What is HSBC Global Wallet?
HSBC Global Wallet is a multi-currency digital wallet designed for Malaysian businesses that pay or receive payments internationally. It is within HSBCnet, the existing business online banking platform, so there's no separate app to manage.
Businesses can hold, manage, send, and receive money in up to 10 currencies: HKD, USD, JPY, CNY, CHF, AUD, CAD, GBP, EUR, and SGD, from the same dashboard they already use for day-to-day banking.
The wallet is aimed at SMEs with regular overseas customers or suppliers, where normal international wire transfers can be slow and expensive.
How does the Pay Like a Local feature work?
Instead of sending money through SWIFT, the global network banks use for international transfers, HSBC Global Wallet uses the recipient’s local bank details.
This includes their account number and the relevant local bank code, such as a routing number in the US, sort code in the UK, or BSB in Australia.
And because the payment moves through local clearing systems rather than the international wire network, it typically lands the same or next business day, depending on the currency and cut-off time.
How does the Receiving Payments work?
The reverse also applies: overseas customers can pay a Malaysian business using that business's local-currency account details, rather than sending an international wire themselves.
This can make it easier and cheaper for overseas customers to pay on time, since they're not the ones absorbing wire fees or FX conversion costs.
What is the pricing structure?
HSBC Global Wallet is offered under two packages:
| Basic Package | Premium Package | |
| Transaction Fees | Charged per transaction (USD 2 per inward payment, USD 6 per outward payment via Foreign Telegraphic Transfer), on top of the monthly subscription | Included in the flat monthly subscription |
| Best Suited For | Businesses with lower or irregular international payment volumes | Businesses with frequent or high-volume international payments |
Transaction fees under the Basic Package are debited from the business's main MYR account, converted at the prevailing exchange rate.
Frequently Asked Questions
Which currencies can my business pay and receive in?
You can pay in 10 currencies: HKD, USD, JPY, CNY, CHF, AUD, CAD, GBP, EUR and SGD. The currencies available for receiving payments may differ, so check with HSBC for the current list.
What's the difference between the Basic and Premium package?
The Basic Package charges a fee per transaction (USD 2 inward, USD 6 outward) on top of a monthly subscription. The Premium Package bundles transaction fees into a single flat monthly subscription, which usually works out cheaper for businesses making frequent international payments.
Is my money safe in HSBC Global Wallet?
Funds are protected by PIDM up to RM250,000 per depositor, the same protection that applies to other HSBC Malaysia deposit accounts.
