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 anywhere in the world.
Some countries or territories may require payees to be HSBC customers.
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?
If you have one of the accounts mentioned below, you may be eligible to open a Global Money Account:
- an eligible and active account in your sole name (see list of eligible accounts below) or;
- an eligible and active joint account where both account holders can manage the account separately (either/or)
The following accounts are eligible for moving funds into a Global Money Account:
- Current accounts
- Statement Savings Account
- E-Saver Account
- HSBC Flexi Account
For full eligibility details, please refer to our website.
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 instant transfers in multiple currencies to other HSBC customers around the world without any fees – 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?
Are all transfers instant?
Transfers to HSBC accounts are virtually instant. Global Money Transfers to other banks may take a little longer.
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 +9714 2274310 (within UAE and 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 logging on the going to the HSBC UAE app. Select 'Profile', then 'Important information'. Or by visiting our terms page at www.hsbc.ae/terms.
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.
Can I have more than one HSBC Global Money account?
No, you can only have one HSBC Global Money account. If you have an existing Global Money account in one country or territory, you’re not eligible to open a new account in that country or territory or another country/territory.
How do I access my Global Money account?
You can access your HSBC UAE Global Money account from your HSBC UAE app.
How do I register for an HSBC Global Money Account?
- Log on to the HSBC UAE app using 6 digit PIN or biometrics.
- Select HSBC Global Money.
- 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 with no fees.
Correspondent and receiving banks may charge additional fees when they process the transaction.
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?
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.
For International payments to non-HSBC accounts, correspondent and receiving banks may charge additional fees when they process the transaction.
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 +9714 2274310 (within UAE and 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?
- Log on to the HSBC UAE app.
- Go to the 'Pay and Transfer' tab.
- Select Global Money Account - Add money.
- Select the account you're transferring money from.
- Enter the amount of money to be added to your Global Money Account.
- Select the currency for the money to be added in. Same-currency transfers aren't subject to foreign exchange rates.
- Review the transaction details, including the HSBC Exchange Rate if applicable, and select 'Confirm'. Once you do this, you won't be able to cancel the transaction.
How do I convert currency?
- Log on to the HSBC UAE app.
- Go to the 'Pay and Transfer' tab.
- Select Global Money Account - Convert or transfer between accounts.
- Select the currency the money will be converted from.
- Select the currency you want to convert to.
- Enter the amount of currency to add.
- Review the transaction details, including the HSBC Exchange Rate if applicable, and select 'Confirm'. Once you do this, the transaction cannot be cancelled.
How do I send money to non HSBC customers?
- Log on to the HSBC UAE app using your device PIN or biometrics.
- Go to your 'Pay and transfer' tab.
- From there, select Send money internationally and select the receiving country or territory.
- Choose the transfer method.
- Select the sending currency account if different from the default shown.
- Select the currency to convert to if different from the default shown.
- Input the amount of currency to send.
- Select or add payee.
- Review the transaction details, including the HSBC Exchange Rate if applicable, and select Confirm.
Note: Once you select Confirm, the transaction cannot be cancelled.
Can I have the future dated and recurring Global Money Transfers?
We don't currently support future dated and recurring Global Money Transfers.
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 +9714 2274310 (within UAE and 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?
- On the ‘Pay and Transfer' tab, select ‘Send money internationally’.
- Select the country and currency in which you would like to transfer.
- Select the Global Money Account ‘From’ which you would like to transfer.
- On the Send money to screen, select Add a new payee.
- Follow the onscreen instruction to input payee’s details such as payee’s bank and account details.
- On Verify your payee’s information screen, confirm the payee’s name and click Continue.
- Complete the authentication process and the payee is saved.
Global Money Debit Card
What is a Global Money Debit Card?
The Global Money debit card is linked to your Global Money Account, which allows you to spend overseas; at point of sale, online, withdraw cash, or make online purchases from international websites without incurring additional foreign currency conversion fees. Spend in over 20 currencies via the Global Money Debit card. All you have to do is fund your wallet with the relevant currency and spend abroad like a local. For Example, if you are traveling to USA, ensure that your USD wallet within the global money account is funded and pay or withdraw USD without additional fees. The amount utilized will be debited directly from your USD wallet.
Where can I use my HSBC Global Money Debit card?
You can use your debit card anywhere in the world that accepts Visa debit cards, at ATMs, Point of Sale terminals in shops and restaurants and online.
