HSBC Global Money Account Review [2024]
Whether you’re an expat, frequent traveler, or a business owner dealing with international clients, a multi-currency account offers a convenient solution for managing multiple currencies while avoiding pricy conversion fees.
In this article, we’ll cover what you need to know about opening a HSBC Global Money account alongside the advantages, the costs involved, and how to open one. We’ll also take a look at some specialist providers like Wise and Revolut, which can be good alternatives.
What is the HSBC Global Money Account?
HSBC is a global banking giant founded in Hong Kong. It is the world’s sixth-largest bank, and its main headquarters are in London. With a well-established presence in the US, its reach includes over 2000 branches across ten states and serves more than 40 million customers in 67 countries.
The HSBC Global Money Account is designed to meet the needs of international customers and is a digital multi-currency account that allows you to hold, manage, and send money in different currencies.
Accessible through the HSBC Mobile Banking App, this prepaid account allows you to convert and hold money in up to six currencies (USD, EUR, GBP, AUD, HKD, and SGD) and instantly transfer funds to other HSBC customers without any fees.
Designed to simplify international banking for both personal and business customers, customers will already need a US-based HSBC checking or savings account to open a Global Money Account.
Best features:
- Multi-currency support: Hold and manage funds in six different currencies (USD, EUR, GBP, AUD, HKD, SGD)
- Instant, no-fee transfers: Send money instantly to other HSBC customers without any fees
- Competitive FX rates: Benefit from exchange rates that refresh every 90 seconds to align with foreign markets
- Convenience: Manage your account and transactions securely from the HSBC Mobile Banking App
- Enhanced security: Two-factor authentication and FDIC insurance provide peace of mind for your international banking needs
Summary: HSBC foreign currency account
- The HSBC Global Money Account lets you hold, manage, and transfer funds in six different currencies through their mobile banking app
- You can send instant, no-fee transfers to other HSBC customers, but the exchange rate includes a markup
- Customers need to have an eligible existing HSBC account and a US residential address to open the account
- Alternatives like Wise and Revolut offer more currencies for hold & exchange, with Wise supporting 40+ currencies and Revolut supporting 25+ currencies, and the mid-market exchange rate with no hidden fees
Can you trust HSBC?
Being a global bank HSBC has long been a household name for international business. This means all products and services are governed by US laws and regulations, as well as many other countries. If you aren’t a U.S. resident, please read the specific cross-border product and service disclaimers.
Specifically, money you hold in your HSBC Global Money Account is insured by the Federal Deposit Insurance Corporation for up to the equivalent permissible limit in US dollars, so your funds are secure.
HSBC also provides very safe online protection. It uses the HSBC Digital Security Device with its Mobile Banking App, with security functions like two-factor authentication.
Pros and cons of using the HSBC Global Money Account in the US
While HSBC’s Global Money Account sounds good on paper, it might not quite be the best option for your international transfer needs. Let’s break it down and take a look at some of the accounts pros and cons.
| HSBC Global Money Account pros | HSBC Global Money Account cons |
|---|---|
| ✅ Free and instant transfers when you wire funds to other HSBC customers ✅ Competitive foreign exchange rates at the mid-market rate that refreshes every 90 seconds ✅ Convert and hold in your choice of 6 currencies ✅ Secure mobile banking with two-factor authentication ✅ Real-time transaction confirmations and statements ✅ FDIC insured for peace of mind | ❌ Customers already need to have an existing HSBC checking or savings account ❌ Additional fee to transfer money to non-HSBC customers ❌ Currency exchange rate margin still applies ❌ Limited to six currencies ❌ No ATM debit card attached, so you can’t easily access your funds |
How does HSBC Global Money Account compare?
When choosing your multi-currency account, it’s essential to compare different providers to find the best fit for your needs. In this section we’ll compare the HSBC Global Money Account with online specialists like Wise and Revolut.
| HSBC Global Money Account | Wise Account | Revolut Account | |
|---|---|---|---|
| Best Features | Hold and manage funds in multiple currencies Instant no-fee transfers to other HSBC customers Real-time transaction confirmations and statements | Hold 40+ currencies Local account details in 10 currencies including CAD, USD, and GBP Mid-market exchange rates | Hold 25+ currencies No fees applied when spending any currency you hold in your account A choice of three plans with additional benefits |
| Coverage | 6 currencies in | Hold 40+ currencies | Hold 25+ currencies |
| Debit card | Not available | Available | Available |
| International transfers | Free – to other HSBC accounts only | From 0.35% | 200 USD or more – up to 5% fee Up to 200 USD – up to 10 USD fee |
| Fees | No fees but you’ll need an HSBC USD checking account which may have a fee | No monthly, annual, maintenance or fall below fees | Monthly fees ranging from 0.00-16.99 USD depending on your chosen plan |
| Exchange rates | Exchange rates may include a markup | Mid-market exchange rate | Mid-market exchange rate to account limits |
Specialist providers like Wise and Revolut can offer lower fees and better exchange rates than major banks like HSBC. It’s also important to note that all providers have unique features and advantages, making them suitable for different needs.
