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In my uni days, I used to join all these online shopping sprees on LiveJournal for US brands and paid for my shopping haul in USD.
Then when I saw my card statement or bank account, I wasn’t sure at first why there were all these extra charges, eventually I realised that they were foreign currency conversion fees.
You can also incur these foreign currency charges when you’re travelling and you have to withdraw money from an overseas ATM, or when you’re shopping and charge your purchases to your card.
Such fees are the charges by the credit card provider/bank when a foreign currency transaction is made. They are usually around 2% to 3.5% of the transaction amount, depending on your bank.
How do we avoid these unnecessary fees? By owning a multi-currency account — a bank account that allows you to hold and transact in foreign currencies. So this means you can convert a sum of Singapore dollars into other popular currencies such as USD, GBP, AUD, CAD, EUR, etc when the exchange rates are favourable and keep them in your account without incurring extra bank charges.
Why should I get a multi-currency account?
You already have a regular savings account. There’s no point applying for another bank account, even if it’s a multi-currency account, right?
Well, you can, but you’d be losing out on one of the main perks of such an account — no extra foreign currency fees when you transact in foreign currencies (a la online shopping on global websites), especially when you’re travelling (Covid-19 aside).
Multi-currency accounts are most useful for those who travel frequently, be it for work or leisure, also frequent online shoppers (especially if you shop internationally), e-commerce retailers, parents who have to pay for their children studying abroad, or if you own property overseas and rent them, etc — basically anyone who regularly transacts in a foreign currency.
Many banks also have a debit card tied to the multi-currency account. This allows you to carry out your foreign currency transactions with ease for times when you’re travelling overseas and don’t want to carry large amounts of cash.
One example is the HSBC Everyday Global Account (EGA), a multi-currency account that lets you transact in up to 11 different currencies — Australian Dollar (AUD), Canadian Dollar (CAD), Euro (EUR), Hong Kong Dollar (HKD), Japanese Yen (JPY), New Zealand Dollar (NZD), Sterling Pound (GBP), Swiss Franc (CHF), US Dollar (USD), Renminbi1 (RMB).
The good thing is that the multi-currency account also comes with the HSBC Everyday Global Debit Card that really lets you stretch your dollar in different ways, because who doesn’t want more savings?
So what exactly does the HSBC EGA offer? Let’s dive in:
4 benefits of having a multi-currency account
1. Enjoy $0 fees2 in 10 currencies for retail purchases, online shopping and cash withdrawals
If you’re someone who regularly shops on overseas shopping sites, the biggest perk would be to avoid any foreign exchange fees on your shopping sprees. This is one of the best ways to make the most out of all those Black Friday, 11-11 and sales on every other occasion without incurring extra charges2, AND make your spree more worth it.
To begin, convert your SGD in your HSBC EGA into the foreign currencies that you plan to spend in and make the payment with your HSBC Everyday Global Debit Card.
One thing to note is that if given the option to purchase in SGD or the foreign currency, always select the foreign currency.
Oh, and did we mention that you can also enjoy $0 fee3 for overseas cash withdrawals across all HSBC ATMs worldwide with your HSBC EGA? This makes travelling so much more convenient because you no longer have to convert large sums and carry it around and risk getting your money stolen. Phew!
2. You’re able to get real-time exchange rates
Foreign currency exchange rates are super fluid and change daily but you’ll get to keep an eye on the real time exchange rates through HSBC Singapore app. In addition to keeping an eye on the exchange rates and converting to the foreign currencies you want when the rates are favourable, the HSBC Singapore app also lets you authorise an inter-account transfer or payment at a real-time FX rate in your chosen currency.
Don’t forget to fund your HSBC EGA with SGD first!
3. International transfers made faster
With your HSBC EGA, you can use HSBC Global Money Transfers to send money internationally faster and fee-free4 via the HSBC Singapore app. This means you can send like a local to over 20 countries/territories, and you can even transfer money to UnionPay cards issued in Mainland China. In addition, you’ll be able to make wire transfers to over 200 countries/territories via SWIFT.
Even better if the person you’re sending to is also a HSBC account holder. With HSBC Global Money Transfers, you can send money to third party HSBC accounts instantly5 and there are no charges for doing so. HSBC has made it convenient to transfer money, between eligible HSBC accounts across 20+ countries/territories.
This makes it great for those working overseas and need to transfer money back home, parents who have children studying overseas, those who rent out their property overseas, and so on.
4. Growing your savings
Did we mention that the HSBC EGA has a rewards programme called Everyday+? With it, you can earn bonus interest and cashback on your spending (when you pair it with a HSBC EGA debit/credit card) AND grow your savings.
