Foreign Currency Account

If you do business overseas, our choice of specialist account options could give you essential support in key areas such as importing and exporting, foreign currency and international payments.

At a glance

  • 4 different foreign currency account options

  • Available in any tradeable currency

  • Reduce the risks associated with foreign exchange

Key benefits

Select the type of account that best suits your business needs

Can be easier and cheaper than setting up and managing an account in a foreign country

Choose any tradeable currency and simplify foreign currency dealings

View balances online with Business Internet Banking

Avoid the cost of converting currency

Larger businesses can view statements and make electronic payments direct to your overseas suppliers via HSBCnet

Your choice of 4 accounts

Current Account

For easy-to-access and easy-to-manage everyday banking
  • Available in US dollar, euro and around 90 other world currencies
  • Ability to make electronic payments (low value and high value)
  • Overdraft facility available (subject to agreement)
  • Online account management on HSBCnet

Instant Access Savings Account

For fast access to your funds
  • Available in any tradeable currency
  • Credit interest paid subject to market conditions
  • No minimum balance requirements
  • Interest paid either half-yearly or quarterly

Fixed Term Deposit Account

For a higher rate from leaving your funds untouched
  • Higher rates of interest on your balances
  • Fixed term to suit your requirements (minimum one week)
  • Fixed rate of interest for the period of deposit, paid on maturity
  • Available in most major currencies
  • Minimum balance of $10,000 or currency equivalent required
  • Ability to deposit or transfer funds to and from Savings or Current Account.

A local account in an overseas market

For a convenient way to manage local transactions
  • A local account may be the right option for some businesses, such as those with a local payroll
  • Speak to your UK relationship manager to find out more

SUMMARY BOX

International Instant Access Savings Account

What is the interest rate?

This account is set up on the basis there are different tiers of interest rate. Normally, the interest rate paid depends on how much you deposit in your account, however, at the moment, because of market conditions, the rates are the same for some or all balances on all currencies and in some cases are 0%.

The applicable credit interest rates are as follows:

Product Effective Date Amount Gross % AER %

USD
(Interest Paid half yearly)

01.06.2020

2,500,000+ 0.05 0.05
1,000,000+ 0.05 0.05
500,000+ 0.05 0.05
250,000+ 0.05 0.05
Up to 249,999 0.05 0.05

Product Effective Date Amount Gross % AER %

EUR One Euro Account
At present no credit interest is paid.

01.10.2012 3,000,000+ 0 0
1,000,000+ 0 0
500,000+ 0 0
250,000+ 0 0
Up to 249,000 0 0

Product Effective Date Amount Gross % AER %

Australian dollar (AUD)

10.03.2009 920,000+ 0.5 0.5
460,000+ 0.25 0.25
92,000+ 0 0
46,000+ 0 0
6,000+ 0 0

Product Effective Date Amount Gross % AER %

Canadian dollar (CAD)

10.03.2009 850,000+ 0.05 0.05
400,000+ 0 0
85,000+ 0 0
40,000+ 0 0
5,000+ 0 0

Product Effective Date Amount Gross % AER %

Danish Krone (DKK)

11.02.2013 4,420,000+ 0 0
2,110,000+ 0 0
422,000+ 0 0
211,000+ 0 0
25,000+ 0 0

Japanese yen (JPY)
At present, no credit interest is paid.

Product Effective Date Amount Gross % AER %

New Zealand dollar (NDZ)

10.03.2009 1,120,000+ 0.75 0.75
610,000+ 0.5 0.5
122,000+ 0 0
61,000+ 0 0
7,300+ 0 0

Product Effective Date Amount Gross % AER %

Norwegian krone (NOK)

10.03.2009 4,600,000+ 0.25 0.25
2,260,000+ 0 0
452,000+ 0 0
226,000+ 0 0
27,000+ 0 0

Product Effective Date Amount Gross % AER %

Swedish Krona (SEK)

10.03.2009 4,800,000+ 0.1 0.1
2,400,000+ 0 0
480,000+ 0 0
240,000+ 0 0
28,000+ 0 0

Swiss franc (CHF)
At present, no credit interest is paid


If your credit interest rate for a currency goes below zero, we may charge you a negative interest rate.

Can the Bank change the interest rate?

Yes, the Bank can change the rates at any time in line with your Business Banking Terms and Conditions.

Favourable changes

We’ll make the change immediately and tell you about it once the change has been made.

Unfavourable changes

  • Small Business/Small Charity Customers – We’ll let you know at least two months before we make the change
  • Large Corporate Business Customers and Customers in Channel Islands/Isle of Man – We'll make the change immediately, whether favourable or not, and tell you about it once the change has been made

What would the estimated balance be after 12 months based on a range of deposits?

Example 1: USD

Initial deposit Interest rate Interest earned Total balance at the end of the 12 months
USD1,000 0.05% AER (0.05% Gross) USD0.50 USD1,000.50

 

For the purpose of this calculation, it is assumed:

  • Initial deposit of $1,000
  • No additional deposits and/or withdrawals are made during the 12 months
  • No change to the interest rate during the 12 months
  • Interest is paid semi-annually

Example 2: CAD

Initial deposit Interest rate Interest earned Total balance at the end of the 12 months
CAD1,000,000 0.05% AER (0.05% Gross) CAD500.06 CAD1,000,500.06

 

For the purpose of this calculation it is assumed:

  • Initial deposit of CAD1,000,000.
  • No additional deposits and/or withdrawals are made during the 12 months.
  • No change to the interest rate during the 12 months.
  • Interest is paid semi-annually.

