Easypaisa is just and alternate option if you already had a Credit card or best option for those who previously didnt have any card for online shopping.
By the way sms alert charges arent just in HBL, all other banks charge it. Plus they are monthly charges for generating alert regarding any transaction on your acct, be it on ATM or Online shopping. I think its good.
Conversion rate are also same, sirf kaan idhar se pakro ya udhar se. Batanay ka tarika different hai, else end charges are 109-110 Rs by all bank if 1$ = 107.5 Rs. So dont bother conversion rates as banks wont ever do ghatay ka sauda to give you best service, woh kahin aurse wasool leinge. Like easypaisa mei deposit k charges honge may be.