HSBC to hike fees on select banking services starting June

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23rd April 2024 – (Hong Kong) Effective from June this year, HSBC, one of the leading banks in the region, has announced an increase in fees for several banking services, with some charges rising by more than 10%.

Starting 1st June, HSBC will adjust fees for wealth management and personal banking services. The adjustments include increases ranging from 6.7% to 12.5% for issuing and repurchasing cashier’s checks, and a 33.3% rise in the base charge for reporting lost cashier’s checks.

Additionally, customers depositing large volumes of coins and banknotes will face increased service charges from June. For instance, ordinary HSBC customers depositing more than 500 coins will see a minimum fee increase of 10%, rising to HK$55. Premier customers will experience a 20% increase to HK$30 for similar transactions. Moreover, for daily cash deposits exceeding 200 notes, the minimum fee will also rise by 10% to HK$55.

In a significant policy shift, the exemption threshold for cheque deposit fees will be halved. Currently, the deposit of up to 30 cheques incurs no charge, but this will be adjusted so only the first 15 cheque deposits remain free, with subsequent deposits incurring a fee per cheque.

An HSBC spokesperson stated, “The charges for the services being adjusted have not been increased for several years and, post-adjustment, will be comparable to market levels. For certain services, fees can still be waived if customers utilise our digital banking services. HSBC is encouraging customers to make full use of digital channels to conduct their banking transactions flexibly and efficiently.”