HSBC Global Money Account launched

OceanSound

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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

Marchitiello

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

OceanSound

Marchitiello said:

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

I take it the above is from your own experiments? 

What currency or currencies were you converting to? e.g USD? or other currencies. Were the experiments done recently or a while ago? How did you keep track of the final converted amount? because if you use HSBC to check conversion of 100 GBP to USD, when you swap to fineco app to check the rate may have changed, similarly, when swapping apps to Starling the rate may have changed again!!.

edit: according to a test by another forumite, starling came second, fineco UK third:

https://forums.moneysavingexpert.com/discussion/comment/79567141/#Comment_79567141

and wise as you say came last (4th place in the pool of 4 competitors).

The danger of just marking someone as 'best' in this regard is that some folks would keep using (without comparing with other providers or current exchange rate) them as they are labelled 'best'. The 'best' one can then increase their fee and catch those folks off guard. 

Those folks that always compare with other providers (or do a quick check using a platform such as xe.com) don't fall for that. With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily. Whereas with wise, I would compare the rate with xe.com and if it matches (or comes close) then check the fee and it's reasonable, I go ahead with conversion.

Anyway, rather than relying on sub-standard, off the cuff, ameturish  experiments from forumites like me and you, it'll be good to see a consumer organisation such as 'Which? magazine' doing a proper comparison/experiment with a range of currencies using a range of providers.

Edit:

There are no fees within the Global Money account,...

I really doubt this. The rate shown by wise (which is the 'pure' exchange rate and is not inclusive of the fee) is much better when compared with HSBC's exchange rate.

Also, I did a test just now converting 100 GBP to USD using HSBC Global Money:

100 GBP = 114.48 USD

On xe.com website (I immediately click refresh on that website, so there is only 1-2 seconds between checking HSBC rate and checking xe.com rate): 

100 GBP = 114.74 USD

Miles86

OceanSound said:

Marchitiello said:

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

I take it the above is from your own experiments? 

What currency or currencies were you converting to? e.g USD? or other currencies. Were the experiments done recently or a while ago? How did you keep track of the final converted amount? because if you use HSBC to check conversion of 100 GBP to USD, when you swap to fineco app to check the rate may have changed, similarly, when swapping apps to Starling the rate may have changed again!!.

edit: according to a test by another forumite, starling came second, fineco UK third:

https://forums.moneysavingexpert.com/discussion/comment/79567141/#Comment_79567141

and wise as you say came last (4th place in the pool of 4 competitors).

The danger of just marking someone as 'best' in this regard is that some folks would keep using (without comparing with other providers or current exchange rate) them as they are labelled 'best'. The 'best' one can then increase their fee and catch those folks off guard. 

Those folks that always compare with other providers (or do a quick check using a platform such as xe.com) don't fall for that. With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily. Whereas with wise, I would compare the rate with xe.com and if it matches (or comes close) then check the fee and it's reasonable, I go ahead with conversion.

Anyway, rather than relying on sub-standard, off the cuff, ameturish  experiments from forumites like me and you, it'll be good to see a consumer organisation such as 'Which? magazine' doing a proper comparison/experiment with a range of currencies using a range of providers.

Edit:

There are no fees within the Global Money account,...

I really doubt this. The rate shown by wise (which is the 'pure' exchange rate and is not inclusive of the fee) is much better when compared with HSBC's exchange rate.

Also, I did a test just now converting 100 GBP to USD using HSBC Global Money:

100 GBP = 114.48 USD

On xe.com website (I immediately click refresh on that website, so there is only 1-2 seconds between checking HSBC rate and checking xe.com rate): 

100 GBP = 114.74 USD

You seem to be confusing 'Fee' with 'Margin' which makes your post awkward to follow.

The HSBC product has no Fees. Yes there will be margin in the exchange rate but there are no fees.

"With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily."

This is downright false. Implies a fee is implied later, which it is not, and implies you don't know what the transaction will cost, which you do.

OceanSound

Miles86 said:

OceanSound said:

Marchitiello said:

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

I take it the above is from your own experiments? 

What currency or currencies were you converting to? e.g USD? or other currencies. Were the experiments done recently or a while ago? How did you keep track of the final converted amount? because if you use HSBC to check conversion of 100 GBP to USD, when you swap to fineco app to check the rate may have changed, similarly, when swapping apps to Starling the rate may have changed again!!.

edit: according to a test by another forumite, starling came second, fineco UK third:

https://forums.moneysavingexpert.com/discussion/comment/79567141/#Comment_79567141

and wise as you say came last (4th place in the pool of 4 competitors).

The danger of just marking someone as 'best' in this regard is that some folks would keep using (without comparing with other providers or current exchange rate) them as they are labelled 'best'. The 'best' one can then increase their fee and catch those folks off guard. 

Those folks that always compare with other providers (or do a quick check using a platform such as xe.com) don't fall for that. With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily. Whereas with wise, I would compare the rate with xe.com and if it matches (or comes close) then check the fee and it's reasonable, I go ahead with conversion.

