HSBC UAE launches Global Money Account on mobile banking

HSBC UAE customers can now hold, manage and send money globally in multiple currencies and in real-time through mobile banking with the launch of the bank’s new Global Money Account.

“As the world’s leading international bank, it is our ambition to put banking in our customers’ pockets, and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want – and the Global Money Account does exactly that. It’s never been easier to make transfers to multiple countries in multiple currencies within seconds,” said Dan Robinson, Head of Wealth & Personal Banking at HSBC UAE.

HSBC data shows that international money transfers have risen sharply during the COVID-19 pandemic. Analysis of almost 1.7 million payment transactions by HSBC customers in the UAE in 2020 shows that no matter where in the world the account holder is from, savings and family support are, by a long way, the largest categories of fund transfers.

International payments for savings and family support from UAE-based HSBC customers rose by 62% to just over USD 1.9 billion in 2020 compared to the prior year. Transfers for investment & insurance and property were the next most frequent.

“It’s a huge priority for UAE-based customers to be able to finance the needs of children studying abroad, save for their own future and support family back home, and do this quicker and faster than ever before,” Dan said.

“The Global Money Account allows customers to send funds around the clock in real time to any HSBC bank account in 20 countries and territories worldwide in 21 currencies at preferential exchange rates. We’re providing seamless and convenient customer experience for these massively important, day-to-day account management tasks,” he added.

HSBC has also seen a surge of 50% in the use of online banking for international transfers in 2020, compared to 2019. The launch of the Global Money Account is a clear response to the demand from customers for digital banking services that support them to manage their finances from the comfort of their homes, or when they’re on the go.

There are no fees associated with Global Money transfers, giving customers a faster and more cost-effective payment option. HSBC plans to add more features and currencies to the Global Money Account in the coming months.

“What’s personal for customers is hugely important for us,” Dan said. “Everything we do is built around customers’ needs and we’re determined to stay ahead of the curve.”