Quick review of HSBC Euro account

colsten

I have tried out the HSBC Currency Account with Euros (it does lots of other currencies, too). 

My bottom line assessment is that it's an ok account for currency transfers if you don't mind a 2nd class exchange rate but you do get FSCS protection which you wouldn't get with Wise or all the other currency transfer services. The account is, however, quite a bit less functional than Wise, or Starling Bank (which is the only other Euro account with FSCS protection that's available to UK residents). Like with Starling, you get a GBxxx IBAN (Wise gives you a 'proper' EU IBAN, BExxx).

PLUS POINTS

• very easy to set up if you already have an HSBC current account and online access (though the account is only fully usable 2 business days after initial set up)
• cannot go overdrawn
• FSCS protection
• can transfer up to £50K in online banking, and unlimited amounts in Branch or over the phone
• Euros delivery promised by next business day but my two transfers arrived on the same day (with just a few hours delay)
• no fees for EUR to EUR transfers (a minus point for Wise)
• can have accounts for 13 other major currencies, and can transfer between those accounts (at the HSBC exchange rate, which is not particularly brilliant)
• can set up scheduled / recurring payments
• EDIT: from November 23 2021, cash deposits can be made into the currency account. According to https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/notice-of-variation-terms-and-conditions-and-charges.pdf
   

MINUS POINTS

• an HSBC current account is the pre-req. It can take a long time to open an HSBC account, and to set up online access
• you don't know the rate you will get unless you actually attempt a transfer, i.e. you need a balance in your account. This makes comparisons difficult.
• the exchange rate is not good. Starling / Wise give you better rates, even after their fees.
• cannot operate the account through the HSBC app - must use online banking
• account goes dormant if not used for 24 months
• cannot set up DDs against this account

OPEN POINTS - couldn't find answers

• there doesn't appear to be a debit card you can use in Euroland, or for Euro online purchases (something you get with Wise and Starling). This would be a serious minus point but may be they just haven't sent me the card yet.
• not sure whether you can withdraw Euros in a Branch, and in which countries
• not sure whether you can deposit Euros in a Branch, and in which countries

eDicky

There's no debit card connected to the HSBC (UK) euro account, you won't be receiving one.

henm2

No debit card. No cheque book either. Yes you can withdraw currency. No deposits in currency. The account is  mainly for transfers and payments in and out 

colsten

henm2 said:

 Yes you can withdraw currency.

Presumably you need to order the currency so they have it in the Branch you want to use? Unless you are in the country of the currency?

henm2

If its euros or dollars they have prepack currrncy.  Anything else needs ordering 

[Deleted User]

Thanks Colsten, might open if KBC Ireland closes down and doesn't transfer accounts to another local provider. 

s_r

Thanks colsten - this is hugely helpful as I’ve been looking into UK based EUR current accounts.

colsten

Today I received a statement for this account in the post. As I consider paper statements a waste of resources, I went online to change to paperless. Or so I thought. There is no option to do so for this account (it is possible for their other accounts). This is enough reason for me to close the account (another thing I can’t do online, and CASS is not an option either as it is a EUR account.

gt94sss2

colsten said:

I have tried out the HSBC Currency Account with Euros (it does lots of other currencies, too). 

• you don't know the rate you will get unless you actually attempt a transfer, i.e. you need a balance in your account. This makes comparisons difficult.
• cannot operate the account through the HSBC app - must use online banking
• there doesn't appear to be a debit card you can use 

HSBC are due to launch their free Global Money Account in the UK sometime this year which deals with the above issues (and perhaps others).
https://www.hsbc.com/news-and-media/hsbc-news/a-world-of-banking-in-your-pocket