Where can I withdraw cash with my HSBC Global Money Debit card?
You can withdraw money from any ATM that supports Visa around the world. It doesn't have to be an HSBC ATM.
Can I make contactless payments with my Global Money Debit card?
Yes. You can use your debit card to make contactless payments, wherever you see the contactless symbol. However, you can’t use contactless to get cash back or to take cash out of an ATM.
From time to time, you will be asked to enter your PIN to verify you are the genuine card holder.
When you first get your card, you'll need to make a Chip and PIN transaction to activate it.
Will I get charged for withdrawing cash with my HSBC Global Money Debit card ?
HSBC UAE won't charge you a transaction fee, but some overseas ATM operators including other HSBC entities might levy surcharges. These may be displayed on the screen when you make the withdrawal.
If you withdraw cash in a currency you don't have in your GMA, and it's one of our supported currencies, we will apply the HSBC Exchange Rate on the transaction amount to debit your primary wallet currency of AED into the transaction currency. If the transaction currency is not one of our supported currencies, Visa foreign exchange conversion rates will be applied and are shown on the Visa web site. These fees can be found here.
Will I get charged for card payments?
Whether you're paying for goods in shops or online with your debit card, we won't charge you any transaction fees.
If you make a payment in a currency you don't hold in your account, you'll only pay the HSBC Exchange Rate.
Or, if the currency is not one of the HSBC supported currencies, the Visa daily exchange rate will apply.
What if I spend in a currency I don't have in my Global Money Account wallet?
If you don't have the currency you need in your wallet, you can still spend money. We'll automatically convert from AED to your transaction currency – as long as there's enough money in your AED wallet.
We won't charge you any foreign currency processing fee. The Transaction will be converted using the HSBC exchange rate.
As an example, if you're travelling in Europe and want to pay for a meal with your card in EUR, the following scenarios could arise:
- You already have EUR in your wallet, and the balance is sufficient to cover the bill, so we'll debit the amount in EUR.
- You don't have EUR in your wallet, but have enough AED, so we'll convert the billed amount from AED to EUR.
- You have some EUR in your wallet, but not enough to cover the bill. So we'll take your available balance in EUR and convert the rest from your balance in AED.
- You have insufficient funds in EUR or AED then the transaction will be rejected.
You can't set your default currency or preferred balance to convert from. This is set to AED by default.
What exchange rates apply to my card transactions?
If the amount you need is available in your account in the transaction currency, no exchange rate will apply.
If you don't have the transaction currency, or there isn't enough of it in your account, your card will auto-convert from AED at the HSBC Exchange Rate (if it's one of our supported currencies; if it's not, the Visa daily exchange rate will apply).
What if a card machine or ATM offers currency conversion?
If a merchant or ATM offers you to choose the transaction currency between your ‘home currency’ which is AED or the ‘local currency’ (in the location from where transaction is being made), we recommend that you always choose the local currency. This will help you avoid getting poor exchange rates.
When you make a transaction in a currency you don't hold in your account, we'll automatically look to convert your available balance in AED to the transaction currency, at the HSBC Exchange Rate. If we don't support the transaction currency, we will apply the Visa daily exchange rate.
How do I add my card to Google Pay?
From your HSBC UAE Mobile app:
- Tap on your Global Money Account.
- Select View more and then Manage account.
- Tap on the Add to Google Pay button under Mobile payments, and follow the on screen instructions.
You can also add your card in the Google Pay app by following the instructions on screen.
Can I add my card to Samsung Pay?
You can also add your card to Samsung Pay wallet by following the instructions on screen
Can I turn off the contactless functionality on my card?
No. However you can choose to use your card for Chip and PIN transactions only.
Can i have a supplementary Global Money Debit Card?
This service is currently available only for individual customers.
How do I activate my card?
When your new debit card arrives, you'll need to activate it by making a Chip and PIN transaction. This does not include ATM transactions, but can be done anywhere in the world.
Where is my card?
If you're expecting a new card, please check that you've fully completed your card order. Your debit card will not be sent until you've set your PIN.
If you're overseas, keep in mind that it will take a little longer for you card to arrive. While it should take no more than 7 working days to reach you if you're in the UAE, it will take a minimum of 10 working days if you're abroad.
If the card still doesn't arrive within the estimated timeframe, you can give us a call on +97142274310.
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 +9714 2274310 (within UAE and outside UAE).
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 +971 42274310 (within and outside UAE).