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HSBC Foreign Currency Flexi Saver Account USD

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

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.

0.01% p.a.

Maximum variable rate

0.01% p.a.

Base interest rate

Details

Product NameHSBC Foreign Currency Flexi Saver Account USD
Maximum Variable Rate0.01% p.a.
Standard Variable Rate0.01%
Bonus Variable Rate0.00%
Monthly Account Fee$0
Minimum Opening Deposit$0
Minimum Age18

Expert review

Shirley Liu

Review by


Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.

Expert review

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

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 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.

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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.

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16 Comments

  1. Default Gravatar
    val
    March 21, 2018

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

    • Avatarfinder Customer Care
      Jeni
      March 21, 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

  2. Default Gravatar
    dennis
    March 7, 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

    • Avatarfinder Customer Care
      May
      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. On this page, you can learn more about 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 this page for 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

  3. Default Gravatar
    bmcer1
    August 10, 2017

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

    • Avatarfinder Customer Care
      Rench
      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

  4. Default Gravatar
    Bob
    August 9, 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

    • Default Gravatar
      Arnold
      August 9, 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

  5. Default Gravatar
    Jo
    July 8, 2017

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

    • Default Gravatar
      Arnold
      July 9, 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

  6. Default Gravatar
    Frankie
    May 17, 2017

    If I open an account can I deposit monthly deposits in Pounds and then withdraw in Australia? And if so are there extra chargers to receive payment in pounds, if so what are they.
    Also wondering if there are Citi banks in Palma mallorca spain?

    Thank you

    • Avatarfinder Customer Care
      Harold
      May 18, 2017

      Hi Frankie,

      Thank you for your inquiry.

      1. If I open an account can I deposit monthly deposits in Pounds and then withdraw in Australia? And if so are there extra chargers to receive payment in pounds, if so what are they.
      Answer – With 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. When it comes to depositing cash at an HSBC branch, you can only deposit Australian, United States, and Hong Kong Dollars. 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.

      2. Also wondering if there are Citi banks in Palma mallorca spain?
      Answer – Yes, there are Citibanks in Spain you may want to consider checking on this page for your available option/s.

      I hope this information has helped.

      Cheers,
      Harold

  7. Default Gravatar
    Steve
    May 5, 2017

    Hi!

    If I open a HSBC Foreign Currency Flexi Saver Account, can I deposit a USD cheque to fund the account?

    Thanks,
    Steve

    • Avatarfinder Customer Care
      Jason
      May 6, 2017

      Hi Steve,

      Thank you for your enquiry.

      Please note that you cannot deposit a USD cheque to fund a HSBC Foreign Currency Flexi Saver account. For USD and HKD cash transactions, these must be in notes only and in multiples of 10. Cash transactions in HKD and USD are subject to cash handling fees.

      Kind regards,
      Jason

  8. 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?

    • Avatarfinder Customer Care
      Dee
      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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