What is the HSBC Premier Everyday Global Account?
Are you an avid traveller? Or are you thinking of furthering your studies abroad? Travelling overseas can be a hassle without proper planning, but with an HSBC Premier Everyday Global Account, spending using foreign currencies couldn't be much easier!
This all-in-one multicurrency savings account lets you have financial peace of mind for your everyday banking and purchasing needs — here in Malaysia and abroad.
So, how does it work? Tell me more!
It's very simple. When in Malaysia, you can make purchases locally using Malaysian Ringgit. Just swipe or transact, and you're good to go.
When you want to purchase something, let's say from Amazon.com, you can pay for the items in foreign currency as well.
For example, if you have chosen a USD500 item from the website, the bank will deduct the amount in USD from your HSBC Premier Everyday Global Account — with no hidden charges.
However, if you don't have a sufficient amount of foreign currency in your account, the bank will convert it automatically and charge the items in MYR instead.
What foreign currencies does HSBC Premier Everyday Global Account support?
Here is the list of 10 foreign currencies supported by this savings account:
- 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)
How about the fees and charges?
For HSBC Premier customers, no fees will be charged to you each time you make international fund transfers between your HSBC accounts.
While travelling, you will also get to enjoy zero ATM withdrawal fees by participating HSBC Global ATM Network.
International Fund Transfer via Telegraphic Transfer service are subject to a cable fee of RM45 (branch) and RM25 (online banking). The following EGA transaction fee will be applicable for fund transfer involving the same currency, for instance, USD to USD or AUD to AUD.
- United States Dollar: USD4 per transaction
- Great Britain Pound Sterling: GBP3 per transaction
- Australian Dollar: AUD6 per transaction
- Singapore Dollar: SGD6 per transaction
- Euro: EUR4 per transaction
- Hong Kong Dollar: HKD30 per transaction
- Canadian Dollar: CAD6 per transaction
- New Zealand Dollar: NZD6 per transaction
- Japanese Yen: JPY400 per transaction
- Saudi Riyal: SAR15 per transaction
On top of that, you may find other transaction charges like the following.
- Annual Fee (Account Fee): RM150 per month (The account fee for Premier customers may be waived if the fee waiver criteria are met)
- MEPS Withdrawal Fee: Waived for the first 3 transactions. Subsequent transaction at RM1
- Inactive Account Fee (Dormant Account Fee):
- For accounts with aggregated balances up to RM10 equivalent: The account will be closed, and the balances will be absorbed by the Bank as a charge
- For accounts with aggregated balances greater than RM10 equivalent: RM10 annual service fee will be charged until the remaining balances are sent to Unclaimed Monies
- VISA PLUS Network Withdrawal Fee: RM10 per transaction. But if you have insufficient funds in the supported or non-supported foreign currency, the withdrawn amount will be automatically converted to RM at the exchange rate determined by Visa International, including a 1% foreign currency conversion cost, plus any transaction fee charged by Visa International
- HSBC Malaysia ATM Network Withdrawal Fee: Waived
- MyDebit Cash Out Transaction Fee: RM0.50 per transaction
- Overseas Withdrawal Fee: Waived
Need more details? Read more about the applicable fees and charges.
Am I eligible to open an HSBC Premier Everyday Global Account?
As long as you're 18 years old and above and meet the criteria below, you're eligible to open an account.
- Total Relationship Balance of at least RM300,000 at all times
- A minimum Premier Mortgage of RM1 million
- Minimum monthly salary of RM20,000 credited continuously each month into your HSBC/ HSBC Amanah Account/-i in Malaysia
Not to mention, an HSBC Premier Account fee of RM150 (and applicable tax, if any) will be applied to your account for the month if you don't meet the Premier account eligibility criteria.
Is this account protected?
Yes. This savings account is protected by PIDM of up to RM250,000.
