| Customers with accounts in Hong Kong: standardisation of USD Priority Payments effective 1 February 2015
HSBC Hong Kong will be standardising all USD telegraphic transfers (Priority Payments on HSBCnet) to be cleared via HSBC USA effective from 1 February 2015, which will roll out by phases. This may affect the overseas bank charges that apply.
For USD Priority Payments, besides the outward telegraphic transfer charges levied by HSBC Hong Kong, there are other overseas bank charges involved. These charges are either deducted from the remittance proceeds or collected from the remitter, depending on the choice that remitter makes on overseas bank charges.
Phase 1 (effective 1 February 2015):
With the standardisation of the USD Priority Payments process, there will also be consistent handling in terms of overseas/other bank charges. Phase 1 of the standardisation will cover USD Priority Payments where remitter has selected overseas/other banks charges to be paid by beneficiary. Please refer to details in Table 1 below:
Table 1:
Where Remitter has selected overseas/other banks charges to be paid by beneficiary
|
USD TT submitted through |
Selection Field |
Selection |
Overseas/other bank charges |
HSBCnet |
Charges |
BENEFICIARY : Beneficiary to pay all charges
or
SHARED : Remitter to pay local HSBC charges and Beneficiary to pay other bank charges |
Deduct from remittance proceeds |
HSBC Connect |
Charges option |
BEN : Beneficiary to pay all charges
or
SHA : Remitter to pay local HSBC charges and Beneficiary to pay other bank charges |
SWIFT for corporates |
Charges option |
BEN : Beneficiary to pay all charges
or
SHA : Remitter to pay local HSBC charges and Beneficiary to pay other bank charges |
Phase 2 (effective date to be determined):
For USD Priority Payments where the remitter has selected to pay for overseas/ other banks charges, the current process remains unchanged. Please refer to details in Table 2 below for the current process. These shall be covered in phase 2 of the standardisation, which we will provide you with details in due course.
Table 2:
Where Remitter has selected to pay for overseas/other banks charges
|
USD TT submitted through |
Selection Field |
Selection |
Overseas/other bank charges |
HSBCnet |
Charges |
“Debit account” |
Collect from remitter’s account *
|
HSBC Connect |
Charges option |
OUR : Remitter to pay all charges |
SWIFT for corporates |
Charges option |
OUR : Remitter to pay all charges |
Please note that whether all bank charges would be collected from remitter’s account will be dependent on the charge practice of the overseas banks (including correspondent banks and beneficiary banks). At the overseas banks’ discretion, the charges may be deducted from remittance proceeds. These charges may be deducted from the remittance proceeds or from the remitter’s account regardless of the charges options.
For more information regarding outward payments, please refer to ‘Customer Information Sheet for Outward Payments’ site (http://www.business.hsbc.com.hk/en-gb/form-download-centre/making-payments-forms). For additional assistance regarding Priority Payments on HSBCnet, please contact your local HSBCnet Support Centre.
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