HSBC has announced the expansion of international payments to its Kinetic business current account.

HSBC Kinetic current account customers have previously been able to make international payments by phone and in branch.

They can now self-serve up to the daily payment limit of £25,000 from over 200 countries and territories.

Customers can also access in-app indicative rate tool to get an idea of the converted currency amount, the exchange rate, and how much they will be charged.

According to data from HSBC Kinetic current account customers, Europe is just ahead of the US as the most popular target market for international payments.

HSBC says that UK small businesses are "increasingly international" in their outlook, with companies looking to secure supply chains from overseas and spread demand risks by selling international.

“This is an important step on our mission to empower small businesses with features that help them to grow,” said Peter McIntyre, head of business banking at HSBC UK. “By simplifying international payments using the HSBC Kinetic app, we’re enhancing the overall user experience for our small business customers and responding to customer feedback.”

HSBC first launched Kinetic in 2021 as leading FinTech challengers including Monzo, Starling and Revolut scaled up their business account offerings as a route to profitability.

Business owners can apply for an account on the app with the process taking a minute, and once approved, customers can order a debit card and use the app to manage business payments such as Direct Debits, standing orders and future payments.

Kinetic also offers credit card and same day overdraft facilities as well as a savings account which is open for applications within the app.

---