Entrepreneurs Are on the Move. Can Their Money Keep Up?

A London-based investor can execute trades in Tokyo markets instantly. But if they want to wire money to their child at a US university, they have to navigate a maze of corresponding banks and wait days for settlement. At a time when crossing international borders is second nature, the way money moves can feel like something out of the Bronze Age. 

Entrepreneurs have embraced boundless mobility, with 53% living in two or more locations, and 55% of entrepreneurs are considering a move to a new location in the next 12 months, according to HSBC’s Global Entrepreneurial Wealth Report 2024.

But for all their geographic freedom, this cohort often moves faster than their money can follow. Currency restrictions, tax complexities, banking access hurdles and the persistent friction of cross-border payments create a jarring mismatch between physical mobility and financial agility.

“There are not many firms that have ‘global money,’” says Racquel Oden, HSBC’s US Head of Wealth and Private Banking. “Think of the cash apps on your phone – those are domestic payments that simply cannot leave the country.”

And it’s not just about payments, but access too.

“If you’re not a US citizen, your ability to get credit cards or mortgage financing in the United States becomes a huge barrier,” Oden explains. The result? Entrepreneurs are moving fast, but their money is stuck in the slow lane.

As business becomes truly global, cross-border payments are surging, with flows projected to reach $250 trillion by 2027, according to the Bank for International Settlements. Traditional financial infrastructure hasn’t kept pace: Only 33.5% of retail cross-border transactions settle within an hour, and nearly a third take more than a day, according to the Financial Stability Board.

This infrastructure lag is colliding with unprecedented mobility trends. While more than half of entrepreneurs are considering personal moves, 69% are planning to relocate wealth, and 73% are eyeing new business markets, according to the HSBC report. The result is three-way migration – of people, capital and companies – all moving at unprecedented speed.

These shifts are reshaping investor behavior. Jose Rasco, Chief Investment Officer Americas at HSBC Private Bank, sees this playing out in real time. “It’s not a wholesale move away from the US, but you’re seeing movement on the margins for US investors,” he says. “International investors continue to look to the US as an opportunity.” 

Client expectations are also evolving beyond traditional banking models. “This international client base isn’t asking for physical presence most of the time,” Oden notes. “You have to fly to most countries to open an account, but modern clients expect to do that virtually and globally.”

Together, these trends are fueling the demand for financial infrastructure built to match entrepreneurial mobility. Forward-thinking institutions see this widening gap not just as a challenge, but as a powerful opportunity to redefine cross-border financial services.

As investors rethink where to live, work and deploy capital, they need financial tools as agile as their ambitions. HSBC Global Money directly addresses this challenge, allowing users to hold, manage and send money in 59 currencies to over 200 countries and territories, including both HSBC and non-HSBC accounts. 

HSBC offers financial infrastructure designed for borderless business. “The benefit of Global Money is you can send funds from an HSBC account in the UK, Hong Kong, India, Singapore or Vietnam to an HSBC account in the US,” says Oden. “It’s like using Zelle, but globally.”

The Global Money platform combines sophisticated foreign exchange capabilities with real-time market data. Exchange rates update every 90 seconds, allowing users to choose which currency offers the most value at any given moment. “The convenience of doing this across multiple currencies with instant settlement is hugely important,” says Oden. “It turns foreign exchange from a cost center into a strategic advantage.”

Today, sophisticated global banking capabilities are expanding far beyond traditional private banking clients. “The need for global financial connectivity isn’t limited to billionaires anymore,” says Oden. “We’re seeing just how interconnected the global economy really is. People are moving everywhere, businesses are operating across multiple countries, and this is only accelerating with technology.”

Global entrepreneurs won’t slow down for slow banks. They’ll find faster ones.