HSBC Malaysia: Eliminating Friction in Foreign Currency Transfers

HSBC is one of the largest and most recognisable banking institutions in the world, with operations in 64 countries and territories and millions of customers across its businesses. Leveraging on the strength of its global footprint, HSBC Malaysia is pushing the boundaries of innovation to deliver maximum customer convenience. Its 24/7 Foreign Currency Transfers with real-time foreign currency conversion, allows customers to link HSBC accounts in multiple countries and transact within a single online banking experience. By transcending the limits of geographical borders and location, the team had been able to provide seamless online channel capabilities, helping HSBC Malaysia reach out to local and international customers at a scale never been achieved before.

Having been bestowed the award, Winner, Best Frictionless Customer Relationship Management at the recent Global Retail Banking Innovation Awards 2020 (GRB Awards) by The Digital Banker only proves that HSBC Malaysia is relentless when it comes to providing the best experience for its customers.

“The 24/7 foreign currency conversion service helps customers save more as they can buy and sell currencies at favourable rates, anytime.”

“HSBC Malaysia’s passion to meet the increasing demands of its customers is truly admirable. Through GVGT, the team had been able to remove customer’s restriction on a fixed transaction schedule by empowering customers to conduct a global transfer from anywhere in the world, 24/7. This initiative is a significant step towards achieving the Bank’s goal if making banking cost-effective and personalised for its customers,” said Nirav Patel, Managing Director at The Digital Banker during the awards ceremony.

Faster transfers. Seamless experience.

HSBC Malaysia’s 24/7 Foreign Currency Transfers with Real-Time Foreign Currency Conversion leverages on the strength of HSBC’s established experience and ubiquitous presence in all corners of the world. The 24/7 foreign currency conversion service helps customers save more as they can buy and sell currencies at favourable rates, anytime.

With Global View Global Transfer (GVGT), customers with HSBC accounts in multiple countries or territories can easily link their accounts and transfer funds between these accounts. As a result, it enables customers to have a single view of all their Global HSBC accounts. Once customers have linked their accounts together, they would be able to conduct instant Global Transfer, seamlessly. They can also set up future or recurring transfers to manage future transactions.

“With GVGT, customers with HSBC accounts in multiple countries or territories can link their accounts and transfer funds between these accounts.”

On top of this great initiative, HSBC Malaysia has also launched Global Transfer Friends and Family (GTFF) where customers can make instant transfers to friends and family with HSBC accounts. Some of the most notable features of GTFF include:

  • Ability to perform instant transfers to 22 sites
  • Exclusively available to Premier and Advance customers
  • Instant transfer to overseas HSBC third party personal accounts and;
  • Waiver of fees waived for Premier customers
  • Global Transfer fee is also waived for Advance customers effective 7 Dec 2020
  • HSBC Malaysia customers will be able to receive instant fund transfer from other GTFF enabled sites (Hong Kong, Singapore, Vietnam

The successful rollout and implementation of HSBC Malaysia’s full suite of cutting-edge Global Transfer capabilities make it a top contender for customer experience leadership. The real-time foreign currency conversion with the ability to hyper-personalise foreign exchange rates down to customer-level is a clever manoeuvre to reward the Bank’s most loyal customers. From a business point, the upside is equally impressive with foreign exchange contribution increasing by 28% compared to the previous year (2019). There has also been a notable increase in Global accounts opening across key markets such as Australia, Canada, China, France, Greece, Hong Kong, India, UK and USA.

>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

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Image: Abdul malik bin madrasah / Shutterstock.com

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