HSBC debuts money transfer app Zing

Zing is an international money app and multi-currency card. Zing is not a bank (at least not yet) and they are part of the HSBC Group and Zing is an e-money institution (EMI) authorised by the Financial Conduct Authority.

Currently Zing only offer accounts to UK residents over the age of 18. According to their official sources, Zing in process of expanding into new markets. At this moment, Zing hold up to 10 currencies in wallets to lock in rates and spend like a local in these currencies. Zing enables purchases in over 200 countries and territories and the smart multi-currency debit card features FX sweeping. It can automatically convert currencies held in other wallets to complete a transaction at the point-of-sale. For sending money internationally, Zing will launch with the ability to send over 30 currencies using a combination of local and Swift payments.

James Allan, founder and CEO of Zing:

Now is the time for a new kind of international payments solution. One that combines cutting-edge innovation with the support of a global bank. Zing delivers this truly unique proposition for consumers, helping them live their best international lives. By listening to the market we have put our focus on product excellence and great service. Zing enables users to get on with the things that matter to them; sending their money quickly, easily, and securely overseas, spending money with confidence wherever they are in the world, and being supported by human customer service whenever they need. Furthermore, Zing is built differently to deliver international money without the worry.

The first 10,000 people to join Zing will become founding members and receive exclusive rewards in their first year, including their choice of Zing fee-free currency conversions (up to £1,000 transactions) or 20 Zing fee-free international ATM withdrawals.