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Frequently Asked Questions on Remittance Services


Outward Remittance


- Our Services
- Timing
- Charges
- Mainland China Remittance
- Other Countries Remittance
- Enquiry on Transactions

Inward Remittance


- Our Services
- Timing
- Charges
- Others
- Enquiry on Transactions


I. Outward Remittance


Our Services
1. What channels can I use for remitting money to overseas countries?
  You can submit your remittance applications to our branches or make use of our Business e-Banking or Hang Seng HSBCnet which will save you more transaction costs.

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2. What currencies and where can I remit funds to?
You can remit money to over 160 countries in following currencies:
HKD, USD, CAD, GBP, EUR, THB, AUD, CHF, DKK, JPY, NOK, NZD, SEK, SGD, ZAR, or other currencies that our Bank may add or delete from time to time.

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3. How much can I remit on a daily basis?
There is a limit specifically set for remittance via Business e-Banking. The limit is governed by the User Daily Limit(s) of the user as well as the Portfolio Daily Limit(s) you pre-set for "Fund Transfer to other Accounts" when you apply for the service. Both limits can be viewed by Primary User(s)or, where applicable, the Secondary User(s) with the management control functions access right, under the Management Control in Business e-Banking.

In general, the transaction limit for remittance via Hang Seng HSBCnet is governed by the User Daily Authorisation Limit pre-set by the relevant User under "Priority Payment Authority Details". The limit can be viewed by Primary User(s) or the Secondary User(s) (where applicable) with the access right under the User Management Tool in Hang Seng HSBCnet.

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4. Can I place a Standing Instruction to remit funds at regular time? Is there any charge for setting up a Standing Instruction?
Yes, you can apply through our branches to place a Standing Instruction to remit a designated amount of money regularly (e.g. monthly, or quarterly) to a designated beneficiary by debiting a designated account maintained with our Bank. Set up fee for each Standing Instruction is HKD100. Remittance charges per executed transaction are the same as normal application submitted to branches.

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Timing
5. What is the cut-off time for same-day processing of outward remittance?
All applications submitted to our branch(es) within the office hours will be processed on the same day, except that:
  Cut-off time for HKD remittance to all countries is 4:00pm on Mondays to Fridays. HKD remittance applications received after 4:00pm on Mondays to Fridays will be processed either on the same day or on the following business day at our Bank's discretion;
HKD remittance applications to all countries received on Saturdays will be processed on the following business day after implementation of the 5-Day Clearing Week; and
Cut-off time for CNY remittance* to Mainland China is 2:00pm on Mondays to Fridays, and CNY remittance applications received after the 2:00pm on Mondays to Fridays will be processed either on the same day or on the following business day at the Bank's discretion. CNY remittance applications received on Saturdays or holidays in Mainland China will not be processed until the following business day in Hong Kong and Mainland China.
*Remark: CNY remittance service is only available to personal customers.
For Business e-Banking users, cut-off time for remittance applications is 4:55pm on Mondays to Fridays. Applications received after cut-off time will be processed in the following business day. System will prompt out message to advise customers on the status.
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6. Can I submit outward remittance request to your branch(es) on Saturdays after implementation of the 5-Day Clearing Week in Hong Kong?
Customer can submit outward remittance request to our branch(es) on Saturdays, and all applications submitted within the office hours will be processed on the same day except that:
(i)  HKD remittance application to all countries received on Saturdays will be processed on the following business day; and
(ii) CNY remittance* request to Mainland China made on Saturdays will be processed on the following business day of both Hong Kong and Mainland China.
*Remark: CNY remittance service is only available to personal customers.

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7. When will the funds be debited from my account after I placed a remittance instruction?
The funds will be debited from the account prescribed by you on the processing day of the application which will be the same day or the following business day after you have submitted your application. (For details, please refer to Q5 above).

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8. When will beneficiaries receive the money if we make a remittance to an overseas account today?
The time when the beneficiary receives the funds will depend on the processing time of the intermediary bank(s)/ beneficiary bank or its branches. Normally, it takes 1 to 4 business day(s) for beneficiaries to receive the funds.

