HSBC Global Money Account

[Gary_Dexter]

HSBC have now launched their Global Money Account to the UK market.

You can only apply for and manage the account via the HSBC Mobile app and it offers 0% on currency spends, cash withdrawals and sending money abroad.

You can order a physical card and set the PIN during the application process or order later, but the Apple/Google pay card is available immediately to add to the respective OS Wallet.

The Global Money Exchange Rate is used if it’s a currency HSBC can hold a balance in, otherwise the Visa daily exchange rate is used.

No credit checks are required either!

https://www.hsbc.co.uk/international/travel-money-card/

[taxaholic]

Set mine up today and it took 10 seconds to do, seems a better option over wise if you bank with hsbc.

[Froggee]

That looks pretty handy. It includes the five foreign currencies I tend to use. It does make me laugh that I read about it on here rather than from HSBC.

[BuildBackBetter]

Is there any advantage over Starling? I am also interested to see what the fx rate is vs Wise and Curve.

[taxaholic]

Just tested it and $100 costs £89.38 via hsbc and £89.52 via wise, so competitive.

The card is also free with hsbc whereas wise charge.

Curve I have closed as it is a fairly pointless product to me now.

I did want to carry quite a good USD balance with wise but the lack of fscs protection put me off. The hsbc account does have it so I plan on using this now instead of wise.

[Luca M]

BuildBackBetter wrote:

Is there any advantage over Starling? I am also interested to see what the fx rate is vs Wise and Curve.

I did several tests exchanges to compare rates and currently HSBC comes first, Fineco UK second, Starling third and Wise fourth.

HSBC also has potentially many more available currencies.

[kevinchoi]

Am I missing something here?

Is using a HSBC Global Money Account better than let’s saying using Barclaycard Avios + Curve abroad, when the latter gives me 1 Avios per pound back, and the former doesn’t?

One thing I can think of is the limit of fee-free exchange on Curve?

[points_worrier]

This seems like an interesting product. I currently have an HSBC expat account in USD for the USD debit card and unlimited free USD cash withdrawals.
This product is beneficial because I would not get charged for spending in non-USD amounts.
But, I cannot receive US payments from others, I can only charge it from my own account it seems.

[Luca M]

kevinchoi wrote:

Am I missing something here?

Is using a HSBC Global Money Account better than let’s saying using Barclaycard Avios + Curve abroad, when the latter gives me 1 Avios per pound back, and the former doesn’t?

One thing I can think of is the limit of fee-free exchange on Curve?

Barclaycard Avios plus Curve may be an Avenue that will close soon if some reports are correct and looking at what has happened with other issuers (Creation – HSBC).

In addition, a multi currency wallet with a debit card has off course other benefits:

– you can use ATM abroad without exchange or interest fees (waiting for clarity on whether you can use HSBC worldwide STM network without incurring in local usage fee)

– you can secure currency balances in advance of trips at favourable rates (I do this regularly and particularly with Euro, I have accounts where I held such currency on a regular basis)

– you can actually make SEPA and/or International transfers to bank accounts abroad, from the same currency wallet.

[Luca M]

points_worrier wrote:

This seems like an interesting product. I currently have an HSBC expat account in USD for the USD debit card and unlimited free USD cash withdrawals.
This product is beneficial because I would not get charged for spending in non-USD amounts.
But, I cannot receive US payments from others, I can only charge it from my own account it seems.

Can you clarify if HSBC US ATMs (I know you can find them in NYC but not everywhere else) do charge you for usage? I am referring to ATM operators fee that US banks charges to all Non customers (e.g. aside of foreign cards, even a Wells Fargo customer using a chase ATM will be charged by Chase), but for example Chase US will let Chase UK customers use the STM for free, as does Santander US for some Santander UK customers.

[points_worrier]

Luca M wrote:

points_worrier wrote:

This seems like an interesting product. I currently have an HSBC expat account in USD for the USD debit card and unlimited free USD cash withdrawals.
This product is beneficial because I would not get charged for spending in non-USD amounts.
But, I cannot receive US payments from others, I can only charge it from my own account it seems.

Can you clarify if HSBC US ATMs (I know you can find them in NYC but not everywhere else) do charge you for usage? I am referring to ATM operators fee that US banks charges to all Non customers (e.g. aside of foreign cards, even a Wells Fargo customer using a chase ATM will be charged by Chase), but for example Chase US will let Chase UK customers use the STM for free, as does Santander US for some Santander UK customers.

I can’t comment I’m afraid. I use it in an African country which uses USD, so need an account for USD withdrawals and exchange rate stability, planning, and USD transfers to local accounts (which HSBC does for free). Pretty lucky given GBP’s performance. Local banks are very expensive (min. USD10/month and 2% ATM fees, cant transfer your money externally, and occasionally forcibly convert your USD balance to the local electronic currency), so it really is a no-brainer,

[Luca M]

Thanks

[duggie1982]

Thanks, opened it there and took a few minutes, helpful for future travels

[Scottpat78]

I was prompted on this when I opened the HSBC app today.

