Transfer of bank accounts from lira to euro

HSBC has reassured customers of a smooth conversion of account balances to euro on January 1.

All accounts denominated in Maltese lira will be automatically converted to euro, free of charge, on that date. The same account numbers will be retained. Transactions prior to December 31 this year will remain in lira, the bank said.

The first statement for current and savings accounts issued by HSBC in 2008 will provide details of the conversion of lira balances to euro. Customers will receive this in the first quarter of 2008, or upon request.

Likewise, as from January 1, credit card statements will display the new credit card limit in euro. The actual euro changeover process does not bring a change in the interest rate. However, debit and credit interest rates will converge to euro interest rates upon adoption of the euro.

The bank said all interest rates applicable on existing lira term deposit accounts or credit facilities with a fixed rate will continue to apply until the end of the agreed period. Foreign currency accounts that do not involve the euro currency will not be affected.

For further information or assistance, customers can make use of the HSBC euro helpline 2380 8154.