HSBC, the British multinational investment bank, has allowed UAE customers to hold, manage, and send money globally in multiple currencies and real-time via mobile banking, with the launch of the bank’s new Global Money Account.
Mr. Dan Robinson, Head of Wealth and Personal Banking at HSBC UAE remarked that “as the world’s leading international bank, it is our ambition to put banking in our customers’ pockets, and create a top-tier borderless banking experience that lets them manage their finances whenever and wherever they want and the Global Money Account does exactly that. It’s never been easier to make transfers to multiple countries in multiple currencies within seconds.”
According to HSBC data, international money transactions increased dramatically during the COVID-19 pandemic. Analysis of nearly 1.7 million payment transactions by HSBC customers in the UAE in 2020 shows that no matter where in the world the account holder is from, savings and family support are, by a long way, the major categories of fund transfers.
When compared to the previous year, international payments for savings and family support from UAE-based HSBC clients increased by 62 percent just over $1.9 billion in 2020. Transfers for investment and insurance and property were the next most frequent.
Mr. Robinson “it’s a huge priority for UAE-based customers to be able to finance the needs of children studying abroad, save for their future and support family back home, and do this quicker and faster than ever before.”
“The Global Money Account allows customers to send funds around the clock in real-time to any HSBC bank account in 20 countries and territories worldwide in 21 currencies at preferential exchange rates. We’re providing seamless and convenient customer experience for these massively important, day-to-day account management tasks,” he added.
In comparison to 2019, HSBC has witnessed a 50 percent increase in the use of online banking for international transfers in 2020. The Global Money Account is a direct reaction to customer demand for digital banking services that enable people to manage their finances from the convenience of their homes or while on the go.
Global Money transfers have no fees, making them a more convenient and cost-effective payment option for customers. In the coming months, HSBC plans to expand the Global Money Account with new features and currencies.
“What’s personal for customers is hugely important for us. Everything we do is built around customers’ needs and we’re determined to stay ahead of the curve,” Mr. Robinson concluded.