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Your introduction to Zing, HSBC’s new multi-currency and FX payments app

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This article has been sponsored by Zing

Zing was launched by HSBC earlier this year, and is aiming to become a key player in the money transfer and travel spend sectors.

If you sign up to Zing now, you will receive a £500 per month allowance of fee-free currency conversion until the end of 2024.

This applies to transfers made to bank accounts (with any institution), to any other Zing member, between your own currency wallets within your Zing account, physical or virtual payments made with your Zing card and to cash withdrawals at ATMs made with your Zing card for any supported currencies.

Zing, HSBC's new multi-currency and FX payments app

Zing is a smartphone app that can be connected to Apple Pay or Google Pay, although you can also order a physical Zing Visa debit card for ATM use.

It is free to sign up (18+, UK residents only) and you do NOT need to be an existing HSBC customer to join.

(In terms of security, Zing is not a bank. Zing is an e-money institution, regulated by the FCA, with your money ring-fenced in a secure account. Deposits with Zing do not count towards your £85,000 of statutory Financial Services Compensation Scheme protection across all HSBC entities. Find out more here.)

Zing, HSBC's new multi-currency and FX payments app

What can Zing do?

Zing aims to free you from much of the cost and complexity of making foreign currency transactions, whether for spending or for transfers.

You can:

  • hold a balance in the app in over 20 different currencies
  • send money with no international payment fees in over 30 countries
  • spend with your Zing card in virtually every country and territory

Fees are low and clear

Zing is focused on low fees and, importantly, clarity and transparency.

As I mentioned above, all Zing members receive £500 of fee-free currency conversion each month until the end of 2024.

Outside of that offer, the headline fees are:

  • NO outbound transfer fees
  • FX conversion fees from 0.2%, (once the monthly £500 allowance is used up) which do not change based on the amount or day of the week (unlike some competitors!)
  • Real time, mid-market currency conversion rates
  • free UK ATM cash withdrawals (unless the ATM itself adds a fee)
  • one free withdrawal per month for international ATMs (further withdrawals cost £2 or equivalent)
  • no charge to receive a physical plastic card – and no charge for your first replacement if you lose or damage it!

You operate your Zing account via the app. You can track payments and transactions with in-app notifications.

Zing, HSBC's new multi-currency and FX payments app

Pre-load funds to lock in the exchange rate

Because you can hold funds in over 20 currencies in your Zing account, you can lock in the exchange rate for your trip in advance if you are concerned about rates moving against you.

You can load funds to your account in Sterling and then move it (at real time rates) to another currency wallet. When you make a purchase in the future in that currency, it will take your funds from that particular currency wallet first before taking funds from your Sterling wallet.

Which currencies are supported?

You can add money to your Zing account by debit card or bank transfer. You can also receive non-SWIFT payments from non-Zing accounts in £ and €.

The currency wallets you can have are: GBP, USD, EUR, CAD, HKD, JPY, SGD, AUD, NZD, AED, CHF, CZK, DKK, HUF, MXN, NOK, POL, RON, SAR, SEK, THB and ZAR.

You can make payments to non-Zing accounts in: GBP, EUR, USD, AED, AUD, BHD, CAD, CHF, CZK, DKK, HKD, HUF, IDR, ILS, INR, JPY, KES, KWD, MYR, MXN, NOK, NZD, OMR, PHP, PLN, QAR, RON, SAR, SEK, SGD, THB, TRY, UGX and ZAR

Other key features include ….

There is a lot more to Zing. This includes:

  • the ability to freeze and unfreeze your card in the app
  • the ability to use Apple Pay or Google Pay
  • 24/7 human support
  • unique reward offers
  • an environmentally friendly card made from 85% recycled plastic
Zing, HSBC's new multi-currency and FX payments app

Earn up to £400 by referring your friends

If you sign up to Zing, you can earn up to £400 by referring your friends until 08:59 on 1st October 2024.

You can send invitations via the Zing app. For each friend that signs up and makes a £5 transaction (or equivalent) using their Zing card, you will receive £20 within 30 days. Your friend will also receive £20. Terms and conditions apply.

Conclusion

There are many money transfer apps on the market, but Zing offers good value, simplicity, an easy-to-use user interface and the knowledge that HSBC is behind it.

You won’t earn any miles or points when you use it, but you also won’t be paying the 3% FX fee that comes with most overseas transactions made on a travel rewards credit card.

You can sign up to Zing here. The app can be downloaded for free from your usual app store.

Remember that new customers will receive £500 per month of fee-free currency conversion until the end of 2024. Terms and conditions apply.

Category

General

Comments (151)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Talay says:
    19 Aug19 August 05:07

    Isn’t this somewhat late the party ?

    What sets this one out above the competitors ?

  • Dubious says:
    19 Aug19 August 05:21

    Rob – on a more serious note – there is an error with the first URL to terms and conditions. It loads an error instead of the pdf. The second URL seems to work fine.

