HSBC Global Money Account launched

Marchitiello

That is really interesting… for large amounts I will continue to check and probably use Fineco then 

PragueAddick

Yesterday I checked the rates on GBP -CZK (Czech crowns). I tried £2500. Wise was over 1% better, including its transaction fee. I am convinced that when I first opened my GMA (around 4 months ago) it performed better than Wise on GBP-CZK . Although based on what others say above, maybe because of the amount I put in. At the time I thought, goodbye Wise. Apparently not. 
GMA transfer for this is more convenient than Wise, but generally not worth the cost difference.
And then today when making a payment for a purchase, I discovered what others already have - you cannot access GMA on the web banking. That's a pain if you need to enter complicated new details, such as an IBAN. Might be OK if you are under 40, well I am not, and I bet a majority of the current customer base for GMA isn't either.

AmexReferrals

Hello. I was wondering if this might be a good account for me to open before I move abroad to Australia? I’ll have the account referred to my parents’ address and I’ll have income here from my rental property that I can transfer into these accounts if needed. I can then transfer into a local bank account once opened. Would it be a good idea or should I stick with opening an account in Australia and transfer from my NatWest account? Thank you. 

xylophone

https://www.hsbc.co.uk/current-accounts/products/global-money/

You can apply for an HSBC Global Money Account if you have:

• an active HSBC UK current account (excluding Basic Bank Account, Amanah, Appointee and MyAccount)
• a valid email address that's on our records
• the HSBC UK Mobile Banking app (Global Money is only available via the app)

Find out how to add or update your email addressadd or update your email address This link will open in a new window.

You must also read the important documents.

And you might like to read this thread before taking any action at all.

https://forums.moneysavingexpert.com/discussion/6476929/barclays-closed-my-current-account-warning-to-other-expats#latesthttps://forums.moneysavingexpert.com/discussion/6476929/barclays-closed-my-current-account-warning-to-other-expats#latest

gt94sss2

AmexReferrals said:

Hello. I was wondering if this might be a good account for me to open before I move abroad to Australia? I’ll have the account referred to my parents’ address and I’ll have income here from my rental property that I can transfer into these accounts if needed. I can then transfer into a local bank account once opened. Would it be a good idea or should I stick with opening an account in Australia and transfer from my NatWest account? Thank you. 

I think it is worth you opening a HSBC UK account and when you get to Australia, one with HSBC Australia.

Transfering money between your own HSBC accounts in different countries is very straightforward 

GeoffTF

AmexReferrals said:

Hello. I was wondering if this might be a good account for me to open before I move abroad to Australia? I’ll have the account referred to my parents’ address and I’ll have income here from my rental property that I can transfer into these accounts if needed. I can then transfer into a local bank account once opened. Would it be a good idea or should I stick with opening an account in Australia and transfer from my NatWest account? Thank you. 

There are posts on Money Saving Expert saying that the UK banks are closing the accounts of people who are no longer UK resident and will not open new ones.

https://forums.moneysavingexpert.com/discussion/6476929/barclays-closed-my-current-account-warning-to-other-expats#latest

eDicky

HSBC UK have allowed me to retain my accounts with them after changing my residential address to that of a European country, but will not permit me to open a GMA account. It may well be the same for an Australian resident so I advise opening a GMA before any change of address.

friolento

eDicky said:

HSBC UK have allowed me to retain my accounts with them after changing my residential address to that of a European country, but will not permit me to open a GMA account. It may well be the same for an Australian resident so I advise opening a GMA before any change of address.

For some reason, HSBC appear have two lots of Global Money accounts - one for UK residents and one for expats/emigrants. Might be worth investigating the latter if you are still looking: https://www.expat.hsbc.com/international-banking/products/global-money/

eDicky

friolento said:

eDicky said:

HSBC UK have allowed me to retain my accounts with them after changing my residential address to that of a European country, but will not permit me to open a GMA account. It may well be the same for an Australian resident so I advise opening a GMA before any change of address.

For some reason, HSBC appear have two lots of Global Money accounts - one for UK residents and one for expats/emigrants. Might be worth investigating the latter if you are still looking: https://www.expat.hsbc.com/international-banking/products/global-money/

Thanks - but apparently because of my country of residence (Italy) I'm not eligible for an Expat account, the same reason being given as when I tried to apply for GMA with HSBC UK, as I mentioned early in this thread.

"Based on your country of residence, due to cross border guidelines and HSBC policy, we may not be able to offer you an HSBC Expat account. Please contact us on +44 1534 616 055."

I may be successful in my application yesterday for an Everyday Global Account (equivalent of GMA) with HSBC Singapore, after having to update my CRS with them first, however the same obstacle may arise.

[Deleted User]

friolento said:

eDicky said:

HSBC UK have allowed me to retain my accounts with them after changing my residential address to that of a European country, but will not permit me to open a GMA account. It may well be the same for an Australian resident so I advise opening a GMA before any change of address.

For some reason, HSBC appear have two lots of Global Money accounts - one for UK residents and one for expats/emigrants. Might be worth investigating the latter if you are still looking: https://www.expat.hsbc.com/international-banking/products/global-money/

They aren't meant to be like for like offerings. 
It's two different banking services from different parts of HSBC - one for UK residents and one for HNW emigrants.