HSBC Multi Currency Account

Information verified correct on December 4th, 2016

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

The HSBC Multi 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 even stand to earn interest.

Product NameHSBC Multi Currency Account
Min. Transfer AmountAUD 0
Max. Transfer AmountAUD 50,000
Transfer MethodsOnline, Bank Account to Bank Account, Cash Transfer, International Money Order
Transfer OptionsRegular payments, One off payments
Transfer Speed
Minimum transfer time
3 - 5 days
Banking PartnerHSBC
Customer ServicePhone, Email, Branch
Available CurrenciesAUD, CAD, CNY, EUR, GBP, HKD, JPY, NZD, SGD, USD
Online Transfer FeeAUD 20
Branch Transfer FeeAUD 25
Exchange Rate UpdatesReal time

Pros

  • Allow to hold funds in different major foreign currencies
  • No account keeping fee
  • Earn interest on the balance in your account

Cons

  • Transfer fee payable
  • Small numbers of currencies available

Things to consider about this account

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 of the HSBC Multi Currency Account?

  • Funds in different currencies. This feature is the highlight of this account. This account allows you to keep your money in currencies that include Australian Dollars, United States Dollars, Canadian Dollars, Euros, Great Britain Pound sterling, Hong Kong Dollars, New Zealand Dollars, Singapore Dollars, and Japanese Yen. You can also hold RenMinBi from China in this account, although certain restrictions apply in this case.

  • Easy access to account. You can access your HSBC Multi 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, bear in mind 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. Balances of over $9,000 AUD earn 0.05%  p.a. If you have more than 4,000 GBP in the account, it earns 0.05 % p.a. When it comes to New Zealand dollars, balances of more than 10,000 dollars earn interest of 0.15% p.a.

  • 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.


What fees and charges are payable for this account?

This account does not attract any monthly account-keeping fees, but note that making an international transfer with this account will come with fees listed in the table above. 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.


How to apply

Applying for the HSBC Multi Currency Account is easy, and you can initiate the process by clicking on ‘Go to Site’. 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.

Was this content helpful to you? No  Yes

International Money Transfer Offers

Learn about our information service
TorFX International Money Transfers

TorFX guarantee to beat any competitor's exchange rate for a transaction
Conditions apply

Exclusive: World First Foreign Exchange

Exclusive offer: $0 transfer fee
Transfer money into a range of currencies online and over the phone.

Exclusive: CurrencyFair International Money Transfers

Exclusive offer: 3 Free transfers (after your first transfer).
A peer-to-peer transfer service with a large range of currencies on offer.

FC Exchange International Money Transfers

No transfer fee via online, branch or phone when transferring more than £10,000 or equivalent.

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

61 Responses to HSBC Multi Currency Account

  1. Default Gravatar
    Debs | November 19, 2016

    Hi,

    I have moved to Australia from the UK. I am using the global transfer facility to make transfers from sterling to my Australian account. However I am not getting the advertised bank exchange rate. I’m told there is a minimum amount but the person I just spoke to at HSBC could not tell me what the minimum amount is?

    • Staff
      Shirley | November 21, 2016

      Hi Debs,

      Thanks for your question.

      Usually the exchange rate is determined by the bank that sends the money, so in this case it’s your UK bank. You may want to get in touch with them directly to discuss the exchange rate they’re providing for you.

      If you’re referring to HSBC GetRate, Get Rate is only applicable for eligible transactions, of amounts from $1 to $500,000 for Internet Banking.

      There may be fees charged for sending / receiving international money transfers too.

      Please let me know if I can help further,
      Shirley

  2. Default Gravatar
    Kim | November 17, 2016

    Hello, I live in Australia. Is it possible for a British institution to deposit into my multi-currency account?

    • Staff
      Harold | November 17, 2016

      Hello Kim,

      Thank you for your question.

      Our company, finder.com.au is a comparison website and general information service. We are designed to help consumers to make a better decisions and we don’t actually represent other companies. For direct account enquiries related to HSBC please contact their support directly.

      I hope this information has helped.

      Cheers,
      Harold

    • Staff
      Clarizza | November 17, 2016

      Hi Kim,

      Thanks for your question.

      Yes, your HSBC multi-currency account can hold up to 10 different currencies, including the British pound.

      Regards
      Clarizza

  3. Default Gravatar
    Din | October 13, 2016

    Hello

    I’ll be moving to America next month for 2 yrs. I plan to transfer 5k aud as a pocket money to multiple currency account. Now can I withdraw it in any hsbc atm in America?

    Do I have to open a new hsbc account locally in America for my salary to go in or just have it deposit straight to the multiple currency?

    • Staff
      Clarizza | October 13, 2016

      Hi Geraldin,

      Thanks for your question.

      Please note that the HSBC Multi-Currency account is an online account and does not come with a debit card so if you want to withdraw cash while in the US, you would need to transfer it to a transaction account. Since you’ll be based in the US, you may want to consider opening a US bank account so you can avoid overseas ATM fees. There are some Australian options available if you wish.

      While HSBC is an international bank, there are certain conditions attached per country so you may need to speak to a HSBC representative directly.

