I was able to open foreign currency accounts with HSBCs outside of the US. However, to open the account initially I had to visit the HSBC branch in person. A local address was not required for the countries I opened as an HSBC Premier member. This is not true for all HSBC countries, just the ones I ended up opening. I recall some requiring a local address. Contact your HSBC Premier Account rep (or 800#) and they can tell you what countries are available without local address to HSBC members. But remember, you will have to visit in person to open the account initially.