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Frequently Asked Questions: Global Money Account

About Global Money Account

What is a Global Money Account?

It's a single account that can be used to hold up to 21 currencies. So you can add, convert, and send money to any HSBC customer registered for online banking.

Secure and easy-to-use, it lets you manage, send and receive money in different currencies all in one place.

Who can open a Global Money Account?

To open a Global Money Account, you must:

  • be a UAE resident and/or hold a valid Emirates ID
  • register for HSBC UAE Online Banking and download the HSBC UAE Mobile Banking app
  • hold at least one active ‘eligible funding account’ in either your sole name or jointly on an “Either/Or” basis
  • be 18 years old and above
  • fulfill HSBC’s internal policies and procedures requirements (subject to the Bank’s discretion)

How is a Global Money Account different from a traditional bank account?

Key features that differentiate a Global Money Account from your traditional bank account:

  • it is only available on the HSBC UAE app
  • it lets you make fee-free instant transfers in multiple currencies to other HSBC customers around the world – as long as they are in an eligible country or territory and registered for online banking
  • cheques and cash cannot be directly deposited into this account. You can only transfer in/out of the account using an eligible account (see relevant question)

What accounts can I send to?

From your Global Money Account, you can send money to any HSBC personal bank account, including your own. You can make both domestic and international transfers, in supported countries and territories, and in selected currencies.

This includes transfers to: China, Hong Kong, Singapore, Philippines, Sri Lanka, Taiwan, Vietnam, India, Indonesia, United Kingdom, Bermuda, Greece, Bahrain, Egypt, Oman, Qatar, Malta, CIIOM, UAE, USA.

Are all transfers instant?

Transfers from a Global Money Account are typically carried out in under 6 seconds.

Exceptionally, in circumstances outside of our control, you may not be able to make your transfer through your Global Money Account. If this happens, please call us on 800 4525 (within UAE) or +971 4 227 4310 (outside UAE), or consider using another way to make your transfer.

Where is my money stored?

Money you move into your Global Money Account is held by HSBC UAE.

Do I earn interest on the money in my Global Money Account?

No. To earn interest, you can transfer the money to an HSBC Savings account. Learn more about our savings options on our dedicated page.

Where can I find the Terms and Conditions for my Global Money Account?

You can find the Terms & Conditions by going to Profile and then Important information within the HSBC UAE app.

What currencies are available in my Global Money Account?

The following currencies are available to hold in your Global Money Account. More currencies may be added over time or removed without prior notification, so please be sure to check currency availability periodically.

United Arab Emirates dirham (AED), United States dollar (USD), Euro (EUR), British pound sterling (GBP), Japanese yen (JPY), Bahraini dinar (BHD), Kuwaiti dinar (KWD), Omani rial (OMR), Qatari riyal (QAR), Saudi riyal (SAR), Canadian dollar (CAD), Australian dollar (AUD), New Zealand dollar (NZD), Hong Kong dollar (HKD), Singapore dollar (SGD), Chinese yuan renminbi (CNY), Danish krone (DKK), Norwegian krone (NOK), South African rand (ZAR), Swedish krona (SEK) and Swiss franc (CHF).

Will I receive a statement for my transactions?

Yes, your Global Money Account will be automatically updated any time there is a transaction. We will provide you with a monthly statement in your app that shows the transfers performed over a set time period.

If you think your statement or transaction history is wrong (whether by error or suspected fraud) please notify us immediately.

If you do not notify us within 30 days of the date of the statement on which the error or problem occurred, you may be liable for the affected transactions or any subsequent transfers.

How do I register for an HSBC Global Money Account?

  1. Log on to the HSBC UAE app using 6 digit PIN or biometrics.
  2. Select HSBC Global Money.
  3. Follow the onscreen instructions.

Fees and charges

How much does it cost to hold a Global Money Account?

There is no cost for holding the account and transactions are fee free.

What exchange rates apply to my foreign currency transactions?

The HSBC Exchange Rate applies to any foreign currency transactions you make using Global Money. This rate is presented to you before you complete a foreign currency transaction. It refreshes every 90 seconds to align with market exchange rates.

How are the HSBC Exchange Rates calculated?

The HSBC Exchange Rate includes the HSBC cost rate and a foreign currency conversion margin. This rate is quoted to you before you complete any foreign currency transaction using Global Money.

Are there any extra service fees or commissions for exchanging money?

