This was posted 6 years 1 month 21 days ago, and might be an out-dated deal.

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HSBC - New Everyday Global Account for Travellers / Multiple Currencies (No Overseas ATM Fees)

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HSBC - New Everyday Global Account for Travellers / Multiple Currencies (No Overseas ATM Fees)
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AssociatedLlonewolf on 26/02/2018 - 11:25 hsbc.com.au (5920 clicks)
Last edited 08/12/2022 - 17:06 by 4 other users

First time i get to submit something, quite exhilarating. I think this goes under the deals / bargains part considering what i have seen before but i could be wrong, not sure if this should be in the forums instead? Its always available and free i believe.

A friend of mine works at HSBC and told me about this new account from HSBC which has a lot of benefits for people who in the past used to use 28 Degrees or other cards to withdraw foreign currencies when they went travelling as well as purchasing in foreign currencies. He knows i travel a lot and used to use 28 degrees for this till they changed the ability to withdraw cash out without penalties overseas.

Its called Everyday Global Account. Sounds pretty promising as it has some features that i havent seen before. I tend to hold onto a lot of my foreign currencies once i come back from a holiday. With this card, i believe i can deposit the foreign currency into my account and dont have to hold onto the notes etc and then withdraw it again without fees when i go back to that country…

The pros of the account:

  • no atm or transaction fees with no requirements for minimum deposits or account fee.
  • can hold multiple currencies all under 1 bank account
  • no overseas atm or overseas transaction charges so good for online shopping (overseas merchants) and traveling overseas (this can be as high as 3% for some banks). This mean you are paying like a local…
  • safer than carrying cash
  • comes with visa zero liability fraud protection
  • can plan ahead and transfer funds and save in foreign currency when exchange rates are favorable
  • it comes with hsbc’s home and away benefits scheme
  • can do everything an Australian dollar account can ie bpay, direct debits and credits, bank@post, online banking and recurring transactions.
  • real time fx rates
  • paywave, Apple Pay and android pay all available

Cons:

  • HSBC is not a big 4 bank in Australia (but atms locally are now free anyway)
  • only 10 currencies at the moment
  • no sign on bonus…

8/12/2022 update

From 9/1/2023 HSBC Argentina, France, Greece, Mexico, Malta and Turkey will be excluded from overseas ATM's that have no service charge.

Financial Bank Account Transaction Account

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closed Comments

  • lainey13 on 26/02/2018 - 12:12

    I have a decent size USD check coming my way. Could I deposit the USD then withdraw in USD when it finally goes up in value?

    • Associatedlonewolf @ HSBC on 26/02/2018 - 12:13

      Pretty sure thats how it works. Except not sure if you can desposit a cheque or only notes..

      • lainey13 on 26/02/2018 - 12:42

        Yeah I'm not too sure either. I don't want to convert the USD into AUD at a time of my choosing so being able to withdraw in USD would be good however I could live with AUD withdrawal if I can bank it in USD… but in cheque form :(

        • Associatedlonewolf @ HSBC on 26/02/2018 - 12:43

          tell me about it, I got screwed by westpac for depositing a USD cheque into my account. It was a 200$ USD cheque and they charged me 50$AUD to deposit it. Its like WHAT!!!

      • freakthe on 12/03/2018 - 13:37

        As per my post, i was told at the counter a transaction fee of $20aud or 1.5% is payable for every cash deposit or withdrawal.
        Not a deal

        • Associatedlonewolf @ HSBC on 12/03/2018 - 13:52

          Have you tried it out or is this just from their branch. My friend who works in the department that deals with these accounts told me something different, i can ask him again but this is a new product, I am not sure if all the branch staff know the right details for it.

        • freakthe on 12/03/2018 - 14:08
          -1

          @lonewolf:
          Yes I was at the branch just now. The lady at the secured counter grabbed a booklet that looks like terms and conditions, and pointed at that and told me - minimum $20 AUD.
          Then I walked off of course
          Later a friend did a search on the PDS and it mentioned NOTHING about foreign exchange deposit fee.
          Time to talk to the finance ombudsman
          Dodgy…

          • alexshel on 03/07/2019 - 11:03

            @freakthe: How did you go with the ombudsman? I'm going to report my suspicions as well. They are asking to email copies of documents when you apply for a credit card. Obviously, they don't care about the risk of your data being stolen via sending it over unsecure channel.

