The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Multi-currency wallets find favour for real-time cross-currency payments

HSBC’s new global wallet offering is the latest in a line of services enabling businesses to make and receive international payments from a single account.

Photo: iStock

In May, HSBC launched a multi-currency digital wallet that allows users to send and receive money in a number of currencies and hold and manage those currencies in the same global wallet account.

The service is initially available for US dollars, euro, sterling, Canadian, Hong Kong, Singapore and Australian dollars, with payments made using domestic real-time payment networks.

A number of banks and fintechs already offer similar services.

Businesses are fed up with high-street banks’ [charges]
David Parker, Polymath Consulting

For example, Wise (formerly TransferWise) has a multi-currency account that allows users to convert and hold 56 currencies.

In September 2020, ClearBank claimed to be the first clearing bank to offer multi-currency bank accounts, allowing users to move funds between accounts with real-time foreign exchange pricing based on interbank rates for more than 30 currencies.

Customers of OFX’s global currency account can open local currency accounts in USD, EUR, AUD, HKD, SGD, CAD and GBP, while Santander’s PagoFX says users can access real-time, mid-market exchange rates to transfer money to more than 50 countries.


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?