HSBC closing retail business in Australia over next 18 months

[kpc]

Mind sharing the worst offenders?

The share registry (for share dividends) required me to register my mobile number but I had to wait for a code to be posted by MAIL (not email) to do so!..and for each share holding!!

As posted upthread, there was a restriction on my Medicare account....so after faffing around to link my Medicare acct with my Gov, I found I could not change the bank details online but had to ring them, and wait ages for a human to come to the phone.

My work human resources wanted me to download a form, fill it in, scan it, and then email it to them.

Even my accountant got her assistant to ring me to verbally confirm my email request for the ATO.

I had to physically go to my local HSBC branch to TF an amount beyond what could be done online...and I initially I went on the Monday Bank Holiday to find the bank closed!

Etc, etc...

 

[BJReplay]

Even my accountant got her assistant to ring me to verbally confirm my email request for the ATO.

That's not a terrible thing - better than your refund going to a scammer who has managed to get control of your email.

 

[Supersonic Swinger]

Well it has taken me many hours, and a whole week to move everything out of HSBC to my new bank... a lot of frustrations along the way too

I would suggest to start early as changing your bank account details with some entities is not as straight forward as I thought in this era of scams and fraud!

Will keep my HSBC account open in case I missed something and also to keep my US HSBC Premier account fee free for as long as possible

Well done. I have done the same and home loan is being refinanced so will be closed out in 21 business days.

I was able to change my bank account details online with my.gov and share registries which must mean that I had set that ability up some time in the past. Only had to scan through one wet signature instruction (ironically, to the margin lender which was originally HSBC Margin Lending)

As well as to keep my overseas HSBC Premier account for as long as possible, I am also:
1) using the Premier Mastercard until the rewards pop over 5,000 so that I can convert a final lot to Velocity (and then cancelling to avoid another annual fee)
2) using the Everyday Global until the 2% cashback ends

I suspect these two will last until 1 October when the interchange rules change, at which point I suspect tumbleweeds will really start blowing through a lot of HSBC Australia accounts.

 

[Supersonic Swinger]

HSBC have just posted updates on their product closures (Important Notices | Latest Information and Updates - HSBC AU). Key things look to be:

- No annual fees on credit cards from 12 August, with pro rata rebates for annual fees charged since 13 August 2025
- 17 November is the last day for credit card transactions
- 18 November credit cards will be cancelled
- For customers with HSBC accounts outside Australia, Global Premier status will continue until 30 June 2028.
- No change to the Everyday Extras 2% cashback, "until we advise otherwise"

 

[Be.au]

All credit cards to be closed from November 18 2026 Important Notices | Latest Information and Updates - HSBC AU

 

[Coathanger]

That’s relatively good news on the Premier front with almost 2 years grace, but remarkably rapid for the credit card shutdown.

Wow.

 

[kpc]

HSBC have just posted updates on their product closures (Important Notices | Latest Information and Updates - HSBC AU). Key things look to be:

- No annual fees on credit cards from 12 August, with pro rata rebates for annual fees charged since 13 August 2025
- 17 November is the last day for credit card transactions
- 18 November credit cards will be cancelled
- For customers with HSBC accounts outside Australia, Global Premier status will continue until 30 June 2028.
- No change to the Everyday Extras 2% cashback, "until we advise otherwise"

Good that I can keep my US HSBC Premier fee free til 30 June 2028!

The closing of the Star Alliance credit card on November 18 is quite quick! I paid my $499 annual membership on 27/2/26 so should get a pro rata refund.

https://www.hsbc.com.au/content/dam/hsbc/au/docs/help/star-alliance-credit-card-closure-communication-12aug26.pdf

More info here: Credit Card Offers - HSBC Star Alliance Credit Card: Fast-Track to Star Alliance Gold Status

My Star Alliance Gold with Aeroplan expires on 31.12.26 so i wonder how long after 18 November 2026 we get to keep this status!

I'm glad I worked my a$$ off in the last week or so to get everything out of HSBC....I have just left a token few $ in my account for now which is less than 0.5% I had on 31.7.26....I do not trust HSBC at all moving forwards. If they could close tomorrow, they would...I'm sure it is only the regulatory authorities keeping them open for 18 months....they will only have a skeleton staff and hardly any, if any, physical stores open within a year I reckon!

My advice: get out asap!!

 

[Supersonic Swinger]

I have just left a token few $ in my account for now

My advice: get out asap!!

Seconded and actioned. Once the credit card repayment goes out on Friday and the home loan closing fees are paid, balances will be 0.

It's amazing how quickly such a financial brand can vaporise...

 

[kpc]

It's amazing how quickly such a financial brand can vaporise...

Yep...the rapid end to a 25 year relationship!