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Frequently Asked Questions: Changes to HSBC working week in the UAE

Wealth & Personal Banking (WPB)

General

1. What are HSBC branch opening hours from January 2022?

In accordance with the UAE Central Bank guidelines, our branches will be open six days a week from Monday to Saturday from 3rd January 2022.  HSBC branches will be closed on Sundays. 

Branch timings are :
Monday to Thursday and Saturday : From 08:00 AM to 03:00 PM
Friday: From 07:30 AM to 12:30 PM

The first working day for the new opening hours will be the 3rd of January, 2022.

HSBC Tower Customer Service Unit will be open 8:00 AM to 6:00 PM Monday to Friday.

There is no change to the timings of our Customer Service Units operating in Dubai Mall, Mall of Emirates and Mirdiff City Center, and they will continue to be open 7 days a week, operating 2:00 PM to 10:00 PM on Fridays and 10:00 AM to 10:00 PM on all other days. These conveniently located Customer Service Units continue to provide support to our customers for extended period throughout the week.

All branch opening times can be found on our branch finder

 

2. How can I contact HSBC outside of the main branch opening hours?

Our mobile and online banking services are available 24/7 and are enabled with live chat to support you and enable you to bank safely and flexibly with HSBC whenever you want.

Our Customer Service Units in Malls will continue to be open 7 days a week and our Customer Contact Centre is available to take your call 24/7, by calling one of the numbers below:

  • Premier customers

    Call 800 4320 within UAE or +971 4 224 1000 outside UAE.

  • Advance customers

    Call 800 4420 within UAE or +971 4 325 4573 outside UAE.

  • Personal Banking customers

    Call 600 55 4722 within UAE or +971 4 228 8007 outside UAE

There is no change to the timings of our Customer Service Units operating in Dubai Mall, Mall of Emirates and Mirdiff City Center, and they will continue to be open 7 days a week, operating 2:00 PM to 10:00 PM on Fridays and 10:00 AM to 10:00 PM on all other days. These conveniently located Customer Service Units continue to provide support to our customers for extended period throughout the week.

 

3. When will my Relationship Manager be available?

Your Relationship Manager will be available to meet with you during the published branch opening times.

 

4. Will there be a different branch opening week in Sharjah?

No. The branch opening times in Sharjah will align with the Central Bank guidance and branches will be open Monday to Saturday. Branch timings are 8:00 AM to 3:00 PM Monday to Thursday and Saturday, branches will be open 7.30am to 12.30pm on Fridays.

Credit cards

5. What happens if my Credit Card payment date falls on a Sunday?

If you are paying your Credit Card via a standing instruction, it will automatically roll-forward for processing on the next working day.

If you are paying through a cash deposit machine, you should ensure that the deposit is made at least 2 working days before the payment due date.  If you are paying by cheque deposit, then the deposit will need to be made at least 5 working days prior to the payment due date.

Payments to your Credit Card will be processed Monday to Saturday.

 

6. Will there be any changes to my Credit Card interest, fees or minimum due calculations as a result of the change in the working week?

No. There is no impact to Credit Card interest, fees or calculation of minimum due amounts as a result of the change in the working week. 

Term Deposit

7. My AED Term Deposit is due to mature on a Sunday, when will this get credited to my account?

Term Deposits will now mature Monday to Saturday, so if your maturity date was falling on a Sunday this will now move forward to the next working day.  The Term Deposit proceeds will be credited to your account upon maturity.

 

8. If my Term Deposit maturity date falls on a Sunday as a result of the working week change will an additional day’s interest be accrued?

Yes, an additional day’s interest will be accrued and will be credited on the maturity date of the Term Deposit.

 

9. Is there any impact to foreign currency Term Deposits as a result of the change in the working week?

Foreign currency Term Deposits will now be available to book Monday to Friday. 

Current / Saving / eSaver account

10. What impact will the working week change have on my accounts with HSBC?

In general, there will be no changes to rates, fees, minimum balance criteria and account features / tools for HSBC accounts as a result of the working week changes, however any interest accrued on your account will now be credited between Monday to Saturday.

Statements will not be generated on a Sunday and will be available on the next working day. 

