Zing by HSBC review

In 2024 HSBC launched its new Zing money transfer app, but is it any good?

It was only a couple of years ago that HSBC launched its Global Money Account (GMA), which allows users to hold, spend, and exchange money in multiple currencies.

The Global Money Account was criticised by some for poor exchange rates, limited features and lack of transparency. Rather than address those issues, HSBC has instead developed a new platform to launch Zing. Let’s see how it stacks up.

What is Zing?

Zing is a multi-currency card and account designed for those needing to make money transfer abroad.

Cross border consumer-to-consumer payments are set to grow by up to 80% in the next 5 years. Zing is a fresh look by HSBC to cash in on this market, and challenge the dominance of Wise and Revolut.

Unlike the HSBC Global Money account, you don’t have to have a HSBC current account to sign up to Zing. That opens it up to a whole new customer base.

Features

• Send and receive payments in multiple currencies directly into the ‘wallet’ with needing to be converted.
• You can hold up to 22 currencies.  (AED, AUD, CAD, CHF, CZK, DKK, EUR, GBP, HKD, HUF, JPY, MXN, NOK, NZD, PLN, RON, SAR, SEK, SGD, THB, USD, ZAR)
• Send over 30 currencies with no outbound fees.
• Visa debit card that can be used in over 200 countries and territories.

How does Zing work?

Opening an account

You open a Zing account in typical fintech fashion, by downloading the app from your device’s App Store and following the onscreen prompts. These include details, such as your name and address, and contact details.

You’ll also need to upload a copy of your ID such as a driving licence or EU identity card, and be asked to answer a number of questions regarding your employment and income.

In testing, my application was delayed and required me to answer further questions about my employment via email with Zing support. This meant the total time from downloading the app to having my account open was around 4 hours, for something that should normally be instant.

Using the app

Once your account is open you can top up your GBP wallet via open banking, debit card, or bank transfer. You can also open wallets in any of the 22 supported countries.

The EUR wallet comes with an IBAN, so you’ll be able to receive SEPA payment directly into it. The other wallets such as USD, don’t yet have any bank details, meaning you can only receive payments from other Zing members into them. This may change in the future as Zing has rapidly been adding new features to the app.

In the meantime, to top them up, you’d have to move money from your GBP or EUR wallet. This is one area where Zing falls down versus Wise or Revolut.

Elsewhere in the app, you can set up new Payees, view your Zing virtual Visa card details. Add the card to Google or Apple Pay, or order a physical card.

Zing fees and costs

Transparency is key to Zing’s proposition. At any point you can see exactly how much you will be charged. This was a criticism of the GMA. It initially launched with good exchange rates, which gradually got worse over time.

Zing’s basic fee structure is as follows:

• Domestic ATM withdrawals – Free
• International ATM withdrawals – £2 (1st withdrawal each month is free)
• Non-wallet currency transaction – 0.2%
• Currency conversion – 0.2% currency conversion fee (any currency, any amount, at any time)
• No transfer fees

Limits

Zing limits transfer to £40,000 a transaction, so those wanting to send larger transfers will need to do so in multiple transactions. This is also the maximum balance for any of the currency wallets within Zing.

There’s no minimum transfer limit, but in reality the fees will likely limit how much you want to send.

Zing vs Wise

When any new money transfer app is launch, it’s only natural to compare it to Wise. As the market leader, Wise is trusted by millions for peer-to-peer cross boarder payments, and international travel.

Zing’s updated pricing now makes cheaper than Wise across all major currencies. Its flat 0.2% across all currencies at all times, it is one of the cheapest ways to convert currencies, and make international transfers.

Wise allows fee free foreign ATM withdrawals via its card up to £200 a month vs £2 a time with Zing (after your one free withdrawal each month), and allows you to hold more than 80 different currencies, dwarfing the 22 Zing offers, but all the major currencies are offered, and more are being added.

Zing also wins out when it comes to ease of use, with is clean clear interface, and free physical card. Wise annoyingly charges up £7 for issuing a physical debit card.

Can I use Zing for travel?

Zing is billed as an app for all your international money needs rather than as a dedicated travel card.

Nevertheless, it can be used abroad either to withdraw cash from foreign ATMs or to pay with your Visa card at the point of sale.

