Table of contents
Please see below FAQs relating to HSBC UK Retail Banking and Wealth services.
- For HSBC UK RBWM customers
- HSBC UK RBWM payments
- HSBC UK RBWM Deposits (Current accounts and Savings accounts)
- HSBC UK RBWM Current accounts
- HSBC UK RBWM Savings account
- HSBC UK RBWM Credit cards, Personal Loans and Overdrafts
- HSBC UK RBWM Credit cards
- HSBC UK RBWM Personal loans
- HSBC UK RBWM Overdrafts
- HSBC UK RBWM Mortgages
- Financial distress
- HSBC UK RBWM Wealth products
- Private Banking Customers
- HSBC UK RBWM Insurance products
- Foreign exchange (fx)
- Personal data security / cross border data / in train legislation
- Other useful Brexit information
For HSBC UK RBWM customers
Our priority and commitment is to you
We are planning for a range of scenarios to support our customers and guide them through the impact of the Brexit process, whatever the outcome.
HSBC UK RBWM payments
Can I still use my debit or credit card in the EU?
Yes. There will be no change to how you use your Debit or Credit Card following Brexit on 29th March 2019.
Will my normal payments such as Direct Debits be affected by Brexit?
No. Everything will be the same as it is today.
Will payments to the EU cost me more money after Brexit?
While future government regulations will only apply in the UK, we don't expect there to be extra charges for using a card in EU countries. Existing foreign exchange charges will still apply.
Will surcharging on debit or credit cards return?
A ban on retailers charging extra fees for consumers to use a debit or credit card was introduced on 13 January 2018. This was under the EU’s second Payment Services Directive (PSD2). The UK Government extended the ban in the UK. They did this to include Amex and PayPal. This will still apply after Brexit on 29th March 2019.
Foreign exchange charges will still apply as they do today.
Will I still be able to make euro payments?
Yes. Consumers and businesses will still be able to make payments to the EU. The financial services industry, including HSBC, are supporting customers in their efforts to retain access to key euro payments systems. This includes the Single Euro Payments Area (SEPA). This will ensure that SEPA payments can still be made.
The area in which the SEPA payment schemes (for euro credit transfers and direct debits) are available is broader than the European Union. It includes over 34 countries.
What is the Single Euro Payments Area (SEPA)?
SEPA is where consumers, businesses and other economic actors can make and receive payments in euros. These common standards make payments quicker and simpler. It can also help businesses access new markets.
The European Payments Council (EPC) helps manage the pan-European SEPA schemes. These offer payment service users the assurance of common rules and maximum execution cycles. They also support:
- People working and studying abroad.
- Those who have retired to another EU country.
- Anyone with a second home.
HSBC UK RBWM deposits (Current accounts and Savings accounts)
Will the money in my HSBC UK Savings or HSBC UK Current Account continue to be protected?
The Financial Services Compensation Scheme (FSCS) will continue to protect your Savings and Current Account balances with HSBC UK. This is up-to £85,000, or £170,000 for a joint account.
HSBC UK RBWM current accounts
Will I still be able to open an HSBC UK Bank Account if I move to an EU country?
We will be able to consider Bank Account applications from UK Nationals who move to an EU country as we do today and taking account of local regulation.
I am an EU citizen living in the UK; will I still be able to have an HSBC UK Bank Account after Brexit?
We will be able to consider Bank Account applications from EU Nationals who move to the UK as we do today.
I am a UK citizen living in the EU; will I still be able to keep my HSBC UK Bank Account after Brexit?
Yes, your HSBC UK Bank Account will remain open providing that it is used at least once every 12 months. If there’s no activity, the account will go dormant. This means that it will be frozen, and you’ll need to pass some security checks to reactive it as you would today.
Will I still be able to withdraw cash abroad from my HSBC UK Bank Account after Brexit?
Yes, you can still withdraw money abroad. Fees will apply as they would today. More information on fees on debit cards and visa debit cards can be found by clicking https://www.hsbc.co.uk/help/card-support/using-your-card/#fees
HSBC UK RBWM savings account
After Brexit, will I still be able to open a HSBC UK Savings Account if I move to an EU country?
Yes. UK providers will still be able to consider Savings Account applications from UK Nationals who move to an EU country, taking account of local regulations.
I am an EU citizen living in the UK; after Brexit will I still be able to have a HSBC UK Savings Account?
Yes. EU Nationals who live in the UK can still apply for a HSBC UK Savings Account.
I am a UK citizen living in the EU; will I still be able to keep my HSBC UK Savings Account after Brexit?
Yes. We’ll ensure customers who live within the EU still have access to their HSBC UK Savings Account. They’ll be able to continue to use the account as they would if they were living in the UK. They will also still be able to access our online services, contact us over the phone.
Will I still be able to access my HSBC UK Savings Account abroad in an EU country after Brexit?
Yes. As is the case now, customers will be able to access their HSBC UK Savings Account when they are abroad in an EU country.
If I’m outside the UK, will I be able to move my UK savings to an EU country held Saving Account?
