HSBC Foreign Currency Flexi Saver Account

HSBC Foreign Currency Flexi Saver Account

Maximum Variable Rate

0.01

Standard Variable Rate

0.01

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

  • USD, GBP, EUR, HKD, CAD, JPY, NZD, SGD, CNY and CHF
  • Earn interest on foreign currencies
  • No monthly fees
  • Online and phone access

Product details

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.

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

Product Name
HSBC Foreign Currency Flexi Saver Account
Maximum Variable Rate
0.01% p.a.
Standard Variable Rate
0.01% p.a.
Bonus Variable Rate
0.00% p.a.
Monthly Fee
$0
Minimum Opening Deposit
$0
Minimum monthly deposit for bonus interest rate
$0
Internet Banking
Yes
Phone Banking
Yes
Phone Transaction Fee
$0

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 DollarsUnited States DollarsCanadian DollarsEurosGreat Britain Pound Sterling
Hong Kong DollarsNew Zealand DollarsSingapore DollarsJapanese YenRenminbi (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.

Compare HSBC products

Pros

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

Cons

  • Fees apply for depositing

How do I apply?

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

Am I eligible to apply online?

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 for your online application

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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2 Responses to HSBC Foreign Currency Flexi Saver Account

  1. Default Gravatar
    Vicki | January 5, 2017

    I have been told there are substantial fees involved, like $25 plus 1.25% to withdraw foreign currency in Australia but can’t see this on website.
    Any ideas?

    • Staff
      Anndy | January 5, 2017

      Hi Vicky,

      Thanks for your question.

      For HSBC Foreign Currency Flexi Saver Account, there is a handling fee on all cash withdrawals from, or deposits to a foreign currency account which is 1.25% of amount handled with a minimum charge of $20.

      Cheers,
      Anndy

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