HK HSBC ONE Account Opening Guide
The HSBC ONE account is a free account with no monthly fee and a comprehensive currency account that allows you to hold and exchange 12 major currencies. This article introduces HSBC ONE account features, account opening requirements, process, fees and other information.
HSBC Bank, one of Hong Kong's largest banks, offers a variety of financial products and services to its customers. Among these, HSBC ONE is a comprehensive multi-currency account designed to meet the diverse financial needs of Hong Kong permanent residents. Below are detailed insights into opening and using the HSBC ONE account.
What is HSBC ONE?
HSBC ONE is a comprehensive multi-currency account launched by HSBC Bank, suitable for Hong Kong permanent residents aged 18 to 65. The account does not require a minimum Total Relationship Balance and can be used for spending, saving, fixed deposits, and investments in up to 12 major currencies.
One of its main advantages is the waiver of account maintenance fees, along with the option to apply for the HSBC Mastercard® Debit Card and HSBC UnionPay ATM Card, both issued free of charge and with no annual fees.
Documents Required for Account Opening
To apply for an HSBC ONE account, you will need the following documents:
- Identity proof: Hong Kong Identity Card or other valid identification documents
- Address proof: Utility bills or other official documents issued within the last 3 months
Customers applying via the HSBC mobile app can simply upload their identity card and a selfie for verification, making the process convenient and efficient.
Account Opening Fees and Charges
The HSBC ONE account does not require a minimum initial deposit or charge monthly fees. However, certain day-to-day transactions may incur charges:
- Telegraphic transfers: HK$50 per transaction online, HK$220 per transaction at branches (plus charges by overseas banks)
- Non-HSBC ATM withdrawals: HK$25 per transaction locally, HK$40 per transaction overseas
- Foreign currency transactions: Fee exempt, but transactions are settled at HSBC’s exchange rates, which may include a hidden markup
Account Opening Process
New HSBC customers can open an HSBC ONE account through the following methods:
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Visit a branch: Bring necessary documents to an HSBC branch and complete the account opening process.
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Self-service via HSBC mobile app: Download and open the "HSBC HK Mobile Banking app," apply for HSBC ONE, upload your identity card and selfie for verification, fill in personal details, and successfully open the account. The bank card will be mailed to the designated address within a few days.
FAQs
What are the differences between HSBC ONE and HSBC Premier?
HSBC ONE does not require a minimum Total Relationship Balance or low balance service fees, making it a free multi-currency account. HSBC Premier, on the other hand, requires a minimum Total Relationship Balance of HK$1 million, with a monthly fee of HK$380 if the requirement is not met for three consecutive months.
What is HSBC ONE card?
Upon successful application for HSBC ONE, customers can choose to apply for the HSBC Mastercard® Debit Card and/or HSBC UnionPay ATM Card. The Mastercard® Debit Card is widely accepted globally and allows for fee-free overseas transactions, facilitating global spending and withdrawals.
In summary, HSBC ONE provides a convenient, economical, and flexible banking solution for Hong Kong residents, particularly those engaged in frequent international transactions and remittances.
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