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Bank with HSBC but thinking of switching to a new provider? Perhaps your needs have changed since you first opened your HSBC business account, or there’s a more cost-effective package available elsewhere.
Whichever is the case, you’ll need to know how to close your HSBC business account. Read on, as we’ll cover all the essentials right here in this handy guide. This includes whether you can close your account online, the steps to follow and forms you’ll need to complete.
We’ll also show you an alternative to a standard business bank account - the Wise Business multi-currency account. This lets you manage your company’s money in 50+ currencies, sending and receiving international payments for low fees and fair exchange rates.
If you have clients, customers or workers in other countries, Wise could be the ideal solution.
But more on that later. For now, let’s focus on getting that HSBC business account closed down for you.
Your time is precious as a business owner, so it’d be most convenient if you could close your HSBC business account online in just a few clicks.
But unfortunately, this isn’t an option. There isn’t a direct way to close your HSBC business account online, but you can at least start the process.
Head to the business account closure page on the HSBC website, where you’ll find details of how to close your account and a link to the Business Account Closure form.
The most important piece of paperwork you’ll need to close your HSBC account down is the Business Account Closure Form. To complete it, you’ll need to provide the following information:¹
- Your business details, including business name and account details. If you have more than one account, you can provide details of just one or multiple accounts that you’d like to close (while leaving others open).
- Your nominated bank account details. This is where any outstanding balance will be sent, as well as where Standing Orders and Direct Debits will be transferred to.
- Reason for closure. Options include no longer using the account, ceasing business, change in circumstances or dissatisfaction with service or price.
- Signatures from at least one authorised signatory, or as many as is required by your bank mandate.
Ready to close your HSBC business account? Before you do, you’ll need to make sure you clear any outstanding debit balance. You won’t be able to close your account until this is done.
Now, follow these steps to close your account:
- Go to the business account closure page on the HSBC website.
- Download and print theAccount Closure Form.
- Complete the form with all requested information, including details of the account you want to close and your nominated account for the transfer of the balance.
- Make sure the form is signed by all required authorised signatories.
- Post the completed form to Customer Service Centre, BX8 2HB.¹
- Once you’ve received notification that your account has been closed, you’ll need to destroy any debit cards or cheque books linked to the account.
When you close a business account, it’s important to make sure you have copies of your full transaction history. This is essential for business accounting and record-keeping.
The good news is that when you close your HSBC business account, the bank will automatically send you up to 5 years of statements for all your current accounts. You’ll also get a closing statement. You can use the relevant section on the Account Closure Form to opt out if you want, or to set your preferences for receiving your transaction history.²
Alternatively, you can request up to 5 years of your transaction history later on. HSBC will respond to all requests for up to 5 years after your account is closed, free of charge.²
Need to contact HSBC? If you have a question about closing your account or need help with the form, here are the key contact details you need:³
- Phone - 03457 60 60 60
- Live chat - available on the HSBC website, with agents online Monday to Friday, 8am to 8pm and Saturday, 8am to 2pm.
Searching for a new provider for your business banking? Pause before you choose a traditional bank, as there are other solutions out there.
If your company does any business overseas, the Wise Business account is the perfect choice. It’s quick and easy to open online, and gives you a powerful platform for sending, receiving and managing your business finances in over 50 currencies.
You can easily pay workers and suppliers all over the world, for low fees and the mid-market exchange rate. And getting paid for your services is a breeze, as you can accept payments in 10 major currencies using your own local account details.
Expenses are sorted too, thanks to Wise Business expense cards. It works in 174 countries, charges no foreign currency transaction fees and even offers 0.5% cashback on spending.
And to help you keep track of your business finances all in one place, you can link your favourite accounting tools such as Xero or Quickbooks to your Wise Business account.
After reading this, you should have all the information you need to close an HSBC business account if it’s no longer needed. As long as you fill in the form correctly (and get it signed by the right number of authorised signatories), the process should be pretty straightforward.
Sources last checked on date: 11-Apr-2023
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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