However, it may take longer time for payment to countries where exchange control is in place, or where it is the receiving bank's requirement to release funds upon contact with the beneficiary, or if the payment has to go through a number of banks and branches.

To ensure that the remittance can be processed accurately and efficiently throughout the payment chain, please provide correct SWIFT Bank Identifier Code / domestic clearing number of the relevant beneficiary bank branch / IBAN if applicable. (For details, please refer to Q18-22)

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9. What if the outward remittance is being sent on the holiday of the country of beneficiary while Hong Kong is a business day?
Our Bank will send out the payment instruction to the beneficiary bank as usual except for CNY remittance* to Mainland China of which payment will not be sent out until the following business day of both Hong Kong and Mainland China.

*Remark: CNY remittance service is only available to personal customers.
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Charges
10.  What is the bank charge for an outward remittance?
Remit to Currency
Charge (per transaction)
(including "Handling charge" & "Cable charge")
Via Branch
Via Business e-Banking /
Hang Seng HSBCnet
Hong Kong / China / Taiwan / Macau Any HKD150 HKD100
Other Countries HKD / Local currency HKD150
Non-Local currency HKD260

Remarks:
An additional HKD100 per instruction shall be charged if remittance instruction contains Chinese characters (exempted for HKD remittance to Macau).
Overseas bank charge is not included.
Prestige account customers can enjoy "Handling charge" waiver (except for "Cable charge" and "Overseas bank charge"). Such waiver is not applicable to e-Banking transactions.
Prestige account customers will enjoy a discounted bank charge of HKD100 per transaction for remitting USD/ HKD via Branch to same currency accounts maintained with Hang Seng Bank (China) Limited in Mainland China.

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11. Will there be any additional charge if the remittance instruction contains Chinese characters?
Yes, an additional HKD100 will be charged (exempted for HKD remittance to Macau).

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12. How much will the beneficiary bank and correspondent bank charge for the remittance?
Each bank has its own tariff and the pricing is subject to change. Customer can enquire with our staff when necessary.

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13. How much is the handling charge for amendment / cancellation of an outward remittance?
If the remittance instruction has not been sent out, there is no charge. Otherwise, HKD200 (handling charge) plus HKD100 (cable fee) and overseas bank charge (if applicable) will be charged.
You can download and fill in the "Application for Amendment / Cancellation / Refund of Remittance" and submit it to any of our branches.

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Mainland China Remittance

A. CNY Remittance to Mainland China
14. Can commercial customer remit CNY to China?
No, currently only an individual (not commercial customer) can remit CNY through his/her personal CNY account maintained with our Bank to his/her personal CNY account in the same name in Mainland China.

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B. Charges
15. How much is the bank charge for outward remittance to Mainland China?
For CNY remittance, service is currently only available to personal customers.

For remittance of other currencies, the bank charge is:
Service channel Via Branch Via Business e-Banking/ Hang Seng HSBCnet
Charges (per transaction)
(including "Handling charge" & "Cable charge")
HKD150 HKD100
Remarks:
An additional HKD100 per instruction shall be charged if remittance instruction contains Chinese characters (exempted for HKD remittance to Macau)
Overseas bank charge is not included.
"Handling charge" is waived for Prestige account customers ("Cable charge" and "Overseas bank charge" are not included in such waiver). Such waiver is not applicable to e-Banking transactions.
Prestige account customers will enjoy a discounted bank charge of HKD100 per transaction for remitting USD/ HKD via Branch to same currency accounts maintained with Hang Seng Bank (China) Limited in Mainland China.


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C. Same Day Credit to Hang Seng (China) Account Services - applicable to USD & HKD
16. What is "Same Day Credit to Hang Seng (China) Account Services"?
We offer more flexible cut-off time for remittance of USD/ HKD to the same currency accounts maintained with Hang Seng Bank (China) Limited ("Hang Seng (China)") such that: customers who submit such remittance applications to our branch(es) in Hong Kong before the cut-off time at 4:00pm on Mondays to Fridays (excluding Mainland China public holidays) will also enjoy the same-day credit of funds to the accounts maintained with Hang Seng (China) Limited.

