The HSBC Multi Currency Account makes your banking life simpler by allowing you the choice of having one or more foreign currencies in one single account. Just choose which currency you wish the deposit to be in, and HSBC will automatically allocate those funds to the right one.
What are the features of the HSBC Multi Currency Account?
There are a number of factors to take into consideration when looking at this type of account that will help you to determine which one gives you the most benefit considering your needs and circumstance. You can compare the various features against those offered by HSBC to help you make your final choice:
$0 account keeping fees
Your account will not be charged any monthly account keeping fees.
$0 minimum balance requirements
There is no minimum balance requirement to maintain with this account.
You have a number of currencies available to choose from when making your deposits into this account including; Australian dollars (AUD), United States dollars (USD), Great Britain Pound sterling (GBP), Euro (EUR), Hong Kong dollars (HKD), Canadian dollars (CAD), Japanese yen (JPY), New Zealand dollars (NZD), Singapore dollars (SGD) and Renminbi (RMB). Note that with RMB you may find that certain restrictions apply to your deposits.
Accessing your account
The HSBC Multi Currency account can be accessed at a branch, online, with phone banking and by using telegraphic transfers.
Withdrawals and deposits
You are only permitted to make cash deposits and withdrawals in AUD, USD, and HKD. For other currencies you will need to use online banking and transfers. USD and HKD notes issued in cash will only be in multiples of ten and may be subject to certain cash handling fees.
Fees for cash withdrawals and deposits
The fee is 1.25% of the amount handled or a minimum charge of $20 on all cash withdrawals or deposits to a foreign currency account. Compare and review more HSBC bank accounts.
HSBC provides you with a convenient method of accessing up to date rate quotes so that you can switch between currencies and take advantage of changing exchange rates.
Available for personal use only
This account is only available for individual and joint account holders for personal use. Businesses, company accounts and trusts are not eligible to apply.
Doesn't come with a debit card
Note that this savings account doesn't come with a linked debit card. Deposits and withdrawals are typically done in branch, or through local AUD transfers. No linked Australian bank account is necessary.
Able to send and accept international money transfers
You're able to both send and receive international money transfer from this account.
- No account keeping fees
- Major foreign currencies available
- Make as many deposits and withdrawals as you like
- Permitted to make cash deposits and withdrawals only in AUD, USD, and HKD
How do I apply for the HSBC Multi Currency Account?
If this account is able to meet your foreign currency needs, HSBC makes it easy to apply by providing you with an online application form. Before applying, you might want to first ensure that you are eligible for this account:
Eligibility to apply
- Minimum age. The minimum age requirement for this account is 18 years of age.
- Residency requirement. In order to be eligible for this account you must have an Australian residential address.
- Depository requirements. There is no minimum requirement for your initial deposit and you will not have to maintain a monthly balance in order for the account to remain active.
After determining that you are eligible for the HSBC Multi Currency Account you can gather together the following documentation to make filling in the application easier:
- Tax file number. Your tax file number (TFN) or exemption code is used with interest earnings accounts to help determine the correct amount of withholding tax to deduct from your dividends. You are under no obligation to provide this, but if you don’t, withholding tax will be deducted at the highest marginal rate.
- Identification. HSBC will attempt to verify your identity online by using information found on your driver’s licence or passport.
What happens after I submit my application?
If you are a resident of Australia but are currently living overseas, you will need to contact HSBC in order to proceed with the application. After having submitted your application the information provided will be verified and you will be given the details of the account in order to begin making your multi currency deposits.