• long running

HSBC - New Everyday Global Account for Travellers / Multiple Currencies (No Overseas ATM Fees)

1626

First time i get to submit something, quite exhilarating. I think this goes under the deals / bargains part considering what i have seen before but i could be wrong, not sure if this should be in the forums instead? Its always available and free i believe.

A friend of mine works at HSBC and told me about this new account from HSBC which has a lot of benefits for people who in the past used to use 28 Degrees or other cards to withdraw foreign currencies when they went travelling as well as purchasing in foreign currencies. He knows i travel a lot and used to use 28 degrees for this till they changed the ability to withdraw cash out without penalties overseas.

Its called Everyday Global Account. Sounds pretty promising as it has some features that i havent seen before. I tend to hold onto a lot of my foreign currencies once i come back from a holiday. With this card, i believe i can deposit the foreign currency into my account and dont have to hold onto the notes etc and then withdraw it again without fees when i go back to that country…

The pros of the account:

  • no atm or transaction fees with no requirements for minimum deposits or account fee.
  • can hold multiple currencies all under 1 bank account
  • no overseas atm or overseas transaction charges so good for online shopping (overseas merchants) and traveling overseas (this can be as high as 3% for some banks). This mean you are paying like a local…
  • safer than carrying cash
  • comes with visa zero liability fraud protection
  • can plan ahead and transfer funds and save in foreign currency when exchange rates are favorable
  • it comes with hsbc’s home and away benefits scheme
  • can do everything an Australian dollar account can ie bpay, direct debits and credits, [email protected], online banking and recurring transactions.
  • real time fx rates
  • paywave, Apple Pay and android pay all available

Cons:

  • HSBC is not a big 4 bank in Australia (but atms locally are now free anyway)
  • only 10 currencies at the moment
  • no sign on bonus…

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Comments

  • +1 vote

    Looks great. Except the 10 currencies only.

  • +13 votes

    Cons

    1 ATM Operator Fees may be incurred at non-HSBC ATMs

    Not as good as ING which refunds any fees charged by overseas banks

    2 Where a currency is not held or there are insufficient funds, the funds will be deposited into or withdrawn from the AUD account and ATM withdrawals will be automatically converted at the prevailing HSBC exchange rate

    Ie not at the Visa/MC rate. If it's the Travelex rate then…..grrr

    • +2 votes

      ING uses the visa rate right?

    •  

      Very confusing,

      it also says "Other currencies are available for ATM cash withdrawals, with funds deducted from your AUD account and exchanged into the local currency at the current Visa exchange rate." on page https://www.hsbc.com.au/1/2/personal/savings/multicurrency/d....

      while the bottom comments says"2 Where a currency is not held or there are insufficient funds, the funds will be deposited into or withdrawn from the AUD account and ATM withdrawals will be automatically converted at the prevailing HSBC exchange rate."

      • +4 votes

        It’s not that confusing.

        • For currencies that are natively supported by the account (one of the 10) but for which you have insufficient balance, they will use their FX rate.
        • For currencies not natively supported, they’ll use the Visa FX rate.
        •  

          thanks, much clear now

    • +2 votes

      ING is interesting. Is it better than Citibank?

      • +8 votes

        Yes and no. Yes in that if the ATM itself slugs you a fee then ING will refund it. No in that it's a bit more fiddly requiring a $1000 minimum deposit and 5 transactions on the Visa debit each month to get the benefit, whereas Citibank doesn't have those requirements.
        If you plan on just using it now and then when you're travelling, the Citibank is better. If you're going to go 'all in' and do your day-to-day banking with them as well, then ING is probably the go. Though YMMV depending on your personal circumstances.

        •  

          oh bugger, yeah i use my citibank account only basically when i travel or very sporadically in australia. I never use it as a credit card though as in purchasing for items through the visa debit option. so probably not that great for me. sounds pretty good otherwise as i hate the overseas local bank atm fees.

    • +4 votes

      Can I deposit say US$ in an Australia HSBC branch?
      Can I deposit say GBP in the UK HSBC branch?

      Can I withdraw the US$ I deposited in US?
      Can I withdraw GBP in Australia or do I have to convert GBP > AUD?

      • +1 vote

        Good questions.

        I tried to understand the Citibank equivalent and was left with more questions than answers.

        I need something that can accept domestic payments in the US, i.e. with a US routing number.

        • +2 votes

          You can open a TransferWise borderless account.

