HSBC Global Money Account: fees, features and more

If you travel a lot, work in other countries or have family abroad, you’re going to need multi-currency banking services. One way to access these is through products like the HSBC Global Money Account.

In this guide, we’ll walk you through the main features of the HSBC Global Money Account. This includes how it works for transferring and spending in different currencies. We’ll cover who the account is for and how to apply, plus any fees, rates and other charges you need to know about.

We’ll also take a look at alternatives such as the Wise multi-currency account.

So, let’s dive right in.

HSBC Global Money Account - what is it and how does it work?

The HSBC Global Money Account is a multi-currency bank account. It’s designed for people who live an international life, whether this means lots of travel, business trips or even living between two different countries.

The account lets you send money without fees to over 200 countries and regions worldwide. You’ll get a free multi-currency debit card with the account, which can be used to spend abroad or buy online - again, with no fees.

You can store up to 18 currencies in your Global Money Account, and make a transfer in more than 60 currencies.

The HSBC Global Money Account is managed entirely through the HSBC UK Mobile Banking app. This makes it ideal for travel, as you can manage your money on the move using just your smartphone.

Here are the account’s most useful features in a nutshell:¹

• Hold up to 18 currencies in your Global Money Account
• Fee-free money transfers in 60 currencies to 200 countries
• Spend or withdraw cash with your Global Money debit card in the UK and overseas with no HSBC fees
• A free physical Global Money Debit Card
• Access your account anytime with the mobile app
• Live competitive exchange rates

Benefits of the HSBC Global Money Account

The HSBC Global Money Account offers a number of benefits, especially if you’re regularly visiting other countries or have family spread throughout the world.

UK current accounts and debit cards are typically quite expensive to use abroad. This account aims to solve this problem, making it cheaper to manage your money in multiple currencies.

The main benefits include:

• Quick and easy payments across borders
• No HSBC fees for spending abroad or online using your debit card
• No HSBC fees for international transfers (although intermediary or receiving bank fees may apply)
• Easy mobile management of your account
• Convert between 18 currencies whenever you need to, making this account suitable for all your travel needs.

There are of course a couple of potential downsides to consider too. One is the exchange rate, which although is billed as competitive, it isn’t necessarily the best you can get. We’ll look at this in more detail in just a moment.

The account also offers fewer currencies than other providers. It lets you hold just 18, while alternatives such as Wise offer a whopping 50+.

What currencies can I hold in my HSBC Global Money Account?

Here’s the list of 18 supported currencies you can hold and convert between in your HSBC Global Money Account:¹

How does the HSBC Global Money debit card work?

With your new Global Money account, you’ll also get a linked multi-currency debit card. This works in just the same way as any other standard debit card, except you can use it overseas with no fees. It’s a contactless card, so you can tap to spend in restaurants, shops, bars, transport hubs and anywhere else that Visa and Mastercard are accepted.

You can also withdraw cash with your card, both at home and abroad. HSBC won’t charge you any fees, although bear in mind that some ATM operators may charge their own fee.

The HSBC Global Money debit card can also be added to your mobile wallet, so you can pay using just your smartphone.

Are there any transfer or spending limits with HSBC Global Money?

There are a few limits to know about with this account:²

• Withdraw up to £500 a day (or foreign currency equivalent) from cash machines
• Transfer up to £50,000 a day for international payments
• Transfer up to £200,000 to HSBC accounts in your name outside the UK
• Unlimited transfers between your own HSBC UK accounts.

How to open an HSBC Global Money Account

Like the sound of the HSBC Global Money Account so far? The next step is to apply. Let’s take a look at the eligibility requirements, followed by the steps to apply and open a new account.

Eligibility

To apply for the Global Money Account, you’ll need to meet the following requirements:¹

• Have an active HSBC UK current account (excluding the HSBC Basic Bank Account). If you don’t already have one, you’ll need to open one before applying for a Global Money Account.
• A valid email address that’s on HSBC’s records
• A smartphone or other device capable of downloading the HSBC UK Mobile Banking app. You can’t manage your account without it.

How to apply - a step-by-step guide

If you meet the eligibility criteria, then signing up for a HSBC Global Money Account is pretty similar to opening any other kind of bank account.

The only real difference is that you’ll complete the whole process in the HSBC UK Mobile Banking app (rather than online).

Here’s what you’ll need to do:¹

1. Go to the webpage for the HSBC Global Money Account to read all the details before signing up.
2. Scroll down the page until you find the button to download the HSBC app. Alternatively, you can download the app straight from the Apple Store or Google Play Store.
3. Open the app and sign in
4. Select ‘International Services’ from the menu at the bottom
5. Select ‘Global Money’
6. Follow the instructions to open your new account.

Fees to use the HSBC Global Money Account

Now we come to the big question - how much does it cost to use the HSBC Global Money Account?

The great news is that there aren’t really any fees. The account doesn’t charge a monthly or subscription fee, and HSBC won’t charge any transaction fees for transfers, card payments or withdrawals.

All you need to watch out for are overseas ATM fees, as some ATM operators do charge them. And when sending international transfers, HSBC may not charge an upfront sending fee - but that doesn’t mean there aren’t any other costs involved.

International transfer fees with the HSBC Global Money Account

HSBC uses the SWIFT system to send money overseas. This is a global network of banks, and the route your money will take to reach its destination may not be a direct one.

A few different banks may be involved along the way, each charging their own fee. This is known as a correspondent or intermediary bank fee. Plus, the receiving bank may charge a fee, which either the recipient or you will have to pay.¹

There’s also the exchange rate to consider, as this can make a huge difference to the overall cost of an international payment. We’ll look at this next.

What exchange rates does the HSBC Global Money Account use?

HSBC uses what it calls the ‘HSBC Global Money Exchange Rate’ to convert currency for international transfers and transactions. You’ll be able to see the rate in the mobile app before sending a payment. The rate is billed as competitive, but it can be beaten.

This is because HSBC adds its own margin to the mid-market exchange rate.² Also known as the interbank rate, this is the cost of the currency conversion to HSBC. By adding a margin to this when passing on the rate to you, the bank can make money from the transfer.

Unfortunately though, it means that the transaction is more expensive for you - as more money is lost in currency conversion.

So even though the HSBC Global Money Account is fee-free, there could be cheaper options out there for transferring money or spending overseas. And it’s all because of that exchange rate.

Save with Wise when managing your money internationally

If the markup on the HSBC Global Money Account’s exchange rate is a deal breaker for you, then consider an alternative - the Wise multi-currency account.

For everything from international transfers to ATM withdrawals abroad, Wise sticks faithfully to the mid-market exchange rate.

It only ever charges a small, transparent fee, and you’ll see exactly what you’re paying upfront.

With the Wise multi-currency account, you can send, spend, receive and convert money in 40 currencies. You can even get a Wise card for low-cost spending in 174 countries.

What’s more, the accessible, easy-to-use Wise app makes the process of managing your money internationally a seamless experience.

Join Wise today

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

Sources used:

Sources last checked on date: 08-Jun-2023