With immediate effect, HSBC Bank Malta is implementing a reduction in the charge on outward SEPA payments with a value of e1,000 and under effected through internet banking. The charge for such payments has been significantly reduced from e4 to e1. This means that HSBC’s automated channels, apart from being simple, safe and convenient to use, with 24x7 availability, are now also less costly.

The Single Euro Payments Area (SEPA) became a reality on 28th January 2008. On that day, HSBC also launched its SEPA Credit Transfer service that, apart from reducing the sometimes lengthy transaction time for international payments from the European norm of four days to next day value, also brought reductions in costs on international incoming and outgoing payments. This is particularly relevant for customers using HSBC’s internet banking. HSBC has a transparent and competitive schedule of payment charges with a major factor being that all inward euro payments with a value of e10,000 or under are free of charge.

This new competitive charge on outward payments is beneficial to customers and also contributes to fulfilling the main objective of SEPA, that of making all euro domestic and cross-border electronic payments within the 27 countries of the European Union, the European Economic Area (Norway, Liechtenstein and Iceland) and Switzerland as quick, easy and efficient as domestic payments.

“At HSBC we are constantly working to enhance our customers’ experience by making our services more efficient and convenient,” said HSBC Bank Malta CEO Alan Richards. “This reduced tariff on outward payments will benefit a significant number of HSBC’s customers using this service. We will continue to invest in and promote our direct channels, listen to what our customers want and, wherever possible, implement mutually beneficial solutions,” he said.

In order to make a SEPA payment through internet banking, customers need to include the beneficiary’s International Bank Account Number (IBAN) and the Bank Identification Code (BIC) with their payment instructions. For further details on SEPA payments, please visit the HSBC website www.hsbcmalta.com or call Customer Care on 2380 2380.