HSBC Everyday Global Account

Key features

HSBC’s Everyday Global Account is something super special. For starters, you can have your salary deposited into it, pay bills with it and spend at your local shops, just like you would any other everyday transaction account. There's no minimum deposit or minimum balance requirements and you can also make unlimited free transactions online, over the phone, via EFTPOS, BPAY or direct debits, as well as using HSBC ATMs fee-free (except in Argentina, France, Greece, Malta, Mexico, Turkey).

But where the Everyday Global Account really stands out is that it allows you to keep up to ten currencies in one bank account, including AUD, USD, EUR, SGD, NZD, JPY GBP, CAD, HKD and CNY (currency restrictions apply). That way, you can use the linked Visa debit card around the world, and pay in the local currency.

There are a couple of options for how to do this - first, you can exchange currency online and access real-time exchange rates. Doing this means the local currency is sitting ready in your account, and any spend will be deducted from that currency’s balance.

The other option is for the funds to be automatically converted from your Aussie dollar balance when you make a transaction. This option is handy if you aren’t able to make an exchange beforehand, or need to pay in a currency other than the 10 you can have in your account. Just keep in mind that in this case, you won’t know which exchange rate you’re getting.

Foreign exchange can be tricky, and there's a bit of fine print to understand here - for example, real-time foreign exchange is available 24/7 between linked HSBC Australia accounts for selected currencies, however, when you're making transfers to accounts outside of HSBC, real-time exchange is only available when the market is open. When it's closed, including currency holidays, NSW and US public holidays, a set exchange rate will apply.

HSBC won't charge you any overseas ATM fees while you're on your travels (except in Argentina, France, Greece, Malta, Mexico and Turkey), but keep in mind that if you're using a non-HSBC ATM, the ATM owner might charge a fee for using them.

Plus you can make purchases using Paywave, Google Pay and Apple Pay and the Everyday Global Visa Debit Card also comes with the same security as a credit card, including Visa Zero Liability, to keep your spending safe.

As if all that wasn't enough, there are a couple of hot offers for HSBC cardholders to snap up at the moment. 

For any customer: snag 2% cashback (up to AU$50 per month) on tap and pay purchases under AU$100. To qualify for this bonus, you need to deposit AU$2,000 or more each month into your Everyday Global Account.

Who is it good for

If you travel often or love to shop online at global retailers, then the HSBC Everyday Global Account is pretty much tailor-made for you. It could also be a top pick for Aussies needing an account they can use in Australia or overseas, like ex-pats juggling banking in two countries, for example.

Any catches

One other thing to remember is that real-time currency exchange rates are available only for certain currencies through online or mobile banking when the foreign currency (FX) market is open (excludes weekends, currency and US holidays). This won’t stop you from using your card to pay outside of these hours, but it means a set rate will apply. 

So, say you want to make a purchase on a Sunday and don’t have enough of the local currency. You won’t be able to make the exchange before making a purchase, instead, it will be automatically converted from your Australian dollars account and you'll get the exchange rate available at the time.

All this can be really tricky - so make sure you check the fine print and understand which exchange rates apply when before you start using this account.