HSBC Global Money Account launched

IAMIAM

So which is cheaper if purchasing abroad, barclaycard rewards or HSBC global?

Shanwick

They are both using the VISA exchange rates (assuming payment is from GBP) so the rewards cashback on Barclaycard Rewards gives it a slight edge.

Daliah

IAMIAM said:

So which is cheaper if purchasing abroad, barclaycard rewards or HSBC global?

It's probably six in one and half a dozen in the other in terms of exchange rate. But one is a credit card and the other a debit card. It's very easy to get the debit card but you might not get accepted for the credit card. The credit card might not have a high enough limit, whereas the debit card 'limit' is the amount of money in your Gobal Money account. Of course, this can work the other way round, too - you might not have enough in the Global Money account, but you might still have room on your credit card. The credit card can get you into debt if you don't pay it off, the debit card can't send you overdrawn (not by much, anyway). The credit card pays a tiny bit of cashback, the debit card doesn't. Final point I can think of is that some transactions are better made by credit rather than debit card: hire car and hotel reservations, for instance, or when you want Section 75 protection.

superM

eDicky said:

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.

Not sure what is the problem. They already hold correct email address but I have updated it again but still getting the same message. 

I meet the eligibility. I have two normal current accounts with OD.  Been with them for 25 years now. 

Its_just_Barry

how does this account work? I’m going to Florida soon, I can convert my £ into $ and spend on the card? Do you have to select what account you’re spending from before using it? Thank you in advance 

Shanwick

You could either make USD purchases from your Global Money GBP balance with no foreign transaction fee and VISA daily exchange rates or you could pre-purchase some USD for your Global Money account using GBP in which case the USD purchases can draw directly on the USD balance with no foreign transaction fee.

gt94sss2

Its_just_Barry said:

how does this account work? I’m going to Florida soon, I can convert my £ into $ and spend on the card? Do you have to select what account you’re spending from before using it? Thank you in advance 

In addition to the post by @Shanwick you don't need to choose the account you are spending from.

If making a USD payment, it will use any USD balance you have first.

Daliah

Its_just_Barry said:

how does this account work? I’m going to Florida soon, I can convert my £ into $ and spend on the card? Do you have to select what account you’re spending from before using it? Thank you in advance 

there's a good FAQ on the HSBC website: https://www.hsbc.co.uk/international/travel-money-card/faqs/#debit

c-m

The account seems like an interesting development. 

For those of you that have sent payments from the account to another, does it give you a statement of the transfer? i.e. something showing the transaction and the status pending/settled?

IAMIAM

Just opened one....see what I do with it....maybe not much