    •  

      I applied for the account this morning and checked the rate, not bad!
      I think slightl better than Visa, although I forgot to remember the rate..

      I just need to wait for the debit card (>.<)

      Mobile app also has a Face ID (I don’t know why it was labelled as Touch ID)

    •  

      No NPP

    •  

      Yeah, I can tell you from experience that the rate is not good at all. Went on a recent trip and used my Bankwest no FX fee Mastercard credit card as well as the HSBC Everyday.

      The Bankwest without fail gave rates about 3% better than the HSBC Everyday Global card. I've rate-checked the Citibank Plus account in the past (I have that as well) and that gives rates in line with the Bankwest. So it's a significantly superior product compared to this one.

      So basically HSBC is pulling a fast one on you here - they've hidden about a ~3% spread in the exchange rate. You might as well use any regular credit card which includes a hefty exchange rate fee and you'll finish about the same or ahead.

      I'm consigning the Everyday card to the bottom of the drawer, never to be used again for international trips.

  •  

    Sorry if my question is rather ignorant, but how would I deposit foreign currency (cash) into this account?

    •  

      If i remember correctly it should be usd and hkd only for foreign cash in HSBC branches

      • +4 votes

        Validated via HSBC online chat, can deposit cash in AUD, USD or HKD into the account. No fee.
        Need to deposit at a branch (obviously).

        I think that is pretty good, handy way to use those USD notes at the end of a trip rather than hold onto them. Just a pity the range of currencies wasn't expanded a little (I currently have GBP, SGD, EUR notes as well as USD).

        •  

          Thanks for clarifying. Does it mean we cannot deposit cash in currencies other than AUD, USD or HKD?

        • +1 vote

          @Gelato: I'm sure that you could, and HSBC would 'buy' the other currency from you (probably to the default AUD currency) and then you can credit it to your account in any currency you want (HSBC selling to you any currency other than AUD).

  •  

    good points. The "prevailing HSBC exchange rate" or "HSBC standard board rates" would be totally different from the VISA exchange rate.

    2 Where a currency is not held or there are insufficient funds, the funds will be deposited into or withdrawn from the AUD account and ATM withdrawals will be automatically converted at the prevailing HSBC exchange rate.

    4 Real time foreign currency rates are only available with Online Banking and Mobile Banking between 8am Monday and 11.59pm Friday AEST (excluding public, currency and US Holidays). HSBC standard board rates apply to future-dated transactions on the future date of the transaction. The foreign exchange market is subject to risks associated with exchange rate movements. These accounts should not be used for speculative purposes.

    •  

      The prevailing HSBC exchange rate includes a ~3% exchange rate fee so it's not a good rate.

  • +12 votes

    No VND duma

    • +4 votes

      ey no swearing in here

      • +4 votes

        You can't withdraw your dong

        • +6 votes

          Where can I deposit my dong?

        •  

          @quaddie: at a fertility clinic in Saigon?

    • +1 vote

      in VN they prefer USD, VND "no play"

  •  

    Man…I want IDR

    •  

      Some currencies, such as the Chinese Renimbi and the Indian Rupee are controlled currencies. When you use your card where the local currency is a controlled currency, such as during a trip to China, the purchase or withdrawal amount will be converted directly from your Australian Dollars balance.

  • +7 votes

    How does this compare to Citibank?

    • +1 vote

      I am curious as well.

  •  

    I'm not sure of the benefit of holding foreign currencies?

    Do you get paid in foreign currencies? If not, won't there be a conversion step from AUD to the foreign currency at some point? ING converts at Visa rate and has no ATM fees so would be better for a frequent traveller, as long as you meet the criteria (deposit $1,000 monthly, make 5+ card purchases).

    • +1 vote

      I thought one of the advantages of this would be if you hold onto the currency till you go back to the country (I seem to do this a lot ) then instead of having to leave that cash lying around and carrying it back to the other country, you can deposit it into your account and then withdraw it when you land back in that country.

      •  

        Would only work for usd and hk currency however. Unless you convert the foreign currency to either one of those 2 or aud. Which defeats the purpose.

        •  

          oh really? I was told it would work for all the currencies they supported? So for instance i have a lot of family in England, so everytime i go there and come back, i have a lot of pounds still on me, i was told i can deposit the pounds into my account (as UK Sterling pounds) and then withdraw them again when i go back to England. So no conversions or transfer fees etc. Rather than holding them on my for months till i go back .

