HSBC Multi Currency Account

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


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


  • 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 you money in currencies which 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.

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52 Responses

  1. Default Gravatar
    anitaAugust 25, 2016

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

    • Staff
      ClarizzaAugust 25, 2016Staff

      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.


  2. Default Gravatar
    HollaJune 7, 2016

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

    • Staff
      ShirleyJune 8, 2016Staff

      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.

  3. Default Gravatar
    RoyMarch 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 ?

    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

    • Staff
      ShirleyMarch 24, 2016Staff

      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.

  4. Default Gravatar
    wenFebruary 11, 2016


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

    • Staff
      ShirleyFebruary 12, 2016Staff

      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.

  5. Default Gravatar
    BryanJanuary 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.

  6. Default Gravatar
    SidneyDecember 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.

  7. Default Gravatar
    GlenOctober 29, 2015

    Could I use a HSBC MCA to receive a wire transfer from US in USD, then convert this to GBP and/or Euro, and withdraw this as local currency (GBP, Euro) from HSBC branches in UK or Europe? What fees would apply? Thx

    • Staff
      ShirleyOctober 29, 2015Staff

      Hi Glen,

      Thanks for your question.

      You can use the HSBC MCA to receive a wire transfer from US in USD, then convert this to GBP and/or Euro. However, you won’t be able to withdraw this as local currency (GBP, Euro) from HSBC branches in the UK or Europe.

      Please note you can only withdraw USD, AUD and HKD.

      Inward transfers are $10, branch withdrawals are free but you are required to give notice.


  8. Default Gravatar
    MiaOctober 14, 2015

    If I had a HSBC MCA, I exchange some USD dollars when I feel the exchange rate is good, then I do international transfer in USD to another country. Whether will it cost any other fee expect the AUD 20/25 for international transfer?

    • Staff
      ShirleyOctober 15, 2015Staff

      Hi Mia,

      Thanks for your question.

      The standard fee for an ongoing telegraphic transfer for this account is $25. Please note that there may be third party recipient fees as well.

      Your exchange rate will be ‘HSBC’s great rate’ at the time. Remember to check these before you complete the conversion.

      All the best,

  9. Default Gravatar
    VaniAugust 20, 2015

    I am looking to borrow some money from relatives in India for a home construction. I am looking to set up a multi currency account wherein they will be looing at depositing the funds in India and I will be withdrawing here. Approximately 180K AUD will be transferred. Can you please advise the details of fees and any associated charges.

    • Staff
      ShirleyAugust 20, 2015Staff

      Hi Vani,

      Thanks for your question.

      The fees and charges applied are highly dependent on how the money is transferred into your account. Please refer to page 19 of this document to see the list of charges you may be liable for.

      Please be mindful that there may be third party fees too.


  10. Default Gravatar
    RonAugust 11, 2015

    With your UDS account can i get a debit card for use in the USA

    • Staff
      MarcAugust 12, 2015Staff

      Hi Ron,
      thanks for the question.

      This account doesn’t come with a debit card, if you’re looking for a way of spending money in the USA, you may want to compare travel money cards.

      I hope this helps,