When it comes to sending money, Zing supports dozens of currencies - more currencies than the 10 I listed above. “As an existing customer, if your new residency country has a Revolut branch, you’ll need to close your account and reopen it again as a new one if you wish to hold a local IBAN of that country,” Revolut says in its support documents. This has also been a key advantage against Revolut as the company only offers bank information in your local country. On this front, Wise’s offering is much better as customers can get local bank details to receive money from other people (or yourself) from a dozen countries. This will be useful for British people working in Europe temporarily or permanently. EUR wallets also come with bank details, which means that Zing customers can receive SEPA payments to their EUR wallet directly. When they open an account, they can top up their GBP wallet with open banking, a bank transfer or a debit card payment. However, Zing is currently limited to customers living in the U.K. Zing customers can currently hold money in their account in 10 different currencies - GBP, EUR, SGD, USD, CAD, JPY, NZD, HKD, AUD and AED. “Today HSBC charges their own customers 3.7% in hidden FX markups for ‘free’ Euro transfers,” Käärmann wrote. You can see the exchange rate and the conversion fees at any time in the app or on Zing’s website.Īs Wise CEO Kristo Käärmann pointed out on X, it is a departure from HSBC’s regular banking products as the company has the bad habit of including hidden FX markups when converting money from one currency to another. Zing also has a completely different approach to foreign exchange as it is relatively transparent when it comes to fees. You don’t need an HSBC bank account to use Zing. Zing is completely separate from HSBC’s existing banking products. It is now officially out, so let’s have a look at what HSBC offers and if it’s indeed a competitive service. HSBC has launched a new product called Zing focused on international transfers to better compete with fintech companies like Wise (formerly TransferWise) and Revolut.īloomberg wrote that the app was on its way to the App Store and Play Store a couple of days ago.
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