Top of main content

A guide to multi-currency accounts

A multi-currency account can make frequent international transactions much easier. It can save you money, too.

See what a multi-currency account can be used for and how to send money overseas online with it. 

What is a multi-currency account?

A multi-currency account allows you to save, send and receive Singapore dollars and other foreign currencies in a single account. This makes international transactions easier when banking abroad.

What are the benefits of a multi-currency account?

Do you travel a lot, send money abroad, frequently do business overseas or shop online with international merchants? Then a multi-currency account might make sense for your lifestyle. 

Access and transact in many currencies

There's no need to open multiple bank accounts if you can do all your transactions from a single account. The HSBC Everyday Global Account currently comes with such currencies as the Australian and Canadian dollars, the euro, Japanese yen, British pound sterling, US dollar, Hong Kong dollar and Chinese renminbi (RMB is not supported for card spend and cash withdrawals). 

Experience easy and convenient banking

Use your physical or virtual card for contactless payments in the local currency. Most multi-currency accounts offer a debit card to make payments, withdraw cash from local ATMs and sometimes even transfer money back home in Singapore dollars.

Save money in transaction fees

A multi-currency account can reduce exchange rate risk and save you money with lower or no transaction costs or annual account fees. Tired of paying fees for withdrawing cash from overseas ATMs? These transactions are free for some foreign currency accounts.

Manage foreign exchange transactions

Convert foreign exchange funds automatically at your target rate with real-time exchange rates when it's convenient for you. You can even set up alerts to access the best exchange rates and track historical trends. 

Learn more: HSBC FX Order Watch

Earn cashback rewards

You'll have to shop around for this one – not every multi-currency account will offer this.

With the HSBC Everyday Global Account and Everyday+ Rewards Programme, you'll get 1% per year bonus interest, a cash bonus, and cashback on eligible spends. You'll even get 1% cashback on your GIRO bill payments with the account's Everyday+ Rewards Programme.

Save money when paying your:

  • Tax payment
  • Utility and telecom bills
  • School fees
  • Insurance

HSBC is the first bank to offer this unique feature. Enjoy up to SGD800 cash rewards with the HSBC Everyday+ Rewards Programme. T&Cs apply.

Learn more: How to qualify for Everyday+ Rewards

Deposit Insurance Scheme

Locally regulated finance companies and banks, including HSBC, are members of the Singapore Deposit Insurance Scheme.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

What to watch out for

You may need to keep a minimum balance in a multi-currency account, and interest rates may be lower than a regular savings account. If you think you'll need purchase protection, you might want to consider using your credit card instead. Fees too high? Consider changing banks for the best deals. 

How does an international money transfer work with a multi-currency account?

A multi-currency account works like a regular bank account, but you can also send and receive money in foreign currencies. Money transfers are relatively straightforward. If you bank with HSBC, you can make faster overseas money transfers for free[@gmt-other-bank-fees] with your HSBC Everyday Global Account on the HSBC Singapore app. You can also transfer money to China from a non-RMB account via UnionPay cards issued in mainland China.

How to open a multi-currency account

You can open a traditional multi-currency account through your bank. This will usually come with other banking services. There are also digital accounts, which might just be online.

If you have an HSBC bank account, you can apply for a multi-currency account via online banking.

Log on to apply

For Singaporeans or residents of Singapore, we recommend applying with Myinfo for faster processing. If you don't have Myinfo, you'll need to apply with HSBC EasyID with an original identity document.

Are you new to HSBC, at least 18 years old and living in Singapore? You're eligible to apply for an HSBC Everyday Global account on the HSBC Singapore app. 

Download the app

You might also be interested in

How you transfer money will depend on the purpose and your needs. These factors may help you decide.
Learn what these fees are and how to avoid them when using your cards abroad.
Introducing a multi-currency account that meets your transactional needs in up to 11 different currencies.