Business banking made easy

From making payments to the cost of borrowing, learn more how your business bank accounts work

Useful terms

Here you'll find explanations for some commonly-used banking terms you may come across.

ATM stands for automatic teller machine where you can withdraw cash - whether it’s run by HSBC or anyone else.

BACS stands for the Bankers Automated Clearing System.

Bill Payment is a payment to or from your account to another person or organisation in the UK, the Channel Islands or the Isle of Man (in pounds sterling).

Business Pay In means that you can pay cash and cheques into your account using a Business Pay in packet either over the counter or at a Business Pay In machine.

Channel Islands mean Jersey and Guernsey (including Alderney and Sark)

CHAPS stands for Clearing House Automated Payment System. A ‘CHAPS Payment’ is a way of sending a sterling payment to another account in the UK, the Channel Islands or Isle of Man using CHAPS.

Collection means we either send the foreign cheque straight to the bank that it came from for payment, or put it through the appropriate clearance system in the country it came from.

Currency Account Transfer is a one-off or regular payment. It can be between international business, foreign currency or currency client accounts (and for sole traders only, international personal accounts). Alternatively in can be between an international business, foreign currency or currency client account and a sterling business current account, business savings account, clients deposit account or client money manager account in the same name (or with the same signatory, if the payment is made by Business Internet Banking, Business Telephone Banking, in branch or by post – including automatic transfers between accounts in the same name and currency).

Cut-off time. If you want us to process a payment on the same day or working day, depending on the type of payment, you need to let us know before the cut-off time. If we receive your instructions after the cut-off time, we’ll process it the next working day. There are different cut-off times for different kinds of payments – see Making payments for details.

European Economic Area. This is all of the countries in the European Union plus Iceland, Norway and Liechtenstein.

Express bank machine is a machine which lets you do some of the day-to-day banking you can’t do at a normal ATM (like paying in cheques, for example).

Internal Transfer is a one-off or regular sterling payment between any two accounts you have with us, in the same name, in the UK, the Channel Islands and Isle of Man.

International Payment is an international payment from your account (other than a Worldpay Payment or a SEPA Credit Transfer under the SEPA Credit Transfer Scheme Rulebook) in any freely traded currency.

Maximum processing time is the maximum time it will take for a payment to reach the recipient’s bank - starting on the same day or working day, depending on what type of payment it is – see the table on pages 7 to 9 for details.

Negotiated means we’ll credit your account straightaway, without waiting for the foreign cheque to be paid.

Priority Payment is an international payment from your account (other than a Worldpay Payment or a SEPA Credit Transfer under the SEPA Credit Transfer Scheme Rulebook) in any freely traded currency. A Priority Payment can also be made within the UK.

Self-service machine is any machine that lets you withdraw cash or do day-to day banking with your debit card – including ATMs, Express bank machines, Business Pay In machines and our foreign currency machines.

SEPA stands for Single Euro Payments Area. This is a European Union initiative to make it simpler and faster to make euro payments across the EU. The Channel Islands and Isle of Man are not in the Single Euro Payments Area.

SEPA Credit Transfer is a euro payment from your account to an account in an EEA country and other eligible countries - for a full list of countries, just ask us. If your account isn’t in euro, we’ll convert the payment into euro at the current HSBC exchange rate at the time.

SEPA Core Direct Debit is a regular euro payment which you’ve authorised us to make from an international business or foreign currency account euro account to an account in a SEPA Country, except any payments made under the SEPA Business to Business Direct Debit Scheme.

Special presentation is where we send a sterling cheque by post to the bank it came from, for payment – and they let us know as soon as they receive it whether they’ll pay it or not.

SWIFT Payment is an international payment from your account (other than a Worldpay Payment or a SEPA Credit Transfer under the SEPA Credit Transfer Scheme Rulebook) in any freely traded currency.

Working day is Monday to Friday, except public holidays.

Worldpay Payment is a payment from your account to certain countries in the local currency (which doesn’t qualify as a SEPA Credit Transfer, under the SEPA Credit Transfer Scheme Rulebook). For more details, just ask us.

Get in touch

Call us on:

03457 60 60 60

Lines are open from 8am to 10pm every day. To help us improve our service and for security, we may monitor or record your call.

Textphone: 03457 12 55 63

From outside the UK, call:

+44 1226 26 08 78

Lines are open from 8am to 10pm every day. To help us improve our service and for security, we may monitor or record your call.

Textphone: +44 1792 49 43 94

For Business Internet Banking queries

For lost or stolen cards

Get in touch

Call us on:

03457 60 60 60

Lines are open from 8am to 10pm every day. To help us improve our service and for security, we may monitor or record your call.

Textphone: 03457 12 55 63

From outside the UK, call:

+44 1226 26 08 78

Lines are open from 8am to 10pm every day. To help us improve our service and for security, we may monitor or record your call.

Textphone: +44 1792 49 43 94

For Business Internet Banking queries

For lost or stolen cards

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