HSBC Global Money Account launched

Marchitiello

Shanwick said:

The HSBC UK site suggests that the exchange rate for a EUR purchase coming from a GBP balance might actually be the Global Money exchange rate whereas the VISA rate would apply if the purchase currency was not a Global Money currency.

If you have enough funds in the currency of the transaction, no exchange rate will apply.

If you don't have the transaction currency, or there isn't enough of it in your account, your card will auto-convert from your Global Money GBP balance if you have enough funds. (The Global Money Exchange Rate is used if it's a currency we can hold a balance in, otherwise the Visa daily exchange rate is used.)

I missed that statement, but potentially even more riskier if done at week end. I am travelling to Europe next week and will potentially test this  (received the card today, signed up and ordered on launch date) 

Shanwick

I'm interested to see if HSBC UK keeps these more competitive Global Money exchange rates in the UK version of Global Money. They are certainly far better than those used in some other national versions of the product. Here's hoping...

Miles86

Interestingly the cards for these accounts have BINs that indicate issued in the USA.

On my first trip abroad using this card I noted that I didn't once get offered Dynamic Currency Conversion, whereas using my Barclaycard Rewards card I did. I'm not sure whether I'd be certain this wasn't entirely luck, but it is rather nice to relax when paying the bill after a few too many beers and not have to think about getting done over by a dodgy exchange rate!

pantaiema

My understanding. This HSBC Global money work similar to Revolut.
- You could pre-purchase supported currencies, when the GBP/CurrencyX exchange rate is in your favour using Visa exchange rate.
- The currency will stay in HSBC Global money account.
- When you travel you could do ATM withdrawal in local currencyX similar to Revolut. There is no monthly ATM limit, only daily withdrawal limit from Atm
-The money will automatically be taken from HSBC Global in pre-purchase local currency

-If there is no local currency available or not enough in HSBC Global it will be taken from GBP account and then converted on that day using Visa exchange rate.

It seems very good, and more currencies are supported than Revolut.
Is my understanding correct?

Miles86

pantaiema said:

My understanding. This HSBC Global money work similar to Revolut.
- You could pre-purchase supported currencies, when the GBP/CurrencyX exchange rate is in your favour using Visa exchange rate.
- The currency will stay in HSBC Global money account.
- When you travel you could do ATM withdrawal in local currencyX similar to Revolut. There is no monthly ATM limit, only daily withdrawal limit from Atm
-The money will automatically be taken from HSBC Global in pre-purchase local currency

-If there is no local currency available or not enough in HSBC Global it will be taken from GBP account and then converted on that day using Visa exchange rate.

It seems very good, and more currencies are supported than Revolut.
Does my understanding correct?

As far as I'm aware yes that's correct. ATM limit is £500 per day, no other limits including on debit card purchases.

Also worth mentioning you get FSCS coverage rather than e-money institution safeguarding.

OceanSound

Not much of a range of currencies. Only a select few. Wise (formerly transfer wise) has much more of a range.

Band7

OceanSound said:

Not much of a range of currencies. Only a select few. Wise (formerly transfer wise) has much more of a range.

You don't get FSCS protection with Wise, and their exchange rate doesn't come close to HSBC's. So using HSBC for the currencies they offer makes sense for spending.

Where HSBC falls down is that you cannot receive foreign currency by bank transfer, and you can't have DDs (or SOs, I believe). But this is only relevant if you need this functionality.

Horses for courses.

pantaiema

OceanSound said:

Not much of a range of currencies. Only a select few. Wise (formerly transfer wise) has much more of a range.

There are a number of list currencies listed in post#1 such as CHF,  EUR, HKD, AED, SGD, CNH. Could you not pre-purchase this currencies when the exchange rate with GBP is in your favour and keep it in your HSBC Global money account. When you travel to any of this country you use your Debit card to automatically pull your money in corresponding currency?
Regarding WISE I will be thinking twice to keep my money for a reasonable time in WISE. It might be still good if you spend it straight away though.

pantaiema

Band7 said:

OceanSound said:

Not much of a range of currencies. Only a select few. Wise (formerly transfer wise) has much more of a range.

Where HSBC falls down is that you cannot receive foreign currency by bank transfer, and you can't have DDs (or SOs, I believe). But this is only relevant if you need this functionality.

Horses for courses.

Imo It is still be good if you are not using it as a business account though. For personal account you might not need DDs, SOs you might not need receiving payment In other currencies . When you originally exchange it when GBP exchange rate is in your favour, you get one of the best exchange rate a person could get. Has I missed something here?

Band7

pantaiema said:

Band7 said:

OceanSound said:

Not much of a range of currencies. Only a select few. Wise (formerly transfer wise) has much more of a range.

Where HSBC falls down is that you cannot receive foreign currency by bank transfer, and you can't have DDs (or SOs, I believe). But this is only relevant if you need this functionality.

Horses for courses.

Imo It is still be good if you are not using it as a business account though. For personal account you might not need DDs, SOs you might not need receiving payment In other currencies . When you originally exchange it when GBP exchange rate is in your favour, you get one of the best exchange rate a person could get. Has I missed something here?

Yes, it‘s horses for courses. Might not suit some but might suit others