HSBC Champions Financial Inclusion in Hong Kong via First-to-market Removal of Basic Banking Fees
HSBC has announced that it is eliminating 26 fees and charges on basic banking services to enhance financial inclusion in Hong Kong.
With effect from 1 November 2020, a wide range of fees on general banking, deposit and withdrawal services, interbank and global transfers, and payment services will be removed, making basic banking services more accessible than ever, the firm said in a press release.
Greg Hingston, Regional Head of Wealth and Personal Banking, Asia-Pacific, and Head of Wealth and Personal Banking, Hong Kong, HSBC, said: “Supporting the community and helping our customers to meet their evolving banking needs have always been our missions at HSBC. Therefore, we continue to look for ways to give back to our customers. Today’s cut is expected to benefit over 4 million personal customers, and reflects our commitment to making sure that everyone has the tools they need to thrive financially.”
HSBC will eliminate bank tariffs across a broad range of categories, spanning deposit and withdrawal of foreign currency notes, request for banker’s reports and documents, passbook replacement, HSBC Global Transfers, and remittance. Aside from making it easier for more people to access basic banking services, the fee removal will also help customers who have been hit hard by Covid-19’s economic fallout, the firm reports.
HSBC is also launching a new integrated account – HSBC One, which aims to bring a better, easier and innovative one-stop smart banking solution to meet the diverse and rapidly changing needs of our customers. With no minimum balance requirement, HSBC One will provide a comprehensive variety of services and solutions, from transaction banking to enhanced digital facilities, and from travel services to wealth management.
Brian Hui, Head of Customer Propositions and Marketing, Wealth and Personal Banking, Hong Kong, HSBC, said: “This is the future of banking: low-cost, high-quality services that are accessible by our customers. We particularly hope HSBC One will address specific issues faced by younger customers, many of whom lack the confidence in their ability to choose the right banking solutions for their needs.”
Last year, HSBC became the first bank in Hong Kong to remove minimum balance requirements and below balance fees for Personal Integrated Account customers, benefitting more than 3 million personal customers. The annual/ monthly fees and counter transaction fees for a range of personal savings accounts were also removed. As a community bank, HSBC also supports the underprivileged customers by launching banking services dedicated to people with dementia or diminished mental capacity, as well as Hong Kong residents without fixed abode.