HSBC Global Money Account launched

HSBC have finally launched their Global Money Account. in the UK.

Comes with a free multi-currency debit card and the account allows you to hold balances in all the following:

GBP - pound sterling
EUR - euro
USD - US dollar
AUD - Australian dollar
ZAR - South African rand
PLN - Polish zloty
CAD - Canadian dollar
NZD - New Zealand dollar
CHF - Swiss franc
SEK - Swedish krona
HKD - Hong Kong dollar
AED - UAE dirham
CZK - Czech koruna
NOK - Norwegian krone
DKK - Danish krone
SGD - Singapore dollar
JPY - Japanese yen
CNH - Chinese yuan renminbi

Note: You currently need to be an HSBC customer to open an account.

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I’ve opened one, thanks for the post!

They mentioned during the application that all of the account documents would be available in the app shortly after opening, but that doesn’t yet seem to be the case (having given them about an hour).

This means it’s not possible to find out the GBP account number and sort code as they don’t seem to be displayed in the app, even though you are allowed to pay in from other U.K. accounts according to their website.

It’s effectively quite good if you load up the GBP account and spend on the card in an unsupported currency as that’s using Visa’s wholesale exchange rate with nothing added. Supported account conversion (including “live conversion” to fund a transaction, as Revolut do) uses HSBC’s exchange rates to create a balance, which doesn’t look great.

You can transfer to Global Money currency balances from existing HSBC Currency Accounts (in your name) using the app too, which allows you to spend money from those accounts, albeit indirectly. This is potentially useful as HSBC Currency Accounts do not come with debit cards, while Global Money does. Interestingly, though, it’s a separate debit card and GBP balance to your existing HSBC current account. The whole thing is FSCS protected which is good.

It is possible to add Euros to the Global Money account without any fees if you send a SEPA transfer to a Euro-denominated HSBC Currency account, then internal transfer to the Global Money Euro balance. GBP can also be added without fees, either through internal transfer or directly from U.K. accounts through Faster Payment.

You can only add to the other balances by converting from pounds, using HSBC’s poor rate, or transfer from/through HSBC Currency Accounts - which all charge to receive international payments other than via SEPA. So really not that useful for the other supported currencies, but a way of getting a fee-free Euro account from a big-name bank (in a roundabout fashion, as you have to pair up Global Money with a Euro HSBC Currency Account).

I opened an account shortly before posting.

I can see the details of the GBP account but it’s not immediately obvious where it is!

You need to go into the Global Money Account, click the GBP account, so the page where the list of transactions is showing, click on “View More” and the account details are there.

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Yes, I’ve just found it within the last 5 minutes myself and was coming back to post a correction when I saw your post!

I am sure that option wasn’t there immediately after opening (statements was, and the card options were) but it is now. Perhaps I needed to log out and log back in before it appeared?

Thank you, I opened one instantly. The card also looks pretty nice.

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The FAQ includes

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

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Indeed it does!

I saw that myself when poking around earlier, although the difficulty would be if/when you needed to convert back to pounds; it wouldn’t be best to use Global Money so you would have to convert via Revolut or Wise anyway.

Still, it could be good to receive money into HSBC in the first instance due to the FSCS protection - so it would be a good place to safely store funds.