I wasn't aware of this new app and decided to check into it as I am a client of HSBC. I am no fan of banks with the hope one day I won't need to use them and be fully independent using my digital crypto assets.
The Global Money Account from what I gather is an account that lets you load up to 16 various currencies for ease of use when travelling. I remember when I went to the States I had to obtain a travel card and load on US Dollars and when I returned transfer whatever was left back into local currency.
I see HSBC had a marketing campaign recently in the UK where they offered £125 and £80 for anyone opening an Advance Account and a Global Money Account. A total of £205 give away you would think must have a catch as the bank must make money some how. The Forex Trade fees is where they make the free money back even though the actual card services are free for ATM usage etc. You converting your local currency into another currency using their rates is a service you pay for in the percentage differences they scalp with a slightly different rate.
If you use your banking debit card overseas the HSBC fee is 2.99% for conversions into another currency. This Global Money Account charges between 6-8% for the Forex that you buy using their FX Exchange so in theory you are handing the bank another 3-5% in extra profit.
The bank is never your friend and will only give you free money because they expect to rip you off in another way.
The UK is one country that the population tends to travel abroad more than most and if they can tap into this lucrative market it would justify the free money offer. Not only that, but one must consider other angles on why they want to tie up the FOREX for holiday makers now and why was this never offered before?
The banks are seriously concerned of where and how their income is going to be generated in the next 5 years with crypto adoption and main stream around the corner. Crypto is a currency that bypasses the need for having foreign currency as Bitcoin in the UK is the same Bitcoin in France or any other place in the World. Crypto removes the need for ever having to worry about Forex and the banks understand the threat it poses to their profits.
Placing an easy to use Global Money Account into as many hands now and getting people to use this before Crypto changes everything may delay the inevitable for a little time longer. We being in crypto know that once adoption happens there are enough apps out there along with crypto debit cards that the idea of having to load a foreign currency on a card for holiday travel abroad is never going to happen. Not everyone knows what we know and the banks would not like the masses to know this ether.
I really do think the banks are in for a rude awakening when crypto is widely adopted and justifiably so. How they have treated their crypto investor customers is inexcusable and they know this Global Forex Account is only another delay tactic because at some point applying for Forex will not be necessary. I for one look forward to that day and can't wait for it to happen.
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