Personal Lending (Home Loans, Personal Loans and Auto Loans)

11. What impact will the working week change have on my loan re-payments with HSBC?

If your payment date for loan re-payment falls on a Sunday, this will now move to the next working day for processing.  Please ensure that you have sufficient funds in your account to ensure payments are collected successfully.

 

12. Can I transfer money into my loan account from my current account on a Friday?

Yes. Services are available for processing on a Friday via online banking services, contact centres and branches.

 

13. If I need information on a loan on a Friday, will an HSBC finance specialist be available to assist with the product sale?

Yes. Friday will be a working day and our specialists will be available to support you. 

Cheques

14. Can I deposit a cheque with HSBC on a Sunday?

Yes. While our branches will be closed on a Sunday you may still use our cheque deposit machines.

 

15. Will my cheque be cleared on a Sunday?

As a result of the changes to the working week, clearing of cheques will take place Monday to Saturday.

FX & Payments

16. Is there a change to when I can submit AED currency payments?

Payment requests can be submitted via our mobile banking, online banking and contact center channels 24/7 and these would be processed in accordance with Central Bank clearing Monday to Saturday.  You can also submit payments via our branches during branch opening times Monday to Saturday and Mall CSU’s are available 7 days a week. 

All branch opening times can be found on our branch finder.

 

17. Can I now make and receive international / foreign currency payments on a Friday?

Yes. Payments made or received in foreign currency will be processed to your account on Fridays. As Friday is a working day in most of Europe, North America and Asia, the alignment of the UAE will be a positive development for cross-border payments.

 

18. Is there a change to the clearing cycle for Direct Debits?

Direct Debits will now be processed from Monday to Saturday.

 

19. Will there be any change to my Standing Instructions?

Standing Instructions which fall on a Sunday would automatically be processed on another working day in line with our existing process.

Wealth

20. Will my investment products be impacted as a result of the change in the working week?

No. Investment products follow an International markets calendar and there will be no impact as a result of the change for products or online trading activities.

 

21. Will I be able to trade on a Friday?

Yes. As long as the International market is open, trading will be available.

 

22. When can I place an investment request?

Requests can be placed during the Monday toSaturday working week.

 

23. Will there be any change to my Standing Instructions?

Standing instructions which fall on a Sunday, will now be processed on the next working day.

 

24. Will there be any impact my insurance policy regular payment?

Payments which fall on a Sunday, will now be processed on the next working day.

 

25. How will the new weekend impact my online trading activities?

Investment products follow the international markets calendar and timings, and therefore there will be no change to online trading activities.

 

26. How does the weekend change impact my redemption requests?

There will be no impact given that investment products follow international markets working days.

 

27. Is there any impact on dividend payout dates?

Dividend payout dates remain unchanged.

Terms and Conditions

28. Is there any impact on the terms and conditions of the products and services offered by HSBC?

Where the terms and conditions of your products or services define a business day in the UAE as Sunday to Thursday (howsoever described), with effect from 1 January 2022, this definition will be deemed to be amended to remove the reference to specific days, and instead define a UAE business day as a day on which banks are open for banking business in the UAE.

Commercial Banking (CMB) and Global Banking & Markets (GBM)

Global Liquidity & Cash Management (GLCM)

High Value/Priority Payments

1. Is there a change to the cut-off time for UAE domestic payments via RTGS (Priority Payments)?

AED cut-off time remains the same at 5.30pm (MT103s) for all working days, however, our working days will change with Sunday now becoming a non-working day and Friday a working day. Hence, AED will be available from Monday to Saturday, 6 days a week, for domestic payments across UAE

 

2. What is the impact on foreign currency payment outward and inward receivables? What is the impact on major currencies like USD/EUR/GBP and for GCC currencies?

  • From Monday to Thursday, there is no impact
  • On Fridays, whereas previously, in the UAE it was a non-working day, we couldn’t process outward or inward payments. Now that Friday is a working day we can process outward and inward payments.
  • As Friday is a working day in most of Europe, North America and Asia, the alignment of the UAE is a positive development for all major currencies including USD/EUR/GBP
  • Our cut-off times remain the same on all days, Monday to Friday for all currencies. You can find available cut-off times in the ‘Transfers and payments’ section of the HSBC UAE Download centre.
  • All other 5 GCC countries apart from UAE are closed on Friday and Saturday and work on Sunday, so there will be a weekend mismatch with UAE for Sunday and Friday, which could lead to a delay in payments settlement between UAE and GCC on these days.

