Beware of exchange rates
Opening the account 12 months ago was a bit of challenge, but after three weeks it was approved and I received my card. It is brilliant for transactions in one of the currencies held in the account. For other currencies it was originally very good with the exchange rate being consistently exactly as provided on the Visa website. For the last 2 months, however, the exchange rate used has consistently been less favourable that the VIsa rate which the PDS says is to be used. It seems that the bank is now taking a margin of around 1.4% on foreign transactions in currencies not held in the account. This is very sneaky, not to mention dishonest.
Very Inflexible Product
This product is ridiculously inflexible and requires a user beware warning. On opening this account the holder is required to select a number of supported currencies to transact in from a drop down list should you wish to secure a particular currency at a set rate prior to travel. These currency choices then become locked in and it is then not possible to add additional supported currencies at a later date to support travel to other destinations. According to HSBC their tech team is "looking at the issue". I would suggest that anyone opening on...e of these inflexible accounts selects ALL of the listed currencies available to protect the needs of future travel. A pretty ordinary deficiency from a product trumpeted by HSBC as revolutionizing travel debit cards. This issue leaves a nasty taste before even having the opportunity to use it.
Questions & Answers
Sorry, there are no questions yet.
Get an answer from our members
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.