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Our verdict

The HSBC Foreign Currency Account lets you deposit, hold, transfer and withdraw funds in multiple foreign currencies.

Suited towards people who regularly need to switch between currencies - such as expats, frequent flyers and business owners.

Pros

Save up to 10 currencies
No monthly fees
Earn interest on your account

Cons

Fees apply for depositing

The HSBC Foreign Currency Account gives you the option to hold funds in different currencies, and this includes major foreign currencies (listed below). It does not attract any monthly account keeping fees, and depending on the currencies your account has, you can even earn interest.

Details

Key details

Product Name	HSBC Foreign Currency Bonus Savings Account USD
Maximum Variable Rate	0.25% p.a.
Standard Variable Rate	0.25% p.a.
Monthly Account Fee	$0
Minimum Opening Deposit	$0
Minimum Age	18

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Best banking and payments innovation finalist

A solid effort from HSBC, placing as a finalist in Best Banking and Payments Innovation category. HSBC’s pursuit for excellence and creativity has garnered the attention of the tech industry.

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Key features

Funds in different currencies

This feature is the highlight of this account. This account allows you to keep you money in currencies which include:

Australian Dollars	United States Dollars	Canadian Dollars	Euros	Great Britain Pound Sterling
Hong Kong Dollars	New Zealand Dollars	Singapore Dollars	Japanese Yen	Renminbi (restrictions apply)

Easy access to account

You can access your HSBC Foreign Currency Account in different ways. These include visiting a HSBC branch; through internet, mobile, and phone banking; and through telegraphic transfers. HSBC sends all account holders statements every six months, and you can opt to receive quarterly or monthly statements as well. You can also switch to e-Notifications and e-Statements for simpler access to information about deposits, withdrawals, and transfers.

Unlimited deposits and withdrawals (though this incurs a fee)

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 Australian, United States, and Hong Kong Dollars. If depositing US or Hong Kong Dollars, you can only deposit notes, all notes should be in multiples of 10, and these deposits attract cash handling fees of 1.25% of the amount handled or a minimum charge of $20. If you plan to make cash withdrawals, be mindful that that withdrawing more than the equivalent of 1,000 AUD is subject to branch availability or a 24 hour notice period.

Receives interest

Depending on how much money you have in your account and in which currency, this account enables you to earn interest on the different account balances.

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.

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How to apply

The application process requires you to choose between a single and joint account.

Eligibility

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.

Documentation needed

As part of the application process you have to part with personal information such as your name, phone number, address, and email address. You also have to give information relating to your employment, and this includes mentioning what you do for a living.

You have to submit details of one form of ID, which can include an Australian passport, an Australian driving license, or a valid passport.

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val

March 20, 2018

which is the best branch and their street address to contact if i want to open this account anywhere in Australia please?

Jeni Velasco Finder

March 20, 2018

Hi Val,

Thank you for getting in touch with finder. You may also apply for an HSBC Foreign Currency Account online. In this page you may click on How to apply tab and you’ll see the requirements. If you still prefer to apply for an HSBC Foreign Currency Flexi Saver Account USD personally, please see the nearest HSBC branch in your area.

I hope this helps.

Have a great day!

Cheers,

Jeni

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Dennis

March 07, 2018

I have an amount of GBP bank notes and I wish to deposit them in an Australian bank with the ability to either withdraw cash when in the UK or to be able to convert to AUD as and when it suits me; I may do one or both.

I have looked at the HSBC Multi-Currency Account and it does what I want – with the exception that I can’t deposit overseas cash. The CBA Foreign Currency Account allows me to deposit cash but I can not draw on it whilst overseas, plus I would need to open a current account which would incur fees and I don’t really need another current account over the one that I have with my own bank

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May Finder

March 28, 2018

Hi Dennis,

Thanks for your inquiry.

Typically, a multi-currency is a good way of holding (while saving) different currencies in the account so you won’t need to convert your monies right away to AUD. However, one of the downsides is that deposits and withdrawals can only be made at a branch or online, depending on who you are banking with. Most of the time, this account is used when you are frequently receiving different currencies via wire/bank transfers and would like to hold that currency for a period of time until you withdraw them. You can learn more on how multi-currency account works.

So if you will just be staying in the UK for a short while, you might like to consider opening a travel money card instead. Please check your options on travel money cards and see how it works. You can load these cards with AUD first then convert them to GBP prior to your trip and you should be able to use that currency in the UK without having to worry about conversion rates. If you want to reload while in the UK, you have the option to do it online.

Hope this helps.

Cheers,

May

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Bmcer1

August 10, 2017

Hi, would I be able to make cash withdrawals with this account in Serbia?

Regards,

Ben

Rench Finder

August 10, 2017

Hi,

Thanks for your inquiry. Please note that we are not affiliated with HSBC or any company we feature on our site and so we can only offer you general advice.

I’m afraid cash withdrawal is not available in Serbia for HSBC Foreign Currency Flexi Saver Account.

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. (local Australian branches) When it comes to depositing cash at an HSBC branch, you can only deposit Australian, United States, and Hong Kong Dollars.

Best regards,

Rench

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Bob

August 09, 2017

Hi,

If I set up a business NZ Dollar Account with my Australian business name & make some 50 electronic transactions (withdrawals) within a 1 month period what is the cost per transaction (withdrawal).

Thank you.

Bob

Arnold

August 09, 2017

Hi Bob,

Thanks for your inquiry.

You will be charged $0.50 for every withdrawal and $15 for the monthly service fee.

Hope this information helped.

Cheers,

Arnold

July 08, 2017

Hi would deposit handling fee apply to electronically transfer US or HK dollar

arnold.salas@findercrew.com

July 09, 2017

Hi Jo,

Thanks for your inquiry.

No, electronic transfers will not incur handling fees, this fee only applies to notes deposited through an HSBC branch.

Hope this information helped.

Cheers,

Arnold

HSBC Foreign Currency Bonus Savings Account USD

Pros

Cons

Best banking and payments innovation finalist

Key features

Funds in different currencies

Easy access to account

Unlimited deposits and withdrawals (though this incurs a fee)

Receives interest

No minimum balance

How to apply

Eligibility

Documentation needed

Sources

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