HSBC Bank USA, N.A., (HSBC), part of the HSBC Group, today announced the launch of its newest real-time payments offering. HSBC’s Global Money Account allows its international customer base to hold, manage and send money across various currencies to 14 million HSBC customers in 20 countries worldwide through a single account 24/7.
There are no fees associated with Global Money transfers, giving customers a faster and more cost-effective payment option.
“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,” said Matthias Dekan, Head of HSBC Global Money, HSBC Group. “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.”
During a time of uncertainty, customers need the assurance their funds will be transferred instantly and cost-effectively. The new platform allows users to send funds across any HSBC bank account around the clock in real time, receive preferential FX rates within the Global Money Account and have a seamless and convenient customer experience with day-to-day account tasks.
“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,” said Carolyn Criscitiello, Head of Digital Payments, Wealth and Personal Banking, HSBC USA. “This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are.”
The Global Money Account provides customers with the ability to hold eight different HSBC currencies online, with instant conversion to other currencies. Currencies available at launch include: United States Dollar (USD), Euro (EUR), Sterling (GBP), Canadian Dollar (CAD), Australian Dollar (AUD), New Zealand Dollar (NZD), Hong Kong Dollar (HKD) and Singapore Dollar (SGD).
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 for existing customers;
- Immediate access to the account;
- Fully mobile-based with all features accessible from a smartphone;
- Simple and easy-to-use customer interface on the app;
- A single account to manage finances in multiple currencies/geographies; and
- Instant, real-time transfers within HSBC.
The launch of HSBC Global Money Account follows HSBC’s earlier launch of domestic Real-Time Payments for its customers. In the future, more features and currencies will be added to the HSBC Global Money Account, such as allowing customers to sign up for an account in their home markets such as Singapore, the UAE, India and the Channel Islands.