The HSBC Everyday Global Account lets you deposit, hold, transfer and withdraw funds in multiple foreign currencies.
The HSBC Everyday Global Account gives you the option to hold funds in up to 10 different foreign currencies (listed below). It does not attract any monthly account-keeping fees, and charges no international ATM fees or foreign transaction fees making it a good solution for travelling.
What are the features of the HSBC Everyday Global Account?
This account could be ideal for Australians who are often overseas, as it gives account holders the option to switch between currencies to benefit from favourable exchange rates. You can access funds in this account in different ways. Here are some of the main features of this account.
Hold funds in different currencies.
This feature is the highlight of this account. This account allows you to hold up to 10 different currencies including: AUD, USD, EUR, SGD, NZD, JPY GBP, CAD, HKD and CNY (currency restrictions apply).
Easy access to account.
You can access your HSBC Everyday Global Account in different ways. These include visiting an HSBC branch, through Internet, mobile, and Phone banking, and through telegraphic transfers. HSBC sends all account holders regular statements, which you can switch to e-Notifications and e-Statements for simpler access to information about deposits, withdrawals, and transfers.
Unlimited deposits and withdrawals.
You can make as many deposits and withdrawals as you like, although there are certain limitations when it comes to making them at HSBC branches. When it comes to depositing cash at an HSBC branch, you can only deposit AUD, USD, and HKD. If depositing USD or HKD, you can only deposit notes, all notes should be in multiples of 10, and these deposits attract cash handling fees. If you plan to make cash withdrawals, bear in mind that withdrawing more than the equivalent of 1,000 AUD is subject to branch availability or a 24 hour notice period.
No international transaction fees.
You won’t have to pay international transaction fees when shopping online from overseas stores or when using your debit card overseas.
No international ATM fees.
Because you’ve already got the foreign currency loaded in your account, when you’re travelling in a country that supports that currency, you can simply withdraw cash from ATMs without paying an international transaction fee. However, note that other ATM fees charged by the local operator may still apply.
No minimum balance.
You can open this account with any of the acceptable currencies, and with as little money as you have. Not only does this account offer a no opening balance facility, it does not require you to maintain a minimum balance in any currency at any time.
What foreign exchange rates does HSBC offer?
- Favourable exchange rates. When you use an ATM or make a transaction overseas, funds will automatically be debited in that country’s currency, providing you hold that country’s currency in your account. There’s no extra step where funds are converted from Australian dollars into the local currency, so you don’t lose out if the exchange rate is less than favourable at the time of your transaction. Where you don’t have sufficient funds in that currency or don’t hold that currency, the funds will be automatically converted from Australian dollars into the local currency at the current Visa exchange rate.
- Instant online transfers between currencies. You can transfer money between currencies instantly online via Internet banking or the mobile app. However, this can only be done between 8:00am Monday to 11:59pm Friday (AEST), and excludes public, currency and US holidays).
What fees and charges are payable for this account?
This account does not attract any monthly account-keeping fees, international ATM fees or international transaction fees, making it ideal for travelling. You do not have to pay any fee to make withdrawals, deposits, and transfers at branches either. However, while HSBC does not charge any international ATM fees, notes the foreign ATM operator may.
How to apply
Applying for the HSBC Everyday Global Account is easy. You don’t have to be a citizen of Australia to apply for this account, but you should have a residential address in Australia. You should be no less than 18 years of age.
The application process requires you to choose between a single and joint account. As part of the application process you have to part with personal information such as your name, phone number, address, and email address. You have to submit details of one form of ID, which can include an Australian passport, an Australian driving license, or a valid passport in order for HSBC to verify your identity.