Any Replacement Suggest on HSBC USD/Multi Currency

Ltawny on 22/09/2026 - 11:36

HSBC has been really good for me especially when purchasing in foreign currency, mainly in USD. Sometimes I receive CAD too.

For example:

  1. I purchased something in Aliexpress USD. Initially, I don't have USD. Then, Aliexpress charged AUD on my debit card
  2. Say problem happened, Aliexpress refunded in USD and receive as USD in my HSBC account.
  3. Then, I can use the USD to purchase or pay bills in directly without further conversion, for example for Cloudflare billings

Since HSBC is shutting down, what could replace this setup?

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  • jv on 22/09/2026 - 12:02

    what could replace this setup?

    Wise

    • 4
  • Mugsy on 23/09/2026 - 09:41

    OP, looking at your example, you should be able to avoid having to store foreign currency if it's just online shopping that you're using the card for.

    As others have said, current Mastercard or VISA debit cards is all you will need as if you get a refund in another currency, the bank will get VISA or Mastercard to convert to AUD automatically.

    As long as the debit card has no international transaction fees, you won't be charged more than the item cost.

    Bankwest is a good option as they have temporary virtual debit cards which you can generate, use for the purchase, and once you have the item, you can erase the virtual debit card. For a permanent debit card though, I prefer to use Macquarie (earns interest on the amount you have sitting in your transaction account).

    • 1
    • surfingedge on 23/09/2026 - 16:47

      In my experience mastercard will refund you at the same exchange rate you paid, including for partial refunds. But Visa will use the exchange rate at the time of refund which could result in a profit or loss.

      • 1
  • burningrage on 22/09/2026 - 20:18

    If you need the FX cash, the closest I have examined would be Revolut but that comes at a very high annual fee cost.
    If you don't need FX cash, then Wise/Revolut. Someone mentioned Youtrip but I haven't examined that.

    • 0
  • LFO on 23/09/2026 - 10:08

    Commonwealth bank offers (still?) accounts in USD with no fees nor extra charges.
    Obscene FX rates to AUD, of course.

    • 0
  • AxeLThief on 22/09/2026 - 12:09

    Qantas has similar as do some banks, but most have fees. Also have newer products like Revolut and Wise. If you don't need to 'store' foreign currency, there are a wealth of cards that do not charge forex fees, or international transaction fees, such as Macquarie, Bankwest. These will just convert to/from AUD at the mastercard/visa rate at the time, which is competitive.

    I find a no fee conversion better than having it stored in another nominal currency but you may prefer otherwise. Conversion fees being equal. storing USD/EU etc can be advantageous if the AUD weakens against the other currency between you obtaining it and using it, but is a disadvantage if the AUD strengthens.

    • -1
  • Geoff01 on 23/09/2026 - 10:32

    If it works for you use a wise card.Dont know why I didn't use it years ago. Mid market rates, low usage charges,free foreign withdraw. It's brilliant.

    • -1
  • munecito on 23/09/2026 - 12:18

    Revolut

    • -1
  • jv on 22/09/2026 - 12:02

    Since HSBC is shutting down

    😮

    Why?

    • -4
    • AxeLThief on 22/09/2026 - 12:11

      Pulling out of Aus. Some business (such as loans) has gone to other banks, but the retail banking part, no one wanted - probably in part due to the 1 October fee changes.

      • -1
      • Dollar General on 22/09/2026 - 20:23

        lol

        Nothing to do with Oct 1 changes

        They sold their mortgage book. Their cards portfolio is tiny and not worth any bids. They are to still sell off their deposit book

        • 1
      • jv on 22/09/2026 - 12:20

        due to the 1 October fee changes.

        Albo strikes again…

        I guess that's what you get when you place someone with an Arts degree as treasurer of a country…

        • -1
        • AxeLThief on 22/09/2026 - 14:02

          What exactly is wrong with this reform, which essentially means the end price is transparent to the customer, and brings it inline with cash payments, which have never allowed a cash handling fee or equivalent to be charged? As it was when Howard required the GST to be included in the list price when he introduced the GST, rather than have it excluded. Spend any time in North America and you quickly realise how much better it is to have the end price as the list price.

          Oh and Chalmers has an honours in public policy which is pretty revelant to what this is.

          • -1
          • jv on 22/09/2026 - 14:25

            @AxeLThief:

            What exactly is wrong with this reform

            Albo lied. It is not helping the cost of living… Prices are increasing because of it and on top if it, all the credit card awards programs have pretty much been scrapped…

            • 1
          • netjock on 22/09/2026 - 18:22

            @AxeLThief: It really isn't reform.

            There was a time when surcharging was banned by the banks therefore what price you see is what you get which is same as 1st October. The retailers absorbed the cost think it was around 1.6% generally but lower for high volume transactors like petrol stations.

            BUT there was not interchange fee reduction. Interchange fee reductions I have seen 0.1% (from 1.4% to 1.3%) and even 0.05% reduction.

            It is all a joke.

            • 1
            • jv on 23/09/2026 - 23:05

              @netjock:

              It is all a joke.

              It is… Everything already has or soon will go up in price, much more than the fees being removed…

              Can't see how this is going to help the cost of living which is the reason Albo gave for making this change…

              • 1
          • jv on 22/09/2026 - 14:26

            @AxeLThief:

            Oh and Chalmers has an honours in public policy

            He has no educational credentials in finance, accounting or economics.

            • 0
          • jv on 22/09/2026 - 14:28

            @AxeLThief:

            Spend any time in North America and you quickly realise how much better it is to have the end price as the list price.

            Pretty much every single place in america does not include the final cost in the list price.

            • 0
          • scanuck on 04/10/2026 - 01:46

            @AxeLThief: I think the price will go up

            Previously if I paid in cash I paid no surcharge - if I chose to use cars I chose to absorb the cost to do so.

            Now I think the price will increase on everything (for everyone) - because retailers cannot be selective (or shoppers)

            • 0
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