HSBC Global Money Account launched

adindas

Marchitiello said:

With regards to MasterCard vs Visa, I thought everybody was familiar with their respective live tools:

https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

I use them quite often as I have both an MBNA Horizon (Forex free and 0.25% cashback) and various MasterCard Forex free options, and Mastercards always comes as better still. Some time Amex would be better for USD exchange rates but the 3% forex fee makes it irrelevant.

I had Revolut in the past and it always came worst or some times matched Fineco, so I doubt it that right now it would be better than HSBC global money. Have you tried a live comparison trying to exchange £100 for example in EUR or USD? 

I have a few travel Visa / Master debit cards, I could tell that Revolut come the best most of the time, at least for USD. Unless you exchnage it during the weekend, or holiday where they apply a spread.

I use this Revolut to fund my US$ trading account

I got the same live exchange rate "very close" to xe.com.

I already now the Visa and Master websites exchange rate that could be referred to since ages.

I also still think Master is still marginally better than Visa, but that "RECENT" MSE statement is quite a surprise. But unlike the precious conclusion (e.g master is better than visa), this time they have not published their result, so people will need to take it with a grain of salt.

People could easily do comparison by comparing xe.com, visa, master. People do not even need to do a research to find out that Mid market exchange rate such as shown on xe.com is better than Master/visa most of the time. Otherwise Master/Visa will suffer a loss.

You can not do live comparison as I remembered Mastercard especially only publish their exchange rate on the following day.

I tried that previously. VISA/ Master exchange hardly ever beat the xe.com. Unless of course there is hidden fees added in the equation e.g weekend spread.

Shanwick

The VISA rate only comes into play if purchasing using the debit card in a currency not supported by HSBC UK Global Money.

From the FAQ:

If you have enough funds in the currency of the transaction, no exchange rate will apply.

If you don't have the transaction currency, or there isn't enough of it in your account, your card will auto-convert from your Global Money GBP balance if you have enough funds. (The Global Money Exchange Rate is used if it's a currency we can hold a balance in, otherwise the Visa daily exchange rate is used.)

Marchitiello

adindas said:

Marchitiello said:

With regards to MasterCard vs Visa, I thought everybody was familiar with their respective live tools:

https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

I use them quite often as I have both an MBNA Horizon (Forex free and 0.25% cashback) and various MasterCard Forex free options, and Mastercards always comes as better still. Some time Amex would be better for USD exchange rates but the 3% forex fee makes it irrelevant.

I had Revolut in the past and it always came worst or some times matched Fineco, so I doubt it that right now it would be better than HSBC global money. Have you tried a live comparison trying to exchange £100 for example in EUR or USD? 

I have a few travel Visa / Master debit cards, I could tell that Revolut come the best most of the time, at least for USD. Unless you exchnage it during the weekend, or holiday where they apply a spread.

I use this Revolut to fund my US$ trading account

I got the same live exchange rate "very close" to xe.com.

I already now the Visa and Master websites exchange rate that could be referred to since ages.

I also still think Master is still marginally better than Visa, but that "RECENT" MSE statement is quite a surprise. But unlike the precious conclusion (e.g master is better than visa), this time they have not published their result, so people will need to take it with a grain of salt.

People could easily do comparison by comparing xe.com, visa, master. People do not even need to do a research to find out that Mid market exchange rate such as shown on xe.com is better than Master/visa most of the time. Otherwise Master/Visa will suffer a loss.

You can not do live comparison as I remembered Mastercard especially only publish their exchange rate on the following day.

I tried that previously. VISA/ Master exchange hardly ever beat the xe.com. Unless of course there is hidden fees added in the equation e.g weekend spread.

I guess you have a paid for subscription with Revolut to avoid the fees, so do you take into account that cost spread across all your exchanges? 

Edit: Even without fee, I have re- done a comparison at 08:55 this morning, 
Revolut rate was €1.14301
XE rate was €1.143464
hSBC GM was 1.143043 (final conversion screen if you are familiar, so real conversion, other two advertised)

so Revolut  have an additional margin already built in their rate vs mid market rate, so not convinced they are the best solution 

adindas

Marchitiello said:

adindas said:

Marchitiello said:

With regards to MasterCard vs Visa, I thought everybody was familiar with their respective live tools:

https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html

https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html

I use them quite often as I have both an MBNA Horizon (Forex free and 0.25% cashback) and various MasterCard Forex free options, and Mastercards always comes as better still. Some time Amex would be better for USD exchange rates but the 3% forex fee makes it irrelevant.

I had Revolut in the past and it always came worst or some times matched Fineco, so I doubt it that right now it would be better than HSBC global money. Have you tried a live comparison trying to exchange £100 for example in EUR or USD? 

I have a few travel Visa / Master debit cards, I could tell that Revolut come the best most of the time, at least for USD. Unless you exchnage it during the weekend, or holiday where they apply a spread.

I use this Revolut to fund my US$ trading account

I got the same live exchange rate "very close" to xe.com.

I already now the Visa and Master websites exchange rate that could be referred to since ages.

I also still think Master is still marginally better than Visa, but that "RECENT" MSE statement is quite a surprise. But unlike the precious conclusion (e.g master is better than visa), this time they have not published their result, so people will need to take it with a grain of salt.

People could easily do comparison by comparing xe.com, visa, master. People do not even need to do a research to find out that Mid market exchange rate such as shown on xe.com is better than Master/visa most of the time. Otherwise Master/Visa will suffer a loss.

You can not do live comparison as I remembered Mastercard especially only publish their exchange rate on the following day.

I tried that previously. VISA/ Master exchange hardly ever beat the xe.com. Unless of course there is hidden fees added in the equation e.g weekend spread.

