Understanding the Payment Services Directive
and its benefits for you
As an HSBC customer you probably won't notice any significant changes, because in most cases HSBC already meets or exceeds the standards set by the PSD. We are updating our Terms and Conditions to reflect PSD requirements, which will be made available to you.
We've got global expertise in international payments
With over 9,500 offices in 86 countries and territories, we're ideally placed to manage your payments across Europe and globally. Our expert staff and the quality of our international systems means your payments will always be made smoothly and reliably
HSBC is ready for a new era of payments across Europe
At HSBC we're dedicated to delivering high standards whenever you make payments. We want to ensure things are as clear and straightforward as possible, so we recognize the advantages of the EU initiative to harmonize payment services laws across Europe through the Payment Services Directive (PSD). From 1 November 2009 the PSD will apply to domestic and cross-border payments made in Europe in any EEA currency. This guide will explain what the PSD means for you and your HSBC account.
Greater clarity and consistency
The PSD aims to ensure you receive:
- All the information you need when you make a payment - including clear information about rates and charges
- A consistent level of service, including payments completed within maximum timeframes
- Ensuring consistent protection for customers across Europe where payments are not executed correctly or are not authorized by the customer.
- The PSD applies to common payments, like money transfers, standing orders, cash withdrawals, direct debits, cash deposits and the use of credit and debit cards, but doesn't cover paper-based payments, like cheques and banker's drafts.
