- The launch underscores HSBC’s continued investment in its UAE wealth business and its confidence in the market’s long-term growth potential.
Dubai – HSBC in the UAE today became the first market in HSBC’s global network to launch the upgrade to its Global Money Account, a fully integrated multi-currency account and debit card designed for the way international customers live, earn, travel and support family across borders.
The UAE — one of the world’s most international markets, where a majority of residents regularly deal in across multiple currencies — was chosen to lead the global rollout, with the proposition expected to reach other HSBC markets over the next 1-2 years.
Backed by one of the world’s most international banking networks, spanning multiple countries and territories, the Global Money Account brings together a multi-currency account and a linked debit card in a single set-up that is ready from the moment a customer is onboarded. With a single IBAN, customers can receive 20 currencies fee-free into their Global Money Account from abroad.
Global first – immediately international
Customers onboarded to the new account will see a multi-currency and ‘international as local’ capability by default. Customers’ Global Money Account and Debit Card allow them to hold, spend, transfer, and receive cash in over 20 currencies with no HSBC fees1,2 – without juggling separate accounts, activation steps or timing.
“This represents a significant step forward for our customers in the UAE,” said HSBC UAE Chief Executive, Mohamed Al Marzooqi. “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.”
“The UAE is one of the world’s most internationally connected wealth centres, a place where people live, work and invest across borders,” said Lavanya Chari, Head of Wealth and Premier Solutions, HSBC. “We are harnessing the strength of our global connectivity to make international banking feel effortless. This integrated banking solution simplifies how customers can pay in different currencies, receive funds globally and manage their money seamlessly across borders. Ultimately, we are here to help customers build, grow and protect their wealth wherever life takes them.”
The Global Money Account is linked to a Visa debit card, enabling customers to access and spend their funds securely and conveniently across Visa’s global network.
Fadi Moukaddem, Senior Vice-President and Group Country Manager for the UAE, Kuwait and Qatar, Visa, 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.”
Built for a globally connected population
The Premier Global Money Account is designed around the customers HSBC sees across the UAE and further builds upon the four Premier pillars of wealth, health, travel and internationalism.
Practical use cases for the integrated account and card:
- Pay local currency at point of sale as default when travelling, meaning a single card for local living and international life
- Reduce FX friction for frequent travellers
- Pay overseas mortgage/rent/maintenance
- Maintain online shopping accounts from different country stores.
- Support travelling dependent students or family members’ utilities with local payments for phone, energy or living expenses.
- Receive money from overseas via SWIFT in 20 currencies with no FX conversion or fees
- Accommodate recurring foreign currency subscriptions
- Free from FX fees when customers spend on supported currencies
Media enquiries to:
Tony Hannon
+971 50 414 7496
tony.hannon@hsbc.com
Ahmad Othman
+971 50 900 2139
ahmadothman@hsbc.com