        • +1 vote

          @lonewolf:
          This was obtained from the footnotes of the hsbc website you posted.

          All in branch cash transactions are restricted to AUD, USD and HKD. For USD and HKD deposits, these must be notes only and in multiples of 10. Cash transactions in USD and HKD are subject to cash handling fees. Please refer to the "Personal Financial Services Charges - your guide" for more information. Cash withdrawals in HKD or USD for amounts greater than AUD 1,000 equivalent are subject to 24 hours advance notice or branch availability.

        •  

          @vanoob:

          Hmm, thats interesting, i understood that it would be different. Might check with my friend.

        •  

          @vanoob: I am currently holding a multi-currency account with HSBC. My experience with deposit FX cash at branch does incur a fee. which is align with the quote above. Better double check with HSBC.

        • +1 vote

          @vanoob:
          Ya gotta love Banks even id they arent part of the big 4 "Cash transactions in USD and HKD are subject to cash handling fees" FFS Banks are synonymous with cash yet they have a fee to handle it. Is there a sperm handling fee at a sperm bank also? 😜

      •  

        You mean your "leftover" cash? If all your transactions (card and ATM) are free, you can just get out from an ATM roughly what you need and pay by card the rest of the time. That's what I do in Australia too.

        If there's an ATM operator fee - which happens in some countries - and you don't have access to a HSBC ATM, that will encourage you to carry more cash which you'll then have to deposit when you get back. Also, there's security aspects of carrying lots of cash.

        I guess there's advantages to both ways but I prefer the ING way, which is that you I use my card the same way whether I'm in Australia or overseas. Holding onto leftover cash isn't a problem because it's not necessary to carry wads of cash in the first place when you can use your card or withdraw from an ATM whenever you like.

        •  

          For me, due to the local banks atm fees etc when i am travelling as well as always wanting to be prepared, when i withdraw cash, i tend to withdraw the max amount i can at one time from the ATM. As usually you cant withdraw much from some local banks anyway. plus before i leave the food , cab etc extra charges means again to play it safe i still have a decent amount of cash on me when i leave a country.

          I guess thats me trying to not pay pay too many of the local bank atm fees. Hence i seem to end up with a lot of currencies over time and i dont convert them back when i am here as you will get ripped off plus i always figure decent chance i will go back there and its good to have it on me when i do go back there to pay for the initial cab and food costs till i can get to a ATM. but if you dont withdraw much at a time, then that feature is probably not as useful for you. Unless you wanted to lock the currency rate at a specific rate i guess?

        • +1 vote

          @lonewolf:

          Exactly. You have to change your behaviour to avoid local bank fees. I'd rather not think about them and just withdraw whatever I need - with no fees - whether that's a large amount or a small amount, whatever the situation calls for. As far as having cash on you when you get back to the country, I'm not sure how the HSBC card helps there.

          The HSBC way is still sounding like more of a hassle to me. Convert to foreign currency (how and at what rate? As good as the Visa rate?), deposit at HSBC, withdraw at HSBC ATM overseas (or perhaps pay an ATM operator fee), deposit back into HSBC because you might have lots of cash leftover. Versus, deposit in AUD at ING, get out what you need whenever you like fee free, hold onto leftover cash for initial cab and food costs for country return, although even this is less of an issue because you can use the airport ATM fee free which you might not be able to with HSBC. In fact, just this last point - being able to use the ATM at any airport fee free - is enough to make the ING way more convenient to me.

        •  

          @dazweeja:

          I thought with HSBC its an option to purchase foreign currency before you travel but also you can just convert AUD to foreign currency when you are overseas and at an ATM. So in that sense it works like ING and Citibank plus but has the extra option of also prepurchasing foreign currency and also if you have foreign currency yourself for whatever reason, you can deposit that into the account and withdraw that amount later on in the country instead of keeping it on you or in the house for months till you travel again.

          I believe once any of your saved foreign currency is used up or if you didnt have any in the first place then it goes back to working like citibank plus and ING as in you can withdraw AUD / convert to foreign currency on the go at an overseas ATM with no fees etc. (except for the local bank ATM fees)

        • +1 vote

          @lonewolf:

          I can see that it would appeal to people who regularly receive foreign currencies directly. For everyone else, I think this card would work like a ING and Citibank Plus, but be more expensive. ATM operator fees can be substantial. I'd be pretty confident that the HSBC exchange rate wouldn't be as good as the Visa rate. It's usually not competitive and a hassle to pre-purchase foreign currency (unless you are really sure that a currency will devalue). The question is whether you would need to deposit foreign currencies regularly enough to justify the extra costs you would incur in other situations. Or get both cards ;)

        •  

          @dazweeja:

          yeah already got the citibank plus but did like the idea of some of the features on this card. the HSBC rate is real time so its meant to be quite competitive and thats for the 10 main currencies. All the other currencies are through the visa rate.

