Last updated: 8 February 2021
Following the end of the UK/EU transition period on 31 December 2020, beneficiary and/or intermediary banks may have changed the way they apply charges. Beneficiaries may see this deducted from the principal.
What this means for you
Intermediary and/or beneficiary banks in the UK and/or the EU may deduct or apply charges on Priority Payments made from the UK to the EEA (or from the EEA to the UK) in any currency.
If an intermediary bank fee is charged, the beneficiary of your payment will receive less than the original amount that was sent.
What is an intermediary banking fee?
An intermediary bank fee is a fee deducted from the original payment amount for services provided by an intermediary bank, serving as an agent to facilitate the international transfer and settlement of funds. In some instances, there may be multiple intermediary or correspondent banks that take deductions from the payment.
There are no changes to how SEPA payments are processed in HSBCnet at this time. You can continue to send SEPA payments for sending Euro currency payments to European countries.
You may want to speak to your beneficiary about their bank applying charges.
If you have any questions, please contact your local HSBC representative.