            • Associatedlonewolf @ HSBC on 03/07/2019 - 11:09

              @alexshel: I will check with my friend who is in that department and see what he says

    • dane45 on 26/02/2018 - 14:24
      +1

      Just asked about depositing USD cheques on the live chat.

      HSBC don't accept foreign currency cheques :( deposit has to be cash or online transfer

      • freakthe on 12/03/2018 - 13:38

        They charge at least $20 for cash deposit and withdrawal. I was at their branch just now

  • tradiesunited on 26/02/2018 - 12:12

    What are the 10 currency?

  • number5 on 26/02/2018 - 12:17
    +1

    If only you can bear with their Australian branches services…

    • freakthe on 12/03/2018 - 13:39
      +1

      Yes most of them (except the new poor trainee) have quite some attitude.
      Would you agree or disagree?

  • phynicle on 26/02/2018 - 12:18

    Is there a card that offers longer than 6 months price protection, no fx transaction fees in purchases and has zero fees.

    Only thing that comes to mind is the Coles rewards mastercard, but at $99.

    • lgacb08 on 26/02/2018 - 12:56
      +3

      Apply for a nightfill position at your local Coles and you can get annual fee waived.

    • mcnugget on 26/02/2018 - 17:21
      +1

      ANZ Travel Rewards is an alternative. No fx fees and earns ANZ points, but price protection is limited if that's a deal breaker.

      Annual fee of $225 easily offset by lounge passes, free domestic return flight & 40k velocity points sign up bonus.

      Long time BW/28 Degrees user but becoming a points whore, so please understand my suggestion is tainted.

  • starspawn on 26/02/2018 - 12:18
    +2

    ING gives me fee free international ATM withdrawals

  • spock on 26/02/2018 - 12:20

    So can anyone say whats better please im of to japan in very soon ive got a citibank plus card but do you think the HSBC is a good idea .

    • vanoob on 26/02/2018 - 12:28
      +3

      citibank card is more than fine in japan if you already have it.

      • KingThrifty on 26/02/2018 - 14:42

        Do the ATMs charge fees in Japan though? If so, ING would be best I think.

  • Associatedlonewolf @ HSBC on 26/02/2018 - 12:22

    I didnt realise ING did this, i thought people only used 28degrees and then citibank plus. So ING does everything citibank plus does?

    • KBZ on 26/02/2018 - 12:29
      +1

      Yes but better cause it reimburses you ATM fees if the Operator charges you. While Citi doesn't.
      Only annoyance is the 5 transactions a month on top of the $1K deposit a month to activate it.

    • star-ggg on 26/02/2018 - 12:32
      +1

      ING refunds ALL ATM related fees which is good for countries that blanket charge foreign cards with fees. The fees aren't trivial, they can range from 4-6AUD. ING (and HSBC) are Visa which is generally better accepted in developing countries.

      However, with ING you have to make $1k deposit + 5 transactions the month before to get the benefits so it's slightly more nuanced than citibank plus.

      • ruprectaus on 26/02/2018 - 13:07

        I tested this last time I traveled overseas (January). I went to a Citibank ATM in Manilla, with my citi debit card, withdrew 5000peso, went around the corner to another banks ATM (China Bank I think it was), it warned me there was a fee, I accepted the fee and withdrew 5000p. Both times I had 5000peso in my hand. I then checked my citi account on my phone and I was charged the exact same amount of AUD. I don't understand where/how the fee is being charged ? I had originally assumed it was embedded in the forex rate because it's not itemised but that doesn't seem to be the case ?

