According to Financial News (FN), HSBC is preparing to shut down its international payments app Zing, with employees soon to be informed of the decision. Internal memos seen by FN reveal that employees have already reported being unable to access certain software development systems, indicating the imminent closure. The shutdown comes following challenges with "Project Green," an initiative meant to restructure Zing's compliance functions, according to a person familiar with the matter.
The closure, coming barely a year after the app's launch, leaves many users searching for alternative international payment solutions. Here's what you need to know about the shutdown and the best options available in the UK market.
Understanding the Zing Closure
What Happened?
HSBC's ambitious attempt to compete with fintech giants has come to an abrupt end. The bank is closing Zing due to:
- Challenges in restructuring compliance functions
- Difficulties with fraud controls
- Complications in aligning with regulatory requirements
- Issues with anti-money laundering policies
Impact on Users
Zing offered:
- Multi-currency holdings in 20+ currencies
- Competitive conversion fees (as low as 0.2%)
- International debit card capabilities
- Plans for expansion to Netherlands, Singapore, and UAE
Top Alternatives for UK Users
1. Wise (Formerly TransferWise)
Best for Transparency and International Transfers
Key Features:
- Real mid-market exchange rates
- Transparent fee structure
- Multi-currency accounts
- Local bank details in multiple countries
- Business and personal accounts
- Established reputation
- Regulated by FCA
Costs:
- Low-cost currency conversion
- No monthly fees
- Clear fee previews before transactions
- Generally 6-8x cheaper than traditional banks
2. Revolut
Best for Digital Banking and Daily Use
Key Features:
- Multiple currency accounts
- Investment options
- Cryptocurrency trading
- Premium features available
- Travel insurance options
- Mobile-first experience
- European banking license
Costs:
- Free basic account available
- Premium accounts from £6.99/month
- Weekend forex fees apply
- Some features require paid plans
Making the Switch: What to Consider
Transfer Your Funds
If you're a Zing user, prioritize:
- Downloading transaction history
- Taking screenshots of important information
- Planning the transfer of remaining balances
- Updating any recurring payments
Choosing Your New Provider
Consider these factors:
- Transfer fees
- Exchange rates
- Available currencies
- Geographic coverage
- Additional features
- Regulatory compliance
- Customer support quality
Why Choose Wise?
While both Revolut and Wise offer strong alternatives, Wise stands out for Zing users because:
Transparency
- No hidden fees
- Real exchange rates
- Clear pricing structure
- Upfront cost calculations
International Capabilities
- Extensive global coverage
- Local account details in major currencies
- Fast transfer times
- Reliable business solutions
Security and Regulation
- FCA regulated
- Strong track record
- Established compliance framework
- Secure transactions
Steps to Switch to Wise
- Account Setup Visit wise.comComplete verificationAdd payment methodsOrder debit card if needed
- Visit wise.com
- Complete verification
- Add payment methods
- Order debit card if needed
- Transfer Setup Move existing balancesUpdate payment recipientsSet up recurring transfersDownload Wise app
- Move existing balances
- Update payment recipients
- Set up recurring transfers
- Download Wise app
- Account Optimization Set up currency accountsConfigure notificationsExplore available featuresConsider business options if needed
- Set up currency accounts
- Configure notifications
- Explore available features
- Consider business options if needed
Looking Ahead
The closure of Zing demonstrates the challenges traditional banks face in competing with established fintech players. For users, the silver lining is that the UK market offers several robust alternatives, with Wise standing out as a particularly strong option for international payments and currency exchange.
Final Recommendations
- Act promptly to transfer funds from Zing
- Compare features across providers
- Consider long-term needs
- Review regulatory protections
- Check customer service availability
- Assess integration requirements
Remember that while Zing's closure may be inconvenient, the UK fintech market offers mature, reliable alternatives that can provide even better service for your international payment needs.
Note: All fees and features mentioned are current as of January 2025. Always verify current rates and services on providers' websites for your specific needs and location.