Question 1:

What does the BSP Circular No. 706 Section X806.2.i (e) refer to?

This section refers to the required originator/remitter information for inward remittances, whether domestic or foreign wire transfers, which should be included in the payment or transfer message.

Question 2:

What originator / remitter information is needed ?

All the following information are required:

1. Name of the originator/remitter
2. Originator's/Remitter's address or in it’s absence, any of
   the following:
   - Originator's/Remitter's National Identity Number
   - Date and place of birth of the originator/remitter; and
3. Account number of the originator/remitter or in it's absence, a unique reference number (ie. the telegraphic transfer reference # of the remitting bank)

Question 3:

What is the effectivity date of BSP Circular No. 706 Section X806.2.i (e)?

All inward remittances should have abovementioned originator/remitter information effective 01-July-2011.

Question 4:

Should I already advise my remitter at this stage?

Yes, in order to avoid any delays in the processing of the payment instruction to your HSBC Manila account when we go live on 01-July-2011.

Question 5:

What will happen if the payment instruction contains only one of the required information in the payment instruction?

We will arrange to send an authenticated* message to the remitting bank to request for the required information. If details are not provided to us on or before 4:00 pm (Manila time) of T + 2, where T is the day an inquiry is sent to the remitting bank, the funds will be immediately returned to the remitting bank.

Question 6:

Is there a fee that I will incur if the originator/remitter forgets to provide the details required?

None; however, we will deduct a return fee of USD18.00 (subject to change) from the remittance amount.

Question 7:

How soon will the remittance be credited to my account?

As long as the required information under BSP Circular No. 706 Section X806.2.i (e) is provided, we will arrange to immediately credit your account. Where there are missing information, proceeds will only be credited upon receipt of the complete details from the remitting bank. Please note that if we do not receive a reply from the remitting bank by 4:00 pm (Manila time) of T +2, the funds will immediately be returned less the return fee of USD18.00 (subject to change).

Question 8:

Should I earn interest from the time I, the beneficiary, has knowledge of the remittance until the time of credit?

No. The funds will start earning interest only upon credit of the remittance to your account.

Question 9:

What other means can I, as beneficiary, do?

Please ensure to advise your remitter early on about the required information to avoid delays in the crediting of the proceeds to your account. You may also advise your remitter to arrange with his bank (ie. the remitting bank) to send us an authenticated* message with the required/requested information.

Question 10:

Can the remitter send the amended instruction by fax or email?

No. Only the remitting bank is allowed to provide further instructions to HSBC via authenticated* message.