Important notices
Revision of HSBC FX Loyalty Pricing Program
You may have received an email in July informing on the changes to the Pricing Tier and Discount that apply to the HSBC Foreign Exchange (FX) Loyalty Pricing programme from 15 August 2024 (the "Proposed Change").
Please disregard the email as the existing Pricing Tiers and Discounts for the ongoing HSBC Foreign Exchange (FX) Loyalty Pricing programme will remain unchanged as below.
| Tier | Accumulated FX transaction amount (SGD) | Entitled FX Discount |
|---|---|---|
| Bronze | 19,999.99 and below |
None |
| Silver | 20,000 to 99,999.99 |
15% |
| Gold | 100,000 to 499,999.99 | 25% |
| Platinum | 500,000 and below | 40% |
| Tier | Bronze |
|---|---|
| Accumulated FX transaction amount (SGD) |
19,999.99 and below |
| Entitled FX Discount |
None |
| Tier | Silver |
| Accumulated FX transaction amount (SGD) |
20,000 to 99,999.99 |
| Entitled FX Discount |
15% |
| Tier | Gold |
| Accumulated FX transaction amount (SGD) | 100,000 to 499,999.99 |
| Entitled FX Discount | 25% |
| Tier | Platinum |
| Accumulated FX transaction amount (SGD) | 500,000 and below |
| Entitled FX Discount | 40% |
Details of the HSBC Foreign Exchange (FX) Loyalty Pricing programme (including Terms & Conditions) are available at our website at HSBC SG > Foreign Exchange > Loyalty Pricing.
Updates to our Personal Line of Credit and Personal Term Credit Terms and Conditions
We are updating our Personal Line of Credit and Personal Term Credit Terms and Conditions (T&Cs). We are doing this so that the T&Cs are clearer and easier to understand, easier to navigate and fairer to our customers. There is no material impact on your obligations under the current T&Cs. There are three changes that might be of interest to you:
- Term 4.23 clarifies that the Personal Line of Credit and Personal Term Credit accounts are not insured by the Singapore Deposit Insurance Corporation.
- We may use artificial intelligence to manage our products under these T&Cs. You may refer to term 4.24 for more details.
- Term 4.25 sets out some of the circumstances we may need to update our T&Cs during the normal course of our business.
The new T&Cs will be effective from 15 Aug 2024. Please refer to the full PDF for more details. For inquiries, you can chat with us via HSBC Singapore app or online banking or visit our branches at your convenience.
Cessation of payment via SingPost and SAM for HSBC Credit Cards and HSBC Personal Line of Credit
With effect from 1 August 2024, we will not accept payment for HSBC Credit Cards and HSBC Personal Line of Credit via SingPost and SAM. To find out more on how to pay your bills, please refer to frequently asked questions.
Paper statement fee for credit cards accounts
From 1 July 2024 onwards, we'll charge a monthly paper statement fee of USD2 / SGD2 (USD2.18 / SGD2.18, inclusive of GST) per account. It applies only if you opt to receive paper statement for your credit card account. This is part of our ongoing sustainability efforts. You can avoid this fee by registering for the HSBC Singapore app so you can receive and view eStatements instead.
Charging for SGD cheque deposit and issuance of USD cheque
In line with MAS's announcement (MAS Announces end-2025 Timeline to Eliminate Corporate Cheques) on 28 July 2023 to encourage the adoption of e-payment method.
From 01 July 2024 onwards, HSBC will start charging processing fees for the following:
- Depositing SGD denominated cheques
- Issuance of USD denominated cheques
There is no change to the charges for the following:
- Depositing USD-denominated cheques
- Issuance of SGD- denominated cheques
The applicable charges will be updated in our Fee and Charges Document on 01 July 2024.
For more information, you may visit our Ways to Bank page or MAS website.
If you need further help, you may call the HSBC hotline on 1800-HSBC NOW (4722669) or +65 6-HSBC NOW (6-4722 669).
Revision of Property Loan Standard Terms
For clarity, we have updated the terms and conditions clause 14.1a), to include flood in the coverage under the mandatory fire insurance policy over the property, effective 1 June 2024. No action is required from our Property Loan customers.
