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 April 2008

                               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 March 2008, the Directors of HSBC Holdings plc declared a fourth interim
dividend for 2007 of US$0.39 per ordinary share. The dividend is payable on 7
May 2008 to shareholders on the Principal Register, the Hong Kong Overseas
Branch Register or the Bermuda Overseas Branch Register at close of business on
25 March 2008 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, shareholders
with addresses in the United States will automatically receive dividends 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 on 7 May 2008 will be
converted from United States dollars at the forward exchange rates quoted by
HSBC Bank plc in London at 11.00 am on 28 April 2008 (US$1 = HK$7.7856 and
GBP1 = US$1.989025). Accordingly, the amount payable on 7 May 2008 will be:

               US$0.39 per share;
               approximately HK$3.036384 per share; or
               approximately GBP0.196076 per share.

The dividend payable to holders of American Depositary Shares ('ADSs'), each of
which represents five ordinary shares, will be US$1.95 per ADS. The dividend
will be paid on 7 May 2008 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.


R G Barber
Group Company 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:  28 April 2008