I’ve been taking a closer look at HSBC’s Global Money Account and wanted to share my thoughts on its features, as well as compare it to some of the best travel debit cards and euro accounts available for UK residents.
In this review, I explore how this multi-currency current account lets you send and spend money abroad with ease and no hidden fees. Clearly designed to go head-to-head with digital challengers like Revolut and Wise, it’s available straight from the HSBC banking app, bringing the security of traditional banking together with modern financial flexibility.
How do I open a HSBC Global Money Account?
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. 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, making it a nice complement to those with Mastercard’s such as those issued by Starling, or Halifax Clarity.
Unfortunately, the account is only available to existing HSBC current account holders. That doesn’t include First Direct customers (which is a HSBC brand), or those with a basic bank account from HSBC.
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How much does the Global Money Account cost?
The account is free to hold and there are no fees when making debit card payments, cash withdrawals, or sending money abroad. Delivery of the physical debit card is also free, as are any replacements or reissues.
Which currencies can I hold with the HSBC Global Money Account?
The Global Money Account allows the account hold to hold balances in 18 popular currencies. I’ve added the full list of currencies below.
- GBP – pound sterling
- EUR – euro
- USD – US dollar
- AUD – Australian dollar
- ZAR – South African rand
- PLN – Polish zloty
- CAD – Canadian dollar
- NZD – New Zealand dollar
- CHF – Swiss franc
- SEK – Swedish krona
- HKD – Hong Kong dollar
- AED – UAE dirham
- CZK – Czech koruna
- NOK – Norwegian krone
- DKK – Danish krone
- SGD – Singapore dollar
- JPY – Japanese yen
- CNH – Chinese yuan renminbi
What are the exchange rates and mark up?
Card transactions use the VISA daily rate for currency conversion. 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. The bank will then automatically covert from GBP using the VISA daily rate.
When manually converting balances from one currency to another within the account, HSBC will use its own rate. This is based on the interbank exchange rate plus a small mark up.
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.
Subsequently though, customers have found that HSBC’s exchange rates have fallen, and are now often worse than those mentioned above. This is something of a moving target, and your milage may vary.
Weekend premium
A premium of 1% applies when exchanging between currencies while the market is closed. 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.
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. Wise on the other hand continues to use the mid-market rate even at weekends.
I recently reviewed Atlantic Money, a dedicated UK based currency exchange app. 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). See our Atlantic Money Review for more.
Can I send and receive payments with the Global Money Account?
Currently you can send payments via the Global Money Account, in any currency you hold. 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.
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. Think of it like Faster Payments in the UK.
You can’t receive payments just yet, but it is a feature that is supposedly coming soon, but more than 2 years since the account’s launch, there’s still no sign of it.
What are the HSBC Global Money Account ATM limits?
As ever with multicurrency accounts it’s not all about the foreign exchange rate. Sometimes the various transactional limits can make or break the account. The Global Money account has a daily ATM cash withdrawal limit of £500 (or equivalent foreign currency).
For those that are big cash spenders abroad, that limit beats Starling’s £300 a day, Chase’s £1,500 a month, and Revolut’s measly £200 a month.
International payment limits for transfers are capped at £50,000 or equivalent, so those wishing to make large purchase or transfers for example buying a home abroad, would need some forward planning.
What are the drawbacks and limitations?
The Global Money Account looks like a great travel companion for those with a HSBC account, but it’s not without its drawbacks.
Top ups and transfers not instantly available
Top ups and transfers into the account can take 24 hours before they are ready to use. That could leave you in bind if you run the balance down and forget to top up again before you next need to spend on the card.
For foreign spending, I’ve suggest having back up, such as Currensea (see our review), in case you’re ever caught short.
Currensea acts as a layer on top your HSBC current account. Allowing you to spend in the foreign currency of your choice. It then direct debits your HSBC current account in pounds, to avoid charges. There’s a flat rate of 0.5% (50p per £100), making it much cheaper than using your regular HSBC current account debit card.
£10 free cashback
Sign up for a free Currensea card via our link, and you'll get £10 cashback when you use your Currensea card abroad and spend £100.
Can’t receive payments
You cannot receive foreign payments into the account. This is a big one for those with links abroad, who’d like an account to receive foreign income. HSBC is working on it, but there’s been no more updates since the launch 3 years ago.
Only accessible via the HSBC app
If you prefer to check your balance, reconcile your spending, or manage your account via online banking, then you’re out of luck. HSBC has limited access to the Global Money Account to App users only.
There’s also no open banking, which means if use a third party budgeting tool such as Plum, you can’t link your account to it.
Should I get a HSBC Global Money Account?
If you already bank with HSBC then even if you have a the Global Money Account could be a worthwhile addition, if only for streamlining the process of moving money around, or for the piece of mind that you’re dealing with a major UK bank with full FSCS protection.
If you aren’t already a HSBC customer, then it doesn’t really make sense to open a current account just to take advantage this Global Money Account, but since HSBC regularly runs current account switching offers, it might make sense for those who are already considering switching.
