My money debit card hsbc12/14/2023 Sometimes the various transactional limits can make or break the account. What are the HSBC Global Money Account ATM limits?Īs ever with multicurrency accounts it’s not all about the foreign exchange rate. You can’t receive payments just yet, but it is a feature that is supposedly coming soon, but more than 6 months since the account’s launch, there’s still no sign of it. Think of it like Faster Payments in the UK. That may be subject to change in the future though as recent draft legislation by the EU Commission looks to force payment to providers to offer 24/7 instant payments. Unfortunately for euro payments these are not SEPA instant payments so may take up to 24 hours before they show up in the recipient’s bank account. Can I send and receive payments with the Global Money Account?Ĭurrently you can send payments via the Global Money Account, in any currency you hold. It is more limited in terms of the currencies you can exchange, but was consistently cheaper than Wise, Revolut, and HSBC for larger currency conversions (those over £1,200). We recently reviewed Atlantic Money, a dedicated UK based currency exchange app. Wise on the other hand continues to use the mid-market rate even at weekends. To put this into perspective, Revolut also applies a 1% surcharge on weekend exchanges across 15 major currencies, and a 2% surcharge on all others. This is typical with multi-currency accounts and the additional mark-up is to protect the banks from large swings in the exchange rate once the exchanges open again. This is something of a moving target, and your milage may vary.Ī premium of 1% applies when exchanging between currencies while the market is closed. Subsequently though, customers have found that HSBC’s exchange rates have fallen, and are now often worse than those mentioned above. Tests at the time of launch (October 2022) found the HSBC rate to be slightly better than that Wise, Revolut or Finneco across most major currencies. This is based on the interbank exchange rate plus a small mark up. When manually converting balances from one currency to another within the account, HSBC will use its own rate. The bank will then automatically covert from GBP using the VISA daily rate. This would apply for example when you are spending in euro but do not hold enough of a euro balance in the account to pay for the item. We’ve added the full list of currencies below.Ĭard transactions use the VISA daily rate for currency conversion. The Global Money Account allows the account hold to hold balances in 18 popular currencies. Which currencies can I hold with the HSBC Global Money Account? Once open, you can allocate your own PIN for the card and add the card to ApplePay and GooglePay immediately. The card issued is a VISA card, so serves making it a nice complement to those with Mastercard’s such as those issued by Starling, or Halifax Clarity. It can be opened within seconds from the HSBC banking app, and as an existing HSBC customer there is no credit check for doing so. Unfortunately, that doesn’t include First Direct customers (which is a HSBC brand), or those with a basic bank account from HSBC. The account is only available to existing HSBC current account holders. How do I open a HSBC Global Money Account? Delivery of the physical debit card is also free, as are any replacements or reissues. The account is free to hold and there are no fees when making debit card payments, cash withdrawals, or sending money abroad. 3 months free travel insurance How much does the Global Money Account cost? During this maintenance period, you’ll be able to view your account but the balances and transactions may not be up to date.10.You may only have limited access to your HSBC Currency Account(s) during this time, if you’re accessing it through online banking We’ll be carrying out system maintenance from Saturday 22:00 – Sunday 08:00 (UK time).Please make sure you have sufficient funds in your account before making a payment or withdrawal This account doesn’t have overdraft facilities.To pay in or withdraw cash, please visit a full service or cash service HSBC branch.Payments from your account can be arranged using our International Payment Service. You can do this online, in branch or over the phone You can withdraw money from your HSBC Currency Account by transferring money to your HSBC sterling account.You can find your account details on your welcome letter and on your statement You can do this online, in branch or over the phone. You can pay into your HSBC Currency Account by making a transfer from your HSBC sterling account, or from another bank account.
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