Effective 1 July 2019: Base Rate and Fee changes impacting Retail customers
Base Rate increase
The Bank will increase its base lending rate by 0.25% effective 1 July 2019. This will be the Bank’s first base rate lending increase since 2010. The base rate for Bermuda dollar residential mortgages and consumer loans will increase by 0.25% to 3.75%.
The Bank’s Commercial Bermuda dollar base rate will not increase at this time. The Bank will be sending letter notification to impacted clients outlining their new payment amount in advance of the change.
The bank will also be changing some of its retail banking fees, effective 1 July. Further details of the fee changes are available at www.hsbc.bm/fees/
Introducing our new HSBC Bermuda Mobile Banking app
Over the coming months, we're launching our brand new HSBC Bermuda Mobile Banking app. This will be a brand new app, with reliability at the heart of its design.
- We're introducing a simplified log on experience. Logging on will remain just as secure, but is now quicker and easier than before
- If you use an Android device you can use Android Fingerprint to log on. Face ID & Touch ID for Apple devices are also supported
- HSBC Global View is conveniently integrated with your accounts list
What’s not available?Expanded press enter to collapse Collapsed press enter to expand
There will also be some functionality that will not be available via Mobile Banking, although you can still access these via Online Banking:
- You will not be able to read and send messages
- You will not be able to send foreign currency saved transfers to banks overseas
- You will not be able to send HSBC Global Transfers to your linked accounts overseas
- The existing HSBC Mobile Banking App will be demised for iPad
We'll continue to make enhancements and re-introduce tools and functionality following the launch.
Mobile Banking FAQs
Which features will be available in the new Mobile Banking app?Expanded press enter to collapse Collapsed press enter to expand
How do I get the new Mobile Banking app?Expanded press enter to collapse Collapsed press enter to expand
What are the minimum operating system requirements my device must have to install the new enhanced Mobile Banking app?Expanded press enter to collapse Collapsed press enter to expand
I am not currently registered for HSBC Bermuda Mobile Banking what do I need to do?Expanded press enter to collapse Collapsed press enter to expand
FAQs for Customers
What currencies will no longer be offered?
The below is a complete list of foreign drafts that we will no longer offer as of Monday 1 April;
- Australian Dollar (AUD)
- Danish Krone (DKK)
- Euros (EUR)
- Hong Kong Dollar (HKD)
- Japanese Yen (JPY)
- New Zealand Dollar (NZD)
- Norwegian Krone (NOK)
- Singapore Dollar (SGD)
- Swedish Krona (SEK)
- Swiss Francs (CHF)
Only CAD, GBP and USD will be available as of 1 April 2019.
What will happen to discontinued Foreign Currency Drafts after 1 April 2019?
If the draft is not honoured by the correspondent bank, HSBC will refund the customer the draft amount and the draft fee.
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