FPS and Payment Connect Requirements | Generated by AI
Requirements for FPS/Payment Connect in Hong Kong Banks
No, it’s not strictly true that all Hong Kong banks (including BOCHK, CMB Wing Lung Bank, and HSBC HK) require a Hong Kong Identity Card (HKID) to use the Faster Payment System (FPS) or its cross-border extension, Payment Connect, for receiving funds. However, for sending money from Hong Kong to mainland China via Payment Connect (northbound transfers), the requirements are more restrictive and often do require HKID holder status. I’ll break this down based on the banks you mentioned, your situation as a mainland Chinese citizen with an entry permit (likely an Exit-Entry Permit for Hong Kong/Macau or a work visa equivalent), and why you can receive but not send.
Key Concepts
- FPS: Hong Kong’s real-time payment system for local transfers (HKD/RMB) between banks and e-wallets. You can register using a mobile number, email, FPS ID (anonymous code), or HKID to receive payments without sharing account details.
- Payment Connect: Links FPS to mainland China’s Internet Banking Payment System (IBPS) for instant, small-value cross-border remittances (up to HKD10,000/day and HKD200,000/year for personal use). It’s free and supports RMB transfers.
- Southbound (mainland to HK): Easy for mainland ID holders like you.
- Northbound (HK to mainland): Often limited to HKID holders due to regulations on outbound remittances.
Your entry permit allows you to open a personal HK bank account (as non-residents can do this with valid ID like passport + permit), but it doesn’t grant HKID status, which affects northbound transfers.
Bank-Specific Requirements
Here’s a comparison for FPS registration (receiving) and Payment Connect outbound transfers:
| Bank | FPS Registration (Receiving Funds) | Payment Connect Northbound (HK to Mainland) | Notes for Non-HKID Holders (e.g., Entry Permit Users) |
|---|---|---|---|
| BOCHK | Mobile, email, FPS ID, or HKID. No HKID required for basic use. | Limited to HKID holders for instant RMB transfers. Non-HKID users can use alternative remittance like BOC Remittance Plus (faster to BOC mainland accounts, but not instant via FPS). | You can receive via mobile/email. For sending, contact BOCHK support—entry permit may allow standard remittance but not Payment Connect’s instant feature. |
| CMB Wing Lung Bank | Mobile, email, or FPS ID via app. HKID optional. | Supports app-based transfers to mainland accounts/mobile numbers (integrated with China Merchants Bank). No explicit HKID requirement mentioned, but subject to mainland rules. | As a CMB group bank, it’s mainland-friendly. You likely can send via app if your account is verified with PRC ID/permit. Check app for “RMB Remittance” options. |
| HSBC HK | Mobile, email, FPS ID, or HKID. HKID not required for local FPS. | Explicitly requires HKID (Hong Kong resident status). Not available to non-HKID holders. | You can receive via mobile/email, but no northbound Payment Connect. Use HSBC’s Global Money+ for standard transfers (fees apply, up to HKD1.5M/day limit). |
Why You Can Transfer Mainland to HK but Not Vice Versa
- Southbound (receiving in HK): This works well for you because Payment Connect allows mainland payers (with PRC ID) to send to your HK account using your mobile number, email, FPS ID, or account number. No HKID needed on the HK side—your entry permit-verified account is sufficient. Limits: Up to USD50,000/year per payer.
- Northbound (sending to mainland): This is restricted to prevent capital outflows and comply with SAFE (State Administration of Foreign Exchange) rules in mainland China. HKMA and banks classify it as a “Hong Kong resident” service, requiring HKID for instant, quota-based transfers (e.g., CNY80,000/day self-transfer quota for HKID holders). As a non-resident, you’re subject to stricter scrutiny, general remittance limits, and possibly no access to Payment Connect’s instant feature. Your entry permit qualifies you as a visitor/worker, not a resident, so banks flag it.
Alternatives for Sending Money from HK to Mainland
Since Payment Connect northbound isn’t available, try these (all work with entry permit accounts):
- Standard Bank Remittance:
- BOCHK: Use “BOC Remittance Plus” for transfers to BOC mainland accounts (<5 mins, waived fees for same-name accounts).
- CMB Wing Lung: App-based RMB/HKD transfers to China Merchants Bank accounts (competitive rates, no account number needed).
- HSBC: Global Money+ app for instant-ish transfers (HKD1.5M/day limit, but fees ~HKD0-65; exchange rates apply).
- Other Services:
- Wise (formerly TransferWise): Low-fee international transfers using your HK account. Send to mainland via Alipay/WeChat/bank (mid-market rates, ~0.5% fee).
- AlipayHK/WeChat Pay HK: Link your HK account and send to mainland wallets (small fees, daily limits ~HKD10,000).
- Mainland-Side Quotas: If sending to your own account, use the CNY80,000/day self-remittance quota (requires proof of prior inflows or purpose like tuition/medical).
- Upgrade Options: If staying long-term, apply for HKID via work visa (if eligible) to unlock full Payment Connect.
Recommendations
- Contact Your Bank: Log into your app/e-banking or call (BOCHK: +852 3988 2388; CMB Wing Lung: +852 2309 5555; HSBC: +852 2233 3000). Provide your entry permit details—they can confirm eligibility and enable alternatives.
- Verify Limits: All outbound transfers need a stated purpose (e.g., personal, medical) and may require FATCA/CRS declarations.
- Security Tip: Always verify payee details to avoid scams—FPS is irreversible.
If this doesn’t match your exact setup (e.g., specific account type), share more details for tailored advice.
References
- HKMA Payment Connect Overview
- HSBC FPS FAQ
- BOCHK FPS Guide
- CCB Asia Payment Connect (similar to BOCHK)
- Hang Seng Payment Connect (general reference)