Frequently Asked Questions

Payment to Canada

1. What if I do not have the Payee address?
It is recommended that you acquire this from the Payee and to provide an address that the Payee can be contacted at. 

2. What if the Payee address is temporary? Can I use it?
It is recommended that you provide a permanent address of the Payee. For temporary address, the Payee has to be contactable at the address provided. 

3. Does the Payee address requirement apply to all amounts and currencies?
This Payee address requirement will apply when you are making payments to a beneficiary bank in Canada in amounts of Canadian dollar $10,000 or more (or equivalent in other currencies).

4. Does the receiving/beneficiary bank verify the beneficiary address?
The regulation requires the receiving/beneficiary bank to keep a record of the Payee information which is then reported to the Canadian authorities.

5. What will happen if the Payee address provided is incorrect? Are there charges imposed on me? If yes, what are the charges?
We strongly recommend that you provide a correct Payee address as this will be reported to the Canadian authorities. There are no known charges involved for incorrect information. However, there may be some delays when clarification is needed with the incorrect information, or the transfer may be returned/rejected.

6. What if I forget to provide the Payee address in my telegraphic transfers?
The receiving bank in Canada will reject and return the telegraphic transfers.

7. Other banks do not inform me of such requirement. Is this required by HSBC?
This is a regulatory requirement in Canada and all banks in Canada will need to comply. It is not a HSBC specific requirement.

8. What is the effective date that I have to provide the Payee's information?
The effective date is 23 June 2008.

9. Is there a change in the telegraphic transfer application? How do I obtain a copy of this new form?
Yes, the form has been amended to allow customers to fill in the Payee's name and address, in addition to the account number/IBAN (for Europe). The hardcopy forms are available in the HSBC branches, or you can download it here.

Payments to Europe

10. What is a Bank Identifier Code (BIC)?
Banks use a communication system called SWIFT to send and receive messages to and from each other and a BIC is a unique universal reference number or code to identify all banks on the SWIFT network.

11. What is a HSBC Singapore swift address (BIC)?
HSBCSGSG

12. How can I find out the swift address of my beneficiary bank?
You can ask your beneficiary for the bank's swift address, or conduct an online search at http://www.swift.com .

13. What is an International Bank Account Number (IBAN)? Is it the same as the beneficiary account number?
An IBAN is simply the existing account number in a format/structure that makes it internationally recognisable. IBAN is usually displayed on the account holder's paper bank statement. Here are some examples of IBAN formats.

14. Is the requirement of IBAN/BIC a regulatory requirement?  
No, it is not a regulatory requirement. However, it is a market practice adopted in European banks to promote efficiency in processing, so that customers can receive their funds easier and faster.  

15. Why is this requirement only communicated to customers now?
This was not communicated previously as it is not a mandatory requirement. However, we strongly recommend customers to provide us with the information to ensure smooth processing of their transactions. Please refer to terms and conditions for telegraphic transfers for the requirements and information needed.

16. Are IBAN/BIC information applicable to all currency payments and amounts?
This is required for making EURO payments to Europe, regardless of amounts. 

17. Where can I get hold of the BIC and IBAN details of the person/organisation I want to pay?
The usual way to obtain BIC and IBAN is to contact the beneficiary directly and request the details from them. Alternatively, the beneficiary may quote their BIC and IBAN on their invoice.

18. What if I have the IBAN and not the BIC? Can I still pay?
You can provide us with the IBAN and the full beneficiary bank information and address, so that we can process and send the telegraphic transfer instruction for you. We encourage you to provide the BIC in your instruction to avoid delays.

19. How can I check if the IBAN is correct?
You can check an IBAN quoted to you is configured correctly by visiting the Association for Payment clearing services (APCS) website at http://www.apacs.org.uk. However, this check cannot verify the actual existence of the account.    

20. Where do I input the BIC and IBAN information?
Please input the BIC and IBAN details of the beneficiary on your payment.
(i) Enter the BIC in the beneficiary bank SWIFT/BIC address field.
(ii) Enter the IBAN in the beneficiary account number or IBAN field.     

21. What will happen if I make payment to Europe without a valid BIC and IBAN?
We will continue to process your payments without BIC and IBAN. However, if the receiving bank requires the information for payment processing, it may result in delays on the processing of the transaction or charges imposed to you and the beneficiary of the payment.

22. What charges will be applied to my account?
Our standard charges for telegraphic transfers are still applicable. However if you request us to make payment to Europe without a valid BIC and IBAN, additional charges may be imposed from the receiving bank. These charges will be debited from your account. Please note that the charges from each receiving bank will differ. 

23. When will charges be applied to my account?
The charges will be debited from your account when we receive a claim from the receiving bank. 

24. Are IBAN/BIC information required for EUR payments to Europe or anywhere? What are the countries?
This will impact all banks in the UK and continental Europe that make or receive payments in euro. The countries affected include:

25. Where can I find out more about information on IBAN and making payments to Europe?
You can refer to the following sites:

www.apacs.org.uk 
Association for Payment Clearing Services (APACS)

www.ecbs.org
European Committee for Banking Standards (ECBS)