HSBC UAE Becomes First Global Market to Launch Upgraded Multi-Currency Global Money Account
The UAE was selected to lead the global rollout because of its position as one of the world’s most international markets, where a large proportion of residents regularly transact in multiple currencies.
HSBC UAE has become the first market in the bank’s global network to launch an upgraded Global Money Account, a fully integrated multi-currency account and debit card designed to support customers who live, work, travel and manage finances across borders.
The UAE was selected to lead the global rollout because of its position as one of the world’s most international markets, where a large proportion of residents regularly transact in multiple currencies. HSBC expects to extend the proposition to other markets over the next one to two years.
The Global Money Account combines a multi-currency account with a linked debit card in a single setup. Customers can receive 20 currencies fee-free into their Global Money Account from abroad using a single IBAN.
Customers who are onboarded to the new account will have multi-currency and “international as local” capabilities by default. The account and debit card allow customers to hold, spend, transfer and receive money in more than 20 currencies without HSBC fees, subject to applicable terms and conditions, without having to manage separate accounts or activation processes.
“This represents a significant step forward for our customers in the UAE. The UAE is one of our most important wealth markets, and being the first HSBC market to launch this proposition reflects our confidence in the country’s long-term growth. Building on 80 years of experience in the UAE, and our continued investment in new, state-of-the-art wealth centres, we are committed to providing internationally minded customers with the tailored services and support they value, today and for the future.”
– Mohamed Al Marzooqi, UAE Chief Executive, HSBC
“The UAE is one of the world’s most internationally connected wealth centres, a place where people live, work and invest across borders. We are harnessing the strength of our global connectivity to make international banking feel effortless. This integrated banking solution simplifies how customers can pay in different currencies, receive funds globally and manage their money seamlessly across borders. Ultimately, we are here to help customers build, grow and protect their wealth wherever life takes them.”
– Lavanya Chari, Head of Wealth and Premier Solutions, HSBC
The Global Money Account is linked to a Visa debit card, allowing customers to access and spend their funds securely across Visa’s global network.
“The UAE is one of the world’s most connected consumer and financial markets, with people increasingly living, working and transacting across borders. Through our collaboration with HSBC, we are helping deliver secure, convenient and seamless payment experiences that support the evolving needs of internationally minded consumers. Together, we are enabling customers to manage and move money with greater confidence wherever life takes them.”
– Fadi Moukaddem, Senior Vice-President and Group Country Manager for the UAE, Kuwait and Qatar, Visa
The Premier Global Money Account has been designed around HSBC’s view of customers in the UAE and builds on the bank’s four Premier pillars of wealth, health, travel and internationalism.
The integrated account and card can be used for a range of international financial needs, including making local-currency payments when travelling, reducing foreign exchange friction, paying overseas mortgages or rent, maintaining online shopping accounts in different countries and supporting travelling students or family members with local expenses.
Customers can also receive money from overseas through SWIFT in 20 currencies without automatic foreign exchange conversion or fees, accommodate recurring foreign-currency subscriptions and spend in supported currencies without FX fees, subject to applicable terms and conditions.