While the exchange rates were some of the best around at launch, they can now be beaten. Added to that, the account is still missing some important features such as receiving foreign payments, and SEPA instant transfers. As such can’t match the likes of Wise for versatility, or Atlantic Money for one off transfers.
Overall the Global Money Account is a step in the right direction. It will make a massive difference to those who’d normally just use their standard HSBC current account debit card when abroad, and help to retain customers who might otherwise use services from other multi-currency accounts.
Those who aren’t currently HSBC account holders, would be better served by Monzo for general holiday spending, or Wise for regular currency exchanges.
What should I get instead of the HSBCs Global Money account?
HSBC actually released a competitior its own Global Money Account called Zing. Like the GMA, Zing allowed users to hold multiple different currencies within wallets in the app, and convert between them for low fees.
Unfortunately HSBC closed it down in 2024 just a year after its launch.
The main alternatives to the GMA are the well known multi-currency accounts from Revolut (see our review), and Wise. For those only needing to exchange and send money abroad, then Atlantic Money (see our review), is a top alternative.
If you have a HSBC Global Money Account we’d love to hear your experience with it? Please comment below.
23 comments on “Is the HSBC Global Money Account any good?”
I am an HSBC customer and opened a Global Money account to pay the deposit on holiday accommodation in the Netherlands. Setting-up the account and using it was simple and my transaction was shown as completed. I was advised the transfer would take up to 3 working days but 13 working days on the money has not arrived in the accommodation provider’s account. I have queried this with HSBC (via telephone banking) 3 times so far and have been told transactions can take time. During my first call 2 weeks ago I was told a referral would be made for my transaction to be traced and this could take up to 5 working days. However, nothing heard so far and I am obviously concerned about what has happened to my money and the fact to secure the accommodation they have to receive my deposit (50% payment). Not sure how this will end but my experience has been a far from happy one.
I’m in the same situation , £1450 has disappeared and I keep getting the same rubbish answers over 4 wks now !!!!!! Very angry sometimes needs to be done asap. There hiding behind call centres
Hello, did this get resolved eventually? They have debited by source account with CAD7000 but it never reached the destination account. Customer service is of no use and give useless responses as they don’t know what to do next. Did you finally get your issue resolved? How did you go about it please help!
Thanks
I am an existing HSBC customer. I opened a Global Money account recently to use for withdrawing cash when abroad for daily expenses when on holiday or business. My feedback is based on using it in Australia several weeks ago and the period between opening the account in the UK leading up to first use.
Pros:
1- Simple setting-up of account
2- Easy use as payment or debit card
3- Reasonable daily limit of £500 equivalent in foreign currency cash
4- Wide range of foreign currencies
5- Access through mobile App
6- Exchange in advance within the Global Money account to the target currency is possible
7- Transferring funds out is also easy to separate HSBC currency accounts
Cons:
1- Can only be used outside UK and cannot be used for withdrawing cash in foreign currency in the UK
2- The account requires 24 hours before credited funds in any currency are cleared for use or withdrawal
3- It requires separate HSBC accounts in foreign currencies to credit foreign currency into the Global Money account.
4- Only accessible through the mobile App and is not available on the main HSBC account website on desktops or laptops.
It would certainly be much more appealing if the cons are addressed and resolved. Despite these limitations, the advantages are clear and far outweigh the current negatives. It was easy and simple to use abroad. Based on my personal experience it is certainly better than Monzo, Citibank and Virgin Money comparable current products when used outside the UK.
Opened the global money account and bought USD.
Months later I travelled to the US and for all transactions made HSBC charged me with Non-sterling fees when an operator confirmed to me that I can use my debit card as if I was in the UK…. Wouldn’t recommend it
I opened a global acc and transferred money overseas to an account that I have had for a number of years , 4 wks later nothing ? can only talk to a call centre ? no one knows where my money has gone £1450. I had a secure email 2 wks ago saying it was rejected ? and this issue would be sorted no later than 04 /05. nothing !!! I’ve. contacted hsbc and keep getting the same answer , don’t know !!! it’s a terrible set up and once my funds are returned ??? I will close this account for good !!!! Extremely in professional in every way ! Don’t open one !!
Mmm…doesnt look like a good product judging by the comments. I think I will just stick to drawing money out in the UK in euros and putting it in my pocket and traveling.. as I have for the last 30 years and everything has been okay.
This is a great currency wallet, in theory, but it falls short in certain ways. The big one is that, unlike the likes of Revolut, Monzo, Starling, etc, you can’t easily check what you’re spending as there is no push notification. You have to open the app, log in, navigate to the GMA and check in there to see if you’re being charged the correct amount. I don’t ever expect the HSBC app to reach the levels of usability of the newer fintechs, but this is fairly basic.
The other major sticking point is the “HSBC Exchange Rate”… Initially, this seems great, even compared to Revolut. I used it to exchange a large amount of GBP to EUR, but, they try to get you by making their margin much larger if you try to trade any more than £1000 in one go. So, after having traded an amount in £1000 increments, I now find that their rate has decreased by a further 300 bps over what it was initially. For example, if GBPEUR is currently 1.1600, I would be able to buy at around 1.1585. This no longer seems to be the case and the rate I am quoted is around 1.1555. This is a very bad rate indeed! I have already spoken to them about how this rate is supposed to be calculated, but no one at HSBC has the slightest clue, which I guess shouldn’t surprise anyone.
