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HSBC Bill payment service
February 22, 2008
10:42 am
Maxime
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Ok I have transfered all my money to HSBC for the 4.75% till the 2th of May. However, I'd like to know if it's possible for me to pay directly my Mastercard bill via their savings account?

I have the Mastercard Enrich, so what I'm expecting to do, correct me if I'm not right:

I go on HSBC
select the bill payment option
add a bill
select : MASTERCARD, CITIBANK
enter my account number which is my Mastercard number if I understand
then confirm I want to add this
and the I can pay my Monthly mastercard bills via this way?

Is it free or do I have to pay to use this service?

This way I would pay the day before my payment is due and make the most interest out of it. I won't have to transfer the money back to my main banking .

Is this the correct way to do this?

February 22, 2008
10:46 am
Peter
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According to someone in this thread, yes it is possible (and free). What you described above seems correct, as long as "MASTERCARD, CITIBANK" is correct.

February 22, 2008
3:02 pm
djino
Ottawa (Gatineau, Qc Area)
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December 12, 2008
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Yes it is free.

Free Unlimited Bill Payments
Free Unlimited Interac Debit Purchases
Free Unlimited Pre-authorized Payments
Free Unlimited Transfers
Free Unlimited Bank to Bank Transfers
No Monthly fees

free ATM withdrawals/deposits at HSBC/Bank of Montreal and at any Bank connected to the Exchange Network (Alterna, National Bank of Canada, etc).

4.75% Interest on deposits between Feb 4th and May 2nd

Only thing missing is Cheques!

djino
"Yup, I'd say best bank ever"

February 25, 2008
2:36 pm
dewy
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although their regular rate is not competitve enough, I still love HSBC which allows using the bank card like a real debit card. I applied the 4.75% promo one but I have not got a phone call from their service centre, alas, am I still able to catch the promo anyways?

February 25, 2008
11:47 pm
Maxime
Guest
Guests

I think so... I have not received any calls from them about the promo..

About the bill payment. Do you know how many business days it take for the payment to cleat for Matercard. My due date is on the 11th of March. SHould I pay it in advance like the 8th or wait for the 10th?

February 26, 2008
1:17 pm
Ricardo
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I just made a payment a little while ago with HSBC Direct to my Capital One Mastercard. It took about 2-3 days to get there.

Hope this helps.

February 26, 2008
3:29 pm
djino
Ottawa (Gatineau, Qc Area)
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Yes, my bill payments almost always take 2 business days.

If I make a bill payment to Royalbank Visa on Monday, I see it posted to Royalbank on Wednesday.

I agree their regular interest rates are not that competitive (3.70%), but to be able to use this account to replace my chequing account is a huge benefit. They seem to come out with these higher interest rate promos every other month anyway.

djino
"Yup"

February 26, 2008
6:09 pm
Ricardo
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I am with TD and got sick of them with their dam charges. I have since opened an account with HSBC Direct and PCFinancial. The idea was to go with PC Financial in the end because of the cheques but I am still with TD. However, I mostly use HSBC as I love the ability to have access to your funds and make bill payments all for FREE! The interest rate is not that great but their other features make it worth it.

I have thought about switching my payroll deposit there but my rent comes out of my TD account. 🙁

R

February 26, 2008
7:50 pm
djino
Ottawa (Gatineau, Qc Area)
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Yeah, I use HSBC primary, but whenever I need to write a cheque, I have the PC Financial no fees checking account for that, and just transfer funds into the PC Financial account to cover the cheque.

djino
"HSBC with PCFinancial is the way to go!"

March 8, 2008
6:04 pm
Maxime
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djino said:

Yeah, I use HSBC primary, but whenever I need to write a cheque, I have the PC Financial no fees checking account for that, and just transfer funds into the PC Financial account to cover the cheque.


djino
"HSBC with PCFinancial is the way to go!"


This is a non-Quebeker quote, because here in Quebec, we're not deserved by PCFinancial.

March 10, 2008
11:14 am
djino
Ottawa (Gatineau, Qc Area)
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Yes that is true.

Though, I used to live in Ontario (Ottawa) before moving to Quebec, and that was when I had opened the account and was able to move the account with me to Quebec.

The HSBC account on its own can be opened up to residents of quebec. The Direct Savings account satisfys most of my banking needs except for writing cheques. So you may want to keep your exisiting cheqing account if you do write cheques often. (I'd downgrade that chequing account to the lowest possible monthly fee though)

djino
"HSBC with your existing chequing account also works!"

March 11, 2008
11:19 am
Maxime
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Right now with my student status I have 12 free monthly transactions on my chequing account with Caisse Desjardins. My paychecks are directly deposited weekly in my chequing account and the sum is transfered the friday to my HSBC 4.75% account. Now I'm paying my Mastercard bills with HSBC.

I was out of town last week and my payment was due on the 11, i've made a future transfer payment for the Friday 7th and Masterdard receive the payment on the 7th... That's pretty fast.

However, I'm troubles by something writting on my online Matercard bill in description of payments: HONG KONG BANK/BANQUE HSBC

ICICI is located in India and HSBC in Hong Kong? That's worst.

March 11, 2008
12:45 pm
djino
Ottawa (Gatineau, Qc Area)
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Why not have your employeer deposit directly to the HSBC account. That way you take advantage of the 4.75% as soon as you get paid. Then pay Mastercard right from HSBC.

I am not understanding the last part of your post about writing on your Mastercard bill.

And yes, whenever you pay a bill from HSBC, the company you paid will see the transaction date as the same day you pay it, but will have a different date for the date posted. Meaning if you pay Mastercard today, and call them up today, they will not see it. But if you call the next day.. they may see it, and post the transaction date as the day before.

March 11, 2008
10:47 pm
Maxime
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Because when the 4.75% promotion will be finished, I'll probably transfer my money to ICICI if they're still offering 4.10%.

About my Mastercard bill, it's writen that the payment come from HONG KONG BANK/BANQUE HSBC in my history of transaction descriptions.

March 12, 2008
8:23 pm
chi
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Maxime:

Seeing Hong Kong Bank on your bill payment makes sense because HSBC stands for Hongkong and Shanghai Banking Corporation.

See here for details:
http://en.wikipedia.org/wiki/H.....orporation

March 14, 2008
2:56 pm
Maxime
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Wow, thanks for the info. Wasn't aware of that at all.

March 15, 2008
7:01 pm
dollarsandcents
Guest
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HSBC used to stand for Hong Kong Shanghai Banking Corporation. They "re branded" several years back and decided to keep the name as HSBC for recognition purposes. Most people around the world know them as "Hong Kong Bank" for short, even though it's not based out of Hong Kong. Here is parent company:

http://en.wikipedia.org/wiki/HSBC_Group

The bank (parent company) is actually based in London, not Hong Kong nor Shanghai. HSBC Bank Canada is based in Vancouver, BC.

June 22, 2008
4:46 pm
tired
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I feel like I've been waiting forever to get signed up with a log in and password. I've had much better luck with ING. I wish I never started the sign up process with HSBC. ;(

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