HSBC Foreign Currency Flexi Saver Account

Get more ways to save with HSBC’s Foreign Currency Flexi Saver Account, available in ten major currencies, with varying interest earned for each

You can open multiple accounts for different currency types while avoiding monthly fees, and getting free deposits and balance enquiries on each. Each earns its own interest at its own rate, letting you get more from global currencies and plan ahead with more flexibility. Meanwhile, a range of transaction options make sure you always have efficient access to your funds around the world.

Product NameHSBC Foreign Currency Flexi Saver Account
Min. Transfer Amount$0
Max. Transfer AmountNo limit
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer, International Money Order
Transfer OptionsRegular payments, One off payments
Banking PartnerHSBC
Customer ServicePhone, Email, Branch
Available CurrenciesCAD, CHF, CNY, EUR, GBP, HKD, JPY, NZD, SGD, USD
Online Transfer FeeAUD 20
Branch Transfer FeeAUD 25
Exchange Rate UpdatesReal time

Pros

  • Available in ten major foreign currencies
  • No minimum opening or ongoing balance
  • Free balance enquiries
  • No monthly fees on average balances above $1,000AUD per month
  • Ten free withdrawals per month
  • No deposit fees

Cons

  • International currency transfer fees apply

What are the fees and charges for international money transfers?

Inward transfers

  • If it’s credited into an existing HSBC account - $10
  • If it’s paid in AUD cash - $15

Outward transfers (non HSBC Premier members)

  • Standard (in-branch or over the phone) - $25
  • Internet initiated transfers - $20

What are the features of the HSBC Foreign Currency Flexi Account?

Accounts that allow for saving in a foreign currency can provide you with a way to see a better return on your investment. Before committing your money to one bank, make sure that you are comparing the account features to what you get from HSBC:

Available in ten major currencies.

HSBC allows you to save using ten different currencies including the; United States dollar (USD), Great Britain Pound sterling (GBP), Euro (EUR), Hong Kong dollar (HKD), Canadian dollar (CAD), Japanese Yen (JPY), New Zealand dollar (NZD), Singapore dollar (SGD), Chinese Yuan Renminbi (CNY) and Swiss franc (CHF). You should note that with the CNY there may be some restrictions applied.

No minimum balance

There is no minimum balance requirement for this account, but an account keeping fees of $10AU per month will apply to each account where the average monthly balance falls below $1,000AU.

Free deposits

You can make up to ten free deposits per month in person, over the phone, with internet banking, direct deposit or by cheque.

Varied withdrawal options

You can make withdrawals in all the same ways as you can make deposits, as well as by giving written written instructions to HSBC to make regular payments to third parties on your behalf.

Variable interest earned on each currency

The interest rates applied to your balance is variable, calculated daily and paid monthly. Different rates apply to each currency.

Multiple accounts

You are permitted to have multiple foreign currency accounts, and can save in different currencies, to reach numerous savings goals.

How do I apply for the HSBC Foreign Currency Flexi Account?

If you are already a customer of HSBC, you can fill out an application form for the Foreign Currency Flexi Account through your online banking platform. If not, click “Go to Site” to download an application form for new customers. You will be asked first if you meet certain eligibility requirements that include:

  • Minimum age. Applicants for the Foreign Currency Flexi Saver Account should be at least 18 years of age.
  • Residency requirements. In order for your application to be accepted you need to provide a residential address in Australia.
  • Depository requirements. There is no minimum deposit required to activate this account.

When you are filling in the application you will find that it is helpful to have the following documentation to refer to:

  • Tax file number. Providing your tax file number (TFN) or exemption code is not mandatory, but it will help in ensuring that any withholding tax on your interest earnings is at the correct rate.
  • Identification. In order to verify your identity you will need to show a photo identification document such as your driver’s licence or passport.

Once you have completed the application form you can print it from your computer and bring it with you to an HSBC branch. They will then verify the information provided and if approved give you the details for your new savings account.

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