 

3. How will the weekend mismatch between UAE and GCC impact cross-border payments?

  • All other 5 GCC countries apart from UAE are closed on Friday and Saturday and work on Sunday, so there will be a weekend mismatch with UAE for Sunday and Friday, which could lead to a delay in payment settlement between UAE and GCC on these days.
  • With Friday being a non-working day for the rest of the GCC, if a UAE client initiates a payment to another GCC country on Friday, this will settle to the beneficiary GCC country when that country opens on Sunday, resulting in a 2 day delay
  • If there is an inward payment from another GCC country into the UAE on a Sunday, this will settle when the UAE opens on a Monday, resulting in a 1 day delay
  •  

4. How will this weekend change impact clients who have business in the rest of the world from outward and inward payments perspective?

  • The impact is positive for most foreign currencies (USD/EUR/GBP/others), as clients will now be able to send and receive payments on a Friday
  • For UAE clients paying to, or receiving payments from the GCC region, there may be a delay due to the weekend mismatch (the rest of GCC working week is Sunday to Thursday and off on Friday and Saturday, and the UAE working week will be Monday to Friday and off on Saturday and Sunday)

Low Value Payments

5. Is there a change to the clearing cycle for cheques?

  • We will process cheques from Monday to Saturday; our cut-off times remain the same.
  • There is no change to the presentment cycle.

 

6. Is there any impact to Post-Dated Cheques, which might have dates falling on a Sunday?

  • Post-Dated Cheques with a value date of Sunday, will be processed on the next working day.

 

7. Is there any impact to remote cheque printing availability?

  • No. There is no change to processing times, however, clearing will take place from Monday to Saturday

 

8. Is there a change to the clearing cycle for Direct Debits?

  • We will process Direct Debit collections from Monday to Saturday; our cut-off times remain the same.
  • There is no change to the presentment cycle
  • Standing instructions and Forward dated collections which fall on a Sunday, will now be triggered on the next working day.

 

9. Is there a change to UAE domestic payments via ACH (Batch Payments)?

  • There is no change to our cut-off times for domestic ACH batch payments (including Wages Protection System, supplier and pension payments).
  • We will process payments from Monday to Saturday; our cut-off times remain the same.
  • Standing instructions and Forward dated payments which fall on a Sunday, will now be triggered on the next working day.
  • If clients want to effect these payments earlier, they should change the standing instructions to days earlier in the week

 

10. Is there a change to UAE domestic payments via Wages Protection System (WPS)?

  • There is no change to our cut-off times for WPS
  • We will process salaries from Monday to Saturday; our cut-off times remain the same.
  • Standing instructions and Forward dated salaries which fall on a Sunday, will now be triggered on the next working day.
  • If clients want to effect these payments earlier, they should change the standing instructions to days earlier in the week

 

11. Is there any change to Real Time Payments (UAE IPI)?

  • No. The service will be available as per the current operating window (24/7)

Liquidity

12. Are there potential changes to liquidity sweeps / cash concentration structures?

  • Yes, based on the new UAE weekend there will be changes to sweep days and in some cases, sweep instructions. HSBC will reach out to you shortly with details of the specific changes that will be applicable to your structure. If you have any questions, please reach out to your GLCM Client Service Manager or Sales Manager.

Channels & Statements

13. How will standing instructions with a value date of Sunday (future dated payments on Sundays) be treated and is there any action required?

  • Standing instructions which fall on a Sunday, will now be triggered with value date Monday
  • If clients want to effect these payments earlier than Monday, they should change the standing instructions to days earlier in the week
  • If you are happy for these Sunday standing instructions to be effected on next available working day, then no change is required

 

14. Will there be any change to reporting and statement delivery on Sundays and Fridays?

  • Reporting and statements will not be available on Sundays, and will be available on Fridays

 

15. Can customers continue to submit files and payments on all days of the week?

  • Yes, customers can upload files and create payments on all days and the same will be processed as per standard cut-off maintained on all working days.