        • star-ggg on 26/02/2018 - 13:17
          +1

          I am going to Philippines in April and came across this on whirlpool. It's what motivated me to get an ING card

          https://whirlpool.net.au/wiki/citibank_plus_transaction_acco…

          "Some banks will simply add the P250 fee to your withdrawal amount. Other banks you might see on your statement withdrawal fee 0.00, the fee has simply been incorporated into the transaction, but you have certainly been charged the P250 withdrawal fee. "

        • Sylke on 27/02/2018 - 23:56

          I could not follow the printouts or the Citi statement, the fees got charged some where and in Thailand it was 220 baht each time

      • GOCAT9 on 05/07/2019 - 06:18

        ……, they can range from 4-6AUD. (if only mate). Here in Chile, ATM access can cost up to CLP$6500. That’s about AUD$13.62 plus $2.50 in your money!! So, ING is the ‘only’ way to go. My wife and I saved over AUD$1600 in ATM fees last FY. Note: That is NOT a typo.

    • Ryk on 26/02/2018 - 20:06

      and Macquarie Bank

  • MBix on 26/02/2018 - 12:28

    Just applied for it and it wants me to verify my Identification Documents by filling out forms, getting an authorised referee to certify and then mail the certified forms / drop them into a branch. Looks good otherwise haha

    Ughhhhhhhhhh!

    • Associatedlonewolf @ HSBC on 26/02/2018 - 12:29

      what classifies as an authorised referee? does it state that part? I havent signed on yet but was planning on doing so.

      • MBix on 26/02/2018 - 12:30

        https://www.hsbc.com.au/1/PA_ES_Content_Mgmt/content/austral…

        That's the form they require me to fill out - unsure if everyone will have the same requirement of needing to fill all this out however.

      • alvian on 26/02/2018 - 12:40

        Authorised Referees must satisfy one of the occupations below and cannot be an immediate family member.

        1. Justice of the Peace of an Australian State or Territory.

        2. A legal practitioner (however described) of an Australian Federal, State or Territory Court.

        3. An officer of an Australian bank or finance company with 2 or more years of continuous service with one or more financial institutions (for the purposes of the Statutory Declaration Regulations 1993 (Cth)).

        4. Commissioner for Oaths/Affidavits of an Australian State or Territory.

        5. An Australian consular officer or an Australian diplomatic officer (within the meaning of the Consular Fees Act 1955).

        6. International HSBC Bank employees (in a Financial Action Task Force member country – refer to ‘Overseas Member Countries’ below, who are authorised to open bank accounts.

        7. Judges, Masters and Magistrates of an Australian Federal, State or Territory court.

        8. A member with two or more continuous years of membership of:
          a) the Institute of Chartered Accountants in Australia; or
          b) the Australian Society of Certified Practising Accountants; or
          c) the National Institute of Accountants.

        9. A member of an Australian Commonwealth, State or Territory parliament.

        10. A police officer.

        11. Notary Public.

        12. Stipendiary Magistrates of the Australian Commonwealth, State or Territory.

        13. A Registrar, Deputy Registrar, Clerk, or CEO of an Australian State, Federal or Territory court or tribunal.

        14. An officer with, or authorised representative of, a holder of an Australian financial services licence, having 2 or more continuous years of service with one or more licensees.

        15. An agent of Australia Post who is in charge of an office supplying postal services to the public.

        • ruprectaus on 26/02/2018 - 13:13

          An agent of Australia Post who is in charge of an office supplying postal services to the public.

          I tried that once at the Post Central Post Office, they refused. I spoke to a manager he said that staff can refuse and all staff in this Post Office refuse..wtf ? I went and tracked down a JP.

        • Franconian on 26/02/2018 - 19:36

          I always go to a police station. Easiest way to get this done there. At least something they are useful for…

    • garffi on 26/02/2018 - 18:20

      Strange, I just submitted my form and 30 seconds later the next page says my account is now open and ready for use.

      • MBix on 26/02/2018 - 18:33

        Yeh definitely didn’t think everyone would have the same thing pop up. Very strange. Used my Aus Passport for ID etc.

        Now just weighing up if I can be bothered doing a bit of ground work for it.

  • samfisher5986 on 26/02/2018 - 12:28
    +1

    A lot of people are mentioning ING.

    What were your thoughts on using your ING card in sketchy countries where skimmers and thieves can be around?

    I'm just a little concerned as its a debit card, and also my main bank account.

