HSBC is launching a new account that is taking a page out of Transferwise and Revolut’s playbooks by enabling customers to make international transactions without paying any fees.
The new Global Money Account is s free mobile-based service that HSBC customers can use to send and manage transactions across more than 20 different markets.
“The ambition for Global Money 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. This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are,” said Carolyn Criscitiello, head of digital payments wealth and personal banking at HSBC USA.
Readers may notice that this service sounds very similar to that offered by FinTech companies like Transferwise and Revolut, highlighting how established brands are happy to be influenced by startups in the sector.
Although, not all those imitations have panned out. For instance, last year NatWest unveiled its neobank app Bó to compete with startups like Monzo and Starling Bank.
However, it collapsed just a few months later after failing to gain traction and making too many snafus – such as having to reissue thousands of new cards after the old ones didn’t comply with EU regulations and it being criticised for allegedly posting fake reviews about the app.
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