HSBC Global Money Account launched

hoc

Thanks for highlighting, looking for options to close my Wise. Are HSBC still very picky for opening accounts? Along with FD they've been the only bank to reject my application for a standard current account. That was more than 5 years ago and I thought about trying again when HSBC had some switch bonus but the feedback here continued to be negative.

[Deleted User]

Daliah said:

A small example of the conflicting information from two different lots of HSBC websites. Google seems to find the Expat site if you search for 'Global Money Account', not the UK site, which you are likely to want if you are a UK resident. There are lots of other differences about this account between the two web areas. For example, there seems to be no mention of a debit card on the Expat site - though I haven't spent much time reading the expat site.

FSCS cover on one website (UK):



and Jersey compensation scheme on the other (Expat site)

These are two different products & banks - HSBC Bank plc isn't ringfenced and can't be used for UK retail clients. 

[Deleted User]

hoc said:

Thanks for highlighting, looking for options to close my Wise. Are HSBC still very picky for opening accounts? Along with FD they've been the only bank to reject my application for a standard current account. That was more than 5 years ago and I thought about trying again when HSBC had some switch bonus but the feedback here continued to be negative.

I wouldn't be so quick to dump it
Wise gives a real Eurozone IBAN so better than an inferior non-EEA English one.

Daliah

Deleted_User said:

Daliah said:

A small example of the conflicting information from two different lots of HSBC websites. Google seems to find the Expat site if you search for 'Global Money Account', not the UK site, which you are likely to want if you are a UK resident. There are lots of other differences about this account between the two web areas. For example, there seems to be no mention of a debit card on the Expat site - though I haven't spent much time reading the expat site.

FSCS cover on one website (UK):



and Jersey compensation scheme on the other (Expat site)

These are two different products & banks - HSBC Bank plc isn't ringfenced and can't be used for UK retail clients. 

The issue is that if you google HSBC Global Money Account, you find information that isn’t necessarily applicable, depending on where you are resident. 

Marchitiello

Marchitiello said:

Just made a test International Transfer from my Global Money Euro wallet to one of my EU based account.

at the end it stated that it was estimated to arrive within 24hrs. Will keep and eye on it and confirm when it lands.

as Daliah said, if they could let us know the Global Money account Iban to receive money, that would be great (immagine the opportunity had few weeks ago when the GBP hit such a low value to transfer from other currency and exchange at HSBC competitive value) edited: I also derived the IBAN using the same tool I successfully used to derived my Chase UK Iban, and tried to do a payment the other way around: my EU Bank did not accept the IBAN. I then tried again from my Wise wallet and it went through but stating it could take up to the 25th to credit on my destination account. Will also report back 

As of 9:30 this morning, the payments into my EU account has not landed yet.

the payment the other way, from EU account into my Global Money account (using derived IBAN) has been returned to the sending bank by HSBC. I guess I need to wait until they actually switch it on officially then. 

penners324

What's the point if you have to suffer the hsbc exchange rate when transferring in?

Marchitiello

penners324 said:

What's the point if you have to suffer the hsbc exchange rate when transferring in?

Not sure what you argument is if you read this whole thread.

we have already established that HSBC Global Money rates are at the moment the most competitive vs what has been known best in class in the recent past.

If the comment was specifically about my last post, I was actually trying to transfer € into my HSBC Global Money € wallet, but payment in from outside banks are not yet working, and in any case there would be no exchange rate involved (which again on the evidence so far, is best in class right now) 

Marchitiello

Final update, so the transfer I made yesterday around 5:10-5:15pm has now landed (1:05pm) on my EU based account. Not the fastest, but less then 24 hours

[Deleted User]

Marchitiello said:

Final update, so the transfer I made yesterday around 5:10-5:15pm has now landed (1:05pm) on my EU based account. Not the fastest, but less then 24 hours

My old Eurozone account remitted SEPA payments (in batches) at fixed times each working day. Given the time, you may have just missed that day's last batch of SEPA payments and it could have actually been remitted today. 

Daliah

The T&Cs of the account do make provision for receiving money in foreign currencies. It’s therefore probably/hopefully just a matter of time until this gets technically enabled.

There is also an IBAN for the GBP account visible in the app. I haven't tried sending any money to it yet but the IBAN checker recommended by Wise says the account doesn't exist....
EDIT: I have now tried to send Euros from an EU Bank to the GMA, using the IBAN shown in the Barclays app.  couldn't even get past entering the IBAN: "Bank account not found"