HSBC has announced plans to launch Global Money Account, a free mobile-based, real-time service to rival Transferwise.
Customers that use this service can hold, manage, and send funds in various currencies to HSBC customers in over 20 markets without incurring any fees. Global Money Account is launching in the US first and will be rolled out to other markets in 2021, ATM Marketplace cited a report from Finextra.
Customers can get instant access via their existing banking app. The launch of the service marks a growing trend by banks to gain back business lost to fintechs like Transferwise and Revolut, which offer similar accounts to consumers, the online publication adds.
According to bank’s representatives, Global Money aims to provide 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.
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