HSBC is one of the biggest international banking institutions, with a network covering over 170 countries around the world, but it still pays off to know the best ways to use their debit cards overseas.
To help you get prepared for an international trip, here are three of the best tips to consider for your HSBC debit card.
Be Aware Of Transaction Costs
Like most debit cards issued in Australia, there are charges that will come with using an HSBC card overseas. The two most commonly charged are:
- The Overseas Transaction Fee – charged for any cash withdrawals or EFTPOS purchases made while outside of Australia at a rate of $4.50 per transaction.
- The Foreign Currency Transaction Charge – which is applicable whenever funds from your Australian HSBC account need to be transferred into another currency in order to be processed. The rate for this charge is 3% of each transaction amount made in a foreign currency.
These fees cannot be avoided when using an HSBC debit card overseas but cardholders may be able to reduce expenses by finding HSBC ATM machines that will not charge any additional fees.
Some foreign ATM machines could charge an additional $5 or so on top of your own bank fees when you get money out, so trying to stick to ones that will not result in almost $10 for a withdrawal is worth the effort.
Check Debit Card Daily Limits
Some debit cards have daily limits of only $1000 or $2000 so it is definitely important to check your daily limit before heading overseas.
With an HSBC Visa debit card you will have access to up to $10,000 of your available balance every day. The only thing to remember is to factor in any currency changes and withdrawal fees so that you know you have enough money to cover every cost.
Always Select Credit
While the “savings” option may work with some EFTPOS machines overseas, it is important to always select “credit” when paying with your HSBC debit card overseas.
This option gives you access to Visa’s Zero Liability Policy that will cover you for any fraudulent or unauthorised transactions.
No matter where you are going in the world, chances are you will have access to your money through an HSBC debit card. But being aware of these tips will help you use your card wisely to get the most out of funds and the trip.