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rowan · 10-07-2008, 05:03 AM

BTW, with HSBC please be aware there are a lot of fees and charges... the PDS listing fees is something like 40 pages long (!!!!). The relevant fees/requirements are:

1. Incoming wire in USD costs 1% of the amount with a minimum charge of $AUD10. This isn't as bad as it sounds because their T/T rates are better than say, Westpac.
2. There is an additional incoming wire fee of $AUD10 (ie: a wire up to about $USD700 will cost $AUD20, then the fee goes upwards from there)
3. Foreign cheque deposits cost 0.25% of the amount with a minimum charge of $AUD10 - 2-3 day negotiation under $AUD500, 4-6 week collection above
4. $2.50 account keeping fee per account per month (eg $5 for USD and AUD)
5. 3 withdrawals and 3 deposits free per month, after that it's $1.50 per transaction. I'm still not 100% sure whether transferring between the AUD and USD accounts is considered a deposit/withdrawal 'cos I don't seem to have been charged any excess transaction fees for September.
6. Minimum deposit to open the USD subaccount is $USD4,000. Minimum deposit to open the AUD subaccount is $AUD10,000. You don't need to maintain these balances, just present at least that amount when you open the account.
7. Being able to actually use the account online may take a couple of weeks, because they send you a PIN and a keychain security device separately.

Hope this helps you or someone else considering this product.

10-07-2008, 05:03 AM
rowan Too lazy to set a custom title Join Date: Mar 2002 Location: Australia Posts: 17,393	BTW, with HSBC please be aware there are a lot of fees and charges... the PDS listing fees is something like 40 pages long (!!!!). The relevant fees/requirements are: 1. Incoming wire in USD costs 1% of the amount with a minimum charge of $AUD10. This isn't as bad as it sounds because their T/T rates are better than say, Westpac. 2. There is an additional incoming wire fee of $AUD10 (ie: a wire up to about $USD700 will cost $AUD20, then the fee goes upwards from there) 3. Foreign cheque deposits cost 0.25% of the amount with a minimum charge of $AUD10 - 2-3 day negotiation under $AUD500, 4-6 week collection above 4. $2.50 account keeping fee per account per month (eg $5 for USD and AUD) 5. 3 withdrawals and 3 deposits free per month, after that it's $1.50 per transaction. I'm still not 100% sure whether transferring between the AUD and USD accounts is considered a deposit/withdrawal 'cos I don't seem to have been charged any excess transaction fees for September. 6. Minimum deposit to open the USD subaccount is $USD4,000. Minimum deposit to open the AUD subaccount is $AUD10,000. You don't need to maintain these balances, just present at least that amount when you open the account. 7. Being able to actually use the account online may take a couple of weeks, because they send you a PIN and a keychain security device separately. Hope this helps you or someone else considering this product.