What the past year has taught us more than anything is that even if we can’t be there in person, we need to be able to help family in other ways. Thank goodness for Zoom for boosting morale. (My family has been doing Zoom quizzes across five continents!) It’s also taught us that we need things to be as simple as possible – and we know digital doesn’t always mean simple. My 92-year-old mum has managed WhatsApp, Instagram, Zoom and even digital banking brilliantly. But many parents aren’t as nimble.
Being able to help financially from afar has been one of the top priorities for me and probably many of you. It’s so important to be able to do fast international money transfers easily and in the most cost-efficient way.
Why you might need to do international money transfers
If I look back at the reasons I’ve needed to send money overseas over the years, most of them have been unplanned. So you definitely don’t want to have large transfer fees each time. And, you want a fast money transfer to whichever country it has to go to.
For my kids, getting university fees, house rentals and utility bills transferred to Australia has been fairly straightforward. But those are things you can plan ahead for. You also have the one-offs; a piece of furniture, a dental appointment, a cold weather jacket, or a university function where you’re only given a couple of days’ notice – if you’re lucky. (You know what kids are like!)
On the other end of the spectrum, many of us have parents who are depending on us financially too. From care home fees to making sure they’ve got enough for medical care, the money needs to be available quickly when they need it. As I said earlier, my mum in the UK is pretty capable; but I do worry that she doesn’t heat her home properly in winter because she’s counting her pennies.
An easy solution for HSBC customers
Those from that older generation think they’re tough, but they don’t need to be when you can help them so easily – especially if you’re not having to worry about transfer fees each time!
The good news for HSBC customers with an Everyday Global Account (EGA) is that they can transfer funds internationally to anyone – including non-HSBC customers – faster and fee-free*.
How? By using HSBC’s Global Money Transfers (GMT). This new mobile remittance solution leverages the bank’s global footprint and digital capabilities to allow you to send money ‘like a local’ to over 20 countries or territories and wire transfers to over 200 countries or territories via SWIFT. In future, you’ll also be able to receive like a local. All you need to do is set up a local bank account here, and you can then transfer money internationally faster – including to kids at university in Australia, or shivering parents in the UK! This global reach is set to increase in the near future too.
Other advantages
The added benefits are that you get real-time exchange rates with the foreign exchange service Online GetRate. And, if you have an Everyday Global Debit Card, you don’t pay any fees for your retail purchases and cash withdrawals in 10 currencies.
With the new HSBC Everyday+ rewards programme, you can also enjoy cashback and bonus interest on your everyday transactions.
If you need to transfer money to China, Singapore is the first HSBC market in Asia to launch GMT, which includes a partnership with UnionPay. This means that HSBC customers in Singapore can transfer money to China via UnionPay cards issued in mainland China within minutes. HSBC Singapore is the only global bank in Singapore to provide this capability.
There are plenty of countries who have been impacted by the lack of tourism. I’ve been sending money to help some places that I know well – as close as Batam and as far as Harare. Working with an easy money transfer app like this would definitely help it go directly to those that need it.
How Global Money Transfers works:
- Convert your funds into different foreign currencies and send money internationally from your Everyday Global Account via the HSBC Singapore app.
- Access real-time and competitive foreign exchange rates.
- Know the exchange rate before sending your transfer.
- Get an estimated arrival of your transfer.
HSBC Global Money Transfers is available to all HSBC Everyday Global Account customers with access to the HSBC Singapore app. It’s available only on the HSBC Singapore app.
Don’t have an HSBC Everyday Global Account? Apply now easily with Myinfo via Singpass and top up your account to receive S$50 worth of Lazada vouchers. (Terms and conditions apply.)
Find out more at HSBC Global Money Transfers.
*Most transfers are fee-free but some intermediary banks may charge fees.
Rebecca Bisset
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