    I guess I could just keep most of the money in a sub account.

    • KBZ on 26/02/2018 - 12:31
      +1

      Keep minimum amount in the transaction account and transfer as you go, like you said.
      As long as you report unauthorized translations they'll refund you the money back. I had one and I filled in a form and they reversed the funds back.

    • star-ggg on 26/02/2018 - 12:37

      Only keep as much as you require for travel and have a backup card because if your card is skimmed your card will be cancelled by the bank. To be extra safe you can cancel your card as soon as you get back and get a new one from ING.

      • c0balt on 26/02/2018 - 12:39

        To be even safer, take another travel card like the Citibank one as a backup and move funds between savings and transaction online before needing to use the card.

    • dazweeja on 26/02/2018 - 12:39
      +3

      Attach an ING Savings Maximiser account. Keep all your money there earning 2.8% interest and then just instantly move your money to the Everyday account using the app when needed.

    • spaceflight on 26/02/2018 - 12:53

      You can use the ING app to freeze and unfreeze your card instantly so if you are concerned that's an option.

      Also have a look at the Macquarie transaction account which says it has no International fees
      https://www.macquarie.com/au/personal/bank-accounts/transact…

      • dazweeja on 26/02/2018 - 13:01

        Macquarie doesn't reimburse overseas ATM operator fees but otherwise looks pretty good.

        • SeaWolf au on 26/02/2018 - 13:07

          The card also isn't lurid international safety orange. I know, it's a stupid, petty, vain thing to care about, but I just hate the design of the ING debit card. I don't know why they couldn't have come up with a more elegant design like their credit cards.

        • dazweeja on 26/02/2018 - 13:11

          @seawolf82:

          It's ugly but it's effective branding. If the person ahead of me in the shopping queue pulls out this card, there's no mistaking which bank it's from.

        • retiredfeline on 26/02/2018 - 13:17

          @seawolf82: It's because of the Dutch base of ING. Orange is the colour of the royal family there and ING has chosen to brand their products with that colour. My Dutch friend pulled out a card which looked exactly like mine. Saves money narrowing down choice.

        • retiredfeline on 26/02/2018 - 13:39

          @alvian: Yes, some people don't realise that carrots can come in other colours like purple. One of these days I'm going to make a purple stew using carrots for my friends.

        • SeaWolf au on 26/02/2018 - 13:55

          @dazweeja: I know, there's no mistaking it, that's for sure. But they've used a much more elegant design on their credit cards (https://www.ing.com.au/credit-cards/compare-credit-cards.htm…) so I think they could have come up with strong branding and still had something that was easy on the eye.

        • idonotknowwhy on 26/02/2018 - 18:50

          But it's still good for doing purchases in-store overseas as there's no international transaction fee, and you get the mastercard rate. ING is best for using ATMs though.
          Get both!

        • spaceflight on 26/02/2018 - 19:08

          @seawolf82:

          The card also isn't lurid international safety orange. I know, it's a stupid, petty, vain thing to care about, but I just hate the design of the ING debit card

          Put it in you wallet/purse and use it backwards so then you have a black card

          I like the bright colour, dark colours are easy to lose in a black wallet/purse

    • SeaWolf au on 26/02/2018 - 14:13

      Another trick you could do is have one of their Orange One credit cards. There's no annual fee for this and if you satisfy the $1000 deposit and five transactions per month on your Orange Everyday account then it doesn't incur foreign fees either. So you only ever use the debit card attached to the transaction account in 'trusted' situations where the risk of skimming is low (tap-and-pay, bank ATM) and use the credit card for everything else. Then if the number gets hijacked it'll be the credit card that gets hit and it's much easier to immediately get a transaction reversed on a credit card. The only downside is you can't use the credit card for cash withdrawals from ATMs because it will count as a cash advance and has a fee attached, but using the debit card at a bank ATM is much lower risk anyway.

  • Javin on 26/02/2018 - 12:46

    Features wise this seems to be a perfect account.No other account in my view can offer all the benefits that this account is offering.

