Customers with accounts in Hong Kong: standardisation of USD Priority Payments effective February 2016

HSBC Hong Kong will complete the standardisation of USD outward telegraphic transfers (Priority Payments/Customer Transfers on HSCBnet) in February 2016. After the standardisation, all USD Priority Payments/Customer Transfers will be cleared via HSBC USA. This may affect overseas / other bank charges that apply.

For USD Priority Payments/Customer Transfers, 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

Phase 1 of the standardisation has been completed which covered USD Priority Payments/Customer Transfers where remitter has selected overseas / other banks charges to be paid by beneficiary. Phase 1 details were communicated in January 2015 and are available here for your reference.

Phase 2 (effective February 2016)

Phase 2 will be implemented in February 2016 and will cover USD Priority Payments/Customer Transfers where remitter has selected to pay for overseas/other banks charges, as well as USD Priority Payments/Customer Transfers made to beneficiary banks in the Asia Pacific Same-Day Remittance Services**. Please refer to details in the table below:

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
* Applicable overseas/other bank charges would be collected from remitter’s account. Please note, whether all bank charges are 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/Customer Transfers on HSBCnet, please contact your local HSBCnet Support Centre.

**Asia Pacific Same-Day Remittance Service covers USD/HKD/RMB Priority Payments/Customer Transfers from a HSBC corporate account in Hong Kong to a HSBC corporate account in Mainland China, Taiwan, Macau, Singapore, Malaysia, Korea, Japan or Australia, or to an account in the designated Bank of Communications branches in mainland China.