Spoke to HSBC directly about their exchange rate and I can confirm that it is entirely arbitrary and in their discretion to change whenever and however they like. They will actively try to limit your FX trading by increasing their spreads if you try to exchange any amount larger than £1000. Given that you cannot transfer money in yet either, I’d stick with the competitor’s offerings (Revolut or Wise).
I have used a Wise card for years and recently topped up a small amount from my HSBC account and the money never transferred having done so many times in the past. Many phone calls later it was because HSBC had blocked the transfer as ‘suspected’ fraud and it took a lot of convincing HSBC fraud to authorise my transfer. Days later a second top-up was blocked for the same reason and for reasons I still can’t fathom HSBC fraud asked me to visit my local branch to sort matters out. The branch never sorted it it out but I was told about their ‘Global Money’ account and persuaded to open one which I’m evaluating. My point here is that having used Wise for years and done many transfers from my HSBC account when HSBC launch a competitor card for Wise I suddenly start having problems!! Could the issues be connected?
The idea of the account was great. The biggest problem are exchange rates as it seems HSBC was too greedy to keep the promise of “great rates”. In my bank abroad I get Forex rates that can easily be 6-7,% better. I stopped using the account.
On a recent trip to France, the card was refused at several locations, but the amount was still deducted. In some cases it worked the second or third time of trying, but the account later showed that 2 or 3 deductions of the amount had been made, On another occasion the card was refused, so I paid with my credit card. Both accounts were charged. 3 months later, the problem is unresolved. It is very time consumining trying to contact HSBC Global and even then, no answer or offer of repayment.
You get account that promised a lot but typical HSBC style failed to deliver. Issues with card being denied for no reason, delays with credited funds and what renders the account useless are exchange rates. Way worse than any competition offers. The cherry on the cake is useless HSBC customer support that you can’t even get through.
In Italy we have used this card to pay for bills and shopping etc with no issues.
Today we find that withdrawals from atms here is now subject to a 5 euro fee at certain banks atms.
Beware.
Maybe the free atm selling point is now history.
Free ATM withdrawals typically means the bank issuing the card doesn’t charge you. Highstreet banks in the UK often charge their customers for using their cards abroad to withdraw cash.
What you are seeing the the owners of the cash machines in Italy charging a fee. This is unfortunately very common throughout the EU (regardless of who you bank with), and in the US and Caribbean where is can be as much as $10 each time you withdraw.
The trick is knowing which ATMs don’t charge, but the problem is they change quite often. For example Bank Inter in Spain never used to charge, but it was bought by another bank, which then implemented charges.
Good luck with your travels.
Thanks Carl.
I’m checking all the banks around us.Some don’t even accept the card,just spit it back out.
BPM bancomat ATM’s do this. It’s only started happening since January of this year
I am in Spain and most ATM providers will charge up to 7 euros for a withdrawal. The two exceptions appear to be IberaCaja and Duetshe Back. The former will tell you it’s 75 cents, but this isn’t actually charged. There are not many of the latter in Spain.
Is anyone knows otherwise let us know
Hi
I am travelling to Turkey this Sunday and am seeking advice on using the HSBC GMA card for day-to-day spending.
I’m taking a fair bit of TRY currency, and thought being an existing HSBC customer it would be a simple process to open up a GMA. The GMA does not allow you to hold TRY, so payments on the card would come from the GBP. Is this an economical way to spend? What hidden charges are there and is it a good exchange rate?
Thanks
When using the card abroad you should get the Visa daily rate with is calculated at a set point each day.
HSBC’s own exchange rate is only used when exchanging cash within the account between currencies you can hold and when making transfers abroad. This is the one that also has a weekend market-up.
Make sure you have a backup card. Never abroad without at least two cards you can use to withdraw money or pay for items with without incurring fees. If you don’t already have a second, given the short timescale I’d suggest HSBC’s new Zing (you get £20 cashback if using our link). It can be added to Apple and Google pay so you don’t need to wait to receive the card.
In Türkey, the ATMs with free withdrawals for GMA are the Post Office PTT and Zirrat ATMs
I used to live in Turkey and always recommended that people bring sterling with them and exchange inside the country. the rates in airports and the UK are poorer
I have a Global Money Account and for what I used it for it was OK, until they decided to block a transfer. Calling support and being told “Well, £1,000 is a large amount”, from the Indian call centre I was connected to was just the icing on the cake. I had transfers double that amount without issue, and daily spending and monthly bill payment, but still, all of a sudden this was somehow suspicious. Waiting now for their decision to release my payment.
There’s a really stupid aspect to this which I won’t mention until I get my money back or the transfer goes through.
I am looking for advice using the GMA card for ATM withdrawals in Greece. Many thanks in anticipation