HSBC launches Malta’s first real-time online foreign exchange service

Commercial customers of HSBC Bank Malta have more reasons than ever to conduct their electronic banking on HSBCnet [www.hsbcnet.com] thanks to the addition of a new foreign exchange service, Get Rate. In a first for banking in Malta, thousands of the Bank’s customers are now enjoying an enhanced user experience when making foreign exchange payments, as Get Rate provides real-time exchange rates straight from the heart of the Bank’s global trading floors in London, Dubai, New York and Hong Kong.

With the fully-optimised Get Rate service, customers no longer need to call at the Bank for exchange rates to conclude the transaction before the day’s close. Get Rate presents live rates from 2am Monday to 11pm Friday, in line with global markets’ opening hours.

HSBC Head of Payments & Cash Management Gordon Scicluna said: “Get Rate is an important new tool for our business customers and will change the way customers carry out foreign exchange transactions as they are now empowered to receive real-time rates, for longer hours, while authorising their payments.”

Michel Cordina, Head of Commercial Banking added that “a key objective of HSBC is to stimulate greater awareness of international trade opportunities with a view to increase the volume of international trade carried out by Maltese businesses. “This increased functionality is another step to support our customers trading internationally”.

The bank also launched HSBCnet Mobile for commercial customers, which is now available for download from the Apple App store for the iPhone and Google Play StoreTM for Android smartphones. HSBCnet Mobile gives business customers the ability to view account balances as well as prepare and authorise transactions while on-the-move. The app also supports the booking of foreign exchange rates using Get Rate.

Meanwhile HSBC has also improved the way it processes foreign currency payments. Payments in the major currencies, Euro, Sterling, as well as US and Canadian Dollars will now be processed on the same day with no extra cost. All other currencies will be processed on the next working day.

“This is another first for HSBC in Malta and coupled with Get Rate makes us the payment provider of choice on the island,” Scicluna said.