UK accounts: recent changes to Priority Payments to and from the EEA from 1 January 2021

Last updated: 13 January 2021

From 1 January 2021, as a result of the UK/EU Transition Period ending 31 December 2020, intermediary and/or beneficiary banks in the UK and/or the European Union (EU) may deduct charges on Priority Payments between the UK to the EEA (European Economic Area) in any currency.

When sending payments between your accounts in the UK or EEA, you may find that the full amount of the payment won’t be credited to your beneficiary’s account due to intermediary banks deducting their fees.

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.

Do I have other options?

If your payment is within the UK or EEA in Euros, you can continue to send Eurozone SEPA payments as you will only pay our charges and not those of the recipient.

Find out more

If you’d like to find out more or have any further questions, please contact your local HSBC representative.