Value dates with HSBC

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  1. #1

    Join Date
    Mar 2008
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    Value dates with HSBC

    Hi

    I've noticed on two recent TTs that the money took a while to appear on my HK HSBC business account. Checked today the incoming funds and a payment received the 5th has a value date of 10th. I don't seem to remember so long waiting times. Has the calculation of value dates changed lately, and where can I read it anyway ?

    Is your account following similar rules, and if not were you able to negociate those value dates for the better ?

    Cheers
    Luis


  2. #2

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    Presumably this is going to be highly dependant on where the money is coming from?


  3. #3

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    it seems to be. Where could I read HSBC rules on value dates ?


  4. #4

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    Have you considered just asking someone at HSBC?


  5. #5

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    I have. But although I have never found the HSBC staff unhelpful, I would need to make a call to HK to their hotline and go through their plethoric menu. Thought maybe I could get some info from this forum as well - and took the chance to get back in touch with it.


  6. #6

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    Everyone I know with HSBC business accounts (not a large sample I grant you) has a named relationship/business manager they can call directly. Did they not give you one?


  7. #7

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    They did, I met the man when I opened the account a couple of years ago. But I never heard about him since that day - but I don' stay in HK and my agent/accountant there might be in contact with this account manager. Once tried to contact the account manager in my HSBC UK account following the number on his business card and it was just the hotline number. Guess I'm not a VIP cutomer but can't say there's too much money transiting on those accounts. Besides I always got the answers I needed from the HK hotline.

    Checked the FAQs though and googled it but couldn't find the value dates rules. They must be there somewhere and definetely vary depending on where the money comes from.

    Last edited by LuisHK; 10-02-2009 at 09:02 AM.

  8. #8

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    Googling around HSBC sites it seems that the general rule is two business days after the funds are received. But bear in mind that if the funds were received after the close of business on the 5th then that is in effect the 6th, the 7th and 8th were a weekend, so the second business day after the funds were received would be the 10th.


  9. #9

    Join Date
    Aug 2007
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    Value dates are generally determined by the sender. We have clients who send us TT's with instructions to their banks that the value date should be 24 or 48 hours so it u should check with the sender for the value date.

    PDLM is correct it also depends from where the funds are coming. We had a TT from Afghanistan value date 15th jan we got it in our account on 5th of Feb. I faxed the TT copy to HSBC and they said they have no record of any such TT.

    Also we had a case where the TT was in the incoming record but not credited to us for 1 week because the bank said the sender had made a mistake and HSBC sent them a telex to clarify which they didnt till about a week

    Lot reasons u must check on each transaction basis