- 100% FREE, no minimum monthly deposits or transactions
- No overseas transaction fees
- No local or overseas ATM fees*
- Lock in exchange rates for up to 10 currencies
- Apple Pay and Google Pay compatible
You’re probably wondering why you should pay attention to this new card. Maybe you already have a travel card such as Qantas Cash, Virgin Global Wallet or maybe you just use your regular credit card.
The problem with most travel-oriented debit cards is that they are a scam. Sure, they advertise no fees and the ability to lock in rates, but in most cases, you will get stung with an exchange rate which isn’t remotely close to the spot rate (I’m looking at you Qantas Cash – with the Qantas Cash card you stand to lose around 5% in fees alone!).
Most points-earning credit cards will charge you a 3% fee on transactions which can easily kill any benefits the points could provide you.
That’s why it’s important to find a debit card which charges you no fees and provides you with a favourable exchange rate. HSBC Everyday Global Account is just that!
No points, just savings!
HSBC Everyday Global account is a foreign currency bank account linked to a debit card which allows you to load up to 10 different currencies instantly.
Overseas, it’s a powerful account that lets you pay like a local. Buy, save, and spend from the one account. Make fee-free ATM cash withdrawals in the local currency (keep in mind some ATM’s will charge you a separate fee, to avoid this use official bank ATMs). Shop in-store or online with no overseas transaction fees and enjoy convenient worldwide access everywhere Visa is accepted.
HSBC Everyday Global Debit Card Features
- Global debit card functionality for easy and secure access to cash via global ATM networks, as well as online and in-store purchases when travelling and at home for general everyday transactions.
- All the features offered by a multi-currency prepaid travel card with no fees for transactions or inactivity, ATM withdrawals or transfers between accounts and no account expiry.
- 10 currencies in one account – AUD, USD, EUR, SGD, NZD, JPY, GBP, CAN, HKD and CNY (CNY, currency restrictions apply).
- Instant online transfer – between HSBC currency accounts for immediate access wherever you are globally. This means you can check your currency account balances and transfer between accounts to immediately withdraw the funds at the local ATM. (Note that online transfer is only available between 8am Monday and 11.59pm Friday AEST (excluding public, currency and US holidays). Mobile access to check balances etc is available 24×7)
- Deposited funds are automatically deposited into the correct currency account (or default AUD if currency not held)
- Cash withdrawals and transactions automatically withdrawn from correct currency account (default is AUD if currency not held or insufficient funds in that account). This includes ATMs, in-store purchases using EFTPOS and online or over the phone transfers and BPAY transactions.
- Transactions under $100 – Paywave and Apple Pay (Tap and Pay with mobile – Apple Pay, Google Pay) where accepted by the merchant.
- No ATM Fees – charged in Australia or overseas by HSBC or Visa. Some ATM operators may charge a separate fee.
- No Account Fees.
- No Transaction fees (no conversion fee).
- No Transfer fees – for transfers between accounts within Australia and between HSBC accounts overseas (but may incur telegraphic transfer fee for international online payments to other institutions or payees).
- Access to dynamic real-time exchange rates between 8am Monday through to 11.59pm Friday (AEST, excluding public, US and currency holidays).
- Secure online transfer and exchange – consistent with security offered using a credit card such as PIN, microchip technology, fraud protection and Visa zero liability (if applicable).
Our Currency Exchange Test:
When not using a points-earning credit card, you want to make sure you get the utmost value out of your card and money, especially overseas.
To test this we checked the Mastercard Spot rates and the HSBC Foreign currency rates simultaneously in a simulated example, buying 1 AUD worth of USD
HSBC Foreign Currency:
At the time of testing (March 14, 2018), HSBC returned with 1 AUD = 0.8049 USD.
Check the HSBC rates here: https://www.hsbc.com.au/1/2/personal/foreign-exchange/exchange-rates
Mastercard Currency Spot Rate:
At the time of testing, Mastercard returned with 1 AUD = 0.79 USD.
You can check the spot rate here: https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html
Visa Currency Exchange Rate:
At the time of testing, Visa returned with 1 AUD = 0.788121 USD.
We have a clear winner!
To me, it looks like HSBC just upped the competition in the existing travel card space! Sure it doesn’t earn points, but this is a no-fee, no conditions bank account with debit card, no credit score hit and comes with the best exchange rates!
HSBC Everyday Global Account Extra Features
As an account holder you also gain access to the Home & Away prpgram by HSBC which gives you additional discounts across a range of partners. You can check out the details here.
Is this card right for me?
This card will be a great companion for most users; that is unless you plan to travel to a country which doesn’t support the following currencies: AUD, USD, EUR, SGD, NZD, JPY, GBP, CAN, HKD and CNY. It’s also interesting to note that this card is still great for other currencies as you can use your card to automatically convert from your AUD into the local currency at the current Visa exchange rate. No fees are added by HSBC for this conversion.
Best of all, since it’s a debit card, there are no income requirements or credit worthiness checks. As long as you’re residing in Australia, you are eligible for this card.
HSBC Everyday Global Account Conclusion
Will I be getting an HSBC Global Everyday card? 100% yes! Even though I will use my Bankwest World Mastercard in most cases since it earns points, I will make great use of this card for simple ATM withdrawals. If you’re one of those people that visit Travelex counters in the airport… you need to stop what you’re doing because most likely you’re getting a bad deal. With the HSBC card, you can simply visit the nearest ATM when you arrive at your destination and cash out in the local currency at the best rate possible with no fees.
You can get your HSBC Everyday Global Visa Debit Card by visiting HSBC here.