  • Associatedlonewolf @ HSBC on 26/02/2018 - 12:52
    +1

    I was told HSBC uses the Visa rate to convert currencies.

    the point of sale limit overseas is 10 000$ AUD with no fees so that would be the better option i guess as long as you trust the shop you are buying from.

    I guess its about flexibility, since its meant to be good currency rates and no fees as well as being able to lock in currency rates if you wanted to.

    • cynix on 26/02/2018 - 13:05
      +5

      See my comment above. They’ll only use the Visa rate when the currency is not one of the 10 currencies natively supported by the account. For the 10 currencies, they’ll use their own rate, which is presumably worse than Visa. If their rate is indeed worse, then this is a major con, since the 10 currencies are the most popular ones.

      • hayne on 17/08/2019 - 00:27

        Their rate is definitely worse than Visa. I used this along with a Mastercard on a recent trip, and my HSBC FX rates were all about 3% than my Bankwest Mastercard.

  • vanoob on 26/02/2018 - 12:55

    Account looks good. but I think currency conversion at atm might not be that wonderful, fx rates are okay but this clause worries me.

    4 Real time foreign currency rates are only available with Online Banking and Mobile Banking between 8am Monday and 11.59pm Friday AEST (excluding public, currency and US Holidays). HSBC standard board rates apply to future-dated transactions on the future date of the transaction. The foreign exchange market is subject to risks associated with exchange rate movements. These accounts should not be used for speculative purposes.

    As wouldn't the board rate be different to the FX rates?

    • Associatedlonewolf @ HSBC on 26/02/2018 - 13:02

      I was told the HSBC rate is quite competitive because its realtime and that applies to the 10 currencies, all the other currencies are through the Visa rate.

      • vanoob on 26/02/2018 - 13:10

        Ah my bad, i just re-read the website again, and yes you are correct it does seem that visa rate is used for conversion when using visa debit card at atm for withdrawals. It's just if you pre-purchase foreign currency within your account that non-visa rate is implied to be used.

        • hayne on 17/08/2019 - 00:29

          @vanoob This was not my experience. When i used the card in another country which was one of the 10 currencies, I got the prevailing HSBC rate which was consistently 3% worse than the Bankwest Mastercard I used.

      • hayne on 17/08/2019 - 00:30

        @lonewolf - you were misled. The rate is real-time, but it's not competitive because you get the HSBC rate which includes a roughly 3% margin for HSBC. This means you get a real-time rate that is both dynamic and worse than what you would get using a Citibank Plus, Bankwest credit card or ING.

  • cornucopia on 26/02/2018 - 13:04

    Lot of comments here about needing cash when travelling. Whafor?? In my last three trips (USA, Mexico, Greece) for a total elapse of three months I used 28D for just everything and didn't handle cash. I did have a few hundred USD in reserve all the way (that I didn't use). If they didn't take cards I went elsewhere (happened a few times). Cash is a liability and using ATMs OS isn't much better. Yes. I know, there might be better cards than 28D now .. :-) .. !!

    • Associatedlonewolf @ HSBC on 26/02/2018 - 13:11
      +1

      I dont like using credit cards except for large / seemingly trustworthy shops / restaurants etc. Otherwise i do prefer to use cash, not so much an issue in USA maybe but more in the less developed countries. As well as a lot of times places may not take cards or have surchages or lets say you want to go shopping, a lot of the better value markets and street shops or street food etc all has to be in cash.

    • retiredfeline on 26/02/2018 - 13:19
      +10

      I'd like to see you pay for your street food in SEA with a card. Or maybe you don't go there.

      • tebbybabes on 07/03/2018 - 10:17

        OTOH, recent anecdotal reports by close friends and family from china point to cash being much less of thing there nowadays… Apparently everything is wechat based. Even the beggars on the streets don't ask for change anymore!

        • retiredfeline on 07/03/2018 - 10:20

          I've noticed Unionpay making inroads here. Might be curious enough to check if it's worth getting it.

