HSBC introduces domestic foreign currency transaction through RTGS

The Hongkong and Shanghai Banking Corporation (HSBC) along with Bangladesh Bank (BB) has initiated foreign currency (FCY) transaction solution through real-time gross settlement (RTGS) clearing of the central bank.

This solution will enable HSBC’s valued customers to make domestic foreign currency payments to other participating bank’s FCY accounts and to receive FCY payments from other participating bank’s FCY accounts, according to a media release issued on Monday.

Additionally, under the trade umbrella, HSBC can now receive domestic export payments and execute domestic import payments besides receiving fund transfer via FCY RTGS from other bank margin accounts/ERQ account for import liability settlements.

Earlier, domestic foreign currency settlement was executed through FCY demand draft (FDD), drawn on Bangladesh Bank, which required multiple days.

This previous process was time consuming as the transaction details had to be checked and validated manually.

HSBC has been continuously introducing smooth and convenient digital services through its online platform, HSBCnet.