Changes to Telegraphic Transfer Requirements

1. Payments to Canada
With effect from 23 June 2008, it is mandatory to include full information of the Payee for all outgoing wire payments of Canadian dollar $10,000 or more (or equivalent in other currencies) to agent banks in Canada. 

This is a requirement in line with the implementation of the Proceeds of Crime (Money Laundering) and Terrorist Financing Regulations (PCMLTF Regulations) which requires financial institutions and financial intermediaries to identify their customers, keep certain records, report large cash transactions and international electronic fund transfers of Canadian dollar $10,000 or more (or equivalent in other currencies) to the Financial Transactions and Reports Analysis Centre of Canada (the Centre) and develop an internal compliance regime. 

Customers are to include the following information of the Payee:
- Name
- Full address
- Account number

2. Payment to Europe
For all euro payments to be received within the European Union (EU) and European Economic Area (EEA), we strongly recommend that the BIC code (Bank Identifier Code) and IBAN (International Bank Account Number) should be quoted with immediate effect.  

Although HSBC will process your payments without both BIC and IBAN, the receiving bank may charge an additional fee for processing these payments, which we have to debit from your account. The telegraphic transfer may also be rejected/returned, and/or delayed, usually with charges imposed, if the information required is not given or is invalid/incorrect.

For more details, please refer to our Frequently Asked Questions or call us on:
- Personal Banking: 1800-HSBC NOW (4722 669) in Singapore or (65) 6-HSBC NOW (4722 669) from overseas.
- Commercial Banking: 6216 9008 (in Singapore) or (65) 6216 9008 (from overseas).