HSBC Bank introduces Global Money Account to manage international finances

By Pavithra R

HSBC Bank USA has announced the launch of real-time payments platform: Global Money Account, allowing its international customer base to hold, manage and send money across various currencies to 14 mn HSBC customers in 20 countries through a single account 24/7.

The new platform allows users to send money across any HSBC bank account around the clock in real-time and receive preferential FX rates within the Global Money Account. It offers a seamless and convenient customer experience with day-to-day account tasks. The bank takes no fees associated with Global Money transfers, giving customers a faster and more cost-effective payment option.

To open a Global Money Account customer has to have:

• an eligible HSBC deposit account to link
• the HSBC Mobile Banking App
• A current residential address in the United States, Argentina, Armenia, Chile, Isle of Man, Switzerland, Uruguay or Venezuela

“As the world’s leading international bank, it is our ambition to put banking in our customers’ pockets and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want. Through the COVID-19 pandemic, we have seen usage of our Mobile Banking facilities increase by more than 150 percent. The HSBC Global Money Account further supports our customers in being able to manage their finances from the comfort and safety of their homes or when they’re on the go,” said Matthias Dekan, Head of HSBC Global Money, HSBC Group.

The Global Money Account provides customers with the ability to hold 8 different HSBC currencies online, with instant conversion to other currencies. Currencies available at launch include US Dollar (USD), Canadian Dollar (CAD), Euro (EUR), Australian Dollar (AUD), New Zealand Dollar (NZD), Hong Kong Dollar (HKD), Sterling (GBP), and Singapore Dollar (SGD). The HSBC Digital Security Device is integrated with the Mobile Banking App and uses two-factor authentication to provide an added layer of protection. Other benefits of the HSBC Global Money Account include:

• Easy sign up via the existing banking app with no additional documentation or forms to be filled out by existing customers;
• Immediate access to the account;
• Fully mobile based with all features accessible from smartphone;
• Simple and easy-to-use customer interface on the app;
• Secure transactions backed by a global network and FDIC insured bank;
• A single account to manage finances in multiple currencies/geographies; and
• Instant, no-fee real-time transfers within HSBC.

“The ambition for Global Money Account 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,” said Carolyn Criscitiello, Head of Digital Payments, Wealth and Personal Banking, HSBC USA.

Recently, HSBC Bank USA & Biz2Credit partnered to streamline banking for Small Businesses.

HSBC Bank USA, the American subsidiary of UK-based HSBC, serves customers through retail banking and wealth management, private banking, commercial banking, and global banking and markets segments. The bank has plans to add more features to Global Money Account in the future.