HSBC Global Money Account - Anyone used this?

[sharksy]

Popped in branch yesterday, ended up chatting with a staff member who told me about the above account offered by HSBC (free).  I applied there and then on my phone HSBC app, very easy it.  Should get card through the post tomorrow.

It offers payment to several (all?) currencies without cost.  No bank charges at ATM machines (except 200Baht fee or whatever the local Thail banks are charging).

 

Anyone using this account who can give a first-hand experience of pros / cons?

 

Thanks

[DrJoy]

HSBC Thailand?

 

AFAIK HSBC closed their retail operations in Thailand.

 

Which branch are you talking about?

[sharksy]

2 minutes ago, DrJoy said:

HSBC Thailand?

 

AFAIK HSBC closed their retail operations in Thailand.

 

Which branch are you talking about?

My bad - Popped into UK branch.  I haven't got any Thai bank accounts, so tend to bring cash over as its got expensive taking out from the ATM machines in Thailand.  This Global card looks to address some of these issues - and more.

[NanLaew]

Looks like a handy tool for existing HSBC customers. From the headforpoints forum, "I did several tests exchanges to compare rates and currently HSBC comes first, Fineco UK second, Starling third and Wise fourth."

[hotandsticky]

https://www.hsbc.co.uk/international/travel-money-card/

[treetops]

It sets it's own exchange rate so even if it's better than the ones shown in the HfP article mentioned it would be good to know if it also beats Visa/Mastercard exchange rates.  If not,  a regular fees free card would probably would be a better option.

[sharksy]

My reason for posting was twofold :-

 

Firstly, to raise awareness of this new account.   I suspect other banks other than HSBC have similar now.

Secondly, I wanted feedback (good & bad) from anyone who is actually using it.

 

My best card is currently Halifax Clarity, but still easy to clock up charges.

This Global card appears to offer rate of the day and money is taken from the account in the same way as a debit card.

[treetops]

6 minutes ago, sharksy said:

My best card is currently Halifax Clarity, but still easy to clock up charges.

This Global card appears to offer rate of the day and money is taken from the account in the same way as a debit card.

I too have a Halifax Clarity and it's easy to avoid charges too, or keep them to a few pence.  My concern with the HSBC product is the "rate of the day" is determined by them so may not be as good as the Mastercard rate you get when using the Clarity card.

Only a test will tell for sure.

[Expat68]

Before I moved to Thailand from the UK some years ago, I opened an HSBC account, never had any issues or problems 

[Satcommlee]

Yes I have this, it is very useful as you can avoid a lot of forex fees on your debit card. Card arrived by FedEX too.

 

I keep small amounts of THB, USD, GBP there various regular payments, Works very well.

Edited February 24, 2023 by Satcommlee

[georgey]

I have used the account available at HSBC Singapore which has a slightly different name, but essentially same idea, and it works very well. I have only just opened the one you're referring to at HSBC London, and haven't yet got round to using it, as the physical card hasn't yet turned up (I live in TH), so my info on it may not be totally correct. However, as I see it the London a/c, from my perspective, has the advantage (over the Sin version) of offering a wider range of currencies. But, there does seem to be a major negative in that if you want to pay-in to the Lon a/c, I think you can only do it by changing GBP into your desired currency on the app itself and this entails using the HSBC exchange rate, which is approx 3% worse than the wholesale rate. I tried paying to pay CHF from a third party into the (Lon) account but was unable to do so; I haven'y yet tried with other currencies but will do soon. With my Sin a/c, I can pay-in currencies other than SGD, which I have typically bought via Wise, whose rate turns out to be only approx 0.5% worse than wholesale. So I save 2.5%. As most credit card companies also charge about 3% (in the form of the exchange rate, an actual charge, or a combination of the two) I see little if any advantage of using the Lon a/c, rather than credit cards; their claim of no charges is very misleading.

[Satcommlee]

1 hour ago, georgey said:

I think you can only do it by changing GBP into your desired currency on the app itself and this entails using the HSBC exchange rate, which is approx 3% worse than the wholesale rate.

You can change your base currency ie: USD, the exchange rate is more competive than 3%.

[oscarsmum]

I have that card and a Citibank debit card too. The Citibank card allows osko transfers. HSBC transfers from my main bank take 3-4 days. I prefer Citibank for use in Asia.