Yes. You’ll be able to move your HSBC Savings to a Savings Account in a different EU country.
Will I be able to move my EU savings to an HSBC UK held Saving Account?
Yes. You'll be able to move your savings from your EU based Savings Account to your HSBC UK Savings Account.
HSBC UK RBWM Credit cards, Personal Loans and Overdrafts
I am a UK Citizen. Will Brexit affect my ability to get a personal loan / credit card?
No. There will be no change to the way you apply. All UK lenders will still be carrying out affordability assessments. This will ensure responsible borrowing.
Will Brexit affect the level of protection that consumers have when taking out consumer credit?
No. The laws and rules around consumer credit lending are not being changed. The Financial Conduct Authority may decide to make changes to this in the future. If they do, we’ll advise customers as needed.
I am an EU Citizen living and working in the UK. Will I still be able to apply for credit after Brexit?
Yes. EU Nationals will still be able to apply for credit after Brexit subject to HSBC UK policy and affordability assessment.
Credit Ratings and Personal Credit Score
Will my credit ratings be impacted in the UK in any way?
No. The way your credit score is calculated will not change after Brexit.
Will Brexit impact the information held about me by UK Credit Reference Agencies?
No, everything will stay the same. Your data will also remain secure. This is as per the enhanced EU data protection rules brought in by the General Data Protection Regulation in May 2018. These have been transferred into new UK legislation. As such, they will not be changed.
HSBC UK RBWM Credit cards
Will it cost me more money to use my card abroad?
At this stage we don’t expect any changes in the card fees for using your credit card in another EU country. Until the final Brexit deal is announced, we’re unable to confirm this. Foreign exchange charges will still apply.
Will zero percent balance transfer deals continue to be available?
We can still offer 0% Balance transfer following Brexit. Please keep an eye on our website for our latest offers.
Will credit card purchases abroad still be protected after Brexit and be unaffected by Brexit?
Yes. After Brexit you’ll still have the same overseas purchase protection overseas that you do today.
What happens after Brexit if I become a victim of Card fraud while I'm abroad in the EU?
Most importantly contact us on +44 1442 422929, our overseas help number. After Brexit you’ll still have the same protections against card fraud that you have today.
Will there be any increases to my credit card APR or Fees due to Brexit?
We don’t expect changes to your existing card APR and fees as a result of Brexit. We review all of our rates and fees at a regular basis. If we do increase or lower any of our charges, we’ll let affected customers know.
HSBC UK RBWM Personal loans
How does Brexit impact my HSBC UK Personal Loans Product?
We only offer an unsecured personal loan to UK residents. Due to this, Brexit will not have any impact on this product.
HSBC UK RBWM Overdrafts
How will my overdraft arrangement be impacted by Brexit?
We expect our overdraft product to stay the same after Brexit. If there’s anything that does change, we’ll let our customers know.
HSBC UK RBWM Mortgages
What will the Impact of Brexit be on Mortgage rates?
If you’re on a fixed rate mortgage deal, there will be no change. You’ll continue to pay the same amount each month that you do now. When your fixed rate period ends, we recommend you look around for the best deal. You can find details about our different mortgage products by clicking https://www.hsbc.co.uk/mortgages/ or please give us a ring on 0800 169 6333†; our lines are open Monday to Friday 8am - 9pm, Saturday 8am - 8pm, Sunday 9am - 6pm. You can also visit you nearest HSBC UK branch.
If you’re on a variable rate mortgage deal, the amount you pay may change just as it could today. Your mortgage rate will be based on the Bank of England base rate, plus a number of other factors. We’ll always let our customers know if their interest rate changes. All variable and tracker rate customers have the option to switch to a fixed rate product. They can do this with no penalty fees or upfront costs. Please contact us on the details above to check out our latest deals.
†Calls may be monitored and recorded. Opening hours may vary.
What should I do if I can’t afford to keep paying my mortgage, credit card or loan?
Many people can find themselves financially stretched from time to time. Often things can get back to normal, although it’s important to act as soon as you know there's a real problem. If you don’t, your debts could get worse.
If you need us, we’re here for you. Our friendly team can help find the right solution for your individual circumstances. You can find more information products by clicking https://www.hsbc.co.uk/mortgages/ or please give us a ring on 0800 169 6333†; our lines are open Monday to Friday 8am - 9pm, Saturday 8am - 8pm, Sunday 9am - 6pm. You can also visit you nearest HSBC UK branch.
†Calls may be monitored and recorded. Opening hours may vary.
Will I still be able to switch mortgages rates with HSBC UK if I earn less or have less disposable income at the end of each week / month?
Yes, please contact the Bank if you would like to discuss product switching options. Existing customers looking to switch to a new product/rate have the same options as new customers. These include a 2, 3, 5 or 10 year fixed rate, plus the more flexible option of an Early Repayment Charge free 2 year tracker rate.
Will there still be affordability assessments after Brexit?
Yes. To ensure responsible borrowing, all UK lenders will still be carrying out these assessments.
