06 November 2020

Taking on TransferWise? HSBC launches transfer account

Written By FinTech Alliance in Exchange

HSBC is launching a Global Money Account to enable users to exchange currencies via mobile.

In Brief:

Users can hold, manage and send funds in different currencies for free, in real time.
It will be launched in the US before rolling out next year.
Customers won’t have to set up a new account; they can access it through their normal HSBC app.

What does this mean?

HSBC says the account will help to offer users one global account for all their needs no matter what market they are in. This is something users will have previously turned to FinTechs like TransferWise or Revolut to achieve.

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