HSBC Global Money Account: fees, features and more

If you travel a lot, work in other countries or have family abroad, you’re going to need multi-currency banking services. One way to access these is through products like the HSBC Global Money Account.

In this guide, we’ll walk you through the main features of the HSBC Global Money Account. This includes how it works for transferring and spending in different currencies. We’ll cover who the account is for and how to apply, plus any fees, rates and other charges you need to know about.

We’ll also show you an alternative from the money services provider Wise - the Wise account. It’s not a bank account but offers some similar features, and your money is safeguarded.

Over 12.8 million people worldwide use Wise to send, spend and convert money in 40+ currencies – for low, transparent fees* and no-markup exchange rates close to what you can see on Google. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Learn more about the Wise account ➡️

Table of contents
HSBC Global Money Account - what is it and how does it work? HSBC Global Money Account’s fees and costs Transfer, spending and cash withdrawal limits with HSBC Global Money Account Receiving money with HSBC Global Money Account How to open an HSBC Global Money Account Eligibility criteria Wise account – An international alternative to a bank account

HSBC Global Money Account - what is it and how does it work?

The HSBC Global Money Account is a multi-currency bank account. It’s designed for people who live an international life, whether this means lots of travel, business trips or even living between two different countries.

The account lets you send money without fees to over 200 countries and regions worldwide. You’ll get a free multi-currency debit card with the account, which can be used to spend abroad or buy online - again, with no fees.

You can store up to 18 currencies in your Global Money Account, and make a transfer in more than 50 currencies.

The HSBC Global Money Account is managed entirely through the HSBC UK Mobile Banking app. This makes it ideal for travel, as you can manage your money on the move using just your smartphone.

Here are the account’s most useful features in a nutshell:¹

• Hold up to 18 currencies in your Global Money Account
• Fee-free money transfers in 50 currencies to 200 countries - send up to £50,000 (or the currency equivalent) a day
• A free Global Money Debit Card
• Spend or withdraw cash with your Global Money debit card in the UK and overseas with no HSBC fees
• Access your account anytime with the mobile app
• Live competitive exchange rates.

What countries is the HSBC Global Money Account available in?

The HSBC Global Money Account is available for customers living in the following countries:²

• UK
• United States
• United Arab Emirates (UAE)
• Jersey (HSBC Expat).

What currencies are available in the HSBC Global Money Account?

Here’s the list of 18 supported currencies you can hold and convert between in your HSBC Global Money Account:¹

Currency	Code
Pound sterling	GBP
Euro	EUR
US dollar	USD
Australian dollar	AUD
South African rand	ZAR
Polish zloty	PLN
Canadian dollar	CAD
New Zealand dollar	NZD
Swiss franc	CHF
Swedish krona	SEK
Hong Kong dollar	HKD
UAE dirham	AED
Czech koruna	CZK
Norwegian krone	NOK
Danish krone	DKK
Singapore dollar	SGD
Japanese yen	JPY
Chinese yuan	CNY

Benefits of the HSBC Global Money Account

The HSBC Global Money Account offers a number of benefits, especially if you’re regularly visiting other countries or have family spread throughout the world.

UK current accounts and debit cards are typically quite expensive to use abroad. This account aims to solve this problem, making it cheaper to manage your money in multiple currencies.

The main benefits include:

• Quick and easy payments across borders
• No HSBC fees for spending abroad or online using your debit card
• No HSBC fees for international transfers (although intermediary or receiving bank fees may apply)
• Easy mobile management of your account
• Convert between 18 currencies whenever you need to, making this account suitable for all your travel needs.

There are of course a couple of potential downsides to consider too. One is the exchange rate, which although is billed as competitive, it isn’t necessarily the best you can get. We’ll look at this in more detail in just a moment.

The account also offers fewer currencies than other providers. It lets you hold just 18, while alternatives such as Wise offer a whopping 40+.

How does the HSBC Global Money debit card work

The HSBC Global Money debit card is linked to your Global Money Account, and works in just the same way as any other standard debit card. The big difference is that you can use it overseas with no fees, which isn’t always the case with UK debit cards.

It’s a contactless card, so you can tap to spend in restaurants, shops, bars, transport hubs and anywhere else that Visa and Mastercard are accepted.

You can also withdraw cash with your card, both at home and abroad. HSBC won’t charge you any fees, although bear in mind that some ATM operators may charge their own fee.

The HSBC Global Money debit card can also be added to your mobile wallet, so you can pay using just your smartphone.

HSBC Global Money Account’s fees and costs

The great news is that there aren’t really any fees. The account doesn’t charge a monthly or subscription fee, and HSBC won’t charge any transaction fees for transfers, card payments or withdrawals.

All you need to watch out for are overseas ATM fees, as some ATM operators do charge them. And when sending international transfers, HSBC may not charge an upfront sending fee - but that doesn’t mean there aren’t any other costs involved.

Here’s a quick overview of any fees you need to know about:¹

Type	Fees
Annual/monthly fees	None
International transfer fees	None from HSBC, but receiving banks may charge their own fee
Card payments - UK and overseas	None
Cash withdrawals - UK and overseas	- None, but ATM operators may charge their own fee

International money transfer fees with the HSBC Global Money Account

HSBC uses the SWIFT system to send money overseas. This is a global network of banks, and the route your money will take to reach its destination may not be a direct one.

