Like Tree19Likes

Multi-currency debit cards

Closed Thread
Page 1 of 2 1 2 LastLast
  1. #1

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,599

    Multi-currency debit cards

    So going away soon and picked up two multi currency debit cards. Seems to be better than using a credit card (while with CC you get cashback the currency conversion rate seems to be about 2%, so often this just negates the cashback).

    Got HSBC and SCB cards. Both seem to have pros and cons as follows.

    HSBC
    + Linked to existing integrated account
    + 0.4% cashback
    + You don't have to auto-covert currency in advance, it does the conversion for you without you having to convert into the foreign currency in advance without any charge (I've read the terms and conditions and can't find anything which says there is a mark-up for HSBC doing the conversion for you, can someone confirm this)
    + Free ATM withdrawals from HSBC ATMs worldwide
    - Charges for ATM withdrawals from non HSBC ATMs worldwide (can't find in the T&Cs what the fees are)
    - Not clear how to set up PIN for ATM (seems to suggest you can use your existing ATM card pin)
    - HSBC currency spread I think can be up to 1% (but again can someone confirm this point)

    SCB
    + 0.5% cashback
    + Free ATM withdrawals (although foreign ATM provider may charge something)
    + ATM PIN set up on app
    - You have to have converted the currency in advance before spend, otherwise SCB applies a 0.95% mark up if it comes out of your HKD balance
    - Need a separate integrated currency savings account
    - SCB currency spread I think can be up to 1% (but again can someone confirm this point)


    For both cards I have to say the T&Cs are quite light on the fees.


  2. #2

    Join Date
    Dec 2002
    Location
    Hong Kong
    Posts
    5,072

    @pin for the HSBC card you need to call 3163 0633 to set up Pin.

    I missed it too.

    pin and emx like this.

  3. #3

    What about the SCB SMART Credit Card?

    + No FX transaction fees either from the bank or card issuer
    + 0.4% cash back reward
    + Is a credit card - hence comes with all credit card protections, plus can be used for transactions where a credit card is required (e.g. hotel prepayment, car rentals, etc)
    +No annual fee

    pin and z754103 like this.

  4. #4

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,599
    Quote Originally Posted by eightfivetwo:
    What about the SCB SMART Credit Card?

    + No FX transaction fees either from the bank or card issuer
    + 0.4% cash back reward
    + Is a credit card - hence comes with all credit card protections, plus can be used for transactions where a credit card is required (e.g. hotel prepayment, car rentals, etc)
    +No annual fee
    Thanks. Sorry didn't think of that. Probably no time to apply now.

    Will consider for future trips though.
    eightfivetwo likes this.

  5. #5

    Join Date
    Jan 2005
    Location
    You know where the airport is...
    Posts
    586
    Quote Originally Posted by pin:
    So going away soon and picked up two multi currency debit cards. Seems to be better than using a credit card (while with CC you get cashback the currency conversion rate seems to be about 2%, so often this just negates the cashback).

    Got HSBC and SCB cards. Both seem to have pros and cons as follows.

    HSBC
    + Linked to existing integrated account
    + 0.4% cashback
    + You don't have to auto-covert currency in advance, it does the conversion for you without you having to convert into the foreign currency in advance without any charge (I've read the terms and conditions and can't find anything which says there is a mark-up for HSBC doing the conversion for you, can someone confirm this)
    + Free ATM withdrawals from HSBC ATMs worldwide
    - Charges for ATM withdrawals from non HSBC ATMs worldwide (can't find in the T&Cs what the fees are)
    - Not clear how to set up PIN for ATM (seems to suggest you can use your existing ATM card pin)
    - HSBC currency spread I think can be up to 1% (but again can someone confirm this point)

    SCB
    + 0.5% cashback
    + Free ATM withdrawals (although foreign ATM provider may charge something)
    + ATM PIN set up on app
    - You have to have converted the currency in advance before spend, otherwise SCB applies a 0.95% mark up if it comes out of your HKD balance
    - Need a separate integrated currency savings account
    - SCB currency spread I think can be up to 1% (but again can someone confirm this point)


    For both cards I have to say the T&Cs are quite light on the fees.
    Any annual fees for the HSBC card?

    Say you purchase something in USD, does that charge to you USD integrated account?

    Thanks

  6. #6

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,599

    @blueagles - seems to suggest no fees. Seems to suggest will take money out of USD account first. But if not enough money in USD account, will take out of HKD account and convert (without any fees, but subject to HSBC currency spread).
    @eightfivetwo - applied for card today, but probably won't arrive before we travel. I note that its also free for ATM withdrawals abroad.

    emx, eightfivetwo and blueagles like this.

  7. #7

    Thanks for sharing was thinking to go for HSBC.So, will definitely check on the HSBC currency spread.


  8. #8

    Join Date
    May 2021
    Posts
    70

    The HSBC card looks nice. Tempted to switch to HSBC just for the card (Hang Seng currently), but I'm not in a rush, since I can't travel now anyway.

    SCB also looks nice, but it says it's limited to Premier customers only. So I probably can't get it.


  9. #9

    Join Date
    Dec 2002
    Location
    位置位置位置
    Posts
    48,790

    Random FYI .. if you're a small business owner.

    HSBC has rolled out the debit card to business accounts. Which is nice if you are using a credit card as a debit card to pay for business accounts (i.e. paying off balancesevery billing cycle).


  10. #10

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,599

    Quick data point using HSBC debit card. 19 July spent CAD24.48. shows up on 22 July as hkd150.18 with hkd0.16 rebate.

    According to oanda 22 July if using spot rate cad24.48 would be hkd149.076.

    So HSBC debit card after rebate is about 0.6% from spot rate.

    15 July
    SCB simply cash credit card
    CAD118.40 amounted to hkd731.80
    Spot would be hkd710.618, spread of 2.98%. can claim 2% cashback so total spread of 0.98%.

    Last edited by pin; 25-07-2022 at 09:16 AM.
    ndt, Grinnie Jax, rani and 1 others like this.

Closed Thread
Page 1 of 2 1 2 LastLast