HSBC is launching Global Money Account, its own fee-free international transfer service, to take on on the likes of Transferwise and Revolut.
Global Money Account is launching in the US first, and will be rolled out to other markets in 2021. Customers can get instant access in just five clicks via their existing banking app.
"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," said HSBC USA's head of digital payments wealth and personal banking, Carolyn Criscitiello.
The ambition for Global Money is to provide our customers with one global account for all of their financial needs
"This will allow them to pay bills in multiple markets, make cross border transfers and spend like a local wherever they are."
The bank intends to ultimately extend the payment service to allow instant international transfers to customers with other banks, too.
The launch of the service marks a growing trend by banks to claw back business lost to trend-setting fintechs like Transferwise and Revolut, which offer similar borderless accounts to consumers.