          In terms of locking the currency / prepurchasing, hard to say, recently i have done it for USD but i guess it depends on how much that currency fluctuates. Probably useful if there is a major decrease or increase. but for the minor changes , maybe it doesnt matter too much unless you are going to spend a lot.

          Think the idea is instead of using the ATMs alot, its to purchase on the go like a debit / credit card. But i still like to have cash on me especially if you are visiting more third world countries i guess.

          •  

            @lonewolf: I can tell you from experience (I have Bankwest fee-free credit card, Citibank Plus and HSBC Everyday Global) that it's not a competitive rate at all. The 3% fee is roughly in line with an Amex or with the bad rates you get on a Qantas Money prepaid travel card.

  •  

    Someone correct me if I'm wrong, but I don't think HSBC does Android Pay/Google Pay. They only have Apple Pay

    It doesn't let me add my HSBC Credit Card anyway

  •  

    Awesome! The whole locking in funds in a foreign currency at the best rate before even going to the ATM is a new thing? I'm going to apply for one now.

    •  

      It's not a new thing at all. You've been able to do something similar with Qantas Money for a while. You're also free to go to Travelex or any bank and lock in a rate now anyway. Travelex usually has awful rates though.

      You're also not locking it in at the best rate - you're buying at the current prevailing rate and then hoping the rate doesn't improve in your favour (i.e. AUD appreciates) before your trip. It's a bit of hedging if you want cost certainty.

      For the benefit of that, you pay a 3% fee that isn't really mentioned - it's just that you're getting the HSBC exchange rate which includes a 3% margin for HSBC.

  •  

    Going Europe for a month this year, from my previous research it seems ING provides a better deal but please correct me if I'm wrong.

    • +1 vote

      Can't hurt to take another card with you incase there's a problem with one, like losing it. You don't want to be left with your only other card being one that gets stung with fees (happened to me after leaving my travel card in an ATM once and my only other card being CBA).

      The ING, Citibank and HSBC accounts are fee free after all (but not free of international ATM fees depending where you are traveling). ING being the only one to reimburse you the international ATM fees if you jump through their hoops.

      •  

        What are the hoops i need to jump through with ING?

        •  

          deposit $1000 a month and at least 5 transactions…

        •  

          @vanoob:

          does the 1000$ have to stay there or can i deposit and then withdraw it back to another account? and i presume that will count as a transaction as well?

        •  

          @lonewolf: not sure on that i don't have an ing account. but their terms and conditions appears to be only deposit. so you may be able to just deposit and move it out.

        •  

          @lonewolf:

          In the past that's how I've got it to work when NAB did the same thing (deposit funds in and then back out), but things may have changed in the last few years. It used to be that you could deposit any amount making up a total of $1000 (e.g. $250 in and out of the account 4 times in a month), and that would also count as a deposit of $1000.

        • +1 vote

          @lonewolf:

          You can deposit (from outside ING) and then move it out. But honestly the ING account is a very good everyday account (fee free for practically all transactions and ATM withdrawals in Australia or overseas, good customer service, good app) that I don't see the reason for using another.

        •  

          @dazweeja: Also FYI it has Isla Fissure on the adds. Be wary, they are woeful.

        • -2 votes

          @lonewolf: You can deposit and then withdraw as soon as it's cleared.
          I've got a lazy $1,000 which I simply cum-swap across accounts.

          If you're interested, make sure you use an Ozbargainer's referral code to get a bonus $25-$100 for both you, and the OzBargainer.
          PM me if you're interested as my wife has the $100 invite.

      •  

        The HSBC account is not comparable to the ING and Citibank accounts. They give you the prevailing Visa (or Mastercard) rates. HSBC gives you the prevailing HSBC rate which includes a 3% fee.

  •  

    How does this compare with Citibank plus (outside of much better systems that doesn't lock you out when you're overseas?)

    • +1 vote

      How does Citibank lock you out when overseas?

