Synopsis: Every first and third Monday of the month, The Business Times breaks down useful financial tips.

This week's episode looks at how fees can quickly multiply and hurt the bottom-line when businesses deal in multiple currencies via traditional payment rails. Find out why and how multi-currency wallets - for businesses - are one way around it, in this episode brought to you by HSBC: https://www.business.hsbc.com.sg/

BT's digital editor Chris Lim hosts Winnie Yap, managing director and head of Global Liquidity and Cash Management Singapore at HSBC. She explains the following:

What are the costs that SMEs face when making cross-border payments by transacting in multiple currencies through traditional payment rails? (1:00)
What is a multi-currency wallet for businesses, such as the HSBC Global Wallet, and how can it save time and money? (1:29)
Addressing SMEs' concerns about foreign exchange rates (3:05)
Does the HSBC Global Wallet work like virtual consumer wallets such as GrabPay? (3:52)
What are the risks to businesses that don't embrace new payment options such as multi-currency wallets? (5:52)
A step-by-step guide for SME businesses to get started with multi-currency wallets if they want to save time and money (9:05)

HSBC Global Wallet: https://www.business.hsbc.com.sg/globalwallet

HSBC Business Banking for SMEs: https://www.business.hsbc.com.sg/hsbc-sme-business-banking

HSBC Commercial Banking for Singapore: https://www.business.hsbc.com.sg

Produced by: Chris Lim and Ernest Luis

Edited by: Adam Azlee

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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.

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S1E97: How multi-currency wallets can save your business money: BT Money Hacks Ep 97

BT Money Hacks

S1E97: How multi-currency wallets can save your business money: BT Money Hacks Ep 97