HSBC Global Multi Currency Account

Deec

OK, so just opened one along with the HSBC Advance account for the £££. I did a test transfer of a few Euros to the Global account and they have changed the euro into sterling. Anyone know how to hold money in euros in the account? Thanks.

grumbler

There is a video on their website (for their mobile app) - https://www.hsbc.co.uk/current-accounts/products/global-money/

friolento

The only way I have heard of for depositing Euros into the Global Money account is via the HSBC Currency Account, and then making an internal transfer to the GM account. I have not been able yet to confirm that this actually works as it takes 2 working days before you can use the Currency Account, and I have only applied on Sunday.

Deec

I sent a test transfer of 10 euros from a foreign bank account to 1. My new Club current account and 2. To my Global Money account The first one I sent in error(!) and I was afraid that I would get hit with some charges. However, both arrived in the accounts and I received the same value in Sterling for both. 

Deec

Note: When I opened the Global Money account, I assumed that the money would be held in different currencies. They are not. They are all converted to Sterling.

WastedWords

You can hold multiple currencies in GMA. You can only pay GBP into the account or from an HSBC currency account. 

friolento

WastedWords said:

You can hold multiple currencies in GMA. You can only pay GBP into the account or from an HSBC currency account. 

I have tried to transfer money from the currency account, in which I have now got Euros sitting. I am unable to transfer these to the Global Money account. 

I can transfer from the currency account to my Advance account, to my HSBC easy access saver, to my HSBC Online Bonus Saver, even to my HSBC Regular Saver (which already had the max deposit made this month), or to non-HSBC accounts set up in GBP or in Euro denomination, but not to the Global Money account. I can only make such transfers in Online Banking, not in the app, but I would put up with this limitation if they would let me transfer to the Global Money account.

Is there a trick I am missing? How do I transfer from the currency account to the Global Money account?

Miles86

I think you need to be on the App to fund the GMA.

Go to "Payments and Transfers", then under "Global Money" there is an option "Add, convert or withdraw".

GMA isn't supported in Online Banking so I'm not surprised you can't make such a transaction in there.

friolento

Miles86 said:

I think you need to be on the App to fund the GMA.

Go to "Payments and Transfers", then under "Global Money" there is an option "Add, convert or withdraw".

GMA isn't supported in Online Banking so I'm not surprised you can't make such a transaction in there.

Brilliant, thank you! This worked. It had not occured to me that you need to pull in the money

Although it appears there is now only one way to get the Euros out of the GMA without converting to GBP, namely by using the GMA card for a Euro purchase.

When exchanging £100, the HSBC exchange deal looks marginally better than the competition:

HSBC: £86.90

Starling: £86.76

Wise: £86.71

The big disadvantage at HSBC is that you can't see what deal you would get until you actually have the money in your GMA.

Miles86

friolento said:

Miles86 said:

I think you need to be on the App to fund the GMA.

Go to "Payments and Transfers", then under "Global Money" there is an option "Add, convert or withdraw".

GMA isn't supported in Online Banking so I'm not surprised you can't make such a transaction in there.

Brilliant, thank you! This worked. It had not occured to me that you need to pull in the money

Although it appears there is now only one way to get the Euros out of the GMA without converting to GBP, namely by using the GMA card for a Euro purchase.

When exchanging £100, the HSBC exchange deal looks marginally better than the competition:

HSBC: £86.90

Starling: £86.76

Wise: £86.71

The big disadvantage at HSBC is that you can't see what deal you would get until you actually have the money in your GMA.

You can make an external payment in currency, as in send them to an external beneficiary. What else did you want to do other than that or spend by card?

As long as you have the funds in one of your HSBC accounts you should be able to obtain a rate without having to put the funds into the GMA first. 

By the timings I'm guessing you got that rate on Saturday? The rates are generally not as competitive as the weekend compared to when the markets are open Monday to Friday too....