HSBC Bank has announced the launch of 'Get Rate' a free online foreign currency payments service available on HSBCnet, its global commercial e-banking package.
For the first time a major bank in the UK offers Small and Medium Sized Enterprises (SMEs) a real-time competitive FX rate via the internet, without the need to go through an intermediary.
SMEs making foreign currency transactions will now be able to access live FX rates in up to 11 currencies. As a result, all 'Get Rate' users with a UK-domiciled sterling account can take full advantage of any currency strengthening or weakening throughout the trading day.
Peter Hazou, Regional Head, Europe, Global Transaction Banking, said: "Get Rate goes one step further towards our goal of making it just as easy for our customers to do business abroad as it is at home. The new service provides real competitive advantages for SME's with its convenience, transparency, quick reconciliation and improved processing times."
'Get Rate' builds upon HSBC's existing Treasury services already available on HSBCnet for commercial customers.
Today's announcement follows HSBC's recent introduction of a new dedicated FX advisory team in London to service small and mid-sized companies.