Cross-border Payment Connect (English: Payment Connect) refers to the connection between the Mainland Interbank Payment System (IBPS) and the Hong Kong Faster Payment System (FPS).
The People’s Bank of China and the Hong Kong Monetary Authority jointly promote the interconnection of fast payment systems between the Mainland and Hong Kong to provide instant cross-border payment services for residents and institutions in the two places.
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Person-to-person remittance
During system working hours, mainland residents and Hong Kong residents can very conveniently transfer money to bank accounts in the other region, with funds arriving in seconds, in real time.
- Supported currencies: Hong Kong dollars, Renminbi
- Fee: Completely free
- Arrival time: Seconds during working hours
| Northbound (Hong Kong to Mainland) | Southbound (Mainland to Hong Kong) | |
|---|---|---|
| Remitter | Hong Kong ID card holder | Mainland ID card holder |
| Limit | A maximum of HK$10,000 per person per day, and a maximum of HK$200,000 per year (calculated by each participating institution); this limit is independent of the current daily remittance limit of RMB 80,000 under the same name | - The current annual purchase of foreign exchange facilitation quota of US$50,000 per individual |
| Remittance supporting documents | No remittance supporting documents are required (the payee is limited to individuals) | No remittance supporting documents are required |
| Service hours | 24x7 | 16x7 |
| Supported account codes | (1) Mobile phone number (2) Bank account number | (1) Mobile phone number, email address and FPS ID (2) Bank account number |
Southbound (Mainland to Hong Kong) The current service hours are from 7:00 am to 11:00 pm daily, and the specific service hours may vary slightly depending on the Mainland participating institutions providing the service.
Remittances related to people’s livelihood in both places
Application scenarios
- Individual payment, such as tuition fees, medical expenses, and utility payments
- Institutional remittances to individuals, such as salary payments
- It will be operated on a pilot basis first, and is currently limited to pilot institutions, and remittances can be arranged according to actual needs. Please check with the receiving institution before remittance
Note: The specific services are provided by the participating institutions to their customers, and the functions and coverage provided by individual participating institutions may vary. At the same time, some functions may be launched gradually. For example, through this interconnection, Hong Kong users can enter a Mainland mobile phone number to transfer money to a Mainland resident account that has enabled the cross-border collection function for mobile phone numbers. As for Mainland accounts held by Hong Kong residents, Mainland banks are optimizing relevant functions, and Mainland banks will gradually launch this function depending on the progress of development. Please consult the participating institutions for details.
Person-to-person Southbound remittance
| Name of participating institution | Single transaction limit | Daily limit | Open areas | Service Inquiry Hotline |
|---|---|---|---|---|
| Bank of China Limited | 10,000 | Unknown (possibly 50,000) | Open nationwide | +86 10 95566 |
| Agricultural Bank of China Limited | 10,000 | 50,000 | Only open Shenzhen branch | +86 10 95599 |
| Industrial and Commercial Bank of China Limited | 10,000 | 50,000 | Open nationwide | +86 10 95588 |
| China Construction Bank Corporation | 10,000 | 50,000 | Only open Guangdong, Shenzhen, and Hainan branches | +86 10 95533 |
| Bank of Communications Co., Ltd. | 10,000 | 50,000 | Open nationwide | +86 10 95559 |
| China Merchants Bank Co., Ltd. | 10,000 | 30,000 | Open nationwide | +86 755 95555 |
| Industrial Bank Co., Ltd. | +86 21 38769999 | |||
| Ping An Bank Co., Ltd. | +86 755 95511 |
Bank of China
Open the Bank of China APP, click [More] in the middle column of the homepage > [Outbound and Foreign Currency Services] > [Cross-border Payment Connect]. Supports users nationwide. Please use Bank of China first.
Industrial and Commercial Bank of China
Enter the Industrial and Commercial Bank of China APP, click [Transfer and Remittance] > [Cross-border Remittance] > [Cross-border Payment Connect] in sequence, supporting users nationwide.
