Hong Kong FPS Faster Payment System: A detailed guide to usage and avoiding pitfalls

Faster Payment System (officially known as Faster Payment System; English: Faster Payment System, abbreviation: FPS) is Hong Kong’s free real-time transfer platform for Hong Kong dollars and Renminbi.

Faster Payment System can only transfer Hong Kong dollars and Renminbi. Some banks may use the Faster Payment System/Local Transfer transfer function to transfer US dollars, but in fact, they are using the local transfer method of CHATS, not Faster Payment System FPS.

Please read the Faster Payment System FPS section in Basic Knowledge of Bank Accounts and Cards in Hong Kong.

When transferring Hong Kong dollars and Renminbi, please choose the earlier methods from the following. You should also register the earlier ones when you register for FPS. The further back these methods are, the more pitfalls there are.

FPS ID
Email + Select Bank
Hong Kong Identity Card Number + Select Bank
Select Bank + Account Number (No need to register for FPS)
Mobile Phone Number + Select Bank

In addition to using an account number, you need to register first to receive money using other methods. After the registration is complete, you can receive the money.

When registering for Faster Payment System FPS and making a Faster Payment System FPS transfer, be sure to confirm that you know which transfer method to use. Some people think they are using the mobile phone number transfer method, but the bank identifies the account number transfer method, and the first few digits of the mobile phone number are identified as the bank number. The money is transferred out, and the payee does not receive it. The money is given to someone else. Or it will be returned to you after a long time.

The numbers of the FPS ID are generated by the system. After the FPS ID is determined, the receiving bank is determined, and there is no need to specify a bank. However, not all banks can generate FPS IDs.

For other methods, please be sure to specify the receiving bank. There is no dedicated Faster Payment System website or software. If you do not specify it, if the payee remembers the default receiving bank incorrectly, you can only open the APPs one by one to find out where you have transferred the money to. Others may also suspect that you have not transferred it, which is annoying for you and others.

Some banks cannot use mobile phone numbers other than 852 to transfer money.

You can also scan the QR code to make a Faster Payment System FPS transfer. However, if you cannot specify the receiving bank, please do not use it. Because someone shows you a QR code of one bank, you may transfer the money to another bank of the other person, and when the other person sees that the money has not arrived, they will ask you to transfer it again, so what should you do? It is also annoying to open the APPs one by one to find out.

Faster Payment System FPS has a transfer limit. If you cannot transfer, just adjust it in the settings.

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