HSBC Global Money Account launched

adindas

OneBrightStar said:

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

Nope. The origin must come from GBP. So there will be a conversion happen where they make money. But they said they are considering this option in the future, so watch out.

Shanwick

OneBrightStar said:

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

For HSBC UK Global Money accounts it is possible to add non-GBP currencies if you have an HSBC UK HCA (Currency Account) in that currency. To get the currency into the HCA account you could either transfer from HSBC in another country using Global Transfers or direct to the HCA using its IBAN. 

adindas

Shanwick said:

OneBrightStar said:

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

For HSBC UK Global Money accounts it is possible to add non-GBP currencies if you have an HSBC UK HCA (Currency Account) in that currency. To get the currency into the HCA account you could either transfer from HSBC in another country using Global Transfers or direct to the HCA using its IBAN. 

@Shanwick Just show the possibility of HSBC currency account (HCA).

I understand you transfer EUR, USD dollar from your account or some one account in another country in their home currency to HCA without any charge and without conversion using HCA IBAN ??

But is it possible for HCA to work for those who do not have current account in another country in their home currency without any conversion ?

Also is HCA supply its own debit-card, so you could withdraw cash from overseas ATM using debit card when you travel ?

Currently with HSBC global, the origin will need to be in GBP using HSBC own global exchange rate so there is a conversion getting involved.

Shanwick

The HCA accounts do not have debit cards.

It is possible to send a currency to an HCA holding that currency (via the HCA's IBAN) and then on to the same currency balance in HSBC UK Global Money without currency conversion but note that while the HSBC HCA account has an IBAN it does not have local account details for origin countries such as a US style 9 digit routing code with an associated account number.

e.g. If sending USD from a third party US USD account the sender would need to international wire the funds rather than be able to ACH them domestically. For senders who are used to dealing with IBANs that restriction may be less of an issue but in some countries not having access to local banking details can create issues.

adindas

Shanwick said:

OneBrightStar said:

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

For HSBC UK Global Money accounts it is possible to add non-GBP currencies if you have an HSBC UK HCA (Currency Account) in that currency. To get the currency into the HCA account you could either transfer from HSBC in another country using Global Transfers or direct to the HCA using its IBAN. 

Is it possible to do Internal from HSBC currency account (HCA) to HSBC global ??

If not I could not see what is the relevanyc of adding HCA into your HSBC global ??

Shanwick

adindas said:

Is it possible to do Internal from HSBC currency account (HCA) to HSBC global ??

Yes. For HSBC UK HCA accounts funds can be transferred from the HCA currency into the same currency in HSBC UK Global Money account without conversion.

adindas

Could this work in this way.

- You use "Revolut" to exchange to USD, EUR when GBP vs (EUR, USD) is in your favour. My revolut is using mid-market (interbank exchange rate)

- You than do a transfer from Revolut to HSBC Currency Account (HCA) in the same currency. No conversion get involved

- When it arrives in HCA you transfer it to HSBC Global account. Again no conversion, no fees.

- Once settled in HSBC Global account, it is ready at any time to be withdrawn in cash using HSBC Global debit-card from foreign ATMs in the same currency ??

Doing this you get the benefit  of all three : Revolut (Mid-market exchange rate), HCA (transferring the same currency without fee), HSBC Global ( withdrawing from foreign ATM using debitcard).

Could it work in this way, your comment please ??

Marchitiello

Just done a live comparison using two phones at the same time:

for 1000 gbp Revolut wanted to give me 1163 Euro

HSBC GM offered 1164 euro… 

for USD, Revolut was $1 better (over 1000 gbp exchange ) but for Euro €1 worst

I guess it would be worth checking at all the time depending of what money market each one use (assuming that one plan /allowance does not mean incurring in extra fee with Revolut, as pretty sure at that point it would be always worst) 

adindas

Marchitiello said:

Just done a live comparison using two phones at the same time:

for 1000 gbp Revolut wanted to give me 1163 Euro

HSBC GM offered 1164 euro… 

for USD, Revolut was $1 better (over 1000 gbp exchange ) but for Euro €1 worst

I guess it would be worth checking at all the time depending of what money market each one use (assuming that one plan /allowance does not mean incurring in extra fee with Revolut, as pretty sure at that point it would be always worst) 

Quite similar to xe.com. Keep in mind xe.com change all the time during the day.

It seems to me HSBC Global is giving a very good exchange rate very closed to Mid Market (interbank exchange Rate).

The problem here is that HSBC is not transparent enough, like Revolut. If I remember correctly Revolut officially declare they are using Mid-Market (interbank exchange Rate). HSBC Global has not explained how they calculate the exchange rate. This could be problematic as it could be a teasing exchange rate and random. They might change in a sneaky way in the middle of the game, where at that time people do not have time to compare it.

Mid Market (interbank exchange Rate) is the best exchange rate a retailer could possibly get. Therefore it begs a question if they were using Mid Market (interbank exchange Rate) why they do not declare it as a benefit compared to other currency accounts ??

adindas

For those who doubt that Revolut is using Mid Market (interbank exchange Rate).

I just exchanged. £1=EUR 1.1615 (see print screen).

This is quite similar to xe.com at that time.

My Revolut is  free version, I do not subscribe to a premium feature.