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HSBC launches multi-currency business banking

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HSBC has this week launched multi currency banking for small businesses in Australia. The bank is providing four specialised products to cater to Australian SMEs trading overseas. The Business Multi Currency Account has the flexibility of a single account number bank account but can house multiple currencies. It is supported by the Business Transaction Account cheque and deposit book facilities and the Business Term Deposit, both also offered in multiple currencies. These accounts are launching alongside Get Rate-a foreign exchange service which incorporates real-time foreign exchange rates into internet banking. Get Rate allows customers to watch currency fluctuations throughout the day and transact at an optimum exchange rate. These accounts use a new technology to enable dual language internet banking, allowing customers to choose between English and Simplified Chinese for online banking.

The head of commercial banking for HSBC Bank Australia Noel McNamara said HSBC is responding to an increased demand by Australian SMEs for international business banking.

"For the growing number of SMEs that export or import there is a constant need to transfer funds overseas or transact in different currencies as part of the day to day running of their business," he said.

"These new products meet this need, allowing SMEs to transact in both Australian dollars and a range of other currencies with the flexibility that makes running their business easier."

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