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Multi-Currency Account: 3 Ways to Save on International Transactions & Payments

Updated 25 Jan 2021 – By Team Loanstreet


Are you one of the individuals who often make payments locally and overseas? Do you deal with various currencies? Do you shop online frequently on local and foreign websites? Or, perhaps you have kids studying abroad? If the answer is YES to any or all of these questions, then you’d know that dealing with foreign currency comes with its inconveniences like high conversion fees. 

But, guess what? You don’t have to face such problems anymore if you have a multi-currency account.


Okay, what is a multi-currency savings account?

A multi-currency account is just like a normal bank savings account. The cool feature about it is that you can do all the transactions involving different currencies through one account. This helps you to handle your day to day banking easily in multiple currencies in a better and efficient manner - not to mention, the cost may be cheaper too. You don’t have to go through the hassle of opening separate bank accounts in different countries for each of the currency you deal in.



Let’s take HSBC Everyday Global Account* as an example. It’s an all-in-one bank account that provides multicurrency convenience when you buy, save, transfer and spend in 11 currencies.

You can also use this account for everyday local transactions like paying bills via JomPay, depositing and transferring your salary with the convenience of a single account with zero account fees, as well as enjoying everyday rewards and savings.

It also comes with a debit card which you can use it locally and overseas, whether it’s online or in-store shopping without transaction fees. You can also use it for cash withdrawals in the local currency at ATMs around the world.
 

So, what are the benefits of having multi-currency?

If you’re one of those who travel a lot, who make frequent international payments, who remit money to family and friends, freelancers working internationally - basically living an international lifestyle -  you’d find that a multi-currency account makes your life a whole lot easier. 

1. Reduce transaction costs


If you hold separate accounts in different countries, each bank may charge a monthly fee to operate the account or require a minimum balance.

However, with a multi-currency account, you can reduce that cost. The multi-currency account enables you to hold all the different currencies (depending on what the bank offers) with just one account. 

If you’re an HSBC Everyday Global Account holder, aside from no minimum balance required, you won’t be charged for debit card issuance, account and annual fees. This can save you some monies.

 

2. Helps manage foreign exchange



Another thing to bear in mind when doing international transactions is the foreign exchange (also known as forex or FX) - you may lose money if the exchange rate is not in your favour.

But, if you have a multi-currency account, you can manage forex conveniently by making and receiving transfers in foreign currencies on the go with 24/7 Online and Mobile Banking whenever the rates are favourable. 

For example, as an HSBC Everyday Global Account holder, you’ll get to access to currency conversion in Ringgit Malaysia (RM), United States Dollar (USD), Canadian Dollar (CAD), Great Britain Pound Sterling (GBP), Hong Kong Dollar (HKD), Australian Dollar (AUD), New Zealand Dollar (NZD), Singapore Dollar (SGD), Euro (EUR), Japanese Yen (JPY), Saudi Riyal (SAR) at preferred real-time rates, where you can buy and save currencies when rates are favourable, and sell them when the time is right. You can save the currencies for future use too. 

 

3. Convenient way of managing payments & fund transfers locally and abroad 



With a multi-currency account, international transactions will not only be more efficient, but they’ll also be easily accessible. This means that you can make or receive payments and transfer funds in local and 10 foreign currencies all in one account. 

On top of that, if you have a multi-currency account like HSBC Everyday Global Account, you can manage, view and make an online transfer in local and foreign currencies to all your worldwide HSBC personal accounts instantly with Global Transfers. Everything is immediately visible, in one account. It’s much better housekeeping all round. You don’t need to maintain a local account and an account abroad in your home country. 
 

Where can you sign up?

When deciding if a multi-currency account is suitable for your needs, it’s essential to review what the market has to offer.  Doing some research into the features, benefits, and fees of the different alternatives is the best way to find the right multi-currency account for your needs.

So, if you’re scouting for one that has RM0 monthly account fee, debit card issuance and annual fees, as well as and no minimum balance, we’d like to recommend HSBC Everyday Global Account as part of your consideration.
As we’ve mentioned before, this all-in-one global account takes care of all your banking needs every day, both locally and overseas, with 24/7 access to 11 currencies including RM. Even better, you can also enjoy up to 2.25% p.a. interest on Ringgit Malaysia balances* from 30 March to 31 December 2020!

What are you waiting for? CLICK HERE  to find out more.

*Terms and conditions apply. HSBC Everyday Global Account is protected by Perbadanan Insurans Deposit Malaysia up to RM250,000 for each depositor. For the full terms and conditions, please visit hsbc.com.my/ega

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