I’ve opened one and added it to Apple wallet already. My partner has also opened this.

We both added £100 several hours apart during the opening process. Seems to be quite competitive rates compared to others. She got 30c more than me when doing it later!

Although I’m headed to NYC tomorrow, I still don’t plan to use this until Curve is dead. If I can, I would rather earn points on the purchase. Only possible use right now is weekend spend to avoid those Curve fees.

[Luca M]

Scottpat78 wrote:

Although I’m headed to NYC tomorrow, I still don’t plan to use this until Curve is dead. If I can, I would rather earn points on the purchase. Only possible use right now is weekend spend to avoid those Curve fees.

Although you won’t have the physical card with you, it would be interesting to know if there is a way to be able to withdraw cash at an HSBC branch via ApplePay or if you are likely to soon be back with the physical card, to see if HSBC ATM will try to charge you an Operator fee.

I do find it useful to always have some cash on my when in the USA

[kevinchoi]

Luca M wrote:

kevinchoi wrote:

Am I missing something here?

Is using a HSBC Global Money Account better than let’s saying using Barclaycard Avios + Curve abroad, when the latter gives me 1 Avios per pound back, and the former doesn’t?

One thing I can think of is the limit of fee-free exchange on Curve?

Barclaycard Avios plus Curve may be an Avenue that will close soon if some reports are correct and looking at what has happened with other issuers (Creation – HSBC).

In addition, a multi currency wallet with a debit card has off course other benefits:

– you can use ATM abroad without exchange or interest fees (waiting for clarity on whether you can use HSBC worldwide STM network without incurring in local usage fee)

– you can secure currency balances in advance of trips at favourable rates (I do this regularly and particularly with Euro, I have accounts where I held such currency on a regular basis)

– you can actually make SEPA and/or International transfers to bank accounts abroad, from the same currency wallet.

Thanks – but aren’t these benefits basically the same as Revolut? Does HSBC have better exchange rates than Revolut?

[Rob]

As with many things, it’s not meant to be cheaper or ‘better’ than Revolut – just more convenient for existing HSBC customers and one less app to have on your phone.

[Luca M]

Thanks Rob,

But most importantly, Revolut is not a bank and your money are not protected under the FSCS, whilst all of your wallet would come under your total £85,000 deposit protection with HSBC .

In my previous experience, Revolut rates were worst then Fineco UK and thus if the same, would be worst then HSBC global money (at current level)

[dougzz99]

Rob Burgess wrote:

As with many things, it’s not meant to be cheaper or ‘better’ than Revolut – just more convenient for existing HSBC customers and one less app to have on your phone.

Exactly. Legacy bank introducing something like this starts to offer benefits previously only available to new fintech companies and the odd niche (in UK terms) bank.

[gt94sss2]

points_worrier wrote:

But, I cannot receive US payments from others, I can only charge it from my own account it seems.

From their FAQ

In future you’ll be able to receive foreign currency into your account.

[Scottpat78]

I’ll try!

I’m back in US for work on 5th Nov, so worst case scenario is I’ll have the card and use it then. I can use the drive thru ATM near my office, which always feels weird!

Luca M wrote:

Scottpat78 wrote:

Although I’m headed to NYC tomorrow, I still don’t plan to use this until Curve is dead. If I can, I would rather earn points on the purchase. Only possible use right now is weekend spend to avoid those Curve fees.

Although you won’t have the physical card with you, it would be interesting to know if there is a way to be able to withdraw cash at an HSBC branch via ApplePay or if you are likely to soon be back with the physical card, to see if HSBC ATM will try to charge you an Operator fee.

I do find it useful to always have some cash on my when in the USA

[points_worrier]

gt94sss2 wrote:

points_worrier wrote:

But, I cannot receive US payments from others, I can only charge it from my own account it seems.

From their FAQ

In future you’ll be able to receive foreign currency into your account.

If they genuinely do this, I will have no need for my Expat USD account. I will still need the UK USD currency account, as you need that to get USD cash over the counter at an HSBC branch (this is no doubt the cheapest way to get foreign currency in the UK, with the global money account it reduces to 0.3% the cost of changing such money).

[dougzz99]

Just went to do a transfer as I’ve been checking rates. There is a warning that as global markets are closed the rate includes a premium…… can’t remember the rest of the wording.

[points_worrier]

dougzz99 wrote:

Just went to do a transfer as I’ve been checking rates. There is a warning that as global markets are closed the rate includes a premium…… can’t remember the rest of the wording.

With premium it seems to be 1%. So better than Revolut.

[FearlessTraveller]

Looks like I can finally ditch revolut, even though you cannot recieve foreign currency directly on the card.