      • +4 votes

        Not sure of bchliu's experience, but if I'm overseas and have a prepaid sim that doesn't allow international roaming (such as Kogan Mobile), I have to rely solely on the Citibank app to get a secure token to actually do anything with the account. Which doesn't work 50% of the time (i.e. they keep updating the darn app until it breaks, then they stop updating for a month or longer…and you can't stick with a working version due to the forced updates).

        Even signing in to the website on a mobile device will force you to use the app to get the code. I can go into desktop mode and sign in that way, then I get the option of having it sent via text.

        •  

          SPOT ON!! :) I can't/don't want to use my Aussie Mobile account when I am overseas. I rely on much cheaper local SIM cards at my destination instead of paying a king's ransom for roaming charges. Hence SMS Authentication does not work.

          I've had the Citibank app's secure token lock up my account almost permanently to the point that Citibank had to delete and recreate it for me before it will work again. Not only that, the PIN numbers I selected here never worked in US when I was there last June. So it was almost worthless outside of the occasion thing that didnt require me a PIN. Their US division insisted I talk to Australia's to get it fixed at this end.
          I'm glad I'm not the only one to complain about their shitty 2-factor Authentication that does not work properly. I've left a couple of complaints to their developers but never got contacted at all about my concerns or situation.

        •  

          I recently was in the USA using my Citibank Plus card.. I have Kogan for AU and used a T-Mobile sim in USA overseas. No lock outs with Citibank App.. perhaps if the app not register correctly on ur phone.. this might be ur issue.

          I found Citibank plus / debit card pretty good.. it terms of ATMs available there were plenty in LA and being able to use my card to withdraw cash and make purchases the exchange rate was very competitive with market rates.

          My only gripe was after making transactions, it took 3-5 business days for my account to clear the transaction so this meant.. if i bought something for $80 USD, Citibank would over compensate and show my account to be $130AUD less in my account.. only after a few day would the transaction appear and account balance reconcile showing $99.82. This meant when i was low on cash.. i had access to less money for a week which was anoying… had to transfer more money accross to make sure there were enuf funds.

          Perhaps others can testify to HSBC or ING when using overseas whether this is the same or not…

        •  

          @Gavman: Read the current reviews for the app on Google Play. Last update was 20 January. Maybe in another month they'll push an update that doesn't force close as soon as it launches.

        •  

          @josetann: What force close? BTW i run it on iOS.. dont experience any such issue.. maybe its an android thing atm.

        •  

          @Gavman:

          The app is absolute junk. You need a code from the app to do anything of substance, even if you're on a laptop. Luckily you can get the code via text, but if you're overseas and can't receive texts on the number they have…you're f*%#@d. Latest update was 20 January. I was overseas. It stopped working.

          Fortunately (or not, depending on your perspective) this is a common enough occurrence that I make sure I have a prepaid sim that will receive texts overseas (Telstra). Means I can't sign up for Kogan Mobile's cheap year deals; I REQUIRE the ability to receive texts to my primary Australian mobile number at all times, even when overseas.

        •  

          Hrmm.. doesnt the android app have Citi Mobile Token? On iOS, for me.. to do things i turned on face ID authenticate mode with a Mobile Citi Token which im guessing registers the device for my account as opposed to an SMS OTP (one-time PIN). This meant it doesn't need to sms me any code etc to do stuff. i was in LA for 2 weeks and didnt have any issues..

        •  

          @Gavman: Here's the steps I go through with the app.

          Step 1. Download the app. Yay, it's a version that works! Get it setup and locked to the phone (can only be associated with one phone at a time). You'll need to be able to receive a text for initial setup.

          Step 2. Couple weeks go by, app insists on updating. App still works.

          Step 3. Few days go by, app insists on updating again. App still works.

          Step 4. Another week or two goes by, app insists on updating yet again. App stops working (by "stops working" I mean it doesn't matter if you reboot, clear cache, uninstall and reinstall; it just won't work/constantly crashes).

          Step 5. Citibank developers take a month or two off.

          Step 6. Eventually you see an update in Google Play for the Citibank Australia app. It works again!

          Repeat steps 2-6. Occasionally start from step 1 because the app hates you and insists your phone is an imposter, and must be setup as a new device. I think it only happened once, maybe twice. Luckily I wasn't overseas.

        • -1 vote

          @josetann: Dude, I duno. Once Citiback brought out Citi Tokens for iOS its been pretty good for me.. perhaps Android is ur problem and developers have a tough time making the app secure on an open source platform.. maybe time to get an iphone.

