Representatives of HSBC US stated the aim of the Global Money Account service in a media briefing

HSBC introduces new service to rival Transferwise. Source: shutterstock.com

HSBC has announced the launch of a Global Money Account, a free mobile banking service to rival the likes of Transferwise and Revolt.

The Global Bank Account customers will be able to hold, sell, or manage funds just like Transferwise, to other HSBC customers in a number of different currency options.

The customers will not be charged any fees by the bank and this service can be used in over 20 different markets around the clock.

The current HSBC customers will be able to use this service via their existing banking app as soon as the service is launched. The trend of launching similar accounts by banks is increasing day by day in order to rival Transferwise and other related services that have potentially ‘stolen’ their customers by providing such services.

One general benefit an average consumer will get from this trend will be that companies and banks will be forced to increase their customer support and quality of such services in order to counter their rivals.

We’ve reported that HSBC to eliminate as many as 300 Commercial Banking Jobs in the United Kingdom.

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