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 September, 2007

                               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 30 July 2007,  the Directors of HSBC  Holdings plc declared a second  interim
dividend  for 2007 of US$0.17 per ordinary  share.  The dividend is payable on 4
October 2007 to shareholders on the Principal  Register,  the Hong Kong Overseas
Branch Register or the Bermuda  Overseas Branch Register at close of business on
17 August 2007 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  will be  converted
from United  States  dollars at the  forward  exchange  rates to 4 October  2007
quoted  by HSBC  Bank plc in London  at 11.00 am on 24  September  2007  (US$1 =
HK$7.77635 and GBP1 = US$2.02604).  Accordingly, the amount payable on 4 October
will be:

        US$0.17 per share;

        approximately HK$1.32198 per share; or

        approximately GBP0.083908 per share.


The dividend payable to holders of American Depositary Shares ('ADSs'),  each of
which  represents  five ordinary  shares,  will be US$0.85 per ADS. The dividend
will be paid on 4 October 2007 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:  24 September, 2007