Daily Mail

HSBC’s fee-free traveller debit card ready for take off

- By Laura Purkess l.purkess@dailymail.co.uk

HSBC is battling smaller rivals by launching a fee-free overseas debit card.

Upstarts such as Starling have hoovered up current account customers, helped by offering fee-free spending abroad.

The HSBC Global Money Account, plugged in a new television advert by actor Richard Ayoade, is a ‘no brainer’ for existing customers, says one industry expert. Andrew Hagger, of comparison service MoneyComms, says it’s rare for a debit card to have zero fees for transactio­ns abroad.

HSBC’s basic Advance current account comes with a 2.75 pc fee. Withdrawin­g cash with the debit card linked to its Advance account results in this fee plus another 2 pc, with a minimum charge of £1.75 up to a maximum of £5.

If you made ten transactio­ns abroad worth £50 with HSBC’s regular card, you could end up paying an additional £13.80 in fees, according to Mr Hagger.

To obtain the Global Money Account debit card, you must have a HSBC current account and the HSBC app, plus a valid email address. Customers then apply for the card in their app.

The card can hold balances in a range of currencies including euros, U.S. dollars and Australian dollars and transactio­ns are paid in the local currency. Money can only be paid in via the HSBC app.

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