Making Money Transfers
Payment Automation lets you make transfers to add money to your HSBC Online Account from your source account, or withdraw money from your HSBC Online Account.
Daily transaction ACH limit validations will occur before submitting and approving the payment. For more information, refer to Daily Transaction ACH Limit.
Payments can only be submitted on business days. Payment processing, money transfers, and payment cannot be initiated on weekends or bank holidays.
Users with the AP Payment Clerk, AP Payment Manager, and the Administrator roles that have logged in to NetSuite with two-factor authentication can make money transfers. In addition, you can set up a custom role to be able to initiate Money transfers. For instructions, see Setting up a Custom Role to Make Money Transfers.
When a bank transfer is initiated, a journal entry is created in NetSuite to record the transaction. To access the journal entry after you submit a money transfer, click the link in the Reference column on the Bank Account Transfers page.
You should enable journal entry approval routing for money transfers to be authorized before they are sent for processing. For more information, see Use Journal Entry Approval Routing.
If you enable journal entry approvals, money transfer requests are sent to HSBC according to the schedule after a journal entry is approved. The daily scheduler runs at 8 pm Eastern Time, and sends all unsent money transfer requests to HSBC for processing.
If journal entry approval routing is disabled on your account, money transfer requests are sent to HSBC for processing immediately after you create an Add money or Withdraw money request.
Bulk approval of journals for money transfers money is not supported. Each journal created has to be manually approved by the approver.
Bank Transfer Statuses
-
For Submission – the Payment is created in NetSuite and will be forwarded to HSBC Online Account for processing.
-
Completed – the transfer request has been successful.
-
Failed – the transfer request failed. Receiving this status will auto-void the original transfer request.
To make a money transfer:
-
Go to SuiteBanking > Payment Automation > Dashboard.
-
On the left pane, click Transfers.
-
On the Bank Account Transfers page, choose one of the following options:
-
To transfer money from your source account to the HSBC Online Account, click Add Money.
-
To withdraw money from your HSBC Online Account and transfer it to your source account, click Withdraw Money.
-
-
Enter the amount you want to transfer in the Amount field.
-
(Optional) Enter details about the transfer in the Memo field. The upper limit is 16 characters.
-
Check the obligatory consent and authorization boxes.
-
Click Submit.
Transfers and withdrawal requests are sent for processing with the batch at 8 pm Eastern Time. Any money transfer request submitted after the 8 pm Eastern Time cut-off time will be sent for processing on the next business day. It takes one to two business days for your HSBC Online Account to be credited or debited.