The Hong Kong and Shanghai Banking Corporation, often known as HSBC for short, has its roots in the 19th century and is now a well-known brand name. In 2018, it ranked as the seventh biggest bank in the whole globe. But how does it perform in the burgeoning market for digital banking? We analyzed the HSBC mobile banking app to see how it stacks up against those offered by other financial institutions.
If you are not already a member of HSBC, you may choose a banking app that is more suited to your requirements by reading the ratings of our other apps.
HSBC Mobile Banking app
- You will have complete access to a current account as well as a savings account, where you will be able to receive your paycheck, as well as make payments through direct debit and bank transfers.
- If you lose your credit or debit card, you should freeze your account and then unfreeze it as soon as you find it.
- Create an account on your smartphone to use for mobile banking.
- You may check your balance outside of the app without needing to sign in.
- In the event that anything goes wrong, you will have access to a large network of bank branches.
How does the HSBC app work?
The HSBC mobile app allows customers to do a variety of banking transactions via their mobile device. All you need to use the app is your online banking login information; if you haven’t already, you may do so from the app’s main menu by selecting “register for mobile and online banking.” Once you have logged into your account, the app will allow you to:
- Pay in cheques.
- The bank statements may be downloaded and viewed online.
- Allows users to create, modify, and remove standing orders.
- If you lose your card or it is stolen, you may put a temporary hold on it.
- Move money around with ease.
- Prevent further processing of any uncashed checks.
- Download the Pay by Bank app and use it to make purchases.
- Use the digital secure key to safeguard your account.
- The app stores your PIN in case you forget it.
How do I apply for a current or savings account with HSBC?
The quickest and most convenient method to apply for a new account with HSBC is via their website. You may create a savings account, a current account in your name alone or jointly, or transfer your existing current account to HSBC using their website.
HSBC fees and limits
Overdraft, overseas transfer, and foreign use fees are all things you should expect to pay for while using your HSBC account.
Saving with the HSBC app
HSBC’s mobile banking app lacks a budgeting function, however the app’s “Connected Money” app does. This app allows you to see your bank accounts from several institutions in one convenient bank. Even though it is still in its early stages of development, the app contains quite a few useful functions.
One of them is a “spending insights” section that, like comparable applications, provides a breakdown of the user’s spending by category. You may see how much money is left in your account after paying bills and use the saves option to automatically deposit any spare change into your savings account, or use the “balance after bills” tool to see how much money you have after paying bills. Our in-depth analysis of HSBC’s “Connected Money” app is available over here.
Investing with the HSBC app
The HSBC mobile banking app now includes investment capabilities. By opening an account with HSBC’s Worldwide Investment Centre via the mobile app, customers get access to ten pre-built portfolios representing the bank’s various global strategies.
There are five sustainable fund portfolios that seek to outperform the market by investing primarily in firms with high environmental, social, and governance (ESG) scores and low carbon footprints. HSBC clients may start investing with as little as £50 per month or £1,000 all at once.
There is no short-term investment; everything has to be thought about in the long run. Investments fluctuate in value, and you might end up with a return that’s lower than what you put in. Results from the past do not guarantee future achievement. Please see a financial advisor if you need help deciding which assets are best for you.
Is HSBC safe?
If a financial institution fails to satisfy its payment obligations, customers’ bank is protected by the Financial Services Compensation Scheme (FSCS), a government-run, separate fund. Other HSBC accounts, like all UK bank accounts, are fully protected by the Financial Services Compensation Scheme (FSCS), which covers losses up to £85,000.
With the HSBC app, customers have access to a broad range of convenient features. If your card is lost or stolen, you may temporarily freeze it and still use it to make purchases, and you can still use checks as a form of payment.
The “Connected Money” app, which works in tandem with this one, has budgeting tools that are useful even if the main app lacks them. The “spending insights” section of the app provides a categorical analysis of your spending and leverages Open Banking technology to aggregate all of your banking transactions regardless of which bank they originated from.