HSBC Singapore rolls out global fund transfer feature on mobile app

HSBC Singapore has launched a new mobile in-app feature that allows customers to send money to overseas accounts with the same ease, transparency, and speed of doing a fund transfer and payment in Singapore.

In a statement on Wednesday, the bank said it will not charge a fee for such global transfers, to give customers a more "cost-effective" option.

Previously, customers could transfer money to overseas accounts only via the HSBC Online Banking platform. The new mobile feature enables HSBC Everyday Global Account customers to manage their overseas remittance and payment via the HSBC Singapore app.

The lender further said it is now the only global bank in Singapore to partner with UnionPay International for remittance of renminbi to mainland China's UnionPay Cardholders.

This is especially useful to HSBC customers working or living in mainland China who, in the past, were unable to make direct fund transfers to their UnionPay card via an international bank account.

On the HSBC Singapore app, customers can "send funds like a local" to more than 20 countries and territories, with more to be added progressively. They will also be able to remit funds in 10 foreign currencies to other HSBC account holders and non-HSBC customers.

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Customers can also access real-time foreign exchange rates and see transparent pricing for transfers via SWIFT, where potential fees charged by other banks or service providers are displayed upfront, said HSBC.

Anurag Mathur, HSBC Singapore head of wealth and personal banking, said: "Singapore, being an international business and wealth hub, attracts a lot of global citizens, including overseas Chinese and Indians. Having the ability to offer simple, fee-free and fast direct fund transfers to over 20 markets and in 10 foreign currencies would make it easier for these customers to manage their money."