Important Notices

Please be advised we will be updating the HSBC Wealth and Personal Banking Terms and Conditions, effective 01 August 2022. The changes relate to:

• The removal of the seven-day 'term' for our HSBC Term Deposits.  The minimum term will now be 28-days.
• Clarification of our HSBC Premier Explorer customers (minors, 0 -17 years of age, inclusive), and their ability to hold an HSBC Account.
• Amendments to our Direct Debit terms and how you can cancel a Direct Debit instruction.
• Other minor changes to terms.

The latest copy of our HSBC Wealth and Personal Banking Terms and Conditions is always available at our website, under Important Information. To download a copy, please click here. It will be updated on 01 August 2022 to reflect the above changes.

Effective 23 May 2022, the following fees will be amended:

• HSBC Debit Mastercard - Annual service fee: Was charged to our Personal Banking customers at $10.00 p.a., will be now be removed. No customer will be charged an Annual service fee for our HSBC Debit Mastercard.
• The Monthly Service Fee relating to Multi Currency Accounts: Was charged to our Personal Banking customers at one $5.00 fee, irrespective of the number of currency accounts held, will be amended. Now, the NZD equivalent, $5.00 fee will apply to all currency accounts held.

In addition, the description of the Early prepayment of a fixed rate home loan – Break cost fee will be amended to state:

• "As defined in the Loan Details documentation, an amount reflecting HSBC's loss on early prepayment that may be payable if you choose to prepay your fixed rate loan, switch to a different interest rate or make certain other changes to your fixed rate loan prior to expiry of the fixed rate term. Please contact us for an indicative example."

The latest copy of our HSBC Wealth and Personal Banking Fees and Charges List is always available at our website, under Important Information. It will be updated on 23 May 2022 to reflect the above changes.

HSBC no longer provides annual Resident Withholding Tax 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.

As of April 2022, HSBC will also no longer provide hard copies of Non Resident Withholding Tax certificates.

The information previously contained in the annual tax certificates will be available through myIR on Inland Revenue's website.

Further information can be found on the IRD website. If you need to update your details please 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 New Zealand (international toll charges may apply).

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

We are making changes to our HSBC Wealth and Personal Banking Home Loan Standard Terms and Conditions, effective 30 April 2022.

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

1. Update to clauses relating to when break costs are charged. The changes are to more clearly set out when break costs are payable. There is no change to how we currently calculate and charge break costs in practice.
2. Insertion of an express right of a borrower to increase fortnightly/monthly repayments without penalty (subject to conditions).
3. Clarification that where your Loan Details (i.e. the agreement relating to your home loan) relate to more than 1 loan, each loan constitutes a separate 'credit contract' for the purposes of the CCCFA.
4. Replacement of our old fax number with our current telephone number.

The latest copy of this document is always available at our website, to download a copy please click here

It will be updated on 30 April 2022 to reflect the above changes.

We're removing foreign cash services: 29 October 2021 is the last day you can buy or sell foreign cash at our HSBC branch.

With the 2020-21 global pandemic, and closing of NZ's borders, the uptake of foreign cash through the HSBC branch in Auckland has dramatically reduced.

Should you need to obtain cash for overseas travel, your best alternative is using an HSBC Corporate Mastercard at your destination.

• For smaller amounts – use your Corporate HSBC Mastercard at any ATM that accepts Mastercard.
• For larger amounts – obtain a cash advance against your Corporate Mastercard over the counter from any bank that accepts Mastercard.

If you need further advice or would like any further clarification on these changes, please contact your Relationship Manager or our helpdesk on + 64 9 368 8880 to discuss further.

We are changing some of our HSBC Wealth and Personal Banking Fees and Charges.

Effective 02 November 2021, the following Home Loan service fees will be reduced:

• Loan application fee: From $400 to $250
• Early prepayment of a fixed rate loan, Administration fee: From $50 to $20
• Security discharge: From $150 to $75.

The following Home Loan services will have their fees removed. HSBC will still perform the services, but at no charge:

• Split or multiple loan establishment: Was $150, now removed
• Construction loan drawdown: Was $100, now removed
• Redraw (of a floating rate table loan): Was $25, now removed.

Our Wealth and Personal Banking Home Loan Standard Terms and Conditions will also be updated to reflect the above changes to the Fees and Charges List, along with the following additional amendments:

• Section 1.1: delete reference to 'cheques'
• Section 2.6: a change to the timing for providing information when you instruct us to fix an interest rate
• Section 13.4: references to "FastPost" replaced with "courier"
• Other minor amendments

In addition, the fees related to Foreign currency cash conversion, deposit or withdrawal from a Multi-Currency Account will be removed from our fees and charges list. This is because HSBC will no longer be dealing in foreign cash and the last day for the sale or purchase of foreign cash from our 188 Quay St branch in Auckland will be Friday 29^th October 2021.

Both the Wealth and Personal Banking Fees and Charges Listing (PDF, 67KB) and the Home Loan Standard Terms and Conditions (PDF, 174KB) will be updated on 02 November 2021 to reflect the changes summarised above.

HSBC will no longer be dealing in Foreign currency cash. The last day for the sale or purchase of Foreign currency cash from our 188 Quay St branch in Auckland will be Friday 29^th October 2021. The fees related to Foreign currency cash conversion, deposit or withdrawal from a Multi-Currency Account will be removed from our WPB Fees and Charges Listing, effective 02 November 2021.

Effective Tuesday, 19 October 2021 the HSBC Smart Saver interest rate will increase to 0.30% p.a. (for balances up to ND5,000,000), and the HSBC eSaver Interest rate will increase to 0.10% (for balances up to NZD5,000,000).

For our most up-to-date interest rates, please click here.

• Update to some sections relating to tax. The changes clarify how we deduct withholding tax or approved issuer levy from any gross credit interest credited to, or paid on, accounts.
• Other minor amends.

From 1 October 2021, the new 39% RWT rate on interest income will become available for you to use. For more detailed information on the changes, please visit the IRD's webpage.

If you (the Account Holder) are a New Zealand Tax Resident, and wish to check or update the RWT rate that applies to your accounts held with HSBC New Zealand, please contact your Relationship Manager. You may also call us on 0800 028 088 (within New Zealand) or if calling from overseas on +64 9 368 8557 (noting international toll charges may apply).

You should provide us with or change your RWT rate that's appropriate to your level of taxable income. Selecting a rate that is too low may mean you have an end of year tax liability. Please note that any change in your RWT rate may also affect the tax rate applicable to your joint account (if any).

If you have not given your IRD number to us, the RWT rate of 45% will apply on any interest earned on your accounts.

1. We are pleased to inform you that the retention period of eStatements within internet banking has been increased from 12 months to 18 months. The increase will be progressive month on month, i.e. you will be able to view 13 months in September 2021, 14 months in October 2021 and so on, until the maximum of 18 months is reached.
2. For customers who are currently receiving eStatements but not eAdvices, from mid-September onwards you will start receiving your advices electronically. Your eAdvices will be sent to you via Secure Message. To view your eAdvices, please click on "Help & Support" on the top menu bar, then select "Secure Message." Your eAdvices will be available via Secure Message for up to 6 months.

If you have further enquiries please contact us on 0800 028 088 (within New Zealand) or if calling from overseas on +64 9 368 8557 (noting international toll charges may apply).

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, to download a copy please click here.

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