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