The HSBC Global Money Account can be a good option for existing HSBC customers looking for a secure and convenient way to manage multiple currencies. However, both Wise and Revolut offer a more extensive range of currencies and the mid-market exchange rate. We’ll cover each provider’s account in more detail next.
Learn more: Best Multi-currency Accounts in the US
Alternatives to HSBC Global Money Account in the US
If the HSBC Global Money Account doesn’t fully meet your needs, there are some other great alternatives available. Each provider offers unique features that stand out, so you can choose the best option for your specific financial needs..
Wise account
Wise Account is a multi-currency account that allows users to hold and exchange over 40 currencies, send payments to 160+ countries, and spend with the Wise card in 150 countries.
A good option for both personal and business customers, Wise offers local account details in 10 currencies, including USD, CAD, EUR, and GBP, and uses the mid-market exchange rate with low, transparent fees.
- Supported currencies: 40+ currencies
- Fees & exchange rates: No monthly or annual fees, currency exchange uses the mid-market exchange rate with conversion fees from 0.35%
- Foreign transaction fees: No foreign transaction fees
- International transfers: Low fees starting from 0.35%
- Debit card: Spend with the linked debit card in over 150 countries
Learn more: Wise Account Review & How to open a Wise Account
Revolut account
Revolut offers flexible account options with three plans to suit different needs and allows customers to hold and exchange 25+ currencies. The account comes with a linked card for convenient payments and ATM withdrawals, as well as some no-fee currency exchange based on your chosen plan.
Plan options include the standard account, which has no monthly fee but comes with more limited features and no-fee transactions. Alternatively, you can opt for the premium tier Metal account, which costs 16.99 USD and offers a wider range of services and features.
- Supported currencies: 25+ currencies
- Fees & exchange rates: No-fee currency conversion up to plan limits, monthly account fees range from 0-16.99 USD
- Foreign transaction fees: No foreign transaction fees
- International transfers: 200 USD or more – up to 5% fee, up to 200 USD – up to 10 USD fee
- Debit card: Spend and withdraw cash with your Revolut card in the majority of countries that accept Mastercard or Visa
Learn more: Revolut Review
HSBC Global Money Account fees
Understanding the fees associated with the HSBC Global Money Account is essential for making an informed decision. While the account offers several benefits, there are certain costs to be aware of. Below is a detailed breakdown of some of the main fees you can expect:
| Fees | HSBC Global Money Account |
|---|---|
| Account opening fee | No fee |
| Card fee | Card not available |
| Exchange rate | Includes a markup over the mid-market rate |
| Currency conversion fee | No fee |
| Transfer fees | Free for transfers to other HSBC accounts |
| Maintenance fees | No yearly or monthly fees for the Global Money Account, but linked accounts may have fees |
HSBC exchange rates
HSBC uses what it calls the HSBC Global Money Exchange Rate, which refreshes every 90 seconds to convert your money for international transfers and transactions and keeps up to date with market exchange rates. The rate will be shown to you before you make a payment.
While the rate is labeled as competitive, it will likely include a markup over the mid-market exchange rate. This means it’s not necessarily the best for those making frequent conversions, and there could be cheaper alternatives despite the account being fee-free.
Is the HSBC Global Money Account free?
The HSBC Global Money Account is fee-free, making it an attractive option for existing HSBC customers. However, to be eligible, you must already have at least one of the following HSBC US accounts, which might have their own fees:
- HSBC Premier Checking account
- HSBC Premier Savings
- HSBC Premier Relationship Savings
If you’re looking for an alternative, specialist online providers like Wise and Revolut offer accounts with no monthly maintenance fees and use the mid-market exchange rate with low, transparent fees.
How much does it cost to send money overseas with HSBC Global Money?
While there are no costs when you transfer money using your HSBC Global Account, they still charge a markup on the currency exchange rate. Not only does this mean that it’s not really a fee-free service, but it might also be more expensive compared to other providers.
HSBC uses what it calls the HSBC Global Money Exchange Rate, which uses the mid-market exchange rate (also known as the interbank rate) plus a foreign currency conversion charge. This rate is quoted to you before you make your wire transfer.