  • NigelthePensioner says:
    19 Aug19 August 05:59

    I got one a month ago to transfer some GBP to a Euros account but the exchange rate was better with a non card on line competitor and they were also fee free so Ive not used my Zing.
    For foreign currency transactions I just use my Virgin Money card which is of course fee free and gives the Mastercard rate which is a fraction better for GBP always than Visa. Always pay in local currency and let the card do the rate transaction!

    • Neil H says:
      19 Aug19 August 06:54

      Nigel, a good card for sure but not feeling free everywhere internationally. I use in the Eurozone but fees charged in US and Canada for example.

    • BJ says:
      19 Aug19 August 07:02

      Anything in the money transfer and foreign spend sector associated with major high street banking institutions is rarely competitive. However, I do love Virgin debit card for use overseas and maintain the account primarily for that purpose.

      • Andrew. says:
        19 Aug19 August 08:53

        It’s the key reason why I have the Virgin Money Credit Card – fee free at the Mastercard Rate. I have the First Direct Debit Card as a backup also fee free at Mastercard Rate.

    • JDB says:
      19 Aug19 August 07:03

      @NigelthePensioner – another poster last week insisted Visa was always better than Mastercard for GBP. The simple truth is that neither of you is correct. It varies who has the better rate and depends on the currency pair in question, so when paying for dinner abroad, you have no idea of the rate which will ultimately be applied to your transaction.

      Is the Virgin Money card you you say “is of course fee free” applicable globally?

      • TGLoyalty says:
        19 Aug19 August 07:13

        And unless your dinner cost £5k why would you care and if you just dropped £5k on dinner why do you care.

        Saving 3% fx fee vs paying it makes sense. The Amex vs Visa vs MC underlying rate stuff is just spurious accuracy.

      • BJ says:
        19 Aug19 August 08:39

        Virgin Money debit card is global but credit card Europe or Eurozone+ but I cannot recall which exactly. Where a credit card is not needed/advisable the debit card is a real gem. I’ve had various overseas ‘solutions’ over the years byt Virgin Money M+ debit card is by far the best as I’m never had transaction issues or need to call which has been an issue to varying degrees with all other ‘solutions’ front time to time. Given the changes Nationwide FlexPlus in respect of travel using points/miles the Virgin paid account (cannot recall what it’s called) now looks mire attractive too as I believe it covers rewards travel too, and gadgets nit just handsets I think.

        • HampshireHog says:
          19 Aug19 August 10:53

          The points restriction on the new Nationwide flex insurance is only that the points value isn’t covered I thought? Not such as health cover for a trip booked on points?

          • BJ says:
            19 Aug19 August 11:22

            Mot sure, I just recall negative comments at the time. I assumed it was only flights booked by miles or points and hotels booked by points that were affected. It is nit hugely problematic anyway as the latter could generally be cancelled for free or a small charge up to about 24h before departure so personally I didn’t understand all the fuss unless I’m missing something.

  • Matt says:
    19 Aug19 August 06:23

    I’m being slow I’m sure. What’s the difference between Zing and HSBC Global Money?

    • Rob says:
      19 Aug19 August 06:25

      Latter is linked to a HSBC current account and requires one. Zing is totally standalone.

      • Tariq says:
        19 Aug19 August 07:47

        I wonder whether there is a difference in ongoing cost. Aside from the referral scheme this doesn’t feel like a particularly great deal.

        The problem with overseas ATM withdrawals is that most ATM providers seem to charge fees now from my recent experience.

        Think I’ll just stick with Yonder for overseas purchases, and HSBC GMA if I have a need to hedge currency rate.

    • supergers49 says:
      19 Aug19 August 09:43

      Other than the standalone part, nothing that I can see.

  • Steve says:
    19 Aug19 August 06:27

    Looks like banks are getting scared of Revolut. Revolut has revpoints as well now, so I struggle to see the value in this.

  • Will says:
    19 Aug19 August 06:53

    I use Wise and HSBC global money and find them both useful (and almost free). It’s so hard to keep up with the different providers but perhaps Zing confirms HSBC to be the leader amongst major banks. Curve is rapidly losing ground and I note you have almost stopped covering it. For most overseas spend I have a very well worn MBNA horizon card 😁. The single remaining problem is how to get cash without a local atm fee.

    • Neil H says:
      19 Aug19 August 06:57

      In Eurozone get Starling Euros account and load it via Zing or Wise. Not worked out in US yet although use less cash with each trip and take enough with me…

      • HampshireHog says:
        19 Aug19 August 07:37

        Yes but that doesn’t avoid a local ATM fee, @Will is I believe talking about the folding stuff, not using a debit card. Still useful in some destinations eg Greece

        • drdan says:
          19 Aug19 August 08:16

          Ok….so I have a basic Santander account for fee free overseas Santander ATM use (largely sunny places and Chase for the USA I. Their own ATMs… Both no ATM or FX fees.

