HSBC launches multi-currency app - is it any good?

HSBC has launched a multi-currency app and debit card in the UK. Is it any good and how does it compare to its rivals?

Over the should view of young Asian woman checking financial data of her online bank account on smartphone. Making a budget plan for her expense
(Image credit: Oscar Wong)

Banking giant HSBC has entered the world of forex with the UK launch of an international payments app and debit card.

It offers customers cheap foreign exchange and goes up against already established rivals in the market such as Wise and Revolut

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Swipe to scroll horizontally
Currency conversionConversion fee (%)Value transferred (including conversion fee)
GBP to EUR0.6%230.73 euros
GBP to USD0.6%252.83 dollars
GBP to AED0.75%927.07 Dirham
Swipe to scroll horizontally
Header Cell - Column 0 Monthly fee to hold the accountUsageConversion feeTransfer feeWithdrawals aborad
Zing (Founding Members)No feeApp and debit cardFrom 0.6%FreeFirst 20 withdrawals free. £2 or equivalent fee thereafter per withdrawal.
Zing (non-Founding Members)No feeApp and debit cardFrom 0.6%FreeOne free withdrawal a month. £2 per withdrawal or equivalent from second withdrawal.
Revolut (standard account)No feeApp and pre-paid debit cardFee-free on up to £1,000 per month from Monday to Friday.FreeFee-free on up to £200 per month or on up to five withdrawals per month.
WiseNo feeApp and debit cardFrom 0.43%Free to transfer the same currency to another Wise account. Wise charges from 0.43% when you send to a different currency. Fee-free on up to £200 per month. 50p per withdrawal charged on withdrawals above £200.

Vaishali has a background in personal finance and a passion for helping people manage their finances. As a former staff writer for MoneyWeek, Vaishali covered the latest news, trends and insights on property, savings and ISAs.

She also has bylines for the U.S. personal finance site Kiplinger.com and Ideal Home, GoodTo, inews, The Week and the Leicester Mercury.