Zing review: An international money transfers app from HSBC
Our verdict
As a specialist international money app, Zing is a more cost-effective service than a regular bank account or prepaid currency card if you’re someone who regularly sends money abroad or travels.
But if you plan to withdraw a lot of cash abroad, the fees could easily add up. You'll get your first withdrawal per month free, but after that it's £2 per withdrawal. So watch out for Zing’s sting in the tail.
Although backed by the HSBC banking group, Zing is an e-money provider, not a bank. This means that deposits are not protected by the Financial Services Compensation Scheme if Zing does go bust, although it does safeguard customer funds in a separate bank account. The other thing to keep in mind is that, unlike the HSBC Global Money, you don't have to be an existing customer to sign up.
It’s a good idea to compare your options, so here’s our round-up of the best international money transfer apps.
Pros
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No foreign transaction fees when spending abroad
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Hold 20+ currencies at once
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Send international payments in 30 different currencies
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No outbound transaction fees
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24/7 customer service with human reps
Cons
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It charges fees for cash withdrawals abroad
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There is a conversion fee
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The account can only be managed through an app
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No FSCS protection
Zing from HSBC is a new app designed to make international payments and spending abroad more accessible. Throwing its hat in the ring alongside the likes of Revolut and Wise, the Zing account lets you lock in an exchange rate before you travel and send international payments.
What is it?
Zing is a multi-currency app designed to make it easy to convert pounds sterling and spend while abroad. It comes with a digital and physical bank card, which you can use like a normal debit card wherever you see the Visa symbol.
The account lets you swap pounds sterling for 20+ currencies, giving you the option to lock in favourable exchange rates before you travel. You can also use the app to send money abroad in many more currencies.
Unlike HSBC’s Global Money account, you don’t have to be an existing customer to sign up, but as Zing is part of the HSBC Group, you do get the support of one of the largest banking brands in the world.
How does it work?
Once the account is open, you will be given 3 ways of adding money:
- Using a debit card (the payment has to be made in sterling before you can convert it)
- By bank transfer (you have the option of transferring in pounds sterling or euros)
- Transfer money through Open Banking
After you’ve loaded money into your account, you can convert it into the different currencies available before you travel. Each currency is kept in a virtual wallet in your account, and you can hold up to £40,000 (or the currency equivalent) in each one.
As well as a digital card, which you can use immediately, the account comes with a physical card to make payments or withdraw cash (just watch out for cash withdrawal fees).
It’s also possible to send and receive international payments of up to £40,000.
What are the benefits of opening a Zing account?
If you regularly travel or need to make international payments, regular bank accounts typically have high fees and poor exchange rates. As Zing is a specialist international money app, you can avoid some of these charges and benefit from more competitive rates.
Other benefits include:
- Transparency. Zing shows you real-time exchange rates and will show you any charges in the app before you convert your money.
- Ease of use. There are currency pairs on the homepage that you can look at to monitor the price. You can also easily move money between your wallets.
- Tracking. When you send an international payment, you can track it in your app.
- Support. Zing has 24/7 human customer support that can be accessed through its in-app messaging service.
How to open an account
Zing is only available to use on an app, so you need an Apple or Android device to download it.
Once you’ve downloaded it, open the app and tap “sign up”. From there, follow the instructions on the screen.
Anyone who is 18 or older and a UK resident can apply for a Zing account. To open one, you will need to provide your:
- Email address
- Phone number
- ID
As part of the sign-up process, you’ll be asked for a video selfie and photograph of your ID document.
If you want a physical bank card, you have to create one through the app which is sent in the post.
Is it safe?
Despite being backed by the banking group HSBC, Zing is an e-money provider rather than a bank.
This means that deposits are not protected by the Financial Services Compensation Scheme if Zing goes bust.
But it does safeguard customer funds in a separate bank account from its own so that customers’ money is always available if they ask for it.
Frequently asked questions