Cards

16. Will there be an impact to me using my cards on Sunday?

  • There will be no change or impact to the use of your Commercial Card. The card will continue to be processed for purchases on all days as per the current usage norms.

 

17. Will there be an impact to making payments towards card balances?

  • Any payments done on Sunday will not processed till Monday (where as previously this was the case for payments initiated on Fridays).

 

18. Will there be any impact to the standing instructions that are in place to settle my card balance?

  • There will be no impact, and the standing instruction will continue to be triggered based on your due date
  • With the change in weekend, due dates for card settlement will no longer fall on a Sunday and will be moved to the next working day.

General

19. Is there any impact on my contractual documentation for Global Liquidity & Cash Management (GLCM) products?

  • Where the terms and conditions of your GLCM products define a business day in the UAE as Sunday to Thursday (howsoever described), with effect from 1 January 2022, this definition will be deemed to be amended to remove the reference to specific days, and instead define a UAE business day as a day on which banks are open for banking business in the UAE.

Global Trade & Receivables Finance (GTRF)

1. What are Trade Counter & Client Services working hours from January 2022?

Trade counters operating in the existing branches will continue to operate for 5 working days in a week. However, the working days will now be revised to be from Monday to Friday.

Timings for Monday to Thursday:         From 08:00 AM to 03:00 PM

Timings for Friday:                                 From 08:00 AM to 12:30 PM                      

 

2. How will outstanding Global Trade & Receivables Finance transactions falling due on a Sunday be administered?

  • Trade & Receivable Finance Transactions that have been financed and are falling due on Sundays (post 31 Dec 21), will be settled on the next working day with applicable rates of interest charged as agreed in the facility documentation. Penalty rates of interest would only be applicable in the instance if these financed transactions continue to remain unpaid beyond the next working day.
  • Instruments (such as Guarantees, Documentary credit, Collections, etc) which are formally subject to The International Chamber of Commerce (ICC) Publications such as the Uniform Customs and Practices for Documentary Credits (UCP), Uniform Rules for Reimbursement Claims (URR), Uniform Rules for Collections (URC), Uniform Rules for Demand Guarantees (URDG), International Standby Practices (ISP) and similar will be handled in adherence to the Articles contained therein. The due dates of these transactions would be considered to be next working day in accordance with the ICC publications referenced within the underlying transactions.

 

3. Can the customer submit a Global Trade & Receivables Finance transaction on a non-working day via Digital Channels (listed below)?

  • Transaction can be submitted online via our HSBCnet ITS for Core Trade, Guarantee and Trade Loans 24x7.
  • HSBCnet Receivable finance is also available 24x7 unless the access to the user has been restricted by a system administrator.
  • Transactions can also be submitted via Host to Host, Doc Express, Swift for Corporate and HSBC Supply Chain Finance 24x7.

 

4. What if the Global Trade & Receivables Finance transaction is submitted on HSBCnet on non-working day?

The transaction will be picked up for processing on the following working day.

 

5. On which days can customers submit Receivables Finance transactions at HSBC counters?

  • Customers can submit Receivables Finance transactions via the GTRF counter during the revised GTRF counter working hours described above.
  • Processing of transactions will be during the working hours between Monday through to Friday.
  • In accordance with the service available today, for your urgent payment requirements, customers can continue to avail the option of self-drawdown through HSBCnet (subject to available funds) before 6 pm on bank working days.  

In cases where transactions are submitted outside of the working week, processing and crediting of payments will take place on the following working day.

 

6. What is the impact of the working week change on the remittances received from customer’s buyers into HSBC Receivables Finance Collection Accounts?

All remittances will be processed in accordance with the revised GTRF counter working hours.

7. Will there be any changes to the financing or discounting charge calculations of my RF facility due to the working week change?

There will be no change to the existing structure of the financing or discounting charge calculations.

 

8. Is there any impact on my contractual documentation for GTRF products?

Where the terms and conditions of your GTRF products define a business day in the UAE as Sunday to Thursday (howsoever described), with effect from 1 January 2022, this definition will be deemed to be amended to remove the reference to specific days, and instead define a UAE business day as a day on which banks are open for banking business in the UAE.  Your HSBC Representative will contact you directly should we need to discuss and agree any additional amendment documentation with you.

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