Looking for a comprehensive guide to the HSBC Everyday Global Multi-Currency Account (HSBC EGA)? Here’s everything you need to know about the HSBC EGA, including its fees, rates, and features.
In an increasingly interconnected world, having multiple currencies in one place can prove invaluable. Whether you’re sending or receiving money overseas for online purchases or freelance gigs, a multi-currency account like the HSBC Everyday Global Account (HSBC EGA) can save you money and hassle.
Benefits of HSBC Everyday Global Multi-Currency Account (HSBC EGA)
Transacting in foreign currencies usually comes with hidden fees and exchange rate markups. However, with with a multi-currency account, you can enjoy better foreign exchange rates and hold balances in multiple currencies. This flexibility allows you to switch between currencies at any time, avoiding unnecessary fees.
There are numerous multi-currency accounts available, each with its own fees and requirements. To help you make an informed decision, we’ve created this guide to explore the HSBC EGA’s features, fees, and benefits as compared to the other multi-currency solutions out there.
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HSBC Multi-Currency Account Options
The HSBC Everyday Global Account (HSBC EGA) is designed for personal banking customers who need a versatile foreign currency savings account. This account allows for everyday transactions and travel without racking up account fees, international transaction fees, or international ATM fees.
| HSBC Multi-Currency Account | Account Eligibility | Initial Deposit | Monthly Fees | Early Closure Fee |
|---|---|---|---|---|
| HSBC Everyday Global Account (HSBC EGA) | Minimum 18 years of age | Min. S$100 | S$5 fall-below monthly fees if the average daily balance falls below S$2,000 | S$50 fee for early account closure within 6 months |
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How to Apply for HSBC Everyday Global Multi-Currency Account (HSBC EGA)
The HSBC EGA is available to Singaporeans, Singapore permanent residents, and foreigners aged 18 and above. You can apply for an account online using your MyInfo profile.
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Fees Associated with HSBC Everyday Global Account (HSBC EGA)
The EGA has a minimum initial deposit of S$100, as well as a S$5 monthly fall-below fee if the average daily balance falls below S$2,000.
There is also an early account closure fee of S$50 if you close your account within 6 months of opening.
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Using the HSBC Everyday Global Account (HSBC EGA)
The HSBC EGA allows you to hold up to 10 currencies. Simply load the currency you need before you travel and pay in the local currency at your travel destination with no international transaction fees. For online overseas purchases, use stored foreign currencies to save on fees. Manage your funds and convert currencies at your preferred rate via the HSBC Singapore app.
Make everyday transactions with your linked Visa Debit Card, Apple Pay, or Google Pay, and withdraw cash at millions of touchpoints globally. Earn 2% cashback on your tap-and-pay purchases. Send money to over 200 countries via SWIFT with ease.
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Comparing Multi-Currency Accounts: YouTrip vs. HSBC EGA
| Multi-Currency Accounts | YouTrip | HSBC Everyday Global Account (HSBC EGA) |
|---|---|---|
| Multi-Currency Card | YouTrip Mastercard | – |
| Currencies Available | Over 150+ countries 10 wallet currencies (SGD, USD, EUR, GBP, JPY, HKD, AUD, NZD, CHF, SEK) | 11 wallet currencies (SGD, USD, EUR, GBP, AUD, NZD, CHF, CAD, HKD, JPY, CNY) |
| Exchange Rates | Wholesale Exchange Rates | Determined by Bank |
| Annual Fees | No fees | No fees |
| Foreign Transaction Fees | No fees | No fees |
| Minimum Initial Deposit | No initial deposit required | S$100 |
| Monthly Account Fees | No fees | No fees |
| Overseas ATM Withdrawal Fee | FREE S$400 monthly in ATM withdrawals with a 2% fee thereafter | Zero ATM fees on HSBC ATMs except in Argentina, France, Brazil, Greece, Malta, Mexico, New Zealand, and Turkey. |
| Fall Below Fee | No fees | S$5 fall-below monthly fees if the average daily balance falls below S$2,000 |
| Early Closure Fee | No fees | S$50 fee for early account closure within 6 months |
YouTrip is Singapore’s first multi-currency wallet which offers similar benefits to other multi-currency accounts offered by traditional banks, but with no minimum account balances or fees. It provides real-time Wholesale Exchange Rates on 10 popular currencies and allows easy in-app currency exchanges.
Plus, you can use your YouTrip card in over 150+ countries for international purchases with no transaction fees or exchange rate markups. Simply top up in SGD and the app’s SmartExchange™ technology will enable you to automatically exchange your SGD to the local currency of the country you’re visiting when making payments.
It only takes you 3 minutes or less to open a YouTrip account, and you’ll be provided with your very own physical and virtual YouTrip card. As a Mastercard, you can even use your card locally for your daily commutes as well.
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Get the best rates all day at zero fees with YouTrip!
With YouTrip, you can make in-app currency exchanges on 10 popular currencies anytime at the best, real-time Wholesale Exchange Rates. So whether you’re travelling or shopping on international online sites, you can pay with your YouTrip card in practically any currency, anywhere AND at the best rates. Plus, you’ll be able to send any of your wallet currencies to other YouTrip users with no commissions.
If you still haven’t gotten your free YouTrip card yet, use promo code <BLOG5> to sign up and receive a free S$5 in your account. 😎
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