In a move to make cross-border transfers more accessible and seamless for customers, HSBC Singapore has been working alongside money movement solutions provider, Dandelion.
Following its collaboration with Dandelion, HSBC now offers fee-free transfers to over 100 destinations in more than 60 currencies, providing a seamless, real-time payment experience that bypasses the traditional correspondent banking model. This enhancement tripled HSBC’s cross-border payment capabilities, adding 50 new destinations and 40 new currencies.
Traditionally, cross-border payments and transfers have proved a huge pain point for even the payment industry’s largest players. Reliance on multiple intermediaries often led to high costs and longer processing times.
Backed by Dandelion’s cutting-edge payment infrastructure and track record in processing hundreds of millions of transactions, HSBC Singapore is now able to trace transactions and ensure reliable service even during peak volumes.
Ashmita Acharya, head of wealth and personal banking, Singapore, at HSBC, said: “This enhancement to ‘Global Money Transfers’ represents a significant milestone in our journey to make international banking more accessible, affordable, and efficient. With a key pillar of our international banking platform in place, we are committed to continually innovate and improve our offerings to customers across the globe.”
Meeting cross-border payment expectations
Customers can now make zero-fee international transfers to key ASEAN markets including Malaysia, Indonesia, Thailand, and Vietnam, as well as other major corridors such as South Korea, United Arab Emirates, Bangladesh, Pakistan, and Sri Lanka.
The partnership’s technical integration also includes advanced fraud monitoring and real-time FX rate tracking, providing HSBC clients with greater control, security, and transparency over their international transactions.
Nadeesha Senaratne, head of retail products and journeys at HSBC
“We were looking to build a full ecosystem around the international banking needs of our clients. Most of our clients are leading international lives. Whether they need a multi-currency account, are sending money overseas or you want to open an account overseas and want to transfer their credit history to that country, we wanted to support them,” explained Nadeesha Senaratne, head of retail products and journeys, wealth and personal banking, at HSBC, while speaking to The Asian Banker at Singapore Fintech Festival 2024.
“However, we cannot achieve these aims alone. That’s why we partner with experts in the payment industry like Dandelion to give this experience to our clients.”
Send like a local
HSBC’s ‘Global Money Transfers’ offering looks to enable customers to ‘Send Like a Local’ with same-day or next-business-day delivery to most destinations through its mobile banking app. This also complements its multi-currency ‘Everyday Global Account’, which offers a multi-currency Debit Card in SGD and 10 foreign currencies at competitive real-time FX rates.
Deepan Dagur, head of Asia Pacific and Middle East at Dandelion
Deepan Dagur, head of Asia Pacific and Middle East at Dandelion, broke down how the fintech had supported HSBC in achieving this.
“For more than 30 years, Dandelion has been building a vast international network which helps banks, such as HSBC, modernise the cross-border money transfer solution that it offers customers. We’re basically helping our partners make real-time remittances to bank accounts as endpoints globally – to 4.1 billion bank accounts and 116 million digital wallets around the world.
Global Money Transfers now boasts instant transfers to HSBC accounts in more than 20 destinations; RMB transfers to mainland China via UnionPay and SWIFT wire transfers to over 200 destinations.
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