View Property Loan Standard Terms (Effective 1 June 2024)(PDF, 310KB).
Temporary Freeze of Reward Redemption Services
To support the system upgrade, with effect from 20 May to 27 May 2024, HSBC Bank will temporarily halt all credit card rewards redemptions. During this period, you will not be able to perform any rewards redemptions using your HSBC Reward points at the following redemption channels:
- Redemptions via Phone Banking (IVR): From 20 May 2024 onwards
- Redemptions via Online Banking: From 20 May 2024 onwards
- Redemptions via HSBC Singapore app: 20 to 27 May 2024 (temporarily unavailable)
Accordingly, we will extend the expiration date for Rewards points expiring on 31 May 2024 to 30 June 2024.
The system upgrade will complete on 28 May 2024 and you can start rewards redemptions on the HSBC Singapore app on the same day. All balance Reward points for each credit card will be migrated to this new rewards platform.
Redemption of points via Phone Banking and Online Banking will no longer be available from 28 May 2024.
What will you expect to see after the system upgrade?
- Your total Reward points across all your HSBC credit cards will be pooled together and can be viewed on the HSBC Singapore app
- In the first statement generated post upgrade, your unutilised Reward points balance will be reflected under [Points Adjusted] instead of [Points Carried Forward] in the Rewards Summary box
Updates to HSBC Credit Cards Rewards Programme
With effect from 20 May 2024, there will be changes in the terms and conditions governing the HSBC Rewards Programme.
The change includes:
- With reference to section B on Qualifying Transactions:
- All HSBC credit cardholders will no longer earn Reward points/cashback for transactions made in 47 Merchant Category Codes (MCC)
- HSBC Visa Platinum Credit Card with card number starting with 492160 will no longer earn Reward points. Any un-utilized Reward points can still be redeemed before the Points expiry date. - With reference to section C on Redemption of Points:
- Redemption of points are available for Airmiles, Hotel Points, Pay with Points, Rewards Marketplace and One Tree Planted
- Redemption of points can only be performed on the HSBC Singapore app. Redemption of points via Phone Banking & Online Banking will cease.
- Redemption of points for the payment of annual fee on an HSBC Credit Card will cease. - With reference to Section E on Miles/Hotel Points Redemption Programme, the Annual Fee for Mileage Programme will cease.
- Reward points Top-up service will cease.
Click here(PDF, 267KB) to view the updated Terms and Conditions Governing the HSBC Rewards Programme
If you do not have the HSBC Singapore app, you can search for “HSBC SG App” on the App Store or Google Play store and follow the onscreen instructions to download the app.
Closure of Safe Deposit Locker facility on 30 September 2024
Please note that the Safe Deposit Locker facilities in HSBC Claymore Branch and HSBC Serangoon Garden Branch will close permanently on 30 September 2024.
We recognize the trust you have placed in the Bank, and we want to assure you that we remain committed to serving your financial needs to the best of our ability. Please be advised that the closure of the Safe Deposit Locker facilities will not have an impact on your banking accounts with HSBC.
If you hold a Safe Deposit Locker facility with the Bank, you will receive communications directly to advise you for the next steps.
Kindly email us to make an appointment to withdraw the contents of the locker and close the locker by 30 September 2024. Our team is available to answer any questions you may have and to discuss how we can assist you during this transition period.
If you hold a locker at our Claymore Branch, please email us at cme_sdb@hsbc.com.sg
If you hold a locker at our Serangoon Garden Branch, please email us at srg_sdb@hsbc.com.sg
What happens to unclaimed lockers after 30 September 2024
Please note that any Safe Deposit Lockers that are unclaimed by 30 September 2024 will be opened by the Bank, and any items left in the Safe Deposit Locker will be documented and kept with the Bank. This will be performed in the presence of an independent witness. The Bank will keep these items for 8 weeks, after which, the Bank may elect to dispose of the items if they are not claimed by the lessee(s).
If you have any questions
Please see a set of frequently asked questions and answers here(PDF, 469KB).
