HSBC have launched their Global Money Account in the UK which I thought may be of interest to some here.
Its an app only account and comes with a free multi-currency debit card and the account allows you to hold balances in all the following:
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
It’s interesting in many ways but unlike Wise it doesn’t seem to (correct me if I’m wrong) offer local banking details for you to receive payments in different currencies.
On the other hand, two things appear better than Wise, namely cash withdrawal fees and FSCS protection (even though for the latter we know that it’s a useless gimmick, if any large entity were to go bust, only government/central bank intervention would prove effective, FSCS can only save the odd tiny no-name building society at best).
In theory it isn’t, it should be funded by contributions collected from the financial industry itself, but of course as you said the government or BOE or whoever is always willing and ready to step in.
Now, the point is was trying to make is that, in the case of a financial meltdown threatening large institutions, while Wise’s pseudo-deposits (e-money or… whatever that is) aren’t technically covered by FSCS, if the underlying financial institutions where the money is actually kept were to collapse, the UK government or BOE would rescue those institutions, and as a consequence rescue Wise’s customers. Wise itself would go bust of course, as would many if not all fintechs, but that’s a completely different conversation. That’s why I am not too worried about the (relatively little, to be fair) money I keep with Wise. The TLDR of my way of thinking is: “if the shit hits the fan, governments and central banks bypass the FSCS for all intents and purposes and shore up the large financial institutions whatever it takes”.
WOW, this sounds proper good. Thanks for bringing it to our attention!
Just to add, aside from the ability to hold funds, there are no FX fees whether transferring or card transactions. Definitely a Curve buster, but you have to hold funds where Curve can access your credit card. I believe Curve charges a small surcharge on weekends.
I just tried to do a conversion EUR to GBP (currently 0.87), it does use the live mid-market rate as in XE.com.
Comparing it to Wise.com also very very close, it’s the 3rd & 4th decimal places (ten-thousandths) where they differ slightly which I am guessing is their slight mark-up.
Agreed. I think with Curve it’s 1.5% outside of the 3 currencies, it’s 0.5% markup for weekends. We don’t know how much “small” is.
Personally I’m fine with this as I plan to hold currency balances and it can use that up that balance first.
Will I pay more for transactions made at the weekend?
We want you to be able to use your HSBC Global Money Account on a day and at a time that works for you. However, live rates are only available during market hours. The foreign currency markets are closed from 22:00 every Friday until midnight Sunday. We add a small margin to the exchange rate to cover any fluctuations during weekends. But don’t worry, we still won’t charge you a fee. You may wish to wait for the foreign currency markets to re-open to have the live rate applied.
I don’t plan to go to hsbc I have my euro balances with permanent tsb in Ireland and feel this is pointless cause I have multiple accounts with permanent tsb but hsbc is one that’s it I also think curve is better than hsbc account cause it works with any card simple