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#15562
wpdev
Participant

I have not done a wire from an HSBC trust account (or any other account for that matter) under the new rules.

However, a wire can be initiated using a firm trust cheque, instead of using the bank’s platform per Rule 3-64.1.

This is because Rule 3-64(4)(a) allows withdrawals from trust using a cheque. Therefore, a wire can be initiated (so long as the bank is agreeable) using the old method of issuing a trust cheque payable to the bank and sending it, along with a letter of instruction that includes the detailed wire instructions, to the bank.

As we rarely send wires and setting up the new platform would increase our bank expenses on a monthly basis, we will be using the old method (that was used prior to the introduction of the LSBC Wire Instruction form).