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

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.