HSBC Global Money Account review
- Account fee
- £0
- Interest (AER)
- 0% AER
Our verdict
Looking for a multi-currency bank account? Take a look at the Global Money account from HSBC.
If you regularly send money abroad in different currencies, or you’re a frequent traveller, this digital account from HSBC is certainly worth a look. Just remember that you need to have an existing HSBC current account to qualify and it’s always worth comparing your options elsewhere before making a decision.
Pros
-
No HSBC fees for spending abroad or online
-
Able to hold money in 19 different currencies
-
FSCS protection
Cons
-
Exchange rate fees
-
Overdraft not available
-
Standing orders not supported
Details
Product overview
| Provider | HSBC |
| Account fee | £0 |
| Interest (AER) | 0% AER |
| Debit network | Mastercard |
| Minimum eligibility age | 18 Years |
| Direct debits |
If you regularly send money to friends or family around the world, it can pay to look for an account that lets you hold multiple currencies. One option is the HSBC Global Money account.
What is the HSBC Global Money account?
The HSBC Global Money account is a digital current account that lets you send and manage multiple currencies in one place. You can add or convert currency at any time and store it until you need it.
What’s more, if you regularly travel abroad, you can use the account’s debit card for fee-free spending and cash withdrawals while you’re overseas.
How does it work?
If you open the HSBC Global account, you can send money in more than 50 currencies to 200 countries and regions with no HSBC or intermediary bank fees. You’ll see live exchange rates before you send your funds, so you’ll know exactly what you’re sending. You can also hold up to 18 different currencies in your account.
When you open the account, you can order a multi-currency debit card which you can use overseas for free. Each transaction is debited from your currency balance if the funds are available, allowing you to convert money on the go. If the funds aren’t available or the transaction is in a currency you can’t hold, the funds will come out of your GBP balance.
Who is it for?
The HSBC Global Money account could suit anyone who regularly sends money abroad, or those who visit family and friends overseas.
To qualify, you must have:
- An active HSBC UK current account
- A valid email address that HSBC has on record
- A valid mobile number that HSBC has on record
- The HSBC mobile banking app – the account is only available through the app
Is the HSBC Global Money account safe?
Yes, HSBC is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. This means it covers deposits of up to £85,000 per person under the Financial Services Compensation Scheme (FSCS) – this includes currency balances.
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