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HSBC to launch fee-free international transfer service Global Money Account | Fintech Finance

November 11 2020

HSBC to launch fee-free international transfer service Global Money Account

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HSBC is launching their Global Money Account, which is its own fee-free international transfer service taking on the likes of Transferwise and Revolut – where both offer similar borderless accounts to consumers.

The Global Money Account, which is initially launching in the US first, will be rolled out to other markets in 2021. Customers can get instant access to the Global Money account in just five clicks via their existing banking app.

“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,” said HSBC USA’s head of digital payments wealth and personal banking, Carolyn Criscitiello. “This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are.”

HSBC will ultimately extend the payment service to allow instant international transfers to customers with other banks, too.

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