HSBC is taking on the digital Fintech giants like TransferWise and Revolut with the launch of Global Money Account.
Read also: Revolut seeks CCO for its new business division
HSBC’s Global Money Account is a free mobile-based service that customers can use to hold, manage and send funds in various currencies to HSBC customers in over 20 markets around the clock in real-time without incurring any fees.
Global Money Account is launching in the U.S. first, and will be rolled out to other markets in 2021, according to a report in Finextra. Customers will be able to get instant access in a few clicks via their existing banking app.
“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,” Carolyn Criscitiello, head of digital payments wealth and personal banking, HSBC USA, said in the report.
“This will allow them to pay bills in multiple markets, make cross-border transfers, and spend like a local wherever they are,” she added.
Global Money Account will be rolled out to other than the US market during 2021.