HSBC has launched an account in Australia that lets customers to save, spend and transfer money in 10 currencies without paying any charges at overseas or home.
Account-holders of the new HSBC Everyday Global account are not required to make minimum monthly deposits or transactions.
Account-holders can bank in 10 different currencies, including the Australian dollar (AUD), US dollar (USD), British pound (GBP), euro (EUR), Japanese yen (JPY), Chinese yuan (CNY), Canadian dollar (CAD), Singapore dollar (SGD), Hong Kong dollar (HKD) and New Zealand dollar (NZD).
A Visa debit card is offered to account-holders. This card automatically selects the currency to use at point of sale. The account also supports online and offline shopping.
HSBC Australia head of retail banking and wealth management Graham Heunis said: “We know that Aussies love to travel and shop like a local, so why not pay like a local? We don’t want customers to have to pay more to shop on overseas sites, or to get cash out at the airport for a taxi or for a meal when they’re on holiday.
“Seventy-five percent of us are choosing to pay in Australian dollars overseas to avoid fees and the inevitable ‘statement surprise’. This often means getting a poor exchange rate, which can be the biggest hidden cost of all.”
The new account has been released after a research carried out by HSBC Australia showed that almost half (49%) of Australians have been charged an overseas transaction fee in the last one year.