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. This gives you a great chance to earn dividends through quick changing exchange rates.
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:
- Monthly account keeping fees. Your account will not be charged any monthly account keeping fees.
- Minimum balance requirements. There is no minimum balance requirement to maintain with this account.
- Available currencies. 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.
- Currency switching. 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.
- Availability. This account is only available for individual and joint account holders for personal use. Businesses, company accounts and trusts are not eligible to apply.
- 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 clicking “Go to Site” to access that form you might want to first ensure that you are eligible for this account:
- 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.
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.