HSBC Global Money

Faro567

I wonder if someone can help who has got a Global money account. 

I asked a while ago for the best way to change Euros into Pounds and was advised that the HSBC Global account would be one of the best ways. 

So I went into branch to ask about it  and was told I could have the money paid into the account in Euros and because the exchange is live I could watch it and when happy change the money into £’s, then transfer it to my current account. 

I opened a current account so I could have the Global account and I’ve just gone into branch to do the final paperwork and have been told that the Global account isn’t going to do what I want! Apparently you can only pay out in Euros not in! And if I put the euros into the Global account then it will automatically get exchanged into pounds at a rate I’m not going to be aware of until after the transaction is complete! 

However, I’m not convinced she was that aware about the account and I’m going to go into a large branch to see if I can get more clarity, but I just wondered if anyone had the account and pays foreign currency in! 

Thank you and sorry for long winded post! 

PloughmansLunch

You need to apply for a Euro Currency account too, this can receive & send Euros
https://www.hsbc.co.uk/international/currency-account/

In combination with the Global Money Account it's pretty decent as you can pull Euros into GMA and have a better exchange rate back to GBP.

Be aware that in the HSBC app you can see the balance, but can only actually manage the Currency Account via online banking (and GMA is app-only and thus invisible in online banking so there's a bit of an awkward non-crossover there). Not really a problem if you're just receiving and swapping into Sterling.

wmb194

Faro567 said:

I wonder if someone can help who has got a Global money account. 

I asked a while ago for the best way to change Euros into Pounds and was advised that the HSBC Global account would be one of the best ways. 

So I went into branch to ask about it  and was told I could have the money paid into the account in Euros and because the exchange is live I could watch it and when happy change the money into £’s, then transfer it to my current account. 

I opened a current account so I could have the Global account and I’ve just gone into branch to do the final paperwork and have been told that the Global account isn’t going to do what I want! Apparently you can only pay out in Euros not in! And if I put the euros into the Global account then it will automatically get exchanged into pounds at a rate I’m not going to be aware of until after the transaction is complete! 

However, I’m not convinced she was that aware about the account and I’m going to go into a large branch to see if I can get more clarity, but I just wondered if anyone had the account and pays foreign currency in! 

Thank you and sorry for long winded post! 

Don't waste your time talking to people in branches, just read the product page on the website and the T&Cs, see the last point in the picture below. If you want to receive foreign currency and convert it at a time of your choosing you also need to open an HSBC Currency Account and have your foreign currency deposited to that. Edit: ...and transfer from that account to the GMA when you're ready.

https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/global-money-terms-conditions.pdf

https://www.hsbc.co.uk/current-accounts/products/global-money/

Miles86

I believe the intention is that you will be able to receive Euro into your GMA and have it applied to your Euro balance in your GMA in the future, but for the time being the Current Account work around mentioned above is required to achieve the same thing.

saajan_12

How much money and how are you planning to transfer in? 
Would a Revolut / Wise / Monzo work? 

[Deleted User]

saajan_12 said:

How much money and how are you planning to transfer in? 
Would a Revolut / Wise / Monzo work? 

Monzo can't receive international payments - you need a real bank account to receive the payment and transfer across to them.

wmb194

saajan_12 said:

How much money and how are you planning to transfer in? 
Would a Revolut / Wise / Monzo work? 

See the OP's other thread; €400k. Naturally the OP's nervous so a big name bank like HSBC is a good idea.

https://forums.moneysavingexpert.com/discussion/6456456/transferring-a-large-amount-of-euros-to-pounds#latest

PloughmansLunch

GMA-related: I will need a fairly large amount of euros in cash for building/gardening work. I currently have the euro balance in my currency account but can easily transfer back to GMA if needed. Does anyone know if I can withdraw the euros from an HSBC branch using the Global Money card, or any other fee-free way before travelling?

EDIT: HSBC CS say that you can withdraw Euros from a Branch using the Global Money debit card. Following the recent branch culls my nearest HSBC is a 50+ mile round-trip so it'll have to wait, but good to know for future.

nyermen

HSBC seem to be pushing this quite heavily to me at the moment.

TBH any time someone wants me to do something, I'm instantly looking at what is in it for them...