malaysia will look to diversify their revenue stream by exploring new markets and audiences beyond their origin country.
Wouldn’t it be nice if SMEs could possibly send and receive* multiple currencies via one single platform that is accessible 24/7? For now, SMEs may choose to stick to a limited number of key currencies – usually USD, SGD, CNY, or EUR – to reduce foreign currency exchange rates and save cost on banking fees. Still, that comes with its challenges, like having too many bank accounts to keep track of.
Thankfully, award-winning financial corporation HSBC Bank Malaysia Berhad has introduced Malaysia’s first multicurrency wallet – HSBC Global Wallet, which allows business owners to send and receive* from one single platform integrated with their business banking current account in HSBCnet.
What is HSBC Global Wallet?
HSBC Global Wallet is Malaysia’s first multicurrency wallet designed for SMEs, allowing business owners to manage multiple foreign currencies securely within one single platform. Business owners may even send and receive* payment up to a total of 10 different currencies.
The global wallet is backed by the trust and security of HSBC’s global network, which has over 1.3 million commercial banking clients in 53 countries and territories.
Here are some of the challenges that SMEs face in international payments:
- Challenge 1: It may be difficult to keep an organized record of all transactions with multiple currencies
With HSBC Global Wallet, all transactions and fees can be viewed in one single statement, which saves time and reduces the potential of human error while keeping track of transactions manually. This also helps business owners to better plan their financial cycles.
- Challenge 2: Businesses have to open up many bank accounts to receive different currencies
HSBC Global Wallet allows multiple currencies to be accessed within one single platform, which minimizes the hassle of handling payments in multiple accounts on a day-to-day basis. Companies will be given unique account numbers for multiple currencies, which allows buyers or suppliers to make direct payments to them. These transactions can then be accessed via HSBCnet. This is particularly appealing to companies with multiple foreign currency accounts in different banks and those with high overseas transaction volumes.
- Challenge 3: Overseas transactions may take 3 to 5 business days to go through
For many banks, transactions will usually take 1 or more business days. With HSBC Global Wallet, businesses can pay and receive* like a local with faster transactions (same-day or next-day completion) and reduced float time. This is especially noteworthy for businesses that operate on thin profit margins, enabling companies to better manage their cash flow when processing transactions that depend on a variety of scenarios such as markets, banks, and documentation.
- Challenge 4: Hidden costs in international transfers
Cross border transfers could sometimes be costly as it includes high correspondence fees or hidden fees. With HSBC Global Wallet, customers are shown the exchange rate before they execute a payment, and by fixing it to ensure the right amount settles in the beneficiary’s account, HSBC Global Wallet allows customers to operate internationally with confidence.
Getting started with HSBC Global Wallet
It is very easy to get started with HSBC Global Wallet.
From RM100/month (basic package) or RM500/month (premium package) companies may gain access to HSBC Global Wallet, which is also integrated with the account owner’s business banking current account in HSBCnet.
For basic package, transaction fees will be charged on top of monthly subscription fee
RM 100/ month, USD 2 per Inward payment, USD 6 per Outward payment.
Customers who want to make use of Malaysia’s first multicurrency digital wallet will be required to register for a bank account with HSBC if they haven’t done so yet. Then, users may access the Global Wallet through the secure HSBCnet profile or mobile app (iOS/ Android).
Interested to grow your business with innovative digital solutions from HSBC? Find out more about HSBC Global Wallet now!
*Disclaimer: HSBC Global Wallet users may receive CNY & HKD currencies for the time being. Users will be able to receive USD, GBP, SGD, CAD, AUD, EUR, JPY, CHF in the near future. More currencies will also be available progressively.
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