HSBC Business Debit Card: Overview of Fees, Rates and Limits for UK

A HSBC business debit card is available for sole traders, small businesses, and larger businesses. The card is linked with a HSBC business current account and you can apply for additional cards.

If you use international currencies to make or receive payments, you can also apply for a business currency account. For additional funding, HSBC offers a Visa commercial card you can apply for.

This article concentrates on the HSBC business debit card and provides information about fees, rates, limits and application process for this card. We also cover an alternative to the HSBC business debit card: the Wise Business Card, which we will cover in more detail in a moment.

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Wise Business account

HSBC business debit card application form

If you have a business bank account with HSBC, you get a debit card that allows you to spend money from your account. You can easily apply for a business account with the bank and you’ll get a debit card if your application is successful. The application process will involve a credit check and identity checks.

You can also apply for additional cards using an online form on the HSBC website. Being able to do this is useful if other people in your business need a card. You should complete a separate HSBC business debit card application form for each person who requires a card.

To make your application as simple as possible, make sure you have the information you need before you start. As a guide, you’ll need the following details when you’re filling in the form:

• details of your business account;
• the name of the person who needs the card, as well as their date of birth, address, contact details, and nationality;
• the name, mobile number, and email address for any authorising signatories.

Once you’ve completed the form, the signatories will receive an email asking them to review your application and approve it.

If your application is successful, the bank will issue an HSBC business debit card in the employee's name. The person can then use the card to make purchases and withdrawals on behalf of the company as soon as they activate it.

Activate business debit card HSBC

Before you use your brand new card, you have to activate it. You can activate a business debit card using the HSBC mobile app or website. To do this you should:

• Step 1: log on to your business banking account;
• Step 2: select “manage cards” and then “activate card”;
• Step 3: choose the card you want to activate;
• Step 4: check if the details are correct and choose “confirm” to activate the card.

You can also activate your card over the phone using the 24/7 automated line. You’ll need to confirm the card details and some personal details to do this. The telephone activation process takes around 60 seconds.

HSBC business debit card fees and rates

If you’re using your debit card, you’ll need to understand all the relevant rates and fees. Having this information allows you to keep better control of your business finances. You’ll see the main rates and fees in the table below.

HSBC business debit card limits²

There’s a limit for purchases and withdrawals for your HSBC business card in different situations. You’ll need to know these limits so you can plan your spending. Here’s a handy list of these limits for you, to keep you from getting caught out:

• The maximum daily withdrawal is £300;
• The limit for contactless purchases is £100;
• The limit for daily spending, and overall spend, is the account balance or the agreed overdraft limit.

Lost HSBC business debit card: what to do?

Losing your business debit card is stressful. You immediately want to protect your account. The procedures for a lost HSBC business debit card make it easy to do this.

When you realise you’ve lost your card, simply call 0800 085 2401³ from the UK or +44 1442 422 929 from outside the UK. The lines are open 24/7 throughout the year. When you speak to the bank, they’ll put a stop on your card, protecting your funds.

Alternative to HSBC business debit card: Wise Business

The Wise Business Account is a reliable and easy to use alternative to an HSBC business debit card. You can save time and money for your business using the Wise Business Debit Card for your purchases and withdrawals.

When you have a Wise Business Account, you can also use employee expense cards. You simply order the additional card for a one-time fee of 3 GBP and give them to your employees to make purchases.

Using a Wise Business Debit Card or employee expense cards gives you 0,5% cash back on eligible purchases. The process to get this cashback is simple. You use your card to make purchases and Wise calculates your cashback on eligible purchases at the end of the month. So, you get financial rewards simply by spending with your Wise Business Card.

Get started with your
Wise Business Debit Card 💳

Having a business debit card makes purchases and withdrawals easy. You get a business debit card when you open an HSBC Business Account and you can start using it immediately.

If other people in your business need a debit card, you can apply for additional cards using the online application form. There are no charges for using the HSBC business card but there are fees for foreign currency purchases and withdrawals.

Using a Wise Business Debit Card is an alternative to the HSBC option. To get the card, you simply need to apply for a Wise Business Account. Once your account is active, you can start spending with your card and get a 0,5% discount on eligible purchases.

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Sources last checked February 12, 2023