Last updated: 8 March 2021
Beginning 1 April 2021, in accordance with local regulations, the beneficiary address will be required for all cross-border payments being sent from your HSBC accounts in the Philippines.
What this means for you
From 1 April, your payments may be delayed if they don’t include the mandatory beneficiary address information.
When creating your cross-border payments make sure to include the full beneficiary address details in the Beneficiary address fields:
| Beneficiary address | Required Information |
|---|---|
Beneficiary address line 1 |
Room number/office name, building/house number, street name, subdivision/barangay |
Beneficiary address line 2 |
District, town, city, province/state |
Country or territory |
Country/territory, ZIP/postal code |
Action required before 1 April
We recommend reviewing your cross-border payment instructions and, if necessary, updating them by 1 April as follows:
General or Restricted templates:
Review and update your payment template before 1 April to make sure that the full beneficiary address is included.
Standing instructions or forward-dated payments:
Review and update your standing instructions or forward-dated payments before 1 April to make sure that the full beneficiary address is included.
File upload or HSBC Connect:
From 1 April, any cross-border payment file uploaded using File upload or HSBC Connect must include the full beneficiary address or the payment may be delayed.
Reminder: when you update a Restricted template, standing instruction, or forward-dated payment, you’ll need to have another user approve the changes in the Authorisation summary service before the updates will be applied.
Find out more
If you have any questions, please contact your local Client Services representative.