    • star-ggg on 26/02/2018 - 13:46
      +3

      travel more and you'll find out

  • bloomer on 26/02/2018 - 13:31
    +2

    As an ex-HSBC customer, I have to say that their online customer service is woeful in my (long) experience. Not as incompetent as ANZ's, but…

    • [Deactivated] on 26/02/2018 - 13:42

      did you get an invite to update your hsbc online bank? I recently got an sms and email telling me to upgrade. and the new one is an improvement with things like Touch ID.
      However for some reason some people haven't got the invite to upgrade their account.
      the new updated internet banking is now basically on par with Canada or US one but still not as great as the Hong Kong one

      • bloomer on 26/02/2018 - 20:18

        I was talking about the customer service, not the interface.

        • [Deactivated] on 26/02/2018 - 21:56

          Dammit reply to the wrong comment :)

  • BlazinPast on 26/02/2018 - 13:46

    Waiting for one of these banks with no overseas transaction fees to have pay id

    • damienpang on 26/02/2018 - 14:09
      +1

      you mean ING?

      • BlazinPast on 26/02/2018 - 14:30

        Which account? I looked at one which said you have to deposit 1k every month

        • damienpang on 26/02/2018 - 14:44

          yea Orange Everyday. By depositing $1000 doesn't mean you cannot withdraw immediately :)

  • cnmarine on 26/02/2018 - 13:48

    What’s the restriction with rmb? And why is the bank of Hong Kong and Shanghai (2 cities of China) don’t accept rmb deposits like usd or hkd and instead have a restriction on it compared to other currencies.

    • [Deactivated] on 26/02/2018 - 14:48
      +1

      This isn’t the Hong Kong one, it’s under the UK one. Plus is more of restriction made by China with trading rmb

  • Wolfy on 26/02/2018 - 13:58

    There is lots of talk and comparison to ING and Citi - which have been the banks of choice for International travel/Transactions.
    However don't forget Macquarie's new offering as outlined here: https://www.ozbargain.com.au/node/355271
    $0 Account Keeping Fee + $0 ATM FEE Nationally + $0 International Transaction or ATM Fee
    It has domestic ease of use/good app/abundant ATMs, as well as free International transactions.

    • SeaWolf au on 26/02/2018 - 14:19

      It doesn't refund ATM fees internationally though (if the ATM itself hits you for a fee), which the ING account does. On the other hand, it doesn't require you to deposit $1000 per month and make five transactions on the debit card, so it's much less fiddly if you aren't planning on using it as your day-to-day account and just want something easy you can use when you travel.

  • AppleLime on 26/02/2018 - 14:10

    Just called HSBC to enquire about this account. Customer Service still keep me waiting because he mentioned it's new account and he has to ask the manager!

    • Associatedlonewolf @ HSBC on 26/02/2018 - 14:15

      Yes I believe it is extremely new as in only came out this week or last week or something.

  • kale chips suck on 26/02/2018 - 14:12
    +8

    I have HSBC accounts in Australia and the UK. Cannot comment on this offer, but I can say this - they are the worst bank I've ever dealt with. You couldn't pay me to take this offer up. I'm not wanting to neg the OP's efforts and appreciate the effort they've gone to to help the community by posting, but I'd suggest to anyone that they do their own research about the bank before putting time into this.

    • salmon123 on 26/02/2018 - 15:10
      +3

      Agree with these comments 110%. HSBC sucks. Their internet banking website is terrible and they do stupid things like not allowing you to forward date a payment to your credit card. The two factor authentication using a physical token is inconvenient and outdated. Beware they take an overly aggressive approach to AML compliance - like randomly asking you for a tax return (to establish the source of funds for a bank account with a paltry balance). No other bank in Australia does this.

      The reality is that this product really isn't suitable for people who go overseas occasionally. They should just be using a a card like 28 degrees or citibank plus. For people that really need to hold/spend foreign currencies, multi-currency accounts have been around for ages. The only benefit of this account seems to be the visa add-on. So, yeah, if that floats your boat, then go crazy with it.

      • Associatedlonewolf @ HSBC on 26/02/2018 - 17:35
        -1

        I was told there is current an overhaul in progress over their banking apps and systems, but i never used them before so i am not sure whats changed.