A few different banks may be involved along the way, and each usually charges their own fee. This is known as a correspondent or intermediary bank fee.

The good news is that with the HSBC Global Money Account, you shouldn’t have to pay any intermediary fees. However, the receiving bank (your recipient’s bank, who you’re sending the payment to) may charge a fee.¹ Either you or the recipient will need to pay this.

There’s also the exchange rate to consider, as this can make a huge difference to the overall cost of an international payment. We’ll look at this next.

HSBC Global Money Account exchange rate

HSBC uses what it calls the ‘HSBC Global Money Exchange Rate’ to convert currency for international transfers and transactions. You’ll be able to see the rate in the mobile app before sending a payment. The rate is billed as competitive, but it can be beaten.

This is because HSBC adds its own margin to the mid-market exchange rate.¹ Also known as the interbank rate, this is the cost of the currency conversion to HSBC. By adding a margin to this when passing on the rate to you, the bank can make money from the transfer.

Unfortunately though, it means that the transaction is more expensive for you - as more money is lost in currency conversion.

So even though the HSBC Global Money Account is fee-free, there could be cheaper options out there for transferring money or spending overseas. And it’s all because of that exchange rate.

Using HSBC Global Money Account abroad

You can use your HSBC Global Money Account abroad. It’s managed by mobile app, so you can send payments and manage your account wherever you are in the world.

Plus, its debit card is an international one, so it works pretty much anywhere in the world where Visa and Mastercard are accepted.

Transfer, spending and cash withdrawal limits with HSBC Global Money Account

There are a few limits to know about with the HSBC Global Money Account, related to how much you can send or withdraw per day. We’ll take a look at each of these limits in detail below.

Cash withdrawal limits

You can withdraw up to £500 a day with most of HSBC’s debit cards, but you’ll be sent details of your cash withdrawal limit when you get your card.³

Spending limits

HSBC doesn’t say how much you can spend using your Global Money card each day, so you’ll need to contact the bank for more information.

Transfer limits

You can transfer up to £50,000 (or the currency equivalent) a day with your Global Money Account.⁴

Plus, you can also move up to £200,000 to HSBC accounts in your name outside the UK using HSBC’s Global View service.⁴

Receiving money with HSBC Global Money Account

You can receive money into your HSBC Global Money Account into any of your currency balances, with no fees. This includes moving money between your own accounts, as well as receiving it from other people.

A currency conversion may need to be carried out, for which the HSBC Global Money Exchange Rate will be used.

How to open an HSBC Global Money Account

Like the sound of the HSBC Global Money Account so far? The next step is to apply.

Here’s how to do it:

1. Download the HSBC UK Mobile Banking App - you can also get started on the HSBC website here
2. Open an HSBC current account if you don’t already have one - this is a key requirement in order to open a Global Money Account
3. Select ‘Global Money Account’ from the menu beneath your accounts
4. Follow the on-screen instructions to open the account
5. You may be asked to upload proof of ID and a photo/video selfie to verify your identity.
6. Wait for your application to be processed and for your account details to arrive - you can also request a debit card once your account is open.

The only way to open this account is via the HSBC mobile app, so you won’t be able to apply online.

Eligibility criteria

To apply for the Global Money Account, you’ll need to meet the following requirements:¹

• Have an active HSBC UK current account (excluding the HSBC Basic Bank Account). If you don’t already have one, you’ll need to open one before applying for a Global Money Account.
• A valid email address and phone number - both of which need to be on HSBC’s records
• A smartphone or other device capable of downloading the HSBC UK Mobile Banking app. You can’t open or manage your account without it.

The good news though is that there’s no minimum balance requirement to open or hold this account.

Wise account – An international alternative to a bank account

If the markup on the HSBC Global Money Account’s exchange rate is a deal breaker for you, then consider an alternative - the Wise account. It's not a bank account but offers some similar features and your money is safeguarded.

With the Wise account, you can manage your money in euros and 40+ other currencies, for low, transparent fees* and mid-market exchange rates close to what you see on Google.

You can also get the Wise card for a one-time fee of £7 (or the Wise virtual card for £0) to spend like a local in 150+ countries. This clever card automatically converts your pounds to the local currency whenever you spend, only adding a tiny, upfront currency conversion fee* – or it’s fee-free if you already have the local currency in your Wise account.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork Low, transparent fees* and no-markup mid-market exchange rates Dedicated support and volume discounts for large transfers No monthly/annual account fees Sophisticated security and anti-fraud measures, with your money safeguarded under regulatory protections Trackable and fast transfers to 140+ countries Low-cost spending in 150+ countries with the Wise card Earn a return on your GBP, USD and EUR balance with Wise Interest**

Sign up with Wise for free 🚀

**Capital at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

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Sources used:

1. HSBC - Global Money
2. HSBC International - Introducing HSBC Global Money
3. HSBC - Help - Using your card
4. HSBC - International money transfer

Sources last checked on date: 17-Apr-2025