HSBC rolled out a no-fee, multi-currency checking account within the UAE after experiencing a surge in worldwide cash transfers in the course of the Covid-19 pandemic, the lender mentioned on Wednesday.
Worldwide transfers for financial savings and household assist from UAE-based HSBC prospects rose 62 per cent to only over $1.9 billion in 2020 in contrast with the earlier yr, it added. Transfers for funding, insurance coverage and property had been the subsequent most frequent classes.
“It’s an enormous precedence for UAE-based prospects to have the ability to finance the wants of kids finding out overseas, save for their very own future and assist household again residence, and do that faster and sooner than ever earlier than,” Dan Robinson, head of wealth and private banking at HSBC UAE, mentioned.
Outward private remittances from the UAE dropped by 5 per cent or Dh8.3bn ($2.26bn) year-on-year in 2020, in keeping with the Central Financial institution of the UAE’s annual report. Transfers by alternate homes fell by Dh18.1bn or 13.8 per cent, whereas outward remittances by banks elevated by Dh9.8bn or 28.8 per cent, the report mentioned.
The World Cash Account permits prospects to ship funds in actual time to any HSBC checking account in 20 nations and territories in 21 currencies at preferential alternate charges, the lender mentioned. HSBC won’t cost any charges for World Cash transfers.
“We’re offering seamless and handy buyer expertise for these massively necessary, day-to-day account administration duties,” Mr Robinson mentioned.
“It’s by no means been simpler to make transfers to a number of nations in a number of currencies inside seconds.”
The financial institution plans so as to add extra options and currencies to the World Cash Account within the coming months, in keeping with the assertion.