        • salmon123 on 26/02/2018 - 19:04

          Yeah - they've got a new front end to their internet banking, but it's still crappy compared to the big 4 banks. Just looks uniform across different countries now.

          I doubt they're ever going to overhaul their AML BS.

        • burningrage on 26/02/2018 - 21:34

          I am a recent customer of HSBC. It would appear they have revamped the internet banking because they are actively asking for opinion.

          In this new interface, you CAN forward date a payment to anywhere including BPAY vendors. There is an old interface still accessible and I can see there is no option to forward pay.

          The "token" authentication is not very user friendly even compared to Citibank. You would have to choose what type of authentication (there are 3) you want and the Internet Banking registration is very unfriendly. You need a PBN and an access code which can only be obtained by way of telephone. This process is done once. Once set up, PBN is no longer used and you can use your own userid and your own password.

          The overall new internet banking is relatively clunky. It would be hard to figure out where things are. I took me 1 minute to find out how to pay vendors. Its mobile apps is equally clunky. You cannot add new payees using mobile apps.

          The Credit Card is inferior against the Ozb favourites, Citi Signature Fee Free for Life. Citi Signature can offer 1.5p per dollar but HSBC Platinum is always 1 to 1 AND capped at 10k points per month. HSBC Platinum is free for at least 1 year if you spend $6000 per annum not sure if it's for life.

          The only thing that goes in favour of HSBC vs Citibank is the fact HSBC still has retail branch and there is some customer service.

          So overall, it's a decent service now vs before but still a lot to improve.

          An interesting combination would be HSBC Transaction account (or this OP account) and a Citibank Signature Fee Free for Life would make a good combination.

        • salmon123 on 27/02/2018 - 07:48

          @burningrage:

          The only thing that goes in favour of HSBC vs Citibank is the fact HSBC still has retail branch and there is some customer service.

          Lol

  • siuol on 26/02/2018 - 14:17

    Any example on what is the "Real-timeˆ FX rates" today? Particularly HKD

    • damienpang on 26/02/2018 - 15:46
      +1

      1 AUD to 5.99 HKD this morning, when spot rate was around 6.15

      • airly on 26/02/2018 - 22:32
        +2

        Make sure you check their FX rate after 9am and before 11:59pm. the rates outside this time period will have a lot of fat build in.
        However, my experience is HSBC FX rate (4-7% higher) is not that competitive compare to VISA / MasterCard FX rate (2.5-3% higher)

        P.S. HSBC used to be very good, their AUD to HKD rate was only 2% higher than market rate, but they have changed it 12-18 months ago.

        • damienpang on 26/02/2018 - 22:34
          +1

          I did check after 9am for this not-so-good rate though.

          Agree with you that their rate is not competitive comparing to VISA/MasterCard.

        • airly on 26/02/2018 - 22:37

          @damienpang: If I am not wrong, Citibank is the one offer the best FX rate. (based on my experience 12 months ago for HKD)

    • hayne on 17/08/2019 - 00:32

      @siuol I used this alongside a Bankwest Mastercard for a couple of weeks on a recent overseas trip. The HSBC rate was about 3% worse consistently than the Bankwest.

  • Le0n1das on 26/02/2018 - 14:23

    Good find OP

  • pandadude on 26/02/2018 - 14:44
    +1

    I have to agree with kale. You should do your own research and then select a bank that suits your requirement. I think far too many people do nothing and then complain about paying the fees.

    The HSBC associate please correct me if I am wrong.

    HSBC require a HSBC Security Device to transfer money.
    Dual password to view.

    Transfer can only be done via internet banking.

    • damienpang on 26/02/2018 - 14:50

      Not associated but I think that's no longer correct. Recently I moved to Digital Security Key with them. With TouchID/FaceID enabled (on iOS, not sure about Android) you don't even need any password/security key anymore to access their mobile app.

      Transfers can be done to already saved payees but adding a new payee requires internet banking.

      • burningrage on 26/02/2018 - 21:52

        The Digital Security Key is the equivalent of that "token".

        You use your mobile phone to generate that authentication code. HSBC is very Apple centric so Android is limited to Internet banking.

        As mentioned before, new payees can only be setup through desktop internet banking.

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