HSBC in the US is to join the growing cross-border ATM remittance market, with an account-based transfer service initially focused on the more than 100 million transactions a year to Mexico and Latin America.
The EasySend account is run as a secondary account to a customer's primary current account. Money transferred to EasySend can be withdrawn by nominated individuals with an authorised HSBC card.
HSBC charges no fee for the transfer of funds. Foreign exchange fees apply at ATMs abroad. Other fees may apply when using an ATM that is not owned by HSBC. Minimum balance requirements and/or a monthly fee will apply to the qualifying current accounts.
HSBC Group banks have more than 3500 branches and 8000 ATMs throughout Latin America, although the bank says the account will ultimately be opened up to fund transfers worldwide.
Kevin Newman, head of the bank's personal financial services unit, comments: "The volume of international money transfers has grown to more than $100 billion a year, and it is clear consumers want a better way to send money."