FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                        Report of Foreign Private Issuer
                    Pursuant to Rule 13a - 16 or 15d - 16 of
                       the Securities Exchange Act of 1934

                           For the month of June, 2005

                                HSBC Holdings plc

                              42nd Floor, 8 Canada
                         Square, London E14 5HQ, England


(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).

                          Form 20-F X Form 40-F ......

(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).

                                Yes....... No X


(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)






                               HSBC HOLDINGS PLC

            PAYMENT OF DIVIDENDS IN UNITED STATES DOLLARS, STERLING

                              OR HONG KONG DOLLARS

On 3 May 2005, the Directors of HSBC Holdings plc declared a first interim
dividend for 2005 of US$0.14 per ordinary share. The dividend is payable on 6
July 2005 to shareholders on the Principal Register, the Hong Kong Overseas
Branch Register or the Bermuda Overseas Branch Register at close of business on
20 May 2005 in cash in United States dollars, sterling or Hong Kong dollars, or
a combination of these currencies and with a scrip dividend alternative.

In the absence of instructions to the contrary, shareholders on the Principal
Register will automatically receive dividends in sterling. However, if
shareholders have an address in the United States they will automatically
receive any dividend payable in United States dollars unless they currently
receive payment in one of the other currencies or make an election to do so. In
the absence of instructions to the contrary, shareholders on the Hong Kong
Overseas Branch Register and the Bermuda Overseas Branch Register will
automatically receive dividends in Hong Kong dollars and United States dollars
respectively.

Dividends payable in cash in sterling or Hong Kong dollars will be converted
from United States dollars at the forward exchange rates quoted by HSBC Bank plc
in London at 11.00 am on 27 June 2005 (US$1 = HK$7.77 and GBP1 = US$1.829 ).
Accordingly, the amount payable on 6 July will be:


                US$0.14 per share;

                approximately HK$1.0878 per share; or

                approximately GBP0.0765 per share.

The dividend payable to holders of American Depositary Shares ('ADSs'), each of
which represents five ordinary shares, will be US$0.70 per ADS. The dividend
will be paid on 6 July 2005 in cash in United States dollars or in new shares to
those who have elected to receive the scrip dividend alternative. The cash
dividend for participants in the dividend reinvestment plan, operated by the
depositary, will be invested in additional ADSs.



N S Black

Assistant Secretary

HSBC Holdings plc






                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                               HSBC Holdings plc

                                                By:
                                                Name:  P A Stafford
                                                Title: Assistant Group Secretary
                                                Date:  27 June, 2005