Frequently Asked Questions on Outward Remittance
You can submit your remittance applications to our branches or make use of our Hang Seng Business e-Banking or Hang Seng HSBCnet which will save you more transaction costs.
You can remit money to overseas countries worldwide in following currencies:
HKD, USD, CNY, 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.
There is a limit specifically set for remittance via Hang Seng 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 the Primary User(s) or, where applicable, the Secondary User(s) with the management control functions access right, under the Management Control in Hang Seng 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 the Primary User(s) or the Secondary User(s) (where applicable) with the access right under the User Management Tool in Hang Seng HSBCnet.
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.
6. Can I submit outward remittance application to your branch(es) on Saturdays after implementation of the 5-Day Clearing Week in Hong Kong?
Customer can submit outward remittance application 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 application submitted to our branch(es) on Saturdays will be processed on that day or on the following business day of both Hong Kong and China subject to the operation and practice adopted by the RMB clearing bank / Mainland correspondent bank. It will not be processed by the RMB clearing bank during holidays in China (e.g. Labour Day, National Day).
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 Outward Remittance & CHATS Services Cut-off Timetable).
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 Q19-22)
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 CNY remittance which is subject to the operation and practice adopted by the RMB clearing bank bank / Mainland correspondent bank. Such CNY remittance will not be processed by the RMB clearing bank during holidays in China (e.g. Labour Day, National Day).The payment will not be sent out until the following business day of both Hong Kong and Mainland China.
Yes, an additional HKD150 will be charged (exempted for HKD remittance to Macau).
Each bank has its own tariff and the pricing is subject to change. Customer can enquire with our staff when necessary.
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.
Mainland China Remittance
CNY Remittance to Mainland China
Renminbi (CNY) remittance service is only available to corporate customer under the scope of “Renminbi for Trade Settlement Services” as announced by the Peoples’ Republic of China or Hong Kong.
For details, please refer to Hang Seng RMB Trade Settlement Services.
CIPS is the abbreviation for Cross-Border Interbank Payment System, and CNAPS is the abbreviation for China National Advanced Payments System. They are the cross-border payment systems which process CNY remittance to Mainland China, and the cut-off time of CIPS is later than CNAPS.
Your CNY remittance can be processed via CIPS with the extension cut-off time when fulfils all following conditions as follows:
- The beneficiary’s bank must be CIPS’ direct or indirect participant,
- The remitter is a commercial customer, and
- SWIFT BIC of the beneficiary’s bank must be provided
If any one of the above conditions are not satisfied, the Bank will process your CNY remittance payment via CNAPS. Please provide CNAPS code of the beneficiary’s bank, and take note of the relevant cutoff time. (For details, please refer to Part II-2 of Outward Remittance & CHATS Services Cut-off Timetable)
Same Day Credit to Hang Seng (China) Account Services
We offer more flexible remittance cut-off time 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 will also enjoy the same-day credit of funds to the accounts maintained with Hang Seng (China) Limited. (For details, please refer to Part II-3 of Outward Remittance & CHATS Services Cut-off Timetable)
18. How much is the bank charge of outward remittance to same currency accounts maintained with Hang Seng Bank (China) Limited?
Other Countries Remittance
General - 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.
Fed wire No. / ABA No. is an identifier (clearing number) of a domestic bank in USA.
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.
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.
Enquiry on transactions
23. 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 Business Partner Direct 2198 8000 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 plus overseas bank charge. Please refer to “Part B: Remittances and Foreign Exchange Services > Inward Remittances” of the Bank's prevailing tariff for details.