The rate is labeled as competitive and has slightly better exchange rate margins. However, there might be cheaper alternatives available.
| HSBC Global Money Account | Wise Account | Revolut Account | |
|---|---|---|---|
| Transfer fees | No-fee transfers to other HSBC accounts | Low fees starting from 0.35% | Free or low-cost transfers within plan limits |
| Exchange rates | Includes a markup over the mid-market rate | Mid-market exchange rate | Mid-market exchange rate up to plan limits |
How fast are HSBC Global Money transfers?
Transfers are completed within seconds to other HSBC customer accounts overseas.
Wire transfers to non-HSBC bank accounts overseas can take 3-7 business days.
HSBC Global Money app is mobile optimized
HSBC makes it extremely easy to make transfers on your mobile phone as it was designed specially for mobile use. It’s mobile friendly for both the person sending the money and the person receiving the money. Their website and mobile app allows you to do the whole process including signing up, providing ID and sending money overseas.
How does HSBC Global Money Account work?
Setting up the account is easy through the HSBC Mobile Banking App. To get started, you’ll need to have an HSBC checking or savings account linked to your Global Money Account.
You can then transfer funds into your Global Money Account from your linked HSBC account by logging into the app and selecting the account from which you want to transfer your money.
When you’re ready to make a transaction, you can send money from your HSBC account to someone else’s or another of your own HSBC accounts. Choose from six different currencies (USD, EUR, GBP, AUD, HKD, and SGD), and you’ll see the exchange rate before making your payment.
The maximum daily transfer limit is 200,000 USD if you’re sending money to your own HSBC account and 50,000 USD if you’re sending money to someone else’s HSBC account.
You can select the currency for the transfer, and the exchange rate provided will be live during trading hours or based on the latest available rate when markets are closed.
How to open a Global Money Account
If you already have an eligible HSBC account and a current US residential address, you can apply for the Global Money Account by following these steps:
- Register for online banking: Check that you’re registered for HSBC Online Banking
- Download the HSBC mobile banking app: If you don’t already have the app, download and install it on your phone
- Log in: Open the HSBC Mobile Banking App and log in using your online banking credentials
- Select HSBC Global Money: In the app, select ‘HSBC Global Money’ and tap ‘Get Started’
- Follow the on-screen steps: Complete the sign-up process by entering your personal information and linking your eligible HSBC US account
If you’re new to HSBC, you’ll need to open an HSBC account before you can use the Global Money Account.
What documents you’ll need
To open an HSBC Global Money Account, you’ll need to meet the following eligibility criteria:
- Have a current residential address in the US.
- Have an eligible account with HSBC, which includes:
- HSBC Premier Checking account
- HSBC Premier Savings
- HSBC Premier Relationship Savings
To apply for an eligible HSBC account you’ll need to:
- Be at least 18 years of age
- Have a Social Security Number
- Have a US Residential address
Required documents:
- Social Security Number
- Email Address
- US driver’s license, US non-driver ID card, US learner permit, passport, or Green Card
- Date of Birth
- Employment information
- Bank account and routing number for electronic funds transfer (deposit only)
- Telephone Number
- US residential address
- Form W-9 Tax Certification requirements (deposit only)
How to use HSBC Global Money account
The HSBC Global Money Account can be used to:
- Send money: Instantly transfer funds to your own or someone else’s account
- Receive money: Accept international transfers into your account
- Spend: Use the funds in your Global Money Account for transactions in different currencies
- Hold and exchange: Hold and convert money in up to six currencies
- Manage your account: Monitor your transactions, view statements, and manage your account through the HSBC Mobile Banking App
HSBC Global Money account currencies
The HSBC Global Money Account supports the following currencies six currencies:
- USD (US Dollar)
- EUR (Euro)
- GBP (British Pound Sterling)
- AUD (Australian Dollar)
- HKD (Hong Kong Dollar)
- SGD (Singapore Dollar)
Currencies supported for sending include: AED, AUD, BHD, CHF, CNY4, DKK, EUR, GBP, HKD, INR, JPY, KWD, NOK, SAR, SEK, SGD, USD and ZAR.
Money transfers can be made in these currencies:
| Transfers to: | ||
|---|---|---|
| AED | AUD | BHD |
| CHF | CNY | DKK |
| EUR | GBP | HKD |
| INR | JPY | KWD |
| NOR | SAR | SEK |
| SGD | USD | ZAR |
*Global Transfers with the Global Money Account to Mexico are not supported. CNY is not supported if the receiving country is China.
