HSBC Bank Australia

HSBC Bank Australia: retail banking in retreat

HSBC Bank Australia Limited is the Australian subsidiary of the HSBC group, identified with ABN 48 006 434 162 and AFSL/Australian Credit Licence 232595. Its offering is aimed at personal and corporate clients, and includes everyday banking products, financing, investment and international services. The site warns that the bank will close its retail banking business in Australia over the next 18 months and that it is no longer possible to apply for new products and services.

Personal banking products

The personal banking catalogue is organised into several blocks. Transaction accounts include the Everyday Global Account, the Day to Day Account and the Visa Debit Card. Savings options include Everyday Savings, Bonus Savings and term deposits. Financing includes home and personal loans, with variable rate, fixed rate, Home Smart and Home Equity options, as well as tools such as borrowing power and repayment calculators. For those who already have a mortgage, the site includes loan management and support for payment difficulties.

Credit cards and Premier programme

The credit card offering comprises the Star Alliance Credit Card, the Platinum Credit Card, the Platinum Qantas Credit Card, the Low Rate Credit Card and the Premier Credit Card. HSBC Premier is presented as a segment with global benefits and a specific account for children of Premier customers. The site also mentions card rewards, activation of Visa debit and credit cards, transaction enquiries and fraud assistance.

Investing, foreign exchange and international clients

In investing, the bank offers Online Trading, HSBC WorldTrader, HSBC Invest, structured products, investment products, Australian and international shares, exchange traded funds (ETFs), bonds and other alternatives, as well as market news and portfolio reporting. The international area covers opening accounts overseas, international services, foreign exchange, foreign currency accounts, international transfers, exchange rates calculator and a Markets Desk. For Premier customers there is also the Premier global transfer.

Digital channels and support

Operations are supported by mobile banking, online banking and phone banking, with guides for global transfers, BPAY and payments, using Apple Pay and Google Pay. Security includes the Digital Secure Key, HSBC Safeguard, eStatements and a maintenance schedule. Support includes FAQs, guides, help with fraud and scams, latest scam warnings, support with money worries, deceased estates management and a branch finder. The site states that all branches remain closed on public holidays.

Legal update and relevant notices

The site includes a notice about ASIC's legal proceedings against HSBC, with an order issued by the Federal Court of Australia. It also warns about scammers who may contact customers pretending to be HSBC or Pepper Money. The entity acknowledges the traditional owners of Australia's lands and their connection to land, waters and communities.