China Merchants Bank
Search for “Cross-border Payment Connect” on the homepage of China Merchants Bank APP to enter the relevant service portal, and the service scope covers users nationwide.
China Construction Bank
Open the Construction Bank APP, search for “Cross-border Benefits”, and click the [Cross-border Payment Connect] menu after entering. This channel currently only supports customers in Guangdong Province and Hainan Province.
Agricultural Bank of China
Open the Agricultural Bank of China APP, click the [Wealth] column below > [Foreign Exchange] > [Cross-border Payment Connect]. Currently, this service is only available to Shenzhen branch users.
Bank of Communications of China
Path 1: Home-All-Cross-border Finance-Cross-border Payment Connect. Path 2: Home-All-Cross-border Finance-Cross-border Remittance-Cross-border Payment Connect. Path 3: Home-Search-Cross-border Payment Connect.
Industrial Bank/Ping An Bank
No entrance is open yet
Northbound participating banks
| Name of participating institution | Supported usage | Web link | Service Inquiry Hotline |
|---|---|---|---|
| AirStar Bank Limited | (1) Mobile banking application | Link | +852 3718 1818 |
| Ant Bank (Hong Kong) Limited | (1) Mobile banking application | Link | +852 2325 0303 |
| Bank of China (Hong Kong) Limited | (1) Mobile banking application (2) Online banking |
Link | +852 3988 2388 |
| Bank of Communications (Hong Kong) Limited | (1) Mobile banking application (2) Online banking |
Link | +852 2239 5559 |
| The Bank of East Asia, Limited | (1) Mobile banking application | Link | +852 2211 1321 |
| China CITIC Bank International Limited | (1) Mobile banking application | Link | +852 2287 6767 |
| China Construction Bank (Asia) Corporation Limited | (1) Mobile banking application (2) Online banking |
Link | (1) +852 2779 5533 (2) +86 40019 95533 (Mainland) |
| China Guangfa Bank Co., Ltd. Hong Kong Branch | (1) Mobile banking application | Link | +852 3850 9800 |
| China Minsheng Banking Corp., Ltd. Hong Kong Branch | (1) Mobile banking application (2) Online banking |
Link | +852 2519 5568 +86 95568 (Mainland) |
| Chong Hing Bank Limited | (1) Mobile banking application (2) Online banking |
Link | +852 3768 6888 |
| CMB Wing Lung Bank Limited | (1) Mobile banking application | Link | +852 2309 5555 +86 4008 822388 (Mainland) |
| Dah Sing Bank, Limited | (1) Mobile banking application (2) Online banking |
Link | +852 2828 8168 |
| Hang Seng Bank Limited | (1) Mobile banking application | Link | +852 2822 0228 |
| The Hongkong and Shanghai Banking Corporation Limited | (1) Mobile banking application (2) Online banking |
Link | (1) +852 2233 3033 (HSBC Premier Elite customers) (2) +852 2233 3322 (HSBC Premier customers) (3) +852 2233 3000 (Other HSBC personal customers) (4) +852 2748 8288 (HSBC commercial customers) |
| Industrial and Commercial Bank of China (Asia) Limited | (1) Mobile banking application | Link | +852 2189 5588 |
| Mox Bank Limited | (1) Mobile banking application | Link | +852 2888 8228 |
| Nanyang Commercial Bank, Limited | (1) Mobile banking application (2) Online banking |
Link | +852 2616 6628 |
| Shanghai Commercial Bank Limited | (1) Mobile banking application | Link | +852 2818 0282 |
| Shanghai Pudong Development Bank Co., Ltd. | (1) Mobile banking application | Link | +852 2996 5600 |
| ZA Bank Limited | (1) Mobile banking application | Link | +852 3665 3665 |
Recommended reading
Basic knowledge of bank accounts and bank cards in Hong Kong
Basic knowledge of bank cards in mainland China
Hong Kong Bank Faster Payment FPS detailed usage guide to avoid pitfalls
Hong Kong bank CHATS US dollar and euro transfer fees
Go to Hong Kong to open a bank account and apply for a Hong Kong bank card
Transfer money from mainland China to Hong Kong for free
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