[georgey]

1 hour ago, Satcommlee said:

You can change your base currency ie: USD, the exchange rate is more competive than 3%.

Just checked (for GBP-EUR and GBP-CHF) and you're absolutely right. Apologies for misleading, I'm glad you got me to check it, it's more or less on a par with Wise.

[placnx]

19 hours ago, sharksy said:

Anyone using this account who can give a first-hand experience of pros / cons?

I have an Everyday Global account at HSBC Singapore. It has 12 currencies, but not Thai Baht. I used it in Japan - quite easy to withdraw at an ATM brand which is well distributed - no need to find an HSBC branch. I just topped up the Yen sub-account in Singapore as needed.

[placnx]

3 hours ago, oscarsmum said:

I have that card and a Citibank debit card too. The Citibank card allows osko transfers. HSBC transfers from my main bank take 3-4 days. I prefer Citibank for use in Asia.

Citibank is closing retail branches as they switch to serving wealth customers in Asia. 

 

17 hours ago, sharksy said:

My bad - Popped into UK branch.  I haven't got any Thai bank accounts, so tend to bring cash over as its got expensive taking out from the ATM machines in Thailand.  This Global card looks to address some of these issues - and more.

If you have an account here, you can send enough money for your entire visit, then withdraw at ATMs and avoid the 220 Baht charge

[placnx]

3 hours ago, oscarsmum said:

I have that card and a Citibank debit card too. The Citibank card allows osko transfers. HSBC transfers from my main bank take 3-4 days. I prefer Citibank for use in Asia.

Citi sold their Thai retail operations to UOB last last year.

https://www.citibank.co.th/en/personal-banking/online-services/faqs/

[Satcommlee]

The account and debit card are very useful, I only keep small amounts of money in these pots to cover regular payments like Netflix, Microsoft, Google etc..  This way I feel safer about giving the card details and it takes from whatever currency you are bill in.

 

If you do not have the money in that particular currency it will be converted from your base currency like USD or GBP (up to you)

 

The exchange rate between $ and THB right now is.. 34.153

 

 

 

WISE below

 

 

Wise would be a little cheaper for the same THB I would need to send $2.11 less

 

I only tested the HSBC card in an ATM once and was charged 220 baht for withdrawal in Thailand, so watch this....

 

Edited February 24, 2023 by Satcommlee

[Stocky]

I have a HSBC Everyday Global Debit Card with my HSBC Singapore account, though by global it means just 10 currencies namely; Australian Dollar, Canadian Dollar, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Sterling Pound, Swiss Franc and US Dollar. 

 

By comparison Wise gives you the option of holding 50 different currencies to use with the Wise Debit Card.  

[mjakob007]

The advantage with this account is being able to use the same card for multiple currencies without losing out of rate of exchange or having to have different cards for each currency

 

The rate of exchange offered by hsbc between currencies are not the best. but if you have multiple currency accounts with hsbc, one can send money to global money account and use the same card for different currency spending.

[Thaindrew]

It works very well I have the same card issues in Hong Kong, works even better as a debit card to use in shops as they give you 0.4% cash back and no fees verses a 220 baht charge in a Thai ATM

[Satcommlee]

I made an error above, hope someone can spot the deliberate mistake....  it was 60c cheaper with wise... but bigger amount probably would weigh in Wise favour much more

[William C F Pierce]

HSBC and other banks have become aware of the success of WISE. They are trying to regain a share of the market they have lost. It use to cost me £30 for a transaction via HSBC. WISE just cost me a couple of pounds now, so I don't even need to think about how much it costs me to send it now. I have a Thai Bank Account and can make a transfer via WISE and then use it as I please. The 220B ATM rate is equal to £5.30 in Thailand. Therefore WISE makes it cheaper for me without having to think or worry about it. 

Edited March 2, 2023 by William C F Pierce

[sharksy]

On 3/2/2023 at 4:49 PM, William C F Pierce said:

HSBC and other banks have become aware of the success of WISE. They are trying to regain a share of the market they have lost. It use to cost me £30 for a transaction via HSBC. WISE just cost me a couple of pounds now, so I don't even need to think about how much it costs me to send it now. I have a Thai Bank Account and can make a transfer via WISE and then use it as I please. The 220B ATM rate is equal to £5.30 in Thailand. Therefore WISE makes it cheaper for me without having to think or worry about it. 

I don't have a Thai bank account, that makes a big difference