If you already hold the currency you are going to be spending in, then you won’t incur any additional fees when paying with your card. And if you spend in a currency you don’t hold in your wallet, funds will be converted at the Visa exchange rate plus a 0.2% markup, which easily beats most high street banks.

The main downside here is the £2 fee for foreign ATM withdrawals, however given that the first withdrawal each month is free it’s something that you can work around if needs be.

Zing app and interface

In my opinion the Zing app interference is reminiscent of Revolut in 2015. I mean that in a good way, in that it’s simple, straightforward, and easy to use.

Everything you need is accessible within two to three touches, and currency rates are visible at login. While apps like Revolut and Wise have now become large and bloated, Zing keeps things refreshingly clean and uncluttered. Hopefully it stays that way, as it really is a joy to use.

The closest alternative in that regard is Atlantic Money which is even more stripped down, but serves a different purpose altogether.

Is Zing legit?

As a relatively new app, you may be asking if Zing is a safe. In my opinion, Zing scores highly on safety. First and foremost, it is owned by HSBC, and while Zing itself is not a bank, the fact that it is a HSBC brand lends is a level of legitimacy and trustworthiness that few new entrants enjoy.

That being said, it’s worth noting that Zing is regulated by the FCA as an Electronic Money Institution (EMI), and as such your deposits in Zing are not protected by the FSCS. Instead, Zing keeps customers’ funds safe by safeguarding them in a separate bank account which protects them against company expenditure and debts.

The app itself offers biometric authentication, and secure payment of transfers, but there’s no 2FA yet.

Who is HSBC’s Zing app for?

Existing HSBC customers already have access to the Global Money Account, which carries full FSCS protection, and customers of Wise and Revolut are unlikely to find anything new here. As such I’d consider Zing to be aimed at those with international money needs, who currently don’t have a multi-currency account, and/or those with traditional highsteet bank accounts, which often carry large fees when making foreign transfers or spending abroad.

Conclusion (Editor’s opinion)

Zing is a welcome entrant into the marketplace. Its clean clear user interface is to be applauded in an era where bloat is becoming common.

It’s more transparent than its Global Money Account cousin, and its new fee structure makes it a competitive choice.

It’s a great app to use, and new features are being added all the time, but I can’t help but feel HSBC really missed a trick here. Using their UK regulated banking status to provide full FSCS protection on customer deposits and transfers within Zing, would have set Zing apart from the competition, added an air trustworthiness that much of the competition couldn’t hope to match.

Overall, Zing has great potential going forward, and will save people money versus using a High Street current account to transfer money abroad.

Alternatives to Zing

There are a number of alternatives to Zing, from market stalwarts Wise and Revolut, to dedicated foreign exchange and transfer apps like Atlantic Money, and current accounts such as Starling. Which one works best for you is going to depend on your unique situation.

For currency exchange

Those regularly exchanging currencies, or sending foreign payments would be best served by Wise. It’s more versatile in its use, has more currencies on offer, and has local bank details for different currencies, meaning you can receive local payments. It’s a proven solution.

For those making more ad hoc currency exchanges and/or exchanging larger amounts, then Atlantic Money with its £3 flat fee is cheapest, but transfers are slower than with Wise.

For holiday makers, backpackers, frequent travellers

For regular holiday makers a Starling account is a better option. Not least because it’s completely free, with no conversion fees, mark up or ATM fees. It’s also a signatory of the CRM, meaning you have increased protection from authorised payment scams, and of course, being a registered bank, you benefit from full FSCS.

Trading 212 (see our review), is another top alternative. With 3.8% AER interest, cashback on spending, and some of the best exchange rates around, it makes a travel card.

FAQ

Is Zing better than Wise?

Yes, Zing’s currency conversion is now cheaper (typically 0.2%) on major currencies versus the 0.45% charged by Wise, but some Wise transfers are faster, and transfer limits are higher, £1m for Wise vs £40,000 for Zing. Wise also has fee free ATM withdrawals up to £200 a month.

Yet those looking to hold, spend, or exchange any of the 22 main currencies Zing supports, or send in the additional 30 currencies, then Zing wins out on pricing, and its interface makes the app easier to use.

I have a HSBC Global Money Account, is it worth opening a Zing account too?

Absolutely. Zing offers a number features not found in the Global Money Account, and its flat rate conversion fees (even at weekends) provide a transparency not matched by the GMA.