With immediate effect HSBC Bank Malta is implementing a reduction in the charge of 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 28 January, 2008. On that day HSBC also launched it’s SEPA Credit Transfer service that besides cutting down on the sometimes lengthy transaction time of 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 payments charges with a major highlight being that all euro inward 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, 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. 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,” said Alan Richards, CEO of HSBC Bank Malta.