HSBC takes on competitors with new Global Money account offering fee-free debit card spending abroad
HSBC is battling smaller rivals by launching a free foreign debit card. Upstarts such as Starling lured current account customers, aided by offering free spending abroad.
The HSBC Global Money account, coupled with a new TV ad from actor Richard Ayoade, is a “no-brainer” for existing customers, says an industry expert.
Andrew Hagger of comparison service MoneyComms says it’s rare for a debit card to have no fees for overseas transactions.
Ready for the holidays: HSBC Global Money account, linked to actor Richard Ayoade’s new TV ad, is ‘no-brainer’ for existing customers, says industry expert
HSBC’s Basic Advance current account has a fee of 2.75%.
Withdrawing cash with the debit card linked to their Advance account incurs this fee plus an additional 2%, with a minimum of £1.75 up to a maximum of £5.
If you made ten overseas transactions worth £50 with HSBC’s regular card, you could end up paying an extra £13.80, according to Mr Hagger.
To obtain the Global Money Account debit card, you must have an HSBC current account and the HSBC app, as well as a valid email address. Customers then request the card in their app.
The card can hold balances in a range of currencies, including Euro, US Dollar and Australian Dollar, and transactions are paid out in the local currency. Money can only be paid out via the HSBC app.