HSBC increases currency options for pan-European commercial cards
HSBC has extended its pan-European commercial card proposition to nine currencies. The move is designed to help companies more effectively manage their travel, entertainment and supplier payments across the region.
HSBC Commercial Cards are now available in six more currencies – Czech koruna, Danish krone, Norwegian krone, Polish zloty, Swedish krona and Swiss francs – in addition to the existing currencies of euros, pound sterling and US dollars.
The expansion provides clients with a more flexible payment option: companies with operations and subsidiaries in Switzerland, Poland, Czech Republic and the Nordics can now use a local currency card for staff travel and supplier payments, thereby avoiding a foreign exchange mark-up on local currency transactions. It also provides an opportunity for companies to consolidate their European card spending rather than have multiple local card providers.
Companies doing business across Europe can access HSBC Commercial Card payment solutions in these currencies through a single contract with HSBC. Their employees receive a way to pay for purchases on the Mastercard network. The company gains visibility of employee spending and supplier payments. The card spending data delivered back to HSBC clients can help them improve process efficiencies and negotiate better supplier rates with accurate and real-time spend information.
HSBC Commercial Cards include business-to-business solutions, such as a Purchasing Card and Virtual Card for payables, and travel solutions for employees such as a Corporate Cards, Lodge Card, Fuel Card and a Virtual Card for travel.