        • Paul says:
          19 Aug19 August 08:29

          Cash isn’t needed in much of Greece now. I had 7 days on Naxos (no international flights) last year and never used cash once. My Starling card via Apple Pay was universally accepted.

      • Steve says:
        19 Aug19 August 08:36

        Revolut

    • JDB says:
      19 Aug19 August 07:05

      @Will – what makes you say “Curve is rapidly losing ground”? Is there any evidence for this? It is not much covered on HfP for fairly obvious reasons.

      • truthbetold says:
        19 Aug19 August 07:30

        Curve customer service is poor. I have lost track of the benefit of curve and the weekend surcharge made it less competitive. As a founder member with legacy black it became very difficult to know what I was getting every time they changed the black offering. I even got hit with ATM charges that were eventually refunded as curve had applied their own fee schedule incorrectly. I can’t get any benefit from Fronted. Perhaps that is where the value lies for some people? My card expired recently and the replacement card that was sent in May never arrived. I am still waiting for a new one. Again poor customer service .

      • Will says:
        19 Aug19 August 07:39

        @JDB. Not obvious to me. Losing Amex lost the USP for me. A little Free ATM abroad is the only remaining benefit to me but widespread local fees is making that less attractive except in an emergency. Is Fronted working with no fees for any remaining credit card provider?

        • daveinitalia says:
          19 Aug19 August 08:08

          The USP to me is it’s a proxy before your real cards. These days as most places take contactless I’ve hardly used a physical card for a while but if you leave your real cards in the hotel safe and just carry your Curve card then if someone steals your wallet then you just cancel the curve card, no need to cancel the other cards. Also if you’re in a dodgy place and they skim your card number and start making other transactions on it then you just cancel curve and the real cards are safe.

          • Will says:
            19 Aug19 August 08:31

            That’s helpful thanks

          • John says:
            19 Aug19 August 22:06

            Curve is the only UK card where I’ve ever had a fraudulent transaction and the underlying card dealt with the problem long before curve started doing anything (although they didn’t understand what curve was so they didn’t understand why only one of the CRV* transactions was fraud)

        • JDB says:
          19 Aug19 August 08:30

          @Will – Curve isn’t much covered because it’s too Marmite and/or too hot to handle and (wrongly) gets the blame for the Creation closures. Amex hasn’t worked with Curve for over 5 years, so you are harking back a bit there! Re “local fees” I guess you are referring to ATM use – I don’t use Curve for that, but any local fee would surely apply to any card?

          It’s USP is still the ability to earn 36-54k Avios p.a. if the full ‘fronted’ allowance is used (and yes, can be used with some providers without cash fees) and essentially unlimited free FX, seven days a week while earning points on an underlying card.

          These all sound like old prejudices.

  • NigelHamilton says:
    19 Aug19 August 06:59

    I have zing and it’s reasonable, but it’s not permissable to use it for business transactions

  • Stewart says:
    19 Aug19 August 07:01

    No one has mentioned Currensea which I no us tied to a bank account but I have used this throughout Canada, Vietnam, Laos and Croatia this year and find it works perfectly well and offers great rates.

    • Rob says:
      19 Aug19 August 07:13

      We do mention it a bit and will
      soon be mentioning them a lot more ….

      • daveinitalia says:
        19 Aug19 August 07:50

        Please… if you need content do a comparison between Gail’s (earn Avios) and Greggs (spend VS points) sausage rolls. That’s the content we need here!

      • John G says:
        19 Aug19 August 08:34

        Not the first time I’ve seen you reference this. I assume something big is on the cards. A free FX credit card that earns Avios maybe? Aside from that I can’t see what they could do that would be so interesting.

        • Tariq says:
          19 Aug19 August 09:27

          I think the implication is that they are about to announce a co-brand card with a travel company – hotel or airline. I think it’s been suggested that a new Hilton card is imminent.

          “In Q4, we’re launching our most exciting co-brand yet with a global hotel group.”

          https://europe.republic.com/currensea3

      • Steven says:
        19 Aug19 August 14:52

        You do like to tease Rob – care to share any more light on ‘soon’? Was thinking of applying for another card but might hold off for the moment.

    • Peter K says:
      19 Aug19 August 07:40

      No one (except HfP) mention Currensea as you can use a fee free credit card which is cheaper and gives s75 protection!

      • SM says:
        19 Aug19 August 09:12

        I use Currensea and quite happy with it. Sleek app. Good exchange rates.

        • Gordon says:
          19 Aug19 August 12:32

          +1

        • FatherOfFour says:
          19 Aug19 August 14:58

          yes another + for me here as it is simple. I used to use Caxton but got fed up when they started taking a fee for the account being dormant and having to remember to top up.
          Downside to Currensea is that contactless payments often get declined and I have to chip and pin.

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