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.
This account could be ideal for people who live overseas and it also 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.
What are the features and benefits of the HSBC Foreign Currency Account?
- 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. 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. 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.
- 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.
- Save up to 10 currencies
- No monthly fees
- Earn interest on your account
- Fees apply for depositing
How do I apply?
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 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.
What fees and charges are payable for this account?
This account does not attract any monthly account keeping fees. All transactions you make over the internet, and through mobile or phone banking are free. You do not have to pay any fee to make withdrawals, deposits, and transfers at branches either. An overdraft arrangement fee of nine Australian dollars applies if you choose to use this service, and it also attracts daily interest at the given excess rate.