Will people who have second homes in the EU or vice versa be impacted by a no deal?
No. The Mortgage Credit Directive (MCD) has been fully transposed into UK Law. This means that the same regulations will apply. The MCD applies across Europe.
The Financial Conduct Authority may decide to make changes to this in the future. If they do, we’ll advise customers as needed.
Will the UK still be moving over to the European Standard Information Sheet (ESIS) instead of the Key Facts Illustration (KFI) to provide information to consumers in advance of taking out a mortgage?
Yes. The Mortgage Credit Directive (MCD) has been fully transposed into UK Law. This means that the same regulations will apply. The MCD applies across Europe.
What will happen if I’m in negative equity (switching products / borrowing money / moving home)?
You will only know you’re in negative equity if you have had:
- Your home valued recently.
- Your outstanding mortgage balance is higher than the value of your home.
We’re here to help customers. If you’re in negative equity and want to change your mortgage or move home, please give us a ring on 0800 169 6333†. Our lines are open Monday to Friday 8am - 9pm, Saturday 8am - 8pm, Sunday 9am - 6pm. You can also visit you nearest HSBC UK branch.
†Calls may be monitored and recorded. Opening hours may vary.
How will HSBC protect customers in financial difficulty?
We look at all cases of financial difficulty sympathetically. The most important thing is to talk to us so we can help find a positive solution.
Anyone’s circumstances can suddenly change. This could be temporary, or may last for longer. We’re here to help, and also have strong links with third parties who can provide advice and support.
If you need us, we’re here for you. You can find more information by visiting https://www.hsbc.co.uk/help/money-worries/how-we-can-help/, or please give us a ring on 0345 850 0622 Lines are open 8am to 9pm Monday to Thursday, 8am to 6pm Friday and 8.30am to 4pm on Saturday (excluding Christmas Day, Boxing Day and New Year's Day). You can also visit your nearest HSBC UK branch. Feel free to ring us on 03457 404 404 to book an appointment. These lines are open 8am to 10pm every day.
HSBC UK RBWM Wealth products
HSBC UK RBWM - Wealth and Advice
I have previously had investment advice from HSBC UK; if I move abroad will I still be able to receive advice after Brexit?
This service is only for customers in the UK. This is the same as it is today, and will not be changed by Brexit. We’ll still give you details about your current investments and let you know how they’re doing. We won’t though be able to offer you any personally-tailored advice.
I am thinking of moving from the UK to an EU country; after Brexit will I still be able to hold and buy non-UK shares online via InvestDirect/InvestDirect Plus?
You’ll be able to keep your current investments, and can sell them at any time. If you move outside the UK, you’ll not be able to purchase any new ones. We do offer a service for expats called Invest Direct International.
Will there be any change to my HSBC Collective Investments (such as HSBC World Selection or HSBC Global Strategies)?
These funds invest a range of assets from around the world. Due to this, we do not believe there will be any material change in the way the funds operate.
Will Brexit cause any change to my HSBC UK Premier Discretionary Management Service investments?
We review these often and invest a range of assets from around the world. Due to this, we do not believe there will be any material change in the way the funds operate.
I have an Offshore Bond product purchased via HSBC UK – will there be any changes?
The Offshore Bonds are provided by Third Parties (including Prudential). Whilst they will make the decision, we think you’ll still be able to hold or sell the fund after Brexit.
HSBC UK RBWM - Trusts
I have an interest in an existing trust administered via HSBC UK; will anything change as a result of Brexit?
We don’t think there will be any changes in the way we administer trusts.
HSBC UK RBWM Insurance products
Will my Insurance product be affected by Brexit?
No, your Insurance product will not be affected by Brexit. This is because our policies are UK centric. We can confirm that:
- Life Insurance and Critical Illness cover remains the same.
- Claims will be valid in whichever country you were to claim from.
- There may be some changes to travel insurance in the medium term. We’ll let our customers know as soon as we know what these are. In the meantime, if you’ve any specific travel insurance questions, please contact Aviva. Their number is 0800 299 399.
Foreign exchange (fx)
Will I still be able to exchange Euros into GBP and vice versa?
Yes, this is unchanged by Brexit.
Will Euros be more expensive to buy for my vacation?
Fluctuations in currency could and do occur. As we do today, HSBC UK will always offer our customer the best price we can.
Personal data security / cross border data / in train legislation
Will Brexit impact privacy protection?
No. We promise to do all we can to keep our customers data safe. The current Data Protection rules will still apply after Brexit.
I have accounts with an EU bank. Will data protection impact how I deal with my bank or access my account?
No, you will still be able to access your money.
Will in train legislation like PSD2 be implemented?
Yes. The majority of the PSD2 provisions apply from 13 January 2018. The exception is some conditions around strong customer authentication and secure communication. This is because they run to a longer timescale. We’ll let our customers know should there be any changes that impact them.
HSBC has prepared or arranged for the content of this document based on information available to it at the time of preparation. The information included in this summary is subject to change in light of the ongoing negotiations between the EU and UK government.