Skip to content

Important Notices

Changes to the Corporate Banking General Terms and Conditions for The Hongkong and Shanghai Banking Corporation Limited – Philippine Branch (HSBC)

To serve you better as an international bank with access to global markets, we have recently simplified the terms in our General Terms and Conditions which governs your HSBC accounts and related services. The revised and latest Generic Terms and Conditions will now comprise the following documents under the same documentation framework:

  1. the Master Services Agreement,
  2. the Philippines Country Conditions, and
  3. the HSBCnet Annex, E-Channel Services Schedule, and Securities Measures,

together (the “New Terms”). The New Terms can be found at https://www.business.hsbc.com.ph/en-gb/regulations/banking-terms-and-conditions.

What are the key changes?

The New Terms do not materially change the terms governing our relationship with you. The Master Service Agreement has been further streamlined and the revision is to ensure a consistent documentation experience is in place across jurisdictions for our corporate customers.

There are some important points to highlight:

  • The latest Master Services Agreement (MSA) has been simplified from a drafting perspective (e.g. removing archaic legal terminologies/jargons, reducing complex or lengthy sentences, providing new definitions), so the terms are presented in shorter and clearer language.
  • Due to the simplification of terms, the numbering of the provisions/ clauses will be different from the existing version of the General Terms and Conditions.
  • A new clause 19 in the MSA on the use and acceptance of electronic signatures has been introduced to suit the current market practice.
  • In case of a Force Majeure Event (see the latest MSA for full definition), you may now suspend the performance of the relevant obligations as a customer under clause 10.5 of the latest MSA.
  • To better reflect our commitment on fairness, indemnification to be given by the customer under clause 10.7 of the latest MSA relating to the process of customer’s instructions is limited to direct loss, and will not be applicable if such direct losses are caused by the negligence or willful misconduct of the bank.

Kindly read the New Terms for better understanding of the important points above. We will still keep the previous version of the General Terms and Conditions (the “Existing GTC Terms”) on our website for your reference until December 15, 2025. For the sake of clarity, the New Terms shall become effective on the effective date(s) mentioned below.

What else do you need to know?

  • You are advised to go through the contents of these New Terms carefully for the full effect of these terms and conditions, and you may seek independent legal advice as appropriate.
  • If you need more information on the changes of terms or there is any query, please do not hesitate to contact your Relationship Manager.
  • (IMPORTANT) If you are an existing customer of HSBC as at October 31, 2025, kindly take notice that your continued use of the accounts and/or services with HSBC after the Effective Date indicated below shall constitute your acceptance of the New Terms.

Effective Date:

This New Terms becomes effective, as follows:

  • New Customers of HSBC – November 1, 2025
  • Existing Customers of HSBC (as of October 31, 2025) – December 15, 2025

Important Service Advisory: Larger Cash Withdrawals Exceeding ₱500,000.00

To our Valued Customer,

We wish to inform you that the Bangko Sentral ng Pilipinas (BSP), through Circular No. 1218, Series of 2025, has issued new regulations on large value cash transactions effective, Monday, 06 October 2025.

Key highlights are as follows:

  • Large cash withdrawals exceeding ₱500,000.00 or its foreign currency equivalent shall only be made, facilitated, or transacted through cheque payment, fund transfer, direct credit to deposit accounts, and/or other form using digital platform or the HSBCnet app. The PHP500,000.00 limit maybe carried out in a single transaction or in series of transactions within one (1) banking day.
  • Cash transactions that exceed the set threshold will be subject to enhanced customer verification procedures, requiring the submission of additional identification and/or proof of legitimate business purpose or transaction.

We encourage you to review your upcoming transactions and prepare the necessary documentation ahead should your cash transactions exceed the regulatory threshold.

Thank you for your support and for choosing HSBC as your Global Payments Solutions partner.