HSBC global account

Apollo22

sorry I am being thick and need some help. I have one of these accounts that hold US dollars. I am going to the States and want to buy for motorcycle hire and take out cash before I go.

Am I correct I can use the global debit card and pay for the bike hire? Then use that in the US for hotels etc?

What I don’t understand is how to withdraw around $1000 to use as emergency cash from the account before I go. Do I use the debit card in a ATM in the UK or do I go to the forex desk? I did search online but could not find an answer.

Also it is worth transferring dollars to a WISE or Revult account to keep?

Thanks

flaneurs_lobster

Never hired a motorbike, in the US or anywhere else, but I rather think they will need a credit (rather than a debit) card for hire/deposits.

Might be similar for hotels that need a card as deposit on check-in, you will probably be able to settle the bill with the debit card.

For buying US dollars (or any other major currency) the Global Account Debit Card has no fee - don't think there's a preferential rate for using HSBC's Travel Money service over any other Bureau de Change - just pick the one with the best rate.

Not sure what you might want to load a Revolut or Wise account "to keep"? For what?

Apollo22

I don’t know how to get the dollars out as dollars if that makes sense?

And whether I am better off holding the money via Wise or Revolt?

Thanks

flaneurs_lobster

I don’t know how to get the dollars out as dollars if that makes sense?

To buy something in the US and pay in USD? Or withdrawing cash from a US ATM?

I don't have one of these cards/accounts so someone who does might know the exact mechanism of how/when the card defaults to local currency. It must be in the operating description somewhere.

And whether I am better off holding the money via Wise or Revolt?

Only reason I can think of for using these accounts (or any other) is as a backup in case of loss/malfunction in your primary payment method.

Maegi

It's easier just to buy USD at the best rate if you want cash before you go

You'll usually need a credit card for hotels and rentals in the USA, not cash or debit like HSBC Global Money.

Chase UK give free of charge access to Chase US ATMs and the network is one of biggest over there. US ATMs usually surcharge about $5 per withdrawal (even those with free withdrawals such as HSBC Global Money)

tom192

Why do you need the cash? Keep the dollars on the card and just use the card to spend on whilst over there?

As others have mentioned it may not work for motorcycle hire/hotels but will be fine for everything else and then just get a few dollars out for anything else.

The card will use the local currency first ie your dollars in the states and then begin converting GBP if you have any in your global money account once the dollars are used.

Apollo22

the only reason for having cash is I don’t know how else to spend the dollars unless I convert to sterling

flaneurs_lobster

https://forums.moneysavingexpert.com/discussion/comment/82179492#Comment_82179492

When you are in the US or in the UK?

tom192

From your original post it's not clear if you have already got dollars loaded onto the card?

If you don't already you can simply just load GBP onto it and spend as you go and the card will convert as you go, any remaining money left when you get home (in GBP) you can simply move back to your bank account.

You can however lock in a rate if you want to pre load dollars before you go, if you don't do this you will get whatever the rate is the time the transaction is processed.

If you do load dollars you will likley loose some in the conversion back to GBP unless the currency rate is in your favour at the time.

I would not get a thousand dollars out in cash just in case/ to spend generally. Get a small amount out say 100 dollars and then see how you go with anything that needs cash and spend on card where you can.

Edit just read some of your other posts, you can get the physical dollars just by using an ATM once over there

Maegi

There is not need to convert anything if you don't wish to lock-in a rate or they don't offer the currency.

I used mine in Morocco a few weeks ago (at ATMs) and got the Visa conversion rate for GBP/MAD.

Apollo22

sorry I am not clear. I basically have $5000 in my hand account. I would like to use it for my forthcoming trip. Hence the need to take out cash. The other option is cash them back into gbp and use my credit card. I guess that probably makes the most sense.