HSBC launches automatic currency conversion ‘FX Order Watch’

Service allows clients to set their own target FX rate to convert funds automatically within personal banking accounts

HSBC Taiwan recently announced a new order watch service which allows clients to set their own target foreign exchange rate to convert funds automatically within personal banking accounts around the clock. Users can access it via HSBC’s internet banking and mobile banking services on their desktops, tablets and phones.

Steve Chuang, senior vice president of wealth management at HSBC Bank Taiwan, said the HSBC forex order watch service also allows customers to receive alerts when the designated foreign exchange rate is reached.

Moreover, HSBC in Singapore had been piloting the new service since February and in late march they also went full go on the service.

Harmander Mahal, HSBC Singapore’s head of customer value management, retail banking and wealth management, said: “Given the nature of the foreign exchange (FX) market, investors need timely access to information and access to tools that can allow them to accumulate the foreign currency they need at the desired price, instead of converting it at the prevailing market rates at time of transfer.”

Mr. Chuang from Taiwan added that HSBC forex order watch service lets customers set their own preferred exchange rate between two currencies, saying that HSBC customers can choose from 10 currencies for the service. The currencies are: U.S. dollars, Canadian dollars, euro, British pound, Hong Kong dollars, Japanese yen, Australian dollars, New Zealand dollars, Swiss francs and Singaporean dollars.

The service let’s people easily set limit orders and get on with their lives ensuring that within a certain expiration time they will get their needed or preferred exchange rate when it is hit with no hassle and while they are sleeping, given the 24/7 nature of the currency market. This should save HSBC clients some time and money if they need to convert currencies in the near term.

Below is a screen shot of the service:


 Courtesy: HSBC

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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