LONDON—HSBC is taking on the likes of Transferwise and Revolut with the launch of Global Money Account.
Global Money Account is a free mobile-based service customers can use to hold, manage and send funds in various currencies to HSBC customers in over 20 markets in real-time without incurring any fees, Finextra reported.
Global Money Account is launching in the U.S. first, and will be rolled out to other markets in 2021.
“The ambition for Global Money is to provide our customers with one global account for all of their financial needs so that if they move from one market to another they don’t need to open a new account, they just take their existing account with them. This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are,” said Carolyn Criscitiello, head of digital payments wealth and personal banking, HSBC USA.