UK accounts: additional charge codes for File upload and HSBC Connect payments available 17 May

Last updated: 8 March 2021

As previously communicated, in accordance with local regulatory changes, additional charge codes will be available when submitting cross-border payment files using File upload or HSBC Connect.

To provide you with more time to review to review and update your payments, we’re postponing the changes until 17 May 2021.

What’s changing?

All European cross-border payments are currently required to use ‘SHA’ charge code meaning that the payment charges are shared with the sender and beneficiary pay their own bank’s charges. In accordance with current regulations, HSBC currently overrides any contrary instructions.

From 17 May, in addition to the ‘SHA’ charge option, you’ll also be able to use the following charge codes:

Charge code Description

'OUR'

The sender of the payment pays all fees (including fees applied by intermediary and beneficiary banks).

'BEN'

The beneficiary pays all fees (including any sending bank fees).

Note: Eurozone SEPA, CHAPS and local payments will still need to be sent using the ‘SHA’ charge code.

What this means for you

If you use Enterprise Resource Planning (ERP) systems or third party vendors to produce payment files containing European cross-border payments, you may wish to review and update these files to ensure your preferred charge code is included.

If your European cross-border payment files are submitted without a charge code, the ‘SHA’ code will be automatically applied.

Find out more

If you have any questions, or to obtain an updated Message Implementation Guide (MIG), please contact your local Client Services representative.