You can send money to HSBC accounts in the following countries:
| You can send money to: | ||||
|---|---|---|---|---|
| Australia | Bahrain | Bermuda | Egypt | Hong Kong |
| India | Indonesia | Malaysia | Malta | Philippines |
| Qatar | Singapore | Taiwan | United Arab Emirates | United Kingdom |
| United States | Vietnam | Sri Lanka | Channel Islands and Isle of Man | Jersey (HSBC Expat) |
Please note that you can also send money to China, but you’ll need to follow these instructions:
- Maximum of USD 10,000 per transaction for USD receiving currency
- Maximum of USD 9,600 (or equivalent) for non-USD receiving currency
- For amounts over USD 10,000, use online banking
- The beneficiary must complete a ‘Balance of Payment’ declaration for transfers to be completed
How to receive money with HSBC Global Money account
Receiving international transfers with your HSBC Global Money Account is simple. All you need to do is share your account details with the sender, including your account number and relevant currency. Transfers are fee-free between HSBC accounts, but some intermediary banks may charge their own fees.
How do I add money to my HSBC Global Account?
To add funds to your Global Money Account, log onto the HSBC mobile banking app and go to the ‘Move Money’ tab. Select ‘Global Money Account – Add Money’ and the account you want to transfer your money from.
Enter the amount you want to add to your Global Money Account and select your chosen currency. You can make your transfer with no exchange rate if the currency is the same. To finish off, simply select ‘Confirm.’
How currency exchanges work
- You can convert funds from one currency to another anytime in your Global Money Account
- The exchange rate will be displayed for you to review before you confirm your transfer
- Once you click submit, the funds will be converted in a matter of seconds
HSBC Global Money Account limits
The maximum amount you can keep in your account at any time is US$1 million or the equivalent in foreign currencies. If you go over this amount you’ll get an error message.
HSBC also has limits on how much money you can transfer including:
Minimum Transfer Limit:
- US$1 to your own or any other HSBC account
Maximum Transfer Limit:
- US$200,000 to your own HSBC accounts
- US$15,000 to other HSBC accounts
How to cancel your money transfer
You have the right to cancel a money transfer and get a refund of all funds paid to HSBC, including any fees, but it has to be within 30 minutes and funds can’t have been picked up or deposited into the account.
Scheduled transfers can be refunded completely at least one day before the date of the transfer. For more information click here.
HSBC Customer Care Support
| HSBC Customer Care Support |
|---|
| Mon – Sun 7am – 9pm ET
|
Personal banking: 800.975.4722
Live chat support available
Use Apple Business Chat through mobile app
HSBC Bank USA, N.A., P.O. Box 9, Buffalo, NY 14240Conclusion: Is HSBC Global Money Account good?
The HSBC Global Money Account is a good choice for existing HSBC customers looking for a multi-currency account to manage their international banking needs.
The account allows you to conveniently manage your finances from your phone and convert and hold your money in your choice of six different currencies alongside instant, fee-free transfers to other eligible HSBC accounts.
However, you’ll need to have an eligible HSBC account to open a Global Money account, and there’s a markup on the exchange rate, meaning it might not be the cheapest option for those looking to make frequent transfers. The account is also limited to six currencies and doesn’t come with a debit card.
If you’re looking for a wide range of currencies and a better exchange rate, consider alternatives like Wise and Revolut.
- With Wise, you can hold and exchange over 40 currencies, and with Revolut, you can hold and exchange 25+ currencies.
- Both also offer mid-market exchange rates and linked debit cards for easy international spending and cash withdrawals.
Learn more about Wise and Revolut and see which might be the best fit for your international banking needs.
HSBC foreign currency Account FAQs
Does HSBC offer a foreign currency account?
Yes, HSBC offers the Global Money Account, which is a multi-currency account allowing you to hold, manage, and transfer funds in six different currencies.
Can I deposit foreign currency into my HSBC Global Money account?
You can’t directly deposit foreign currency cash into the HSBC Global Money Account as it is a digital-only account. However, you can transfer funds from your linked HSBC account and then convert and hold them in the available foreign currencies within the Global Money Account.
Does HSBC charge foreign transaction fees?
HSBC doesn’t charge fees for transferring money between HSBC accounts. However, transactions involving currency conversion may include a markup on the exchange rate. For non-HSBC accounts, additional fees may apply depending on the transaction type.
Can I access my HSBC foreign currency account overseas?
You can access your HSBC Global Money Account overseas via the HSBC Mobile Banking App. This allows you to manage your funds, make transfers, and convert currencies from anywhere with an internet connection.
Does HSBC Global Money Account have a card?
HSBC Global Money Account is a pre-paid mobile-only account, it’s only intended for online transactions made through a smartphone and it’s only available on the HSBC Mobile Banking App.