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17. How much is the bank charge for remitting USD/ HKD to same currency accounts maintained with Hang Seng Bank (China) Limited?
Please refer to Q.15.
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Other Countries Remittance

A. General - SWIFT BIC
18. What is a SWIFT BIC?
SWIFT refers to Society For Worldwide Interbank Financial Telecommunication. SWIFT BIC is a Bank Identifier Code (8 or 11 alphanumeric characters) used in the interbank telecommunication to ensure remittance message can reach the correct receiving bank. For example, HASEHKHHXXX represents Hang Seng Bank Limited, Hong Kong while HASECNSHHSH represents Hang Seng Bank (China) Limited, Shanghai Branch.

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B. USA
19. What is a Fed wire No. / ABA No. for remittance to USA?
Fed wire No. / ABA No. is an identifier (clearing number) of a domestic bank in USA.

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C. Europe
20. What is an IBAN Number for EUR remittance to Europe?
IBAN stands for International Bank Account Number. Some of the European Banks only accept IBAN number for remittance processing. The first two letters represent country code, followed by check digits, identifier codes of account holding bank / branch and customer account number. The maximum length is 34 digits.

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21. Should I provide the IBAN number for EUR remittance to Europe? Where can I get such number?
From Jan 2007, you must provide the beneficiary bank's SWIFT BIC and the beneficiary's account number in International Bank Account Number (IBAN) format for all EUR remittances to European Union (EU) and European Economic Area (EAA). The beneficiary can obtain the correct IBAN number from the bank at which their account is held.
Please note if this information is not given or is incomplete or incorrect, the remittance may be rejected, returned, delayed or subject to an additional charge imposed by the beneficiary bank/intermediary bank. The Bank accepts no responsibility for any loss or damages caused by such rejection, return, delay or additional charge. Any additional charge by overseas bank shall be debited from the funds remitted or any of your account(s) maintained with our Bank.

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Enquiry on Transactions
22. What can I do if I find the funds have not reached the beneficiaries within a reasonable time? Can I request for an investigation?
You may call our Remittance Hotline (Tel: 2123 1088) or approach our branches and provide the remittance details as below:
Remitter Details - Remitter full name and account number
Beneficiary Details - Beneficiary full name and account number
Transaction Details - Transaction date, Remittance number and amount
Our Bank's charge for each cable inquiry is HKD100 plus overseas bank charge (minimum HKD200 per enquiry).

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II. Inward Remittance


Our Services
23. Can I get notification when the fund is successfully remitted to our accounts?
A hardcopy advice will be printed on the following day of the remittance to your account and then mailed to customer.

For Business e-Banking customers, they will receive an Inward Remittance e-Advice when the fund is successfully remitted to their accounts. The advice(s) will be kept for 30 days from the advice(s) delivery date. After that, the advice(s) will be deleted automatically. Moreover, they can also set up e-Alert which is a default free service. The e-Alert will notify you of an inward payment of any amount or a specified amount credited to your company account. Please note that the credit amount is the net amount after deduction of charges, if any.

For Hang Seng HSBCnet customers, they will get an Inward Remittance Advice under "Balance and Transaction Reporting" when the remitted fund is successfully credited to their accounts.
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24. Can inward remittance be made in CNY?
No, unless it is a return of the previously remitted RMB from your personal account to the same personal account. No remittance transactions are allowed to/ from business accounts under current RMB remittances regulations.

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Timing

25. When can the inward remitted funds be credited to our accounts?
Under normal circumstances, funds will be credited to customer account on the same day if remittance instruction from remitting bank is received before cut-off time on a business day (i.e. 4:30pm on Mondays to Fridays; 11:30am on Saturdays; public holidays excepted)

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Charges
26.  What is the bank charge for inward remittance?
  HKD50 per transaction is charged for funds remitted directly from an overseas bank. This bank charge is waived for Prestige account customers.

