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 January, 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 5 November  2007, the Directors of HSBC Holdings plc declared a third interim
dividend for 2007 of US$0.17 per ordinary  share.  The dividend is payable on 16
January 2008 to shareholders on the Principal  Register,  the Hong Kong Overseas
Branch Register or the Bermuda  Overseas Branch Register at close of business on
23  November  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 on 16 January  2008
will be converted from United States dollars at the forward  exchange  quoted by
HSBC Bank plc in London at 11.00 am on 7 January  2008 (US$1 = HK$7.796 and
GBP1 = US$1.9716). Accordingly, the amount payable on 16 January will be:

US$0.17 per share;

approximately HK$1.32532 per share; or

approximately GBP0.086224 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 16  January  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:  07 January, 2007