      If you want to avoid transfer fees banks charge for moving your cash between accounts you can also use a dedicated international money transfer service to transfer your AUD to the US account. Our Relocating Overseas Guide might be of assistance.

      Please note, we are a comparison site and as such can provide general advice only.

      Hope this has helped.

      Clarizza

  4. Default Gravatar
    Padriguez | October 3, 2016

    I am an Australian Citizen working in Australia working for a Chinese company and being paid from China. Can I open an account in Hong Kong and Australia and transfer funds between each?

    • Staff
      Clarizza | October 5, 2016

      Hi Padriguez,

      Thanks for your question.

      Yes you can open an account in Hong Kong and transfer to an Australian bank account. Be mindful however of the fees involved in the transfer of the funds between banks and countries. It might be worth looking an opening an account from an international bank as they might offer special features that reduce the fees involved. For example, HSBC or Citibank.

      Hope this has helped.
      Clarizza

  5. Default Gravatar
    anita | August 25, 2016

    If I open an HSBC multi-currency account, can I deposit a check in British pound?

    • Staff
      Clarizza | August 25, 2016

      Hi Anita,

      Thanks for your question.

      While you can keep multiple currencies in this account (including the GBP), if you’re in Australia, HSBC branches only accept AUD, HKD and USD. We recommend speaking to the provider directly to discuss your options.

      Clarizza

  6. Default Gravatar
    Holla | June 7, 2016

    Can i set up an account in Australia and get verified without visiting Australia?

    • Staff
      Shirley | June 8, 2016

      Hi Holla,

      Thanks for your question.

      If you’ve never held an account with HSBC before, you’ll be required to verify your identity here in Australia.

  7. Default Gravatar
    | March 23, 2016

    1. Can I setup an account in AU$ for the sole purpose of using that money to purchase US$ or other currencies from alternative providers [if they offer a better exchange rate] for the purpose of having that foreign currency transferred into this account ?
    2. Would HSBC charge my account for such deposits in such instances ?
    3. Would HSBC charge my account withdrawal fees of any currencies I might have ?

    Details
    Fees & Exchange Rates
    Pros & Cons
    Online Transfer Fee AUD 20…..Please explain in more detail
    Branch Transfer Fee AUD 25…..Please explain in more detail
    ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    You do not have to pay any fee to make withdrawals, deposits, and transfers at branches either.
    Where would be the closest branch to Sunshine Coast Queensland ?
    *****************************************************************
    Where can I access HSBC currency conversion rates online without an account ?

    Thanking You
    Roy

    • Staff
      Shirley | March 24, 2016

      Hi Roy,

      Thanks for your question.

      Yes you can set up the account for the sole purpose of using that account to purchase USD and other currencies. HSBC will charge 1% of the amount if it’s electronically transferred without the need of currency conversion. Likewise, the same fee applies if you’re transferring out and the transaction doesn’t require currency conversion.

      Cash deposits and withdrawals are restricted to AUD, USD and HKD. For USD and HKD deposits and different fees apply.

      The $20 and $25 fees listed in the article refer to international money transfers – which don’t apply in this case.

      The closest HSBC branches to the Sunshine Coast are Brisbane and Gold Coast.

      HSBC exchange rates can be found on it’s official website.

      Hope this helps.

  8. Default Gravatar
    wen | February 11, 2016

    Hi,

    what are the fees for if i want to withdraw cash in different currency in Australia?

    • Staff
      Shirley | February 12, 2016

      Hi Wen,

      Thanks for your question.

      Please note on the HSBC website it states ” All cash transactions are restricted to AUD, USD and HKD. For USD and HKD deposits, these must be notes only and in multiples of 10. Cash transactions in USD and HKD are subject to cash handling fees. Cash withdrawals in HKD or USD for amounts greater than AUD 1,000 equivalent are subject to 24 hours advance notice or branch availability.”

      Fees will be 1.25% of the deposit amount.

      Hope this helps.

  9. Default Gravatar
    Bryan | January 4, 2016

    Hi there. I am an Australian citizen living in Australia. My employer is a Canadian company who will be paying me in Canadian Dollars on a monthly basis. Is there a fee for my Canadian employer to make payments into the multi currency account? I do not want my employer to pay me into my normal Australian bank account due to the transaction fees and I also want the ability to make the exchange from CAD to AUD when the rate is favourable.

  10. Default Gravatar
    Sidney | December 30, 2015

    I am a Canadian citizen working in Australia on a 457 visa valid for four years. Can I transfer money from AUD currency to my Canadian bank? I have a westpac bank account in Australia and have my pay check deposited in my Australian account. I there wish to transfer Australian $$ to Canadian funds in my account in Canada.

    • Staff
      Shirley | December 30, 2015

      Hi Sidney,

      Thanks for your question.

      Yes it’s possible to transfer AUD from this account (though it will arrive in CAD if your bank account in Canada doesn’t hold AUD). Please be mindful that it may be more expensive if you choose to do a bank transfer.

      Cheers,
      Shirley

Ask a question
feedback