        •  

          FWIW, When I was overseas I was transferring from my main account to Citibank and withdrawing from ATMs. Didn't have any problems doing it on my mobile, no roaming.

        •  

          @bchliu: I have concerns on the app's reliability. So far I have only used the card overseas once, and it was fine, but my day to day experience here is not as great (yes Citibank is my main bank, yes it is odd….). I have been thinking of moving, there is no reason to stay now that the reward program sucks.

          Citibank app is not very convenient, transfers and transactions take forever to process.

          It's annoying having to get ETP all the time, and being locked out overseas because of mobile sim card change like you experienced will be horror.

        •  

          @Gavman: It was the Token that pretty much destroyed my online account. It never worked for me ever and their telephone support was saying they recommend SMS over it etc. Either case, it was a pain in butt to set it up again from scratch. I've been using 2-factor authentication since the early days with RSA and I have never seen such a bad implementation of a system like this ever.

        • +1 vote

          @Gavman: I have done hundreds of transactions on my Citibank card in say 50-80 different countries, some of them remote African countries or totalitarian currency controlled states or similar. The exchange rate is worked out right,away and the calculated amount is deducted from my account right away. If over 100 AUD I'll receive SMS as well as an email. If it's over 500 AUD I receive 2 emails first one has the amount in AUD and second in the currency I have taken out so I can double check the rate right away. Yes you only see the transaction after few days but the amount corresponds to the amount that was taken out. :)

        •  

          @Gavman: ditto Citi would t work in Myanmar until I contacted them via secure mail, no response back the card just started to work.
          I have a dual sim phone for travelling just so I can receive call of the bloody two step security numbers, I guess it’s complicted but secure

      • +2 votes

        They recently changed their rules so that you do not contact them to notify your intentions going overseas, instead they will call you on your registered mobile if they detect an overseas transaction which of course never works unless if you're planning to use roaming on your existing phone.

        •  

          Seems like they have some very "smart" architects working in Citibank. lol..

        •  

          This exactly.

          Just a tip for those going to Indonesia. Expect no local websites to work just like that. Booking domestic flights and trains directly is a nightmare.

          Problem 1. They (Indonesian websites) all use Verified by Visa or MasterCard SecureCodes. I updated my Citibank primary number to my Indonesian number but the Mastercard SecureCodes were never sent. How do you fix it? Contact Citibank and explain your problem. After being assured there isn't a problem and transactions are going through, yell at the innocent operator to check again and they'll apologise and offer to turn off all verification and let the scammers
          (and legitimate businesses) at you.

          Problem 2. You've skipped the Mastercard SecureCodes so you're all set, right? Wrong! Indonesian websites might reject foreign card outright and in many cases have to whitelist your card. This requires sending a scan of your passport and cards to the website. And waiting for confirmation…

          (Problem 3 for me :) My phone has only 1 GB of RAM and I often lose the session once I check a OTP or exit the browser for any other reason)

          So in summary, all cards may be a nightmare but for now I'm hoping that sticking with Amaysim and its International Roaming feature will reduce some stress.

        •  

          @bchliu: Maybe I'm just being cynical, but I think they purposely make the card hard to use overseas so that you do not/cannot use it. But they can still advertise $0 international fees to attract new customers. With all the new accounts coming along offering $0 international fees that are actually useable, I'm more inclined to just cancel my citibank plus account altogether.

  •  

    Heading to Canada for 3 months over summer, seems like a pretty good deal if I stick to HSBC ATMs for cash withdrawals whilst I'm there. I was looking at setting up a local bank account and transferring money over but with this, I won't bother now.

    •  

      Stick to HSBC there all other banks in Canada I found charged a few

  •  

    Oh interesting, I was just comparing Revolut to Transferwise Debit and it is not that easy to look through which one is better. It comes down to some details and personal preference. Transferwise has a low conversion fee while Revolut and HSBC do this for free. That's only true though if the exchange rates are the same but I guess there is a slight difference that may make up for the missing fee. I noticed Revolut also offers fx rates for weekdays only and charges a fee for weekend conversions. Oh well, I haven't decided which one to go for yet but nice to see an established bank getting onto such products now too. Using citibank for overseas btw but being able to hold several currencies is what makes the other products interesting as well.

    •  

      Revolut is not yet available in Australia at all (and they won't tell you until they're finished collecting all your details). Transferwise Borderless accounts are here, but not the debit cards. Also keep in mind HSBC is a real bank and properly insured, not too sure about these other guys.