Upgrade of Interbank GIRO infrastructure

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1 Upgrade of Interbank GIRO infrastructure

2 Upgrade of Please be informed that the will be upgraded to serve you better. The following key improvements will be made available soon: Introduction of SWIFT Bank Identifier Code (BIC) to identify the beneficiary bank. Omitting Bank and Branch codes of beneficiary account numbers in your GIRO application forms and Personal Internet Banking GIRO transfers. Note: For The Hongkong and Shanghai Banking Corporation Limited (HSBC), Oversea-Chinese Banking Corporation Limited (OCBC) and State Bank of India (SBI), you will need to incorporate the branch code into the account number field after the upgrade. The full account number will be expanded to include the branch code followed by the existing account number. For transactions involving the aforesaid 3 banks, please remember to use the entire account number going forward. Please see examples below. Enhancement in account number field to 34 characters. This will enable you to pay your credit or charge cards in other banks. More payment information for ease of identification and reconciliation Your existing GIRO instructions with Billing Organisations (eg. Singtel, IRAS) can still be used. For Personal Internet Banking users: If you have created future dated and recurring transfers via GIRO, they will be upgraded for you. However, your saved GIRO transfer instructions will no longer be valid after the Interbank GIRO upgrade as the saved account number does not conform to the upgraded standard format. Please arrange to set up a new GIRO transfer instruction instead.

3 Upgrade of We will be updating our GIRO forms with the above improvements in due course and will let you know when these are available. Should you require further assistance, please call our 24-hour HSBC banking hotline on or call collect to (65) (from overseas).

4 1. What is the GIRO upgrade about? This is an industry wide enhancement of the current interbank GIRO payment infrastructure 2. What are the benefits of this upgrade? a. Customers i. Ease of setting up payment instructions without the need for a bank and branch code with the exception of HSBC, OCBC and State Bank of India (SBI) bank accounts (see example in point 3) ii. Support more payment information for ease of identification and reconciliation iii. New Purpose code and Reason codes for greater clarity iv. Ability to pay other banks credit or charge cards v. Greater clarity of transaction details in your bank statements 3. Will my transfer be rejected due to the upgrade? Your transfer will be rejected if the account number does not conform to the upgraded standard format, please check the accuracy of the beneficiary s account number. Except for HSBC, OCBC and State Bank of India (SBI), please omit Branch codes of beneficiary account numbers including dashes and space. Note: For HSBC, OCBC and State Bank of India (SBI), you will need to incorporate the branch code into the account number field after the upgrade. The full account number will be expanded to include the branch code followed by the existing account number. For payment transfer involving these 3 banks, please remember to use the entire account number going forward. Please see examples below: 4. What if payments do not reach me? Please check with the sender or your Billing Organisation if the sender has sent the instructions to the banks in the correct upgraded GIRO format. You may suggest alternative methods of payment (prevailing tariffs will apply for the sender) : a. MAS Electronic Payment System (MEPS) b. Fast and Secured Transfers (FAST) (if your bank is one of the 14 participating banks) c. CHEQUE

5 If you apply for your GIRO transfer through Personal Internet Banking: 1. After the upgrade, can I continue to use my current saved transfer setup for GIRO transaction? No, please do not use your saved GIRO transfer instructions after the Interbank GIRO upgrade as the saved account number does not conform to the upgraded standard format. Please arrange to set up a new GIRO transfer instruction instead. 2. If I have current GIRO and Standing instructions (SI) (transferring in SGD to the other participating banks) with HSBC, will the account number be converted to the upgraded standard format automatically? Yes, these arrangements will be converted for you automatically. 3. Can I use my current saved transfer setup for MEPS and FAST for GIRO transaction? You can use your saved transfer setup provided the account number of the beneficiary bank does not include Branch code, dashes or spaces. 4. Will I be charge for making GIRO funds transfer using Personal Internet Banking? It is free of charge. 5. What is the cut-off time to make transfer via GIRO? The cut-off time is before 3pm on Mondays to Saturdays. If you submit a GIRO transfer before the cut-off time, the money will be debited from your account on the same day. Note: Please ensure that there are sufficient funds in the selected debiting account. 6. When can my beneficiary receive the funds? Money transfers made before the daily cut-off time would be available to beneficiary within 3 working days (T+2), subject to receipt of the receiving bank.

6 7. How do I view future GIRO transfers? Step 1: To view your future GIRO transfer, click on Future Transfer on the left menu. Under Account, click on the drop-down list and select the debit account which you have set up for future transfer. Step 2: Click on the drop-down list and select Transfer to another bank in Singapore Step 3: Click on the drop-down list and select Giro. Step 4: Select the date range or click the Go button. A list of future Giro transfers will be displayed. Click on the date of transfer to view the details of the transfer. You may change or delete the selected future Giro transfer.

7 If you apply for your GIRO transfer through GIRO application form: 1. Can I still use the existing GIRO forms for new GIRO instructions? a. Customers For new GIRO instructions, please use the new GIRO forms from your bank or billing organisation as soon as possible. The old forms will not be accepted from 22 September 2015 onwards. 2. Do I have to change my existing GIRO instruction? Your existing GIRO instruction on GIRO forms can still be used. 3. When will the new GIRO forms be available? We will be updating our GIRO forms with the mentioned improvements in due course and will let you know when these are available. If you need to set up new GIRO instructions urgently, please obtain the existing GIRO forms. 4. Will there be any charges? Existing prevailing tariffs/charges will be applicable. Please see charges* as follows: *Adapted from 2015 Tariff table available on Tariffs/charges are subject to change from time to time; please refer to for the latest prevailing tariffs/charges Standing Instructions Set up charge S$10 per item Amendment/Cancellation S$10 per item Commission - Singapore dollar - Foreign currency account FREE FREE Returned items (due to insufficient funds) S$50 per item Cashier s Order Service Charge - Singapore dollar - US dollar Singapore dollar payments to banks in Singapore At the branch Through internet banking (MEPS) Through internet banking (GIRO) S$10* US$20 *Waived only for withdrawal of Singapore dollar Time Deposit payable to self S$30 per item S$10 per item FREE