Explore HSBC's Multi-Currency Accounts in Hong Kong: Types and How to Open One

In a vibrant city like Hong Kong, foreign and multi-currency accounts are invaluable for both locals and expats. If you’re planning to buy goods from outside Hong Kong, you’ll need to make payments in foreign currencies. Holding funds in different currencies can help you manage exchange rate fluctuations and reduce international transaction costs.

HSBC is a leading bank offering multi-currency accounts. This comprehensive guide will explain the details of HSBC Hong Kong’s foreign and multi-currency accounts.

If you’re considering other options for cross-border remittances, third-party platforms might be worth exploring. We’ll also introduce BiyaPay, a safer, more convenient, and cost-effective cross-border remittance solution.

Types of HSBC Multi-Currency Accounts in Hong Kong

As a prominent bank in Hong Kong, HSBC provides a variety of products to help you manage your money in your preferred currencies. Besides HKD, you can open current accounts in USD or CNY. HSBC also offers RMB savings accounts and foreign currency savings accounts, allowing customers to hold up to 10 major foreign currencies at once.

You can also opt for a personal integrated account like HSBC One, which combines savings, foreign currencies, and investments, making it easier to manage your finances. Opening an account is simple, whether online or at a local HSBC branch. More details will follow!

HSBC One Account

HSBC One is a user-friendly banking account. It allows you to easily track expenses, budget, and transfer money. You can spend and save in 12 major currencies, including AUD, CAD, CHF, CNY, EUR, GBP, HKD, JPY, NZD, SGD, THB, and USD. This account lets you manage your finances seamlessly without needing a minimum total relationship balance.

With HSBC One, you can apply for an HSBC Mastercard Debit Card to shop or withdraw cash at HSBC ATMs worldwide without annual fees or handling charges. For frequent shoppers, the HSBC Red Credit Card is a good option. This card offers up to 4% RewardCash on online purchases and 1% RewardCash on other local and overseas spending, making it a great way to save while shopping.

HSBC Foreign Currency Savings Account

While HSBC One is great for managing foreign currencies, other options are available. The HSBC Foreign Currency Savings Account lets you earn interest while holding up to 10 currencies (AUD, CAD, EUR, JPY, NZD, GBP, SGD, CHF, THB, and USD). This account is ideal if you want to benefit from currency exchange rate fluctuations.

HSBC Foreign Currency Current Account

For straightforward financial management and daily transactions, consider opening an HSBC Current Account, available in:

• HKD Current Account
• CNY Current Account
• USD Current Account

There are different requirements for opening an HSBC multi-currency account in Hong Kong. To open an HSBC One Account through the HSBC Hong Kong app, you need to be a Hong Kong resident with a valid ID card and a new HSBC customer aged 18 to 65. If you do not reside in Hong Kong, different rules may apply.

If you do not have a valid ID card, you can apply for HSBC foreign currency savings and HSBC foreign currency current accounts at the local branch. You need to submit some documents, such as work visas or other legal residence documents. You can refer to the section below to learn how to submit your documents.

What documents are required to open an HSBC multi-currency account in Hong Kong?

If you are a Hong Kong permanent resident aged 18 or above, you need to submit the following documents:

● Hong Kong Identity Card

Proof of residential address - such as recent utility bills, letters from employers or universities, or tax bills.

If you are a Hong Kong non-permanent resident aged 18 or above, you can submit the following identity documents:

Identity proof - your Hong Kong identity card or government-issued travel document.

Proof of residential address - such as recent utility bills, letters from employers or universities, or tax bills.

You should also check the specific documents required to support the application, as these will vary depending on the type of account and your residency status. For example, you may also need to provide:

● Your nationality details

● Information on why to open an account in Hong Kong

● Salary and employment proof

● Income sources and account opening deposits

● Expected account activity level

What is the minimum deposit required to open an HSBC multi-currency account in Hong Kong?

For an HSBC account, you do not need to maintain any minimum total relationship balance. However, you need to have a minimum deposit equivalent to $1,000 to open an HSBC foreign currency savings account.

How to Open an HSBC Multi-Currency Account in Hong Kong?

If you decide to open an account via the app, you only need to prepare your Hong Kong ID. You can refer to the steps below to open an account online:

1.Download the “HSBC HK Mobile Banking App” to open an account online.

2.For first-time use of the HSBC App, you must agree to the “License Agreement” and “Important Statement.”

3.If you do not have any account yet, click “I do not have any account.” If you already have a personal integrated account, you can log in directly and upgrade your account.

4.Choose to apply for “HSBC One” and click “Apply Now” - “I am not in a branch.”

5.Provide your email address, phone number, and receive a verification code.

6.Take a photo of your ID card and a selfie for verification.

7.Fill in the remaining personal information.

8.Register for online banking.

9.You will then receive an ATM card and PIN letter by mail.

If you do not meet the above online application requirements or prefer to apply in person at a branch, you should bring the above documents.

How Long Does It Take to Open an HSBC Multi-Currency Account in Hong Kong?

Opening an HSBC One account online is a quick and easy process if you meet the necessary requirements. The entire process takes about 5 minutes. Once the account is successfully opened, you can start using the HSBC One account immediately via the mobile banking app. You will have immediate access to almost all online banking services. Your ATM card and PIN letter will be mailed out within a few days.

However, if you are interested in opening other types of accounts, you may need to wait 2 days before accessing your account.

As one of the largest banks in Hong Kong and globally, HSBC offers a wide range of options for those who want to hold and manage different currencies. You can choose a simple, low-cost account or one of HSBC’s premium products according to your needs.

BiyaPay: The Cross-Border Remittance Solution

BiyaPay is an international wallet that provides multi-asset transactions for customers worldwide, supporting more than 20 mainstream fiat currencies and over 200 mainstream digital currencies for online real-time exchange. You can check exchange rates and perform conversions on the BiyaPay website, offering market mid-rates with no hidden spread, only a small fee, making the costs simpler, more transparent, and lower. It allows local remittances to most countries or regions worldwide, with no limit on amounts. Remittances sent via BiyaPay are usually credited on the same day.

This service is not only convenient for family travel expenses, children’s education, property investments, and insurance but can also be used as a tool for deposits and withdrawals in the US and Hong Kong stock markets. Just recharge digital currency and convert it to USD/HKD on BiyaPay, then withdraw it to your bank account and deposit it into a brokerage account. The transfer speed is fast, with no limit on amounts, relieving you from the worries of deposits and withdrawals. Of course, you can also monitor market trends regularly and perform real-time transactions at the right time on the BiyaPay App according to your investment strategy.

You don’t need to worry about security either. All global remittances via BiyaPay are completed online, supporting full process on-chain tracking, with transparent remittance processes, and multiple compliance qualifications. Currently, it has obtained financial licenses in the US, Canada, US SEC, and New Zealand, making your digital currency to fiat conversion safer and more legitimate, avoiding the risk of frozen accounts in OTC trades. It also has complete KYC certification and professional legal offshore accounts, treating every remittance seriously, ensuring customers can remit money with peace of mind.

That’s all for today’s content!