If you require further assistance or information, please contact your relationship manager or chat with us via HSBC Singapore app.
Updates to HSBC Everyday+ Rewards Programme
- Eligible spend with HSBC Credit Cards
- Eligible spend with Everyday Global Debit Card
- Eligible GIRO Bill Payment
- Eligible spend with Everyday Global Debit Card
- Eligible GIRO Bill Payment
- Payments to HSBC Credit Cards
- Payments to HSBC Credit Cards
- Payments to any financial institute and trading platforms relating to crypto-currencies, stock exchange and trades.
- Eligible spend with HSBC Credit Cards
- Eligible spend with Everyday Global Debit Card
- Eligible GIRO Bill Payment
- Eligible spend with Everyday Global Debit Card
- Eligible GIRO Bill Payment
- Payments to HSBC Credit Cards
- Payments to HSBC Credit Cards
- Payments to any financial institute and trading platforms relating to crypto-currencies, stock exchange and trades.
Change to the Maximum Deposit Insurance coverage
Please note that effective 1st April 2024, the maximum deposit insurance coverage will be increased from S$75,000 to S$100,000.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
Wealth lending accounts are not covered under SDIC
With the changes in Singapore Deposit Insurance Corporation “SDIC” coverage effective 1 April 2024, we would like to take this opportunity to clarify that the following Lending Account(s) are part of a credit facility and are not insured by the Singapore Deposit Insurance Corporation:
- Wealth Portfolio Lending Consolidated Account(s);
- Lombard Lending Account(s);
- Wealth Portfolio Account(s);
- Securities Financing Account(s); and
- Securities Margin Financing Account(s).
Accordingly, the relevant application forms have been updated to reflect the above. Please be assured that this does not impact your rights and liabilities as a customer. Please contact your RM if you need clarification on the above.
For more information on the coverage or products being insured under SDIC, please visit https://www.sdic.org.sg/.
We look forward to serving you.
New safety measure for Android device
Beware of apps from sources other than your phone’s official app stores which may contain malware. From 27 March 2024, new safety measure in the Android version of the HSBC Singapore app will be launched to protect you from malware. Read more on malware scams.
Updates to HSBC credit cards
Starting from 8 January 2024, there will be changes in fees and charges that apply to your HSBC credit card. The changes are for interest rate on cash and purchases, as well as cash advance fee. Learn more about the revised fees and charges.
In addition, starting from 8 January 2024, the monthly instalment amounts under the HSBC 0% Card Instalment Plans and HSBC PayLater Instalment Plans will not be eligible for Reward points / cashback.
For an existing HSBC Revolution credit cardholder, there are changes to the 10× Reward Points Programme starting from 1 January 2024. The Merchant Category Codes (MCC) 4722 (travel services) and 7011 (lodging) will no longer be rewarded with 9× Bonus Reward points. You can still earn 1× Base Reward point on all qualifying transactions under these 2 MCCs.
Please refer to our credit card FAQ page for the changes in detail.
GST Rate Change
GST rate will increase from 8% to 9% on 1 January 2024. Do expect to see a slight increase in your usual fees and charges from January 2024 onwards.
For more information on GST increase, please refer to the IRAS website.
Charging for issuance of cheques
In line with MAS's announcement (MAS Announces end-2025 Timeline to Eliminate Corporate Cheques) on 28 July 2023 to encourage the adoption of e-payment methods, HSBC will be charging for the issuance of cheques with effect from 01 November 2023.
Charges will be levied on your account on the next business day when a SGD-denominated cheque issued by you is presented to HSBC for payment. Please ensure there are sufficient funds in your account to facilitate smooth processing of cheques and charges.
There will be no changes to the prevailing charge for USD-denominated cheque.
Charges on SGD-denominated cheque deposits will be implemented at a later stage.
The applicable charges will be updated in our Fee and Charges Document, which will be published before 1 November 2023.
For more information, you may visit our Ways to Bank page or MAS website.
If you need further help, you may call the HSBC hotline on 1800-HSBC NOW (4722669) or +65 6-HSBC NOW (6-4722 669).