Here are the actions you can take to achieve the maximum bonus interest rate of 1% p.a., monthly cashback of 1%, a one-time bonus after 6 months of up to $300, and attractive welcome rewards.
| HSBC Personal Banking | HSBC Premier | HSBC Jade | |
| Salary / recurring deposit | Minimum $2,000 | Minimum $5,000 | Minimum $5,000 |
| Make 5 transactions (initiated by you, not system generated transactions) | |||
| Spend on debit / credit cards | 1% cashback* | 1% cashback** | 1% cashback** |
| Make GIRO bill payments | 1% cashback* | 1% cashback** | 1% cashback** |
| Increase your SGD balance from previous month | 1% p.a. bonus interest
(capped at S$300 per month) |
1% p.a. bonus interest
(capped at S$300 per month) |
1% p.a. bonus interest
(capped at S$300 per month) |
| One-time bonus cash after 6 months | S$150
(average account balance must be at least S$100k) |
S$300
(average account balance must be at least S$200k) |
S$300
(average account balance must be at least S$200k) |
*Capped at S$300 month
**Capped at S$500 per month
When you consolidate your HSBC EGA debit/credit card spends and deposits with HSBC EGA with your HSBC EGA debit/credit card, you’ll be able to unlock the Everyday+ rewards programme6 through everyday transactions such as paying for your essentials, saving your hard-earned monies and making GIRO bill payments (this also saves time as you’ll be able to automate this monthly task). You can also make NETS payments locally, and withdraw cash at over 600 locations islandwide.
Check out the cash credit you could receive when you sign up.
| HSBC Personal Banking | HSBC Premier | HSBC Jade | |
| Minimum deposit for sign up reward | S$50,000 +
monthly deposit of min. $5,000 for 2 consecutive months |
S$200,000 (in cash or investments) | S$1.2 million +
invest min. of $50,000 in eligible wealth products |
| Sign up cash credit^ | S$108 | S$600 | S$5,500 |
Tip: Credit your salary, investment dividends and any other sources of income into your HSBC Everyday Global Account to increase your SGD balance and take full advantage of its Everyday+ perks.
HSBC EGA — more than a regular savings account
Whether you regularly deal with foreign currency transactions or simply just want to save more without the pesky FX conversion fees, the HSBC EGA offers much more convenience than a regular savings account, lets you earn bonus interest and entitles you to cashback on your HSBC EGA debit/credit cards transactions.
Sign up now to gain even more with HSBC EGA.
Find out more about the HSBC Everyday Global Account and sign up via our MoneySmart exclusive sign up offers for HSBC EGA here. Terms and conditions apply.
Disclaimer
This article is meant for information only and should not be relied upon as financial advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.
1 Deposits into any renminbi (“rmb”) Deposit Account shall be by way of foreign exchange conversion from non-rmb denominated currency(ies) only, save for transfers between a rmb Time Deposit Account and rmb Everyday Global Account opened hereunder. Withdrawals from any rmb Deposit Account shall be by way foreign exchange conversion into non-rmb denominated currency(ies) only, save for transfers between a rmb Time Deposit Account and rmb Everyday Global Account opened hereunder. The deposit in your rmb Deposit Account shall be converted from rmb to another freely convertible currency for withdrawal, at the Bank’s prevailing exchange rate. Renminbi is not a freely convertible currency and is subject to changes in regulations initiated by mainland China and/or the Chinese authorities. There may be a gain or loss when you convert foreign currency. Customers are advised to make their own independent judgment in consideration whether to place the rmb deposit. For customers who wish to open renminbi Time Deposit Account, please also refer to Renminbi Deposit Account Terms and Conditions. (Source)
2 Applies to successful retail purchase, online shopping and cash withdrawal made via the 10 supported currencies. If you do not have sufficient foreign currencies to complete the transactions, we will convert the transaction at a prevailing rate as determined by the bank and bill you in Singapore dollar. (Source)
3 HSBC Jade and Premier Everyday Global Debit Card Cardholders enjoy $0 HSBC ATM fees for overseas cash withdrawals across all ATMs worldwide. HSBC Personal Banking Everyday Global Debit Card Cardholders enjoy $0 HSBC ATM fees for overseas cash withdrawal at all HSBC ATMs except in Argentina, France, Brazil, Greece, Malta, Mexico, New Zealand and Turkey. HSBC Fees apply for cash withdrawals at non HSBC ATMs. Please note that for all customers, fees may be applied by the 3rd party banks for cash withdrawals at non-HSBC ATMs worldwide. (Source)
4 Most transfers are fee-free but some intermediary banks may charge fees.You can see an estimate of the applicable fees when you review your transfer. The actual amount is subject to the intermediary bank and will be debited after you’ve confirmed your transfer.
Some banks may charge for incoming international transfers. Your payees will need to check with their banks on these charges as they vary and will be debited from the payee’s account. We are unable to advise you on the fees applied by other banks for payments sent through Global Money Transfers. (Source)
5 Foreign exchange transactions involving the following currencies: Bermudian Dollar, Egyptian Pound, Qatari Riyal, Indonesian Rupiah, Sri Lankan Rupee, Malaysian Ringgit, Vietnamese Dong, Philippine Peso and Omani Rial may not be processed instantly over the weekend and public holidays. (Source)
6 HSBC Everyday+ Rewards Programme’s T&Cs apply. (Source)
Deposit Insurance Scheme:
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Information correct as at 28 September 2021.