HSBC is battling smaller rivals by launching a fee-free overseas debit card. Upstarts such as Starling have hoovered up current account customers, helped by offering fee-free spending abroad.
The HSBC Global Money Account, plugged in a new television advert by actor Richard Ayoade, is a ‘no brainer’ for existing customers, says one industry expert.
Andrew Hagger, of comparison service MoneyComms, says it’s rare for a debit card to have zero fees for transactions abroad.
Holiday ready: The HSBC Global Money Account, plugged in a new television advert by actor Richard Ayoade, is a ‘no brainer’ for existing customers, says one industry expert
HSBC’s basic Advance current account comes with a 2.75% fee.
Withdrawing cash with the debit card linked to its Advance account results in this fee plus another 2%, with a minimum charge of £1.75 up to a maximum of £5.
If you made ten transactions abroad worth £50 with HSBC’s regular card, you could end up paying an additional £13.80 in fees, according to Mr Hagger.
To obtain the Global Money Account debit card, you must have a HSBC current account and the HSBC app, plus a valid email address. Customers then apply for the card in their app.
The card can hold balances in a range of currencies including euros, U.S. dollars and Australian dollars and transactions are paid in the local currency. Money can only be paid in via the HSBC app.