Anyway, rather than relying on sub-standard, off the cuff, ameturish  experiments from forumites like me and you, it'll be good to see a consumer organisation such as 'Which? magazine' doing a proper comparison/experiment with a range of currencies using a range of providers.

Edit:

There are no fees within the Global Money account,...

I really doubt this. The rate shown by wise (which is the 'pure' exchange rate and is not inclusive of the fee) is much better when compared with HSBC's exchange rate.

Also, I did a test just now converting 100 GBP to USD using HSBC Global Money:

100 GBP = 114.48 USD

On xe.com website (I immediately click refresh on that website, so there is only 1-2 seconds between checking HSBC rate and checking xe.com rate): 

100 GBP = 114.74 USD

You seem to be confusing 'Fee' with 'Margin' which makes your post awkward to follow.

The HSBC product has no Fees. Yes there will be margin in the exchange rate but there are no fees.

"With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily."

This is downright false. Implies a fee is implied later, which it is not, and implies you don't know what the transaction will cost, which you do.

Wise uses mid-market rates:

https://wise.com/gb/mid-market-rate

"How is the exchange rate set?

How many dollars go into a euro? How many euros go into a yen? How many yen go into a pound?

If you’re thinking ‘The exchange rate decides all that,’ then you’re right. But who decides the exchange rate?

Banks and other providers all set their own rates, so there’s no one answer. But for all intents and purposes, there is a ‘real’ rate out there. It’s called the mid-market rate."

Miles86

OceanSound said:

Miles86 said:

OceanSound said:

Marchitiello said:

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

I take it the above is from your own experiments? 

What currency or currencies were you converting to? e.g USD? or other currencies. Were the experiments done recently or a while ago? How did you keep track of the final converted amount? because if you use HSBC to check conversion of 100 GBP to USD, when you swap to fineco app to check the rate may have changed, similarly, when swapping apps to Starling the rate may have changed again!!.

edit: according to a test by another forumite, starling came second, fineco UK third:

https://forums.moneysavingexpert.com/discussion/comment/79567141/#Comment_79567141

and wise as you say came last (4th place in the pool of 4 competitors).

The danger of just marking someone as 'best' in this regard is that some folks would keep using (without comparing with other providers or current exchange rate) them as they are labelled 'best'. The 'best' one can then increase their fee and catch those folks off guard. 

Those folks that always compare with other providers (or do a quick check using a platform such as xe.com) don't fall for that. With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily. Whereas with wise, I would compare the rate with xe.com and if it matches (or comes close) then check the fee and it's reasonable, I go ahead with conversion.

Anyway, rather than relying on sub-standard, off the cuff, ameturish  experiments from forumites like me and you, it'll be good to see a consumer organisation such as 'Which? magazine' doing a proper comparison/experiment with a range of currencies using a range of providers.

Edit:

There are no fees within the Global Money account,...

I really doubt this. The rate shown by wise (which is the 'pure' exchange rate and is not inclusive of the fee) is much better when compared with HSBC's exchange rate.

Also, I did a test just now converting 100 GBP to USD using HSBC Global Money:

100 GBP = 114.48 USD

On xe.com website (I immediately click refresh on that website, so there is only 1-2 seconds between checking HSBC rate and checking xe.com rate): 

100 GBP = 114.74 USD

You seem to be confusing 'Fee' with 'Margin' which makes your post awkward to follow.

The HSBC product has no Fees. Yes there will be margin in the exchange rate but there are no fees.

"With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily."

This is downright false. Implies a fee is implied later, which it is not, and implies you don't know what the transaction will cost, which you do.

Wise uses mid-market rates:

https://wise.com/gb/mid-market-rate

"How is the exchange rate set?

How many dollars go into a euro? How many euros go into a yen? How many yen go into a pound?

If you’re thinking ‘The exchange rate decides all that,’ then you’re right. But who decides the exchange rate?

Banks and other providers all set their own rates, so there’s no one answer. But for all intents and purposes, there is a ‘real’ rate out there. It’s called the mid-market rate."

Indeed. However using 'Fee' when you mean 'Margin' is just causing confusion.

gt94sss2

Has anyone added their Global Money Debit card to Google Pay?

I was told that the product does not support Apple/Google Pay which I am sure is incorrect..

Marchitiello

OceanSound said:

Marchitiello said:

OceanSound 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.

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.

You would need to post a side by side comparison of HSBC and wise on how wise rate '" doesn't come close to HSBC's''. 

I don't particularly need fscs protection for the wise borderless account as I don't keep much money in there. Only transfer from other current account to wise when I need to do a conversion. 

Money usually arrives within seconds NOW (this didn't use to happen but now been fixed). There was one occasion recently where it took days as wise said transaction was held for fraud checks. So that's something to watch out for. If we need to withdraw cash urgently and we do the transfer to wise but money dosen't arrive immediately, then we are stuffed. But like I said this happens once in a blue moon. 

The horses for courses hadn't been mentioned up to now in this thread. Good to see something fresh.

Here is some context. HSBC offer about 18 currencies. They do no not offer THB, VND, MYR. All currencies I need.

