HSBC UAE became the first market in the bank’s global network to launch an upgraded Global Money Account. The account combines multi-currency banking with a linked debit card for customers who regularly manage money across borders.
The UAE will lead the global rollout of the upgraded proposition. HSBC expects to introduce the account in other markets over the next one to two years.
The Global Money Account allows customers to hold, spend, transfer and receive money in more than 20 currencies. Customers can receive funds in 20 currencies from overseas without HSBC fees.
The account comes with a single IBAN and a linked Visa debit card. Customers can use the card across Visa’s global network to access and spend their available funds.
HSBC said customers receive the multi-currency features as part of the account setup. They do not need to manage separate accounts or complete additional activation steps for different currencies.
Mohamed Al Marzooqi, HSBC UAE chief executive, said, “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.”
Fadi Moukaddem, Visa’s senior vice-president and group country manager for the UAE, Kuwait and Qatar, said, “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."
The launch also strengthens HSBC’s focus on customers who live, work, travel and support family members across different countries. The bank plans to extend the proposition to additional markets as part of its wider global rollout.
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