Important Notices

We are making changes to our HSBC Wealth and Personal Banking Terms and Conditions and HSBC Wealth and Personal Banking Fees and Charges, effective 28 June 2021.

Summary of changes to HSBC Wealth and Personal Banking Terms and Conditions:

• Removal of local cheque and cheque service references as we remove these payment methods.
• Other minor amends.

Summary of changes to HSBC Wealth and Personal Banking Fees and Charges:

• Removal of the out-dated Summary of Key Terms at the front of this listing. This information is now on our website.
• Removal of local cheque fees; Cheque deposits and Stop payments, as we remove these payment methods.
• Removal of fees related to Auditors Confirmation Reports and Document Searches.
• Other minor amends.

The latest copy of both of these documents are always available at our website, under Important Information. They will be updated on 28 June 2021 to reflect the above changes.

We are changing some of our HSBC Wealth and Personal Banking Fees and Charges.  Effective 19 April 2021, the following fees will be removed:

• Same Day Cleared Payments – with notification to beneficiary and without.
• Bank cheques – and all fees associated with purchasing, replacing or repurchasing.
• Bank drafts – and all fees associated with purchasing, replacing or repurchasing.
• Special answers (NZD).
• Fax sent overseas, or to local destinations.
• The Fees and Charges listing is being reformatted, and a number of other fees that were listed with 'no charge' will be removed.

The latest copy of our HSBC Fees and Charges brochure is always available at our website, under Important Information.  It will be updated on 19 April 2021 to reflect the above changes.

Over the next few months we’ll be removing HSBC cheques, bank cheques and bank drafts from service. For more information and alternative ways to bank, please click here.

From 15 March 2021, HSBC is a licenced Financial Advice Provider (FAP), please click here to view or download a copy of the HSBC FAP Public Disclosure Statement.

The following documents have also been updated effective 15 March 2021 as necessary to reflect a new financial advice regime, this includes removing references specific to the old QFE regime and the Financial Advisers Act 2008. You may view and download a copy from here.

• Wealth and Personal Banking Terms and Conditions
• Wealth and Personal Banking Fees and Charges
• HSBC Debit Mastercard Terms and Conditions

Please be advised we have also updated the HSBC Home Loan Standard Terms and Conditions, effective 15 March 2021. In brief, the changes relate to:

1. Update of our name, from ‘Retail Banking and Wealth Management’, to ‘Wealth and Personal Banking’.
2. Adding a prescribed disclaimer which states that advice given in relation to consumer credit contracts will not be regulated financial advice (see “Important Notes” section on page 2).
3. Updating our address details.
4. Deleting historic references to facsimile, QFE Disclosure, and lenders mortgage insurance.
5. Removal of the term ‘HSBC ATM Card’ replaced by ‘HSBC Debit Mastercard’, which has separate HSBC Debit Mastercard Terms and Conditions.
6. Updating the timeframe in which HSBC will provide confirmation when you convert to a fixed rate (see section 2.6 – converting to a fixed interest rate).
7. General updates to the representations and warranties to reflect the current market standard (see section 6 – Representations and Warranties).
8. Additional undertakings regarding property and accounts (see section 7 – Undertakings).
9. Additional default events including in relation to trusts and partnerships (see section 9 – Default Events).
10. Updating the definition of “Administration”, and making necessary amendments as a consequence of the new definition (see section 14.1).
11. Additional confirmations regarding trusts (see Schedule 2 – Trusts).
12. Other minor changes to terms.

If you have further enquiries please contact one of our Premier Consultants who are available 24 hours 7 days a week at our dedicated New Zealand Premier Call Centre on  within New Zealand or if calling from overseas on  (international toll charges apply).

