HSBC Bank Malta is immediately implementing a reduction in the charge of outward SEPA payments with a value of €1,000 and under, effected through internet banking. The charge has been reduced from €4 to €1.

The Single Euro Payments Area (SEPA) became a reality on January 28, the day HSBC launched its SEPA credit transfer service that cut down on the sometimes lengthy transaction time of international payments from the European norm of four days to next day value. The service also brought reductions in costs on international incoming and outgoing payments.

This new competitive charge on outward payments also contributes to fulfilling the main objective of SEPA: making all euro domestic and cross-border electronic payments within the 27 countries of the European Union, the European Economic Area (Norway, Liechtenstein and Iceland) and Switzerland, as quick, easy and efficient as domestic payments.

"This reduced tariff on outward payments will benefit a significant number of HSBC's customers using this service," HSBC Bank Malta CEO Alan Richards said.

"We will continue to invest in and promote our direct channels, listen to what our customers want and wherever possible implement mutually beneficial solutions."