| Q: |
What is Currency Switching Service? |
| A: |
This service enables you to set up advance instructions for foreign exchange according to your pre-set criteria, such as target exchange rate, transfer amount and transfer frequency. When your pre-set criteria are met, the instruction will be automatically processed. |
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|
| Q: |
Who is eligible to use Currency
Switching Service? |
| A: |
All integrated banking account holders
(not including BIA Jr.) are eligible to use this service. |
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|
| Q: |
Is there any set-up charge for
using Currency Switching Service? |
| A: |
No. |
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|
| Q: |
What type of criteria can be pre-set in currency switching instruction via Hang Seng Business e-Banking?
|
| A: |
When you set-up currency switching instruction via Hang Seng Business e-Banking, following criteria may be pre-set in the instruction:
| 1.Target Exchange Rate |
The instruction will be executed when Hang Seng Bank's prevailing buying / selling rate hits the target buying / selling foreign exchange rate |
| 2.Transfer Amount |
Fixed transfer amount per execution |
| 3.Pay By Account Minimum Balance Retained |
The instruction will not be executed if the balance of Pay By Account is below this threshold |
| 4.Transfer Frequency |
| |
Transfer Frequency Setting |
| (i) |
Daily |
| (ii) |
Weekly |
| (iii) |
Monthly |
| (iv) |
Quarterly |
| (v) |
Last day of every month |
|
| 5.Expiry Date of the Instruction |
The instruction will not be executed after the specific date |
| 6. Pay By Account Fund Retention Period |
The instruction will not be executed if the dates of the balance staying in Pay By Account prior to the transfer is below the pre-set period |
| 7. No. of Times of Execution |
| (i) |
Unlimited |
| (ii) |
Specific Number of Times - when the specified no. of times have been executed, the instruction will be expired and deleted automatically |
|
| 8. Optional Advanced Criteria |
| (i) |
Cumulative Maximum Transfer Amount within a Predefined Period - The instruction will not be executed if the transfer amount aggregating during the per-set period exceeds the specified cumulative maximum transfer limit |
| (ii) |
Suspension period - the instruction will not be executed within the specified period |
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|
| Q: |
How many instructions can be
defined at the same time? |
| A: |
Currency Switching allows multiple
instructions set-up for the transfer between foreign currency
savings and Hong Kong dollar savings/current accounts or US dollar
savings account within the same integrated banking accounts.
However, only one transfer out instruction can be set for each debit
account. |
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|
| Q: |
Does Currency Switching Service
provide cross currency transfer? |
| A: |
Apart from transfer between Hong Kong
dollar and foreign currencies, Currency Switching Service also
provides transfer between US dollar and other foreign currencies
(excluding CNY). Other cross currency switching is not offered for
the time being. |
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|
| Q: |
How often are foreign exchange
rates checked for confirming the execution of the instruction? |
| A: |
Hang Seng Bank checks exchange rates against the Bank's prevailing buying/selling rates regularly on business day from Monday to Friday from around HKT 09:15 to HKT 17:15, and from around HKT 09:00 to HKT 13:00 on a business day which is a Saturday on an hourly interval basis.
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|
| Q: |
Is there any transfer limit for
Currency Switching Service? |
| A: |
Yes. The minimum limit listed below
applies to debit account currency. Instructions in which the
transfer amount denominated in the debit account currency is below
the minimum limit will not be executed. The maximum limit listed
below applies to both debit and credit account currencies.
Instructions in which the transfer amount is above the lower maximum
limit among the two currency denominations will not be executed.
Please refer to the table below for the variety of currencies
provided for the Currency Switching Service and their respective
maximum / minimum transfer amounts.
| Currency |
Currency Code |
Max. Transfer Amount |
Min. Transfer Amount* |
| Australian Dollar |
AUD |
200,000 |
190 |
| Canadian Dollar |
CAD |
200,000 |
200 |
| Swiss Franc |
CHF |
200,000 |
180 |
| Euro |
EUR |
150,000
|
110 |
| British Pound |
GBP |
150,000
|
80 |
| Japanese Yen |
JPY |
15,000,000
|
15,000 |
| New Zealand Dollar |
NZD |
200,000 |
230 |
| Thai Baht |
THB |
2,000,000 |
4,800 |
| US Dollar |
USD |
500,000 |
130 |
| South African Rand |
ZAR |
500,000 |
1,100 |
*Equal to or higher than the indicative currency amount, or HKD1,000 equivalent, whichever is higher. |
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| Q: |
How to confirm whether certain
instruction has been executed? |
| A: |
For enquiries, please call our Customer
Service Representatives on (852) 2198 8000. The transactions will
also be shown in the monthly statement and can be checked via
e-Banking |
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| Q: |
If "Expiry Date of the Instruction" or "No. of Times of Executions" has been achieved, how will the instruction be processed?
|
| A: |
When "Expiry Date of the Instruction" or "No. of Times of Execution" has been achieved, the instruction will be expired and deleted automatically.
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