Send telegraphic transfers and make the most of your foreign funds with a flexible savings account that allows you to earn interest on various currencies.
HSBC’s Foreign Currency Flexi Saver Account allows you to make multiple transaction types in currencies other than the Australian dollar (AUD). This account gives you the ability to save and invest in ten major currencies with complete access to the money any time you need it.
|Product Name||HSBC Foreign Currency Flexi Saver Account|
|Min. Transfer Amount||$0|
|Transfer Methods||Online, Bank Account to Bank Account, Cash Transfer, International Money Order|
|Transfer Options||Regular payments, One off payments|
|Customer Service||Phone, Email, Branch|
|Available Currencies||CAD, CHF, CNY, EUR, GBP, HKD, JPY, NZD, SGD, USD|
|Online Transfer Fee||AUD 20|
|Branch Transfer Fee||AUD 25|
|Exchange Rate Updates||Real time|
- Available in major foreign currencies
- No minimum opening or ongoing balance
- Access online banking
- Transfer fee payable
What are the fees and charges for international money 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 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.
- Minimum balance. There is no minimum balance requirement for this account and you won’t be required to maintain a balance in order for the account to remain active.
- Accessibility. You will have full access to your money through branch banking, over the phone or with internet banking.
- Interest rates. The interest rates applied to your balance is variable, calculated daily and paid monthly. Different rates apply depending on the currency you choose to have your savings in.
- Multiple accounts. You are permitted to have multiple foreign currency accounts if you have differing goals you need to reach.
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.