We are pleased to advise that our Auckland office and retail service centre are moving in December 2020. From Monday 21st December 2020 our new address is:

The Hongkong and Shanghai Banking Corporation Limited

HSBC Tower

Level 21, 188 Quay Street

Auckland 1010

New Zealand

Effective from 3 December 2020 there are changes to the HSBC Premier eligibility criteria. We have added an additional local qualifying criteria of;

• Having an individual or joint annual income of at least NZD125,000 and/or (new)
• A minimum of NZD$500,000 in loans view; and/or
• A minimum of NZD$100,000 in savings and investments and/or
• If you are an overseas HSBC Premier customer you will automatically qualify for Premier customer status in New Zealand.

Please note that the Default Interest margin will be reduced to 1.5% effective from 3 December 2020. For further information click here (PDF, 573KB).

We contacted you recently to let you know that we’re introducing a quick and easy extra layer of security for your HSBC Debit Mastercard. It’s called Mastercard Identity Check and your card will automatically be enrolled into this service from 15 October 2020. Click here (PDF, 198KB) to find out more.

Please be advised we will be updating the HSBC Wealth and Personal Banking Terms and Conditions, effective 01 August 2020. In brief, the changes relate to:

1. Update of our name, from ‘Retail Banking and Wealth Management’, to ‘Wealth and Personal Banking’.
2. Clarification on how we can contact you (see section 3.11).
3. Additional circumstances under which we can close or suspend an account without prior notice (see section 6.5).
4. Removal of the term ‘HSBC Cards’, replaced by ‘HSBC Debit Mastercard’, which has separate HSBC Debit  Mastercard Terms and Conditions (PDF, 94.8KB).
5. Other minor changes to terms.

If you have further enquiries please contact one of our Premier Consultants who are available 24 hours 7 days a week at our dedicated New Zealand Premier Call Centre on 0800 028 088 within New Zealand or if calling from overseas on +64 9 368 8557 (international toll charges apply).

We are making changes to Approved Issuer Levy (AIL) deductions. You will be impacted by this change if you have opted in to have the AIL applied to the interest earned on your HSBC accounts for tax purposes on your non-resident status. To find out more please click here (PDF, 392KB).

Change examples:

• Statements - for interest earning accounts and deposits (PDF, 745KB)
• Term Deposit Advices – for deposits with interest paid at maturity (PDF, 688KB)
  
• Term Deposit Advices – for deposits with interim interest payments (PDF, 676KB)

If you have further enquiries please contact one of our Premier Consultants who are available 24 hours 7 days a week at our dedicated New Zealand Premier Call Centre on 0800 028 088 within New Zealand or if calling from overseas on +64 9 368 8557 (international toll charges apply).

Changes to New Zealand tax laws about investment income come into effect on 1 April 2020. We have summarised below the impact of these tax changes on you with respect to your HSBC account. For more detailed information on the changes, please visit the IRD’s webpage

If you receive investment income from HSBC, some of these changes may affect you as follows:

1. You must provide your IRD number to HSBC to make sure you are on the right tax rate. If you have not provided HSBC with your IRD number, a new non declaration rate of 45% for resident withholding tax (RWT) applies to all interest paid on your investment income earned from us from 1 April 2020.
2. HSBC will no longer provide annual RWT certificates unless you have not provided your IRD number to us and the gross domestic interest paid on your investment income exceeds NZ$50 during the tax year. The information previously contained in the annual RWT certificate will be available electronically through myIR on Inland Revenue’s website.
3. HSBC will no longer require you to provide us with a certificate of exemption for RWT from 1 April 2020. Instead, you will need to notify us of your RWT exempt status so we can verify your status on the electronic RWT exempt status register. You will also need to notify us when you RWT exempt status changes.

Where to go for further information

Further information can be found on the IRD website. If you need to update your details, please either speak to your Relationship Manager or call our 24/7 contact centre on 0800 02 80 88 if calling within New Zealand, or on +64 9 368 8557 if calling from outside of New Zealand (international toll charges apply).

Note: HSBC NZ does not provide tax advice. We recommend you obtain independent tax advice