Example 3: NOK

Initial deposit Interest rate Interest earned Total balance at the end of the 12 months
NOK5,000,000 0.25% AER (0.25% Gross) NOK12,507.81 NOK5,012,507.81

 

For the purpose of this calculation it is assumed:

  • Initial deposit of NOK5,000,000.
  • No additional deposits and/or withdrawals are made during the 12 months.
  • No change to the interest rate during the 12 months.
  • Interest is paid semi-annually.

 

How do I open and manage my account?

Eligibility:

If you do not have a Relationship Manager, you will need a Sterling Business Account (current or savings) before you can open an international instant access savings account.

How to open the account:

Call us today on 03457 60 60 60 to open the account over the telephone. A Business Specialist will be able to discuss this further.

Or if you prefer to speak to someone in branch this can also be arranged, an appointment can be made by calling 03457 60 60 60.

Minimum/Maximum balance:

  • No minimum deposit
  • No maximum balance limit

How to manage the account: 

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

Yes, you can make as many withdrawals as you like. No notice is required.

Additional Information

You will be charged a monthly tariff fee of £5 (or currency equivalent) every month.

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • Small Business Customer means a business customer which has fewer than 10 employees and an annual turnover and/or balance sheet total of £2 million or less (or, if part of a group, the group has an annual turnover and/or balance sheet total of £2 million or less)
  • Small Charity Customer means a UK registered charity whose annual income is less than £1 million
  • Larger Corporate Business Customer means any business customer whose accounts are held with us in the UK, which isn’t a Small Business or a Small Charity Customer

It is important to note that rates of currency exchange can fluctuate and change on a daily basis. Changes in rates of currency exchange will directly impact the relative value of your currency deposit which will decrease or increase accordingly.

International Fixed Term Account

What is the interest rate?

We'll pay credit interest on the deposit at a fixed rate on the maturity date - these are specified in the acknowledgment we send you. We’ll calculate your credit interest daily on your cleared balance and pay it into your deposit when it matures.

Can the Bank change the interest rate?

No, once the deposit has been placed the rate will remain fixed for the duration of the deposit and subsequent reinvestments will be priced at the prevailing interest rate.

What would the estimated balance be after 12 months based on a $10,000 deposit?

Initial deposit Interest rate Total balance at the end of the 12 months
$10,000 0.20% AER (0.20% Gross) $10,020.00

 

For the purpose of this calculation it is assumed:

  • Agreed negotiated credit interest: 0.20% (for indication purposes only)
  • Initial deposit of $10,000
  • No additional deposits
  • No withdrawals
  • No change to the interest rate during the 12 months

How do I open and manage my account?

Eligibility:

You need a sterling business account (current or instant access savings account) and a International business account (current or savings) in the same currency as the term deposit before you can open this deposit (and must hold such account for as long as you have this deposit).

How to open the account:

Book an appointment at one of your local branches by calling Business Telephone Banking, on 03457 606 060, or by booking directly with the branch.

Minimum/Maximum balance:

  • Minimum deposit limit:
    US$10,000 (or the equivalent) for deposits in US dollars, Canadian dollars, euros, Japanese yen or Swiss francs
    US$15,000 (or the equivalent) for deposits in other currencies
  • No maximum balance limit (but once opened, you can't add more money to it)

How to manage the account: 

Once opened you can manage your account online, in branch or by phone.

Can I withdraw money?

  • You can withdraw the full amount of the deposit before it matures, as long as it’s less than £50,000 (or currency equivalent)
  • You can’t withdraw part of the money from a deposit
  • You can’t withdraw a deposit for £50,000 or more (or currency equivalent) before it matures 
  • We charge a minimum fee of US$260 or EUR220 (or the US dollar equivalent) for early withdrawals (subject to change for new and renewed deposits, but not for any deposits you already have)

When your fixed deposit matures:

  • You can move all or some of the money to another account in the same name and currency; or
  • Renew the deposit

If you haven't given us any instructions about what to do at least 2 working days before maturity, we'll renew it for the same length of time, at the then current interest rate.

Additional Information

Definitions:

  • AER stands for annual equivalent rate. A notional rate which illustrates what the gross rate would be if interest was paid and compounded each year
  • Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.
  • Small Business Customer means a business customer which has fewer than 10 employees and an annual turnover and/or balance sheet total of £2 million or less (or, if part of a group, the group has an annual turnover and/or balance sheet total of £2 million or less)
  • Small Charity Customer means a UK registered charity whose annual income is less than £1 million
  • Large Corporate Business Customer means any business customer whose accounts are held with us in the UK, which isn’t a Small Business or a Small Charity Customer

It is important to note that rates of currency exchange can fluctuate and change on a daily basis. Changes in rates of currency exchange will directly impact the relative value of your currency deposit which will decrease or increase accordingly.

Important information

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