HSBC Global Money Account launched

callum9999

Marchitiello said:

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) 

How sure are you that they're "best in class"? I can't get on the app to check, but I've had the Australian version of this account for years and found the exchange rates to be terrible. As are the exchange rates I get for Global Money Transfer between my HSBC accounts.

Daliah

They seem to have keen rates for GBP to EUR. Admittedly, only a small sample, and only one currency but good enough for me to consider them them best for now in terms of rates.



Have you looked at their other rates?

Marchitiello

Daliah said:

They seem to have keen rates for GBP to EUR. Admittedly, only a small sample, and only one currency but good enough for me to consider them them best for now in terms of rates.



Have you looked at their other rates?

I have tried USD vs Fineco, which I have established over time to be Best in Class for at least the three currencies I use most often (EUR, USD CHF). Yesterday it was matching exactly converted amount (test £100). Right now I run a test and it is  10p off over £100, so probably second best but it does depend on “held” rate as it looks like HSBC would hold the rate for 40 seconds whilst Fineco for 30 seconds, as I tried again and it then dropped further then the held rate at Fineco.. 

[Deleted User]

I have applied for one, I prefer a trusted bank to do such things and easy to use with it being in the HSBC app. Card looks cool too! I am going to Europe soon so will test it on my travels.

Maple08

I'm tempted to open an account just to use for travelling. I know there are better alternatives out there but I'll take HSBC over Chase right now for stability. Chase's account might just die when I'm abroad.

Not sure if it's something for me though, as I don't transfer money abroad. 

Shanwick

The HSBC UK Global Money account may have a good rate compared to Wise when converting 20 GBP but somewhere above 100 GBP I would expect Wise to look better. Wise always looks poorer on small sum conversions due to their fixed fee plus percentage pricing.

FYI - If you have an HSBC UK Currency account in (say) EUR you can receive into that account and then transfer to the (say) EUR balance of the HSBC UK Global Money account.

Daliah

Shanwick said:

The HSBC UK Global Money account may have a good rate compared to Wise when converting 20 GBP but somewhere above 100 GBP I would expect Wise to look better. Wise always looks poorer on small sum conversions due to their fixed fee plus percentage pricing.

FYI - If you have an HSBC UK Currency account in (say) EUR you can receive into that account and then transfer to the (say) EUR balance of the HSBC UK Global Money account.

I haven't checked Wise for larger sums recently, but some 6 weeks ago, their EUR to GBP rates on 5 and 6 figure amounts were way lower than Fineco and Starling. I don't any longer consider them for my transfers. Even outfits like Currencyfair or Atlantic are beating them now. 

The HSBC currency account is complete pants, and has dreadful rates. 

PamelaW2000

superM said:

For some reason I am not eligible when I click on it, it says Sorry currently we cannot provide you with a Global Money account.

Anyone else had this or it just me 🤣

Did you check your profile on the HSBC app? Make sure it has your nationality/residency filled in.

Shanwick

I wasn't suggesting using HSBC UK Currency Account exchange rates - simply that since those accounts can be funded externally without using any HSBC exchange rates they currently provide a method of funding HSBC UK Global Money accounts in currencies other than GBP without using an HSBC UK exchange rate.

eDicky

superM said:

For some reason I am not eligible when I click on it, it says Sorry currently we cannot provide you with a Global Money account.

Anyone else had this or it just me 🤣

From the FAQs:

 Why am I seeing an error when opening my Global Money Account?   If this is happening in step 2 (International services > Global Money Account) it could be because we don't have a valid email address for you. Update your profile with a valid email address and try again. If this doesn’t fix the problem, please check our eligibility criteria.