For overseas remittance to Hang Seng Bank Limited through other local bank(s) via CHATS payment, the charge will be HKD10/ USD1.20/ EUR1.00 per transaction depending on the currency of the remitted funds.

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Others
27.  What information should I provide to my remittance counterpart?
 
General information:

You should provide to the remitter your account information including account holder's name, bank's name e.g. Hang Seng Bank Limited and account number as well as Hang Seng Bank Limited's SWIFT code, which is HASEHKHH.

From USA:
For remittance from USA, you should also provide our CHIPS No. 010522 in addition to your account information and Hang Seng Bank Limited's SWIFT code.

Or, you can simply download the following template and email/ fax to your business counterparts: http://www.hangseng.com/e_business/cash_management/irtt.pdf

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28. My business partner / friends or relatives would like to know the SWIFT code / Fed Wire Number of Hang Seng Bank Limited's correspondent banks in US?

The SWIFT Code and Fed Wire Number of our correspondent banks in US are:
Correspondent bank SWIFT Code Fed Wire Number
Bank of America, San Francisco BOFA US6S FW 121000358
Bank of New York, New York IRVT US3N FW021000018
Citibank NA, New York CITI US33 FW 021000089
Deutsche Bank Trust Co BKTR US33 FW021001033
HSBC Bank USA, New York MRMD US33 FW 021001088
JPMorgan Chase Bank NA CHAS US33 FW 021000021
Wells Fargo Bank, San Francisco WFBI US6S FW121000248

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29. My business partner / friends or relatives would like to remit funds to us and would like to know Hang Seng Bank Limited's correspondent banks in overseas and their SWIFT addresses?

Below are our overseas correspondent banks' details:
Country Correspondent Bank(s) SWIFT Address Code
Australia Commonwealth Bank of Australia, Sydney
ANZ Bank Ltd, Melbourne
CTBA AU2S
ANZB AU3M
Belgium Fortis Bank NV/SA, Brussels GEBA BEBB
Britain HSBC Bank Plc, London MIDL GB22
Canada Canadian Imperial Bank of Commerce, Toronto
Royal Bank of Canada, Toronto
CIBC CATT
ROYC CAT2
Denmark Danske Bank A/S, Copenhagen DABA DKKK
France Credit Agricole SA, Paris AGRI FRPP
Germany Commerzbank AG, Frankfurt COBA DEFF
Holland ABN Amro Bank NV, Amsterdam ABNA NL2A
Japan Bank of Tokyo-Mitsubishi UFJ Ltd, Tokyo
Sumitomo Mitsui Banking Corporation, Tokyo
BOTK JPJT
SMBC JPJT
New Zealand Bank of New Zealand, Wellington BKNZ NZ22
Norway DNB NOR Bank ASA, Oslo DNBA NOKK
Singapore Hongkong and Shanghai Bkg Corp Ltd, Singapore HSBC SGSG
Spain Banco Espanol de Credito Sa, Madrid ESPC ESMM
Sweden Svenska Handelsbanken AB, Stockholm HAND SESS
Thailand Hongkong and Shanghai Bkg Corp Ltd, Bangkok HSBC THBK
US
Please refer to Q. 28 for details

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Enquiry on Transactions
30.  What if there is a problem with our inward remittance?
  It is vital to provide complete and accurate account information to the remitter. Otherwise, the remittance may be delayed or rejected. If our Bank is able to identify that you are the beneficiary of a remittance with incorrect beneficiary details such as account number and name, our Bank may request you to inform the remitter to make an amendment via the remitting bank. You can call our Remittance Hotline (Tel: 2123 1088) to check the status of your remittance.

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Remarks:
Please note the information relating to the services stated above are for customer's reference only and may be subject to changes from time to time by Hang Seng Bank Limited ("the Bank").
The Bank reserves the right to revise any fees, charges, special offers and other services from time to time. The Bank reserves the right to levy a charge on transactions conducted where necessary. Please contact our branches or call Remittance Hotline (Tel: 2123 1088) if you have any queries.

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