HSBC is taking on the likes of Transferwise and Revolut with the launch of Global Money Account, a free mobile-based service that customers can use to hold, manage and send funds in various currencies to HSBC customers in over 20 markets around the clock in real-time without incurring any fees.
Global Money Account is launching in the US first, and will be rolled out to other markets in 2021. Customers can get instant access in just five clicks via their existing banking app.
Carolyn Criscitiello, head of digital payments wealth and personal banking, HSBC USA, says: “The ambition for Global Money is to provide our customers with one global account for all of their financial needs so that if they move from one market to another, they don’t need to open a new account, they just take their existing account with them. This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are.”
The launch of the service marks a growing trend by banks to claw back business lost to trend-setting fintechs like Transferwise and Revolut, which offer similar borderless accounts to consumers. Banco Santander for instance has launched a standalone service, PagoFX, for the UK retail market and sole traders.
HSBC's Criscitiello says the bank intends to ultimately extend the payment service to allow instant international transfers to customers with other banks, too.