I guess you have a paid for subscription with Revolut to avoid the fees, so do you take into account that cost spread across all your exchanges? 

Even without fee, I have done a comparison at 08:34 this morning, 
Revolut rate was €1.14058
XE rate was €1.14238
hSBC GM was 1.142359 (before final conversion) 

so they have an additional margin already built in their rate vs mid market rate, so not convinced they are the best solution 

Well, I do not have a paid subscription. But I already have Revolut since they were first launched it, so a few years ago.

I just noticed you did comparison "today before 8:45AM" that was before market opening, so they might still apply the weekend exchange rate where the weekend spread was added ?

Try that comparison again after lunch time e.g after 14:00 and before the market close today

If you compare it with Master/Visa. try to do it tomorrow, not today as Master only publish its exchange rate after the market close. So the one you see today was yesterday exchange rate.

I did my comparison between xe.com, visa, master a few years ago Revolut always come the best at the time. It might have changed today, that I have not noticed, I do not know.

But I believe people do not even need to do comparison between xe.com (e.g if revolut still use it), visa, master. Revolut is using Mid Market rate (e.g interbank exchange rate). At least that is what they said. I have not seen look at what they say today (?)

About HSBC global exchange rate (not using Visa) we could only say it is better once settle in our currency account. If it is better than xe.com. Try that multiples times on different days. If it was still consistently good, it begs the question, why did HSBC separate between Visa and their own global exchange rate.

eDicky

Visa and MasterCard exchange rates are applicable only to card use, nothing else. Exchange rates for conversion between currencies within an account, or to remit funds cross-currency, are set by the bank, with margin/fee or not.

adindas

eDicky said:

Visa and MasterCard exchange rates are applicable only to card use, nothing else. Exchange rates for conversion between currencies within an account, or to remit funds cross-currency, are set by the bank, with margin/fee or not.

There is a quotation from HSBC global acknowleging this in this thread has been posted. So this is not the issue as it has been confirmed by HSBC global itself.
Visa exchage rate when the card such as ATM withdrawal or payment using VISA debitcard is in use. Otherwise HSBC own global exchange rate
But the question which is still unaswered is that who is the best in term of exchange rate among the following:
HSBC Global Exchange rate (not using VISA),
Revolut (assuming they are still using Mid Market rate/interbank exchange rate)
Visa
Master.
Like you mentioned previously WISE exchange rate is more transparent than HSBC global as it clearly mention interbank exchnage rate (e.g similar to xe.com) + 0.35% mark up. But due to this +0.35% mark up they might be in a different league. HSBC Global exchange rate is still in unchartered territory, as there is no statement from them how they calcualte the exchange rate, whether they are using interbank exchange rate similar to xe.com, etc.
The experiment Marchitiello did is inconclusive as he was comparing it before the market open, So in this case there is possibility the exchange rate was still using the weekend spread. Also to be conclusive the expereiment will need to be done over various days, like what MSE did when comparing Master vs Visa in 2015, not just just one single day comparison.

OceanSound

Just a heads up on Fineco. 

I've just been informed by the adjudicator at Financial Ombudsman Service (FOS) handling my complaint about Fineco (complaint nothing to do with currency exchange I might add - it was to do with canceling my fineco debit card - I had to jump through hoops to do that and the info I was given by Fineco Support was confusing at best) that cases about Fineco are currently on hold until the FOS 'reviews a matter with them'. 

My complaint at the FOS has been ongoing for nearly 16 months and suddenly I'm landed this bombshell. 

So, while, starling, HSBC and Wise are definitely covered by the FOS. If you have any issues with your currency exchange with Fineco, the FOS route to resolve any complaint is currently in limbo. Just something to ponder alondside any 'unbeatable' exchange rate they may have to offer. Note that I have said 'they may', so they might not be offer any unbeatable exchange rate in the first place!

Marchitiello

OceanSound said:

Just a heads up on Fineco. 

I've just been informed by the adjudicator at Financial Ombudsman Service (FOS) handling my complaint about Fineco (complaint nothing to do with currency exchange I might add - it was to do with canceling my fineco debit card - I had to jump through hoops to do that and the info I was given by Fineco Support was confusing at best) that cases about Fineco are currently on hold until the FOS 'reviews a matter with them'. 

My complaint at the FOS has been ongoing for nearly 16 months and suddenly I'm landed this bombshell. 

So, while, starling, HSBC and Wise are definitely covered by the FOS. If you have any issues with your currency exchange with Fineco, the FOS route to resolve any complaint is currently in limbo. Just something to ponder alondside any 'unbeatable' exchange rate they may have to offer. Note that I have said 'they may', so they might not be offer any unbeatable exchange rate in the first place!

Sorry to hear that, maybe more appropriate to post also in the a Fineco main thread? As far as I know from speaking numerous time with them is they are actively trying to get a full UK banking license and that is why they have not withdrawn from the UK like N26 did for example shortly after the Brexit vote. 

With regards to best rates, I have over 6 years of testing and hard evidence, in particular against the Euro, that they ALWAYS gave the highest exchanged amount  until this HSBC GM account (rate shown actually may indicate worst then some competitors but as there are no additional fees added after that, net exchange amount has been always higher), but they main issue I have experienced is the speed at which exchanged funds actually clear and again transfer out to my other EU based Euro accounts.

adindas

Fineco is publishing their weekdays and weekends spread in here.

https://help.finecobank.com/uk/banking/multicurrency.html#page

Its EUR/GBP and USD/GBP is +0.25%, so it is better than Wise which is +0.35%.

Has anyone found similar table or statement from HSBC Global how they calculate the exchange rate ??

OneBrightStar

Is it possible to send $ from an external account to the Global Money account? Or is it only £££ and then conversion to the other relevant currency? Thanks