Personal Finance Bank accounts

A Closer Look at the HSBC High Interest USD Savings Account in Canada

Piyush Singh

06.05.24 (last updated)

Read time 2 minutes

The HSBC USD Savings Account would make USD payments easy for Canadians. It would be ideal for those looking to make international payments or who have investments in the US market. This article will take a closer look at how the HSBC USD Savings Account worked, what features it offered, and how you can use Wise to make payments in USD and many more currencies.

Important update: With RBC having acquired HSBC in Canada in March 2024, their accounts no longer exist. Looking for an alternative that's international, transparent and looking to save you money on cross currency exchange rates? Check out Wise

Table of Contents
Key Features of the HSBC USD Savings Account How to Open an HSBC USD Savings Account Fees and Transaction Limits of the HSBC USD Savings Account Meet Wise - Your Alternative to Bank Accounts

Key Features of the HSBC USD Savings Account

HSBC’s USD savings account is called the U.S. Dollar High Rate Savings Account.

The key features of this account include:

Provides an easy way to save the US dollar - If the exchange rate is favourable, buy U.S. dollars and have them available as soon as you need them.
HSBC calculates competitive interest rates every day - You can get up to 1 million USD in interest on your dollars
Make your USD transactions all-American - If you make a U.S. dollar transaction, HSBC helps you avoid any extra charges on the exchange rate through currency conversion
No minimum balance - Save as much or as little as you want with easy deposits and withdrawals at any time
No monthly fees - Without the administration fee, your money will work harder for you
Fees for self-service and in-branch transactions - Detailed information can be found in the brochure¹
Interest Rate: 0.50% for transactions of any amount²

How to Open an HSBC USD Savings Account

Opening an HSBC USD account is relatively easy, but there are different processes for new and existing customers.

Opening an Account as a New Customer: You will need to establish your presence with HSBC before making your account. You can do so by calling them at 1-888-310-4722. One of their helpful associates will walk you through the process and help you set up your account¹.
Opening an Account as an Existing Customer: If you already have an HSBC account, you can simply log on online to your profile, then you should be able to open an account instantly on the “My accounts” page. You can also transfer funds to your new account online¹.

Fees and Transaction Limits of the HSBC USD Savings Account

Below is a table with an overview of the fees HSBC has made accessible, however, not all costs are clearly visible on their official website or documents.

Service	Cost
Deposits & Credits	Free³
Withdrawals & Debits	1.25 USD³
Online Transfers to your Other HSBC Accounts	Free³
Online or Paper Statements	Free³

HSBC also does not allow their customers with a USD Savings Account to:

Make transactions through ATMS or Interac debit purchases
Make bill payments
Transfer funds to accounts at other financial institutions

HSBC operates on the international currency exchange rate, so the HSBC USD exchange rate is constantly fluctuating. They have also mentioned that “For foreign exchange transactions, we may earn revenue on the difference between buy and sell foreign exchange rates” on top of the withdrawal fee mentioned³.

Again, HSBC is not the most transparent about their fees, but there is an alternative that is.

Meet Wise - Your Alternative to Bank Accounts

Wise is an alternative to a bank account that offers many of the same features and more. With Wise, you can:

Send money at the mid-market rate with no hidden fees
Hold 40+ currencies in the same account, including CAD, EUR, GBP, AUD, and, of course, USD with a multi-currency account
Access funds quickly via their international debit card, the Wise Card, which allows you to spend like a local when you travel abroad
Send money to 70+ countries and receive it in 9 different currencies

The true cost of sending CAD to USD

The best part? Wise is upfront about its fees and pricing, and you can read all about it here. You can register for a Wise account online for free, so why not get started? With so many currencies and transparent pricing, there’s no reason to go anywhere else! To start managing your finances, check out the Wise App on Google Play Store or the App Store!

Please see Terms of Use for your region or visit [Wise Fees & Pricing}(http://wise.com/pricing) for the most up to date pricing and fee information.

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.