HSBC Global Money Account launched

PloughmansLunch

Tested my Global Money card this week in Spain and and could withdraw euros out from an atm with no fees. I also sent money from GMA via IBAN to a Spanish account with no problems. The only sticking point was sending a test euro from GMA to my HSBC currency account, which you can’t do anything with via the app. I used online banking and you can then tinker around with the currency account, but for some daft reason the global money account is invisible in online banking so you can’t easily send money back to the GMA. 

TwiceNightly

Fairly simple question but worth asking probably - with this account could I keep a float of GBP in there for the rare occasions when I need to withdraw cash in the UK?

I never like to use my main bank account for that.

WastedWords

PloughmansLunch said:

Tested my Global Money card this week in Spain and and could withdraw euros out from an atm with no fees. I also sent money from GMA via IBAN to a Spanish account with no problems. The only sticking point was sending a test euro from GMA to my HSBC currency account, which you can’t do anything with via the app. I used online banking and you can then tinker around with the currency account, but for some daft reason the global money account is invisible in online banking so you can’t easily send money back to the GMA. 

Add from the currency account via the GMA in the app. 

Marchitiello

PloughmansLunch said:

Tested my Global Money card this week in Spain and and could withdraw euros out from an atm with no fees. I also sent money from GMA via IBAN to a Spanish account with no problems. The only sticking point was sending a test euro from GMA to my HSBC currency account, which you can’t do anything with via the app. I used online banking and you can then tinker around with the currency account, but for some daft reason the global money account is invisible in online banking so you can’t easily send money back to the GMA. 

You can do it from the app but it is not immediately obvious how, and I missed it myself initially… 

I use iOS but I guess it is same/similar with other OS:

1-you need to select the Pay & Transfer page from the bottom of page selection

2- on the Pay & Transfer page, you should have two sections, each with three options listed. The bottom section, under the Global Money headline, has the following three options: Send money internationally, Pay or Manage Global Money payee, Add, convert or withdraw (you need to select the latter).

3- this (add, convert or withdraw) will open a page titled “Send Money From”, and here it should list both the currency account/s in the top half together with the general UK accounts, and under the Sub-heading “Global”, it should list Global Money Account and all the different pots you hold currency in. 

4- after you select either the currency or Global money, it will direct you to next page (Send Money To) where it will list all the available options, including GMA and/or currency.

obviously if you do not select same currency destination it will apply a conversion, so this should only be done if the From and to are both within the GMA account but different currencies.

I hope this helps.

Marchitiello

TwiceNightly said:

Fairly simple question but worth asking probably - with this account could I keep a float of GBP in there for the rare occasions when I need to withdraw cash in the UK?

I never like to use my main bank account for that.

(Had to cancel my questioning of the motive)

technically yes, the card will simply use the GBP balance. My understanding is that whatever the currency of the ATM is, the card will withdraw from that Balance within your GMA account held in that currency. If not balance or not enough balance is held, it will withdraw from the GBP balance as a default but not sure what Precedence balance in other currencies take if the one of the ATM operator is not held or not enough of it is held.

PloughmansLunch

Marchitiello said:

TwiceNightly said:

Fairly simple question but worth asking probably - with this account could I keep a float of GBP in there for the rare occasions when I need to withdraw cash in the UK?

I never like to use my main bank account for that.

(Had to cancel my questioning of the motive)

technically yes, the card will simply use the GBP balance. My understanding is that whatever the currency of the ATM is, the card will withdraw from that Balance within your GMA account held in that currency. If not balance or not enough balance is held, it will withdraw from the GBP balance as a default but not sure what Precedence balance in other currencies take if the one of the ATM operator is not held or not enough of it is held.

(Over)spending on the card will pay first in local currency then make up the remaining balance from any held GBP at live GMA conversion rates. I accidentally found that out yesterday as I also had a GBP float in the account. Maybe this occurs at ATMs as well?

TwiceNightly

Thanks, no dodgy motive here, just some dodgy cashpoints around and I don’t like exposing my main bank account’s debit card to those. I currently use a Chase account for that but could have it all in one place with this Global Money account it seems.

WastedWords

Marchitiello said:

PloughmansLunch said:

Tested my Global Money card this week in Spain and and could withdraw euros out from an atm with no fees. I also sent money from GMA via IBAN to a Spanish account with no problems. The only sticking point was sending a test euro from GMA to my HSBC currency account, which you can’t do anything with via the app. I used online banking and you can then tinker around with the currency account, but for some daft reason the global money account is invisible in online banking so you can’t easily send money back to the GMA. 

You can do it from the app but it is not immediately obvious how, and I missed it myself initially… 

I use iOS but I guess it is same/similar with other OS:

1-you need to select the Pay & Transfer page from the bottom of page selection

2- on the Pay & Transfer page, you should have two sections, each with three options listed. The bottom section, under the Global Money headline, has the following three options: Send money internationally, Pay or Manage Global Money payee, Add, convert or withdraw (you need to select the latter).

3- this (add, convert or withdraw) will open a page titled “Send Money From”, and here it should list both the currency account/s in the top half together with the general UK accounts, and under the Sub-heading “Global”, it should list Global Money Account and all the different pots you hold currency in. 

4- after you select either the currency or Global money, it will direct you to next page (Send Money To) where it will list all the available options, including GMA and/or currency.

obviously if you do not select same currency destination it will apply a conversion, so this should only be done if the From and to are both within the GMA account but different currencies.

I hope this helps.

Alternatively you can from the initial app screen:
1. Select "Global Money Account"
2. Select one of the currencies ie. Euro
3. Select "Add Money"
4. Select a "From" account

PloughmansLunch

Is there any way to see statements on a 0 balance account? If not I'll chuck €1 in so the Euro subsection reappears

Marchitiello

PloughmansLunch said:

Marchitiello said:

TwiceNightly said:

Fairly simple question but worth asking probably - with this account could I keep a float of GBP in there for the rare occasions when I need to withdraw cash in the UK?

I never like to use my main bank account for that.

(Had to cancel my questioning of the motive)

technically yes, the card will simply use the GBP balance. My understanding is that whatever the currency of the ATM is, the card will withdraw from that Balance within your GMA account held in that currency. If not balance or not enough balance is held, it will withdraw from the GBP balance as a default but not sure what Precedence balance in other currencies take if the one of the ATM operator is not held or not enough of it is held.

(Over)spending on the card will pay first in local currency then make up the remaining balance from any held GBP at live GMA conversion rates. I accidentally found that out yesterday as I also had a GBP float in the account. Maybe this occurs at ATMs as well?

I knew that, but what I was trying to say, and did not manage well reading it again, is that if for example you are in Switzerland and want to withdraw and 250 CHF but only have 50 CHF , and have £100 in gbp, and €300 etc, what  currency it draws from first?, does it do it proportionally? Etc