No. The HSBC Exchange Rate shown at the time of your transfer is based on the most up-to-date market rate and includes any currency conversion charges.

How competitive are your exchange rates?

Our live rates are aligned to market exchange rates. They're refreshed every 90 seconds to offer you competitive rates in real time (during market opening hours, from Monday to Friday).

However, we cannot guarantee that the exchange rates you see in the app will be better than those offered by other financial institutions at the time of transfer.

My exchange rate changed and I got a timeout message?

Rates refresh every 90 seconds to ensure they are competitive and aligned to market exchange rates. You will be asked to confirm the new rate before you can proceed with the transfer.

Why does my weekend transaction include an additional premium?

From Monday to Friday, our live rates are refreshed every 90 seconds to align with market exchange rates.

On Saturdays and Sundays, or when the currency markets are closed, we apply an additional premium to account for exchange rate fluctuations.

Managing my Global Money Account

I need to check my Global Money Account, but I don’t have my mobile phone with me. How can I check it?

If you do not currently have access to the HSBC UAE app, you can contact us on 800 4525 (within UAE) or +971 4 227 4310 (outside UAE).

How do I check my currency balances?

You can view your currency balances in the Global Money Account section of the HSBC UAE App.

How do I add money to my Global Money Account?

  1. Log on to the HSBC UAE app using your device PIN or biometrics.
  2. Go to your Move Money tab.
  3. From there, select Global Money Account - Add money.
  4. Select the account the money will be transferred from.
  5. Enter the amount of money to be added to the Global Money Account.
  6. Select the currency for the money to be added in.
    Note: Same-currency transfers aren't subject to foreign exchange rates.
  7. Review the transaction details, including the HSBC Exchange Rate if applicable, and select Confirm.
    Note: Once you select Confirm, the transaction cannot be cancelled.

How do I convert currency?

  1. Log on to the HSBC UAE App using your 6 digit PIN or biometrics.
  2. Go to your Move Money tab.
  3. From there, select Global Money Account - Convert or transfer between accounts.
  4. Select the currency the money will be converted from.
  5. Select the currency to convert to.
  6. Input the amount of currency to add.
  7. Review the transaction details, including the HSBC Exchange Rate if applicable, and select Confirm.
    Note: Once you select Confirm, the transaction cannot be cancelled.

What devices can I use to make transfers with my Global Money Account?

To make transfers from your Global Money Account you need to use a mobile device powered by iOS or the Android operating system. You also need to ensure you have the latest version of the HSBC UAE app installed on that device.

I can't make a transfer using my Global Money Account. How else can I transfer money?

You can transfer money using online banking, by visiting a branch or by calling us on 800 4525 (within UAE) or +971 4 227 4310 (outside UAE).

What happens to my money if I close my Global Money Account?

If there is still money in your account upon closure, we’ll look to transfer each currency into matching domestic currency accounts, e.g. if you hold USD, we’ll offer to transfer the funds into your domestic USD account.

If you don't have a matching domestic currency account, we may charge you a foreign exchange conversion margin to convert the money into one of your other currency accounts.

For more details, please refer to the Global Money Account Terms and Conditions.

How do I add payees?

Payees are registered accounts to which you can make transfers without the need to input their details each time. To add payees, please follow the steps:

  1. Log on to the HSBC UAE App using your 6 digit PIN or biometrics.
  2. On the Account tab, select the currency you want to use under the ‘Global’ entity then select ‘Convert and Send Money’

    or

    on the Move Money tab, select Global Money - ‘Convert and Send Money’.
  3. Select the Global Money Account from which you would like to transfer.
  4. On the Transfer money to screen, select Add a new payee.
  5. Follow the onscreen instruction to input payee’s details such as payee’s country and sort code, etc.
  6. On Verify your payee’s information screen, confirm the payee’s name and click Continue.
  7. Complete the authentication process and the payee is saved.

Security

How safe is a Global Money Account?

Global Money Account is part of the HSBC UAE App, so your account is protected by all of the same security measures as in the rest of the app.

What if I lose my phone?

If you've lost your phone, or feel your phone has been compromised, please contact us immediately on 800 4525 (within UAE) or +971 4 227 4310 (outside UAE).

Having trouble?

I think I've been hacked. What should I do?

If you suspect that your account has been compromised, or someone knows your password, reset your password and security measures immediately. 

To do this, please call us on 800 4525 (within UAE) or +971 4 227 4310 (outside UAE).

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