International payments for savings and family support from UAE-based HSBC customers rose by 62 percent to just over $1.9 billion in 2020, new figures have revealed.
HSBC data shows that international money transfers increased sharply during the Covid-19 pandemic.
Analysis of almost 1.7 million payment transactions by HSBC customers in the UAE last year shows that no matter where in the world the account holder is from, savings and family support are, by a long way, the largest categories of fund transfers.
Transfers for investment and insurance and property were the next most frequent, the bank said in a statement.
Dan Robinson, head of Wealth & Personal Banking at HSBC UAE, said: “It’s a huge priority for UAE-based customers to be able to finance the needs of children studying abroad, save for their own future and support family back home, and do this quicker and faster than ever before.”
The figures come as HSBC announced that its UAE customers can now hold, manage and send money globally in multiple currencies and in real-time through mobile banking with the launch of its new Global Money Account.
“It is our ambition to put banking in our customers’ pockets, and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want – and the Global Money Account does exactly that. It’s never been easier to make transfers to multiple countries in multiple currencies within seconds,” said Robinson.
The Global Money Account allows customers to send funds around the clock in real time to any HSBC bank account in 20 countries and territories worldwide in 21 currencies at preferential exchange rates.
HSBC said it has also seen a surge of 50 percent in the use of online banking for international transfers in 2020 compared to 2019.
Robinson said the launch of the Global Money Account is a clear response to the demand from customers for digital banking services.
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