Wise app used to have a few niggles, but is now much improved, and is packed with features. HSBC's looks 'spartan'. Believe me I've been using the hsbc app since it's launch.

edit: i did some experiments/testing re. wise exchange rate 'not coming close to HSBC's'

Here are my results:

Just doing a conversion from 1 GBP to USD

HSBC

1 GBP = 1.13 USD

Rate= 1.129534
Fee: ???

Wise

1 GBP = 1.12 USD

Rate= 1.13260

Fee: 0.01 GBP

---

Convert 10 GBP to USD

HSBC

10 GBP = 11.29 USD

Rate = 1.129
fee= ???

Wise

10 GBP = 11.28 USD

Rate = 1.13205

Fee= 0.04 GBP

For 10 GBP conversion to USD HSBC beats wise by 1 cent. However, I cannot see any fee information on HSBC conversion. 

For 100 GBP HSBC conversion was 16 cents better. Again, no fee info. I'd rather get 16 cents less from Wise just for the fee transparency. 

'Not coming close' is a bit of a stretch taking into account the results above.

edit2: details of 100 GBP conversion - 

HSBC

100 GBP = 113.02 USD

rate = 1.130232
fee: ???

Wise

100 GBP = 112.86 USD

rate = 1.13380

fee = 0.44 GBP

 

 

There are no fees within the Global Money account, it has been covered earlier in the thread… also someone else did a comparison and HSBC changing £20 into Euro and there was 30 cents difference (worst off) with wise, due to fee.

I always looked at the net amount after conversion and fee to establish true exchange rates, and although I use wise (mainly for business transactions), due to fees, it has never been the best net conversion I could get.

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

finally, for all the comments around not being able to receive money directly into HSBC Global Money in other currencies, according to HSBC own information, this should be only a temporary limitation and this facility will be available in the future. 

At the moment HSBC Global Money comes first, Fineco UK second, Starling third and Wise last…

I take it the above is from your own experiments? 

What currency or currencies were you converting to? e.g USD? or other currencies. Were the experiments done recently or a while ago? How did you keep track of the final converted amount? because if you use HSBC to check conversion of 100 GBP to USD, when you swap to fineco app to check the rate may have changed, similarly, when swapping apps to Starling the rate may have changed again!!.

edit: according to a test by another forumite, starling came second, fineco UK third:

https://forums.moneysavingexpert.com/discussion/comment/79567141/#Comment_79567141

and wise as you say came last (4th place in the pool of 4 competitors).

The danger of just marking someone as 'best' in this regard is that some folks would keep using (without comparing with other providers or current exchange rate) them as they are labelled 'best'. The 'best' one can then increase their fee and catch those folks off guard. 

Those folks that always compare with other providers (or do a quick check using a platform such as xe.com) don't fall for that. With companies like hsbc who do not publish their fee at the time of conversion the above trick can be done easily. Whereas with wise, I would compare the rate with xe.com and if it matches (or comes close) then check the fee and it's reasonable, I go ahead with conversion.

Anyway, rather than relying on sub-standard, off the cuff, ameturish  experiments from forumites like me and you, it'll be good to see a consumer organisation such as 'Which? magazine' doing a proper comparison/experiment with a range of currencies using a range of providers.

Edit:

There are no fees within the Global Money account,...

I really doubt this. The rate shown by wise (which is the 'pure' exchange rate and is not inclusive of the fee) is much better when compared with HSBC's exchange rate.

Also, I did a test just now converting 100 GBP to USD using HSBC Global Money:

100 GBP = 114.48 USD

On xe.com website (I immediately click refresh on that website, so there is only 1-2 seconds between checking HSBC rate and checking xe.com rate): 

100 GBP = 114.74 USD

Checked within seconds myself, but final conversion rate… USD and Euro.

You said that you doubt that there are no fees with HSBC Global Money (I should have said perhaps “no additional fee added on top of exchange amount shown”), but it is a fact, I have exchanged actual money (your post, with the ? Implied that there would be fees added at some point, and simply there aren’t. Obviously their margins are built in the exchange rate shown/used, not an hard concept, same is for Fineco. 

if you use XE to exchange they apply fees on top of the exchange show, so net amount will be lower, whilst HSBC GM is net of everything.

same with Starling (there are fee applied) if you compare just exchange rates that is why I always compared net exchanged amount and not Starling nor Wise came close to Fineco

NB, you have not read properly the test by that forumite, as Starling was listed second but the amount was lower then Fineco listed third but in fact getting the second best amount (that was about changing £20 into Euro)

Band7

gt94sss2 said:

Has anyone added their Global Money Debit card to Google Pay?

I was told that the product does not support Apple/Google Pay which I am sure is incorrect..

My card was instantly added, during the application process, to ApplePay on my phone and on my watch. Would have thought similar is true with Google Wallet. I applied through the app rather than online.

Miles86

gt94sss2 said:

Has anyone added their Global Money Debit card to Google Pay?

I was told that the product does not support Apple/Google Pay which I am sure is incorrect..

Definitely incorrect. Adding the card to Google Pay was within a few clicks of starting the application.