HSBC Global Money Account launched

adindas

PragueAddick said:

Funny enough one thing the GMA can be used for, at least if it maintains its competitive rates, is amateur currency trading. I'm already 1.2% up on those Swiss francs I converted some 10 days ago mainly as a test of the account

HSBC GMA is a multi currencies account. Like any other multi currencies account, It is never intended for currency trading. For currency FX trading you might need a more appropriate account with advanced charting that will give the users of that platform the edge for trading, allow people to trade with leverage

A few examples of currencies trading platform is IG, Pepperstone, Plus500.

https://tradingguide.co.uk/licence/fca-regulated-trading-brokers/

Which one is suitable for you, you will need to do your own DDs.

pridehappy

I’m sure I’ve had this organised on my old HSBC Premier account from years ago, not sure if that was a preview or they’ve updated the product. Personally don’t mind much use of the account and only available to HSBC current account holders, especially if you just travel abroad for short periods. I found exchange rates to be better on Travel Money cards.

PloughmansLunch

Marchitiello said:

PloughmansLunch said:

Marchitiello said:

PloughmansLunch said:

I've loaded up my GMA card with Euros, and will try to take some cash out from an ATM while I'm in Spain next week. I can't find any HSBC partner banks but it seems Deutsche Bank don't charge ATM withdrawal fees so will use theirs if I can. 

Someone else in one of those post talking about travel cards mentioned one or two Spanish atm operators options that did not charge a fee, but cannot remember which one these were. If you have a Santander account, worth checking if it allows for free Santander ATM usage abroad at also no forex fee (Select definitely does, but I think most account do) and therefore worth using it as a back up (I believe it will exchange at MasterCard rate if not mistaken, which may be slightly worst that the one used by HSBC when you exchanged but without the fee may still works out cheaper overall) 

In that case I should be well covered between my Chase card, HSBC GMA, and Santander 123 Lite (cash from Santander ATM only, otherwise 2.95% conversion fee for cash withdrawals and debit card use).

I have all your listed option and some more but I only suggested Santander as a back up if you cannot find a free ATM in Spain and Santander should be easy to find.. Chase, HSBC, Or other options would incur a fee if the ATM operators you can find charges. 

I'm most looking forward to using the GMA card - if I can do card payments AND children's pocket money cash with just that card that would be ideal. I've read that Banca March don't charge ATM fees and there's a couple in the airport so I'll try the HSBC card first. Maybe I'll put family restaurant meals on Chase for the cashback. Like you say, Santander are easy to find for emergency cash, but hopefully that card is not needed.

trient

adindas said:

PragueAddick said:

Funny enough one thing the GMA can be used for, at least if it maintains its competitive rates, is amateur currency trading. I'm already 1.2% up on those Swiss francs I converted some 10 days ago mainly as a test of the account

HSBC GMA is a multi currencies account. Like any other multi currencies account, It is never intended for currency trading. For currency FX trading you might need a more appropriate account with advanced charting that will give the users of that platform the edge for trading, allow people to trade with leverage

A few examples of currencies trading platform is IG, Pepperstone, Plus500.

https://tradingguide.co.uk/licence/fca-regulated-trading-brokers/

Which one is suitable for you, you will need to do your own DDs.

HSBC Expat (which has the GMA as well) has a nifty HSBC Expat FX app for currency trading, with decent basic features (charts, limit orders, watchlists, market insights).

Marchitiello

pridehappy said:

I’m sure I’ve had this organised on my old HSBC Premier account from years ago, not sure if that was a preview or they’ve updated the product. Personally don’t mind much use of the account and only available to HSBC current account holders, especially if you just travel abroad for short periods. I found exchange rates to be better on Travel Money cards.

If it was a UK Premier account you may have had HSBC Currency Account (still available) not the newer Global Money Account. (A GMA version was apparently available for some years in other countries)

The Currency account has worst rates but it can be useful as it can receive external banks currency payments (which is not yet possible with the Global Money Account).

if you read this thread from the first page you will see that the GMA is actually one of the best if not the very best right now for net conversion value (the rates include HSBC margins but there are no additional fees so if you comprare rates only against Wise for example, it may not look like the best, but as wise charges fee, then the net amount with HSBC after the exchange will be better).

in any case, if one needs to receive money from third parties in other currency for then needing to exchange it to GBP, the Currency account can be used to receive the money, then the amount can be transferred to the relevant  currency pot within of the GMA within HSBC, and then exchanged into GBP within the GMA great rates.

weezie7

Basic question, if you have money in the GMA. some in GBP some in euros, is it listed in different currencies on the statement? Anyone got an example for me to see please? Thinking of using it just for holidays, and more as a back up if need cash abroad.

Band7

I don’t know about statements as I never look at them but you can see in the app how much you have in which currency

WastedWords

Pdf statement only shows transactions not balances. If no transaction in the month the statement  won't show the currency balance. The account always shows the balances in the app and you need to go through this anyway to get to the statement.

Marchitiello

WastedWords said:

Pdf statement only shows transactions not balances. If no transaction in the month the statement  won't show the currency balance. The account always shows the balances in the app and you need to go through this anyway to get to the statement.

I have just checked mine (pdf statement) and not sure I would agree with your summary especially regarding the original question.

my statement is divided indeed in Sections for each currency, and for each section there is the opening and closing balances, and for each transaction there is un updated balance in the relevant column. In addition, in the description of the transaction you can find the GMA conversion rate applied if that transaction was indeed a conversion one.

as others have said, the app will show you the live balances anyway by currency pot.

WastedWords

Marchitiello said:

my statement is divided indeed in Sections for each currency, and for each section there is the opening and closing balances, and for each transaction there is un updated balance in the relevant column. 

Agreed if there are transactions for a specific currency in the statement month. If a currency has no transactions in the month it only states “no transactions” and even if you are holding a balance in that currency it is not shown.