HSBC customers need to triple check payments when transferring money after app update – some nearly sent £ 1,000 in error

Previously, users would enter the amount in pennies, but now they must use a decimal point to enter the value in pounds AND pence. As one customer pointed out on Twitter (see below), if you had indicated that you wanted to transfer “17016” it would have been treated as “170.16” in the old system. But under the new setup, this will be treated as “£ 17,016”.

HSBC confirmed to MoneySavingExpert.com that it rolled out an update to its UK mobile banking app on Android and iOS over the past month, which included updating its payment format for wire transfers and standing orders to “align it with most other vendors in the industry,” as well as with what it already does for those who use online banking.

The bank adds that “thousands” have participated in user tests before they are applied and that “no negative impact has been identified”. But many HSBC customers say they weren’t given advance notice of the reshuffle, and some add that they almost transferred thousands of pounds by mistake.

If you prefer app-based banking, check out our guide to the best app-based bank accounts. In our latest poll, Barclays and Lloyds were voted the best traditional branch-based banking apps.

“I almost transferred £ 17,016 instead of £ 170.16”

Below is a selection of some of the tweets we’ve seen on the matter. The tweeter that informed us of the change says he mistakenly requested to transfer “£ 17,016” instead of “£ 170.16”, but since he did not have this amount in his account, the transfer was “fortunately” refused.

HSBC says it has not seen an increase in incorrect payments made.

About Sandra A. Powell

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