What's changing with FX services?
From July 2023, we will be moving FX services from the FX App to the HSBC Expat Mobile Banking app. You'll still have access to the same services, but now you'll find everything in one app.
Why do you need my contact details?
We need your contact details so we can let you know when your transactions are complete.
We will send notifications as follows:
Limit order - when your instruction is executed or expires
Rate alert - when rate hits alert threshold
If your details aren't up to date, please amend them in online banking or tell us using the 'Chat with us' function in the 'Support' tab.
What is an FX rate alert?
A rate alert allows you to set up a notification for when a specified currency pair hits the indicative rate. You can choose to receive the rate alert by text message or email. Please check your contact details in online banking to make sure they're up to date.
What is an FX limit order?
A limit order lets you set the rate at which you want to exchange your money from one currency to another. If that rate becomes available, the exchange will happen automatically. You can set an expiry date for your limit order, which can be up to 3 months in the future. The minimum transaction amount for a limit order is GBP1 to a maximum of GBP500,000 or equivalent.
What do the FX Order Watch statuses mean?
Pending – orders that we've received successfully but haven't processed. You can cancel pending orders.
In process – orders that are being processed and can't be cancelled.
Processed – orders that were processed successfully.
Cancelled – orders that you've cancelled.
Expired – orders that have expired before end date.
Rejected – orders that were rejected.
What do 'Active’ and ‘Past’ mean in FX Order Watch and Rate Alerts?
Order Watch or rate alert orders that haven't been executed or expired are labelled as 'Active'.
Order Watch or rate alert orders that are cancelled or expired are labelled as 'Past'.
Where can I find my FX Order Watch or rate alert?
To find your existing Order Watch or rate alert, go to the 'Pay and Transfer' tab in your mobile banking app, select 'Foreign exchange' and then 'Watch status'.
What is the maximum amount of currency I can exchange at one time?
The maximum amount you can exchange is GBP500,000 or the equivalent.
What are the different types of exchange rates?
The HSBC Expat exchange rate is a live rate provided between the opening hours of the Hong Kong Market on Monday morning (local time) and the close of the New York Market on Friday afternoon (local time) excluding public holidays and unexpected closures. Transfers made outside of these hours will be based on the most recent closing foreign exchange rates from New York or Hong Kong as applicable and includes an additional premium in the exchange rate provided.
Exchange rate - This is the rate you get when you complete your foreign exchange transaction. It includes an HSBC Expat margin, which is determined by several factors, including (but not limited to) the currency pairs being exchanged, customer segments and transaction amount.
Indicative rate - The indicative rate is the rate we display to show market conditions for a currency exchange. It's not the rate we will use for your foreign exchange.
Target exchange rate - This is the rate you choose when setting an FX target limit order or rate alert. If you've set a limit order, this is the rate you'll receive if the conversion rate is met.
Conversion rate / current HSBC rate - This is the rate the market needs to meet for you to get your target exchange rate. The conversion rate includes any HSBC margins that apply.
Market rate - The market rate is the rate we display in our trend changes. These rates represent the exchange rates quoted on global foreign exchange markets and are provided by a third-party. The market rate is usually different from your exchange rate or indicative rate and may not be available to you.
HSBC watch rate - The HSBC watch rate is the client target conversion rate with our bank spread incorporated. We provide this rate to you prior to the placement of any transfer instruction. The HSBC watch rate will be checked against the prevailing HSBC foreign exchange rate applicable to the relevant currencies every 10 seconds or at other intervals as determined by us. If this rate meets the HSBC watch rate at the time of checking, the FX target limit order will be executed at your target conversion rate.
Why are there limits to the FX rates I can choose?
Your target exchange rate can’t be too close or too far away from the indicative rate. It must be no closer than 0.25% and no more than 10% away.
