FX is essentially converting one currency to another, and FX services allow you to do this.
Whether you’re sending money home, setting up in a new location, or have investments in a different country or territory, using the right FX service can help.
For example, if you’re an HSBC Expat customer, you can use our FX services to help with simple currency transactions or for more complex international currency management. With a Global Money Account, you can view, manage and send money from around the world, with no HSBC fees – all from the HSBC Expat Mobile Banking app. Other non-HSBC fees may apply.
If you’re new to HSBC Expat, you can use our FX services once you’ve opened an Expat Bank Account. Eligibility criteria apply.
An exchange rate tells you how much of a country’s currency you could buy for a different currency. Rates are often shown as pairs, for example: GBP/USD.
The rate can influence how much you get from a currency exchange.
Exchange rates are informed by the foreign exchange market, also known as the currency market. This is a global network of banks, businesses and individuals that buy and sell currencies.
Exchange rates constantly fluctuate due to supply and demand.
Explore: What drives exchange rates?
A limit order lets you choose the rate you want to exchange your money at. If this rate becomes available, the exchange will automatically happen. It can help give you more control over your money and make it less susceptible to fluctuations in the currency market.
You can set an expiry date on your limit order, which can be up to 3 months in the future.
Explore: How to place an FX limit order
As the value of currency can fluctuate, you may not always get the amount you want or expect to get, which can make budgeting more difficult.
If you're sending money home to pay a mortgage or school fees, for example, you may get a different exchange rate when you make the payments. This could mean you end up needing to send a different amount each time.
Explore: Understanding FX risks
