Send Money to OCBC Bank Account | Generated by AI
Question: If I send money through HSBC HK using “pay to global payee” with the next business day option for a 70 HKD fee, should I send it to an OCBC Global Savings Account, a Statement Savings Account, or a Visa card?
Answer:
When using HSBC Hong Kong’s “pay to global payee” (likely referring to Global Money Transfers or “Send like a local” under Global Payments for non-HSBC accounts), the 70 HKD fee typically applies to eligible transfers to other banks in supported countries/regions (including Singapore in SGD), often with next business day or 1-2 business day arrival and potential savings on overseas charges.
You should send the money to an OCBC bank account (either the Global Savings Account or the Statement Savings Account), not to a Visa card.
- Both OCBC’s Global Savings Account (a multi-currency savings account) and Statement Savings Account (a standard SGD savings account with monthly statements) accept international incoming transfers (including telegraphic transfers or similar global payments). OCBC credits funds to SGD Current/Savings accounts without distinction based on type for such receipts, as long as you provide the correct account number, bank details (e.g., OCBC’s SWIFT code: OCBCSGSG), and beneficiary name.
- These are standard deposit accounts suitable for receiving funds via international transfer services like HSBC’s Global Money Transfers.
- Sending to an OCBC Visa card (debit or credit) is not supported for this type of bank-to-bank transfer. HSBC’s global payment services are designed for bank accounts, not card numbers. Transfers to cards would typically require a different service (e.g., card top-up or specialized remittance), which is not part of the standard “pay to global payee” option and may not qualify for the 70 HKD next-day fee structure.
Recommendation: Choose whichever OCBC account you prefer or already use — the Global Savings Account if you want multi-currency flexibility (e.g., holding SGD or other currencies), or the Statement Savings Account if it’s a regular SGD savings account. Ensure you select Singapore as the destination, SGD as the currency (for “send like a local” eligibility), and input the full OCBC account details accurately to avoid delays or extra charges.
For the most accurate/current confirmation, check the HSBC HK App under the transfer options for Singapore or refer to HSBC’s latest tariff guide (section on global payments), as options can depend on your HSBC account type (e.g., Premier/One may have waivers or better terms).
References:
- HSBC HK International Transfers / Global Payments
- HSBC HK Send Like a Local / Global Money Transfers to other banks
- HSBC HK Bank Tariff Guide (example section on global payments HK$70 fee)
- OCBC Singapore Statement Savings Account
- OCBC Singapore Global Savings Account