Important Notices

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