HSBC rolls out a no-fee, multi-currency account after surge in international money transfers

Foreign transfers for savings and family support from UAE-based customers rose 62 per cent to just over $1.9bn in 2020, the lender says

HSBC plans to add more features and currencies to the Global Money Account in the coming months. Photo: Reuters

HSBC rolled out a no-fee, multi-currency bank account in the UAE after experiencing a surge in international money transfers during the Covid-19 pandemic, the lender said on Wednesday.

International transfers for savings and family support from UAE-based HSBC customers rose 62 per cent to just over $1.9 billion in 2020 compared with the previous year, it added. Transfers for investment, insurance and property were the next most frequent categories.

“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 Robinson, head of wealth and personal banking at HSBC UAE, said.

Outward personal remittances from the UAE dropped by 5 per cent or Dh8.3bn ($2.26bn) year-on-year in 2020, according to the Central Bank of the UAE's annual report. Transfers through exchange houses fell by Dh18.1bn or 13.8 per cent, while outward remittances through banks increased by Dh9.8bn or 28.8 per cent, the report said.

The Global Money Account allows customers to send funds in real time to any HSBC bank account in 20 countries and territories in 21 currencies at preferential exchange rates, the lender said. HSBC will not charge any fees for Global Money transfers.

“We’re providing seamless and convenient customer experience for these massively important, day-to-day account management tasks,” Mr Robinson said.

“It’s never been easier to make transfers to multiple countries in multiple currencies within seconds.”

The bank plans to add more features and currencies to the Global Money Account in the coming months, according to the statement.