HSBC HK Multi Currency Account: Your Complete Guide

In a bustling metropolis like Hong Kong, whether you're a local or an expat, foreign currency and multi-currency accounts can be extremely beneficial in your daily life. Suppose you want to buy anything from outside of Hong Kong, you'll be required to make a foreign currency payment. In that case, holding your money in different currencies makes it easier to manage exchange rate fluctuations and cut the costs of international transactions.

It's good to know that HSBC is one of the pioneer banks in offering multi-currency accounts. This comprehensive guide is your key to understanding the ins and outs of foreign and multi-currency accounts with HSBC Hong Kong.

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What are the types of HSBC multi currency accounts in Hong Kong?

Being one of the most prominent banks in Hong Kong, HSBC offers a wide range of products to help you to manage your money in your preferred currency. Besides from HKD, you can open current accounts in US dollars or Renminbi. Renminbi savings accounts and foreign currency savings accounts that allow customers to hold up to 10 major foreign currencies simultaneously are available.

You can also get a Personal Integrated account such as One Account which pulls together savings, foreign currencies, and investments, and allows you to manage different aspects of your finances more easily. You can easily open an account online or at your local HSBC branch. More on that later!

Let’s first explore different types of HSBC multi-currency integrated accounts in Hong Kong!

HSBC One Account

HSBC One is a user-friendly banking management account. With a HSBC One account, you can easily monitor your spendings, budget your finances, and transfer money. Another exciting feature of this account is the ability to spend and save in 12 major currencies¹, including the AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, NZD, SGD, THB, and USD. You can enjoy managing your finances seamlessly, all without maintaining a minimum total relationship balance.

With an HSBC One account, you can apply for an HSBC Mastercard® Debit Card to shop or withdraw cash from HSBC ATMs worldwide without any annual fees or handling fees. If you're a frequent shopper, you might want to consider getting the HSBC Red Credit Card. With this card, you can earn up to 4% RewardCash when you shop online and 1% RewardCash on other local and overseas spending. These cards are great ways to save money while you shop.

HSBC Foreign Currency Savings Account

HSBC One Account is a great option to manage your foreign currency, yet there are other options available. You may consider opening an HSBC Foreign Currency Savings Account which allows you to earn interest while holding up to 10 currencies (AUD, CAD, EUR, JPY, NZD, GBP, SGD, CHF, THB and USD) in your balance. It's also an ideal choice if you want to take advantage of exchange rate fluctuations between currencies.

HSBC Foreign Currency Current Account

If you're looking for a simple way to manage your finances and make day-to-day payments, consider opening an HSBC Current Account. The HSBC Current Account is available in these currencies:

• Hong Kong Dollar Current Account
• Renminbi Current Account
• United States Dollar Current Account

What are the fees for HSBC multi currency accounts?

HSBC offers very good deals for you to hold your multi currency in the multi currency accounts . However, it is worth noting that no matter what currency you hold in your account, there’s a fee to pay. Here’s a look at the key fees for HSBC HK multi currency accounts:

Who can open a HSBC multi currency account in Hong Kong?

There are different requirements to open a HSBC multi currency account in Hong Kong. To open a HSBC One Account through the HSBC HK App, you need to be a Hong Kong resident with a valid identity card and a new HSBC customer over 18 and under 65 years old. If you don’t reside in Hong Kong, different rules may apply.

If you do not have a valid identity card, you can apply for HSBC Foreign Currency Saving and HSBC Foreign Currency Current Account at a local branch. You will need to be able to submit some documents such as employment visas or with other legal residency paperworks.

You can refer to the section below to understand how to submit your paperwork.

What documents do I need to open an HSBC multi currency account in Hong Kong?

If you are a Hong Kong permanent resident aged 18 and above, you are required to submit these documents:

• Hong Kong identity card
• Resident address proof - such as a recent utility bill, a letter from your employer or university, or a tax bill.

If you are a Hong Kong non-permanent resident aged 18 and above, you can submit these identification document:

• Proof of ID - your HKID card, or government issued travel document;
• Proof of your residential address - such as a recent utility bill, a letter from your employer or university, or a tax bill

You should also check the specific documents you need to support your application as these can vary according to account type as well as your residency status. For example, you might also need to provide:

• Details of your nationality
• Information about why you’re setting up an account in Hong Kong
• Proof of salary and employment
• Source of your income and the opening deposit
• Levels of activity you expect in your account

What is the minimum deposit required to open an HSBC multi currency account in Hong Kong?

For HSBC One account, you don’t need to maintain any minimum total relationship balance. However, you will need to have a minimum deposit of the equivalent of USD1,000 for the HSBC Foreign Currency Savings Account.

How to open an HSBC multi currency account in Hong Kong?

If you decide to open the account via the apps, you only need to prepare your Hong Kong identity card. You can prefer to the steps below to open an account online:

1. Download "HSBC HK Mobile Banking App" for online account opening
2. When using the HSBC APP for the first time, you must first agree to the "License Agreement" and "Important Statement."
3. If you don't have any account yet, click "I don't have any account". If you already hold a personal integrated financial account, you can log in directly and upgrade your account.
4. Choose to apply for "HSBC One" and click "Apply Now" - "I'm not in a branch."
5. Provide your email address, phone number, and receive a verification code.
6. Take a photo of your ID card and take a selfie for verification.
7. Fill in the rest of your personal information.
8. Register for online banking.
9. Receive ATM card and PIN letter by mail later.

If you don’t meet the above requirements to apply online or you simply just want to apply face-to-face at the branch, you should bring the above documents.

How long does it take to open an HSBC multi currency account in Hong Kong?

Opening an HSBC One account online is a quick and easy process, provided you meet the necessary requirements. The entire process should take only about 5 minutes². Once your account is successfully opened, you can start using the HSBC One right away through the Mobile Banking app. You will immediately have access to almost all online banking services. And, your ATM card and PIN letter will be sent to you after a few days.

However, if you are interested in opening another type of account, you might need to wait for 2 days so you can start to access your account.

As one of the biggest banks in Hong Kong - and the world - it’s no surprise that HSBC HK has a good range of options for people who want to hold and manage their money across different currencies. Depending on what you need, you can choose from a simple, low cost account - or one of HSBC’s high end offers.

No matter which account works for you, you might still find you can save on international payments by using Wise. With Wise, you will enjoy sending money in more than 50 currencies to more than 70 countries at mid-market rates without any markups or hidden fees. Save now with Wise!

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