Faster Payment System

One of the Pioneering Banks Launches “Payment Connect”
Real-time Currency Exchange and Fund Transfer between Mainland and Hong Kong Without Service Charges

CCB (Asia) is one of the pioneering banks in Hong Kong to launch the “Payment Connect”1, which enables customers using Faster Payment System (FPS) to conduct real-time RMB fund transfers to Mainland designated bank accounts2, as well as receive RMB or HKD fund transfers from Mainland bank accounts, without service charges. What’s more, we are the pioneer of providing real-time currency exchange service, which allows customers to make RMB exchanges directly from HKD accounts and complete fund transfers to Mainland banks via “Payment Connect” seamlessly, even if they do not have RMB account. This provides greater convenience for business people as well as personal users who travel frequently between the Mainland and Hong Kong. Henceforth, CCB (Asia) customers can make both local and cross-border fund transfers via FPS much easier!
Remarks:
  1. Please update the CCB (HK&MO) Mobile App to version 2.3.7.001 or above to use “Payment Connect”.
  2. Fund transfers to Mainland designated bank accounts via “Payment Connect” are only applicable to Hong Kong residents with HKID Card.
During the promotion period, eligible customers who complete the following tasks via the Bank’s Online Banking/ Mobile Banking can enjoy a HK$100 cash reward:
Task1
Set CCB (Asia) as the FPS default recipient bank, and
Task2
Complete at least one FPS transfer of HKD/RMB 1,000 or above
Details
  • Payment Connect
  • Local Transfers
Key Features

Use FPS to conduct real-time RMB fund transfer to Mainland designated bank accounts, as well as receive RMB or HKD fund transfers from Mainland bank accounts, without service charges

Real-time fund transfer services can be completed with ease by simply providing a Mainland mobile phone number or Mainland bank account number along with the recipient’s name

Make automatic RMB exchange to your own or a third party’s Mainland bank account without having to open an RMB account

Receive instant notifications to confirm successful fund transfers to Mainland bank accounts

Demonstration of “Payment Connect”
Reminder: Please update the CCB (HK&MO) Mobile App to version 2.3.7.001 or above to use “Payment Connect”.
How to complete Cross-Border Fund Transfer
1

Log in to your Mobile Banking account. Tap “Payment Connect (FPS/ Mainland)”.

2

Choose a payee under “New Payee” or “Recent Payee”.

3

Select either “Mainland Phone Number” or “Mainland Bank Account Number” as transfer method.

4a

If choosing “Mainland Phone Number” as transfer method. Input “Mainland Phone Number” and select “Recipient Bank”.

4b

If choosing “Mainland Bank Account Number” as transfer method. Select “Recipient Bank”. Input “Mainland Bank Account Number” and “Payee’s Name”.

5

Fill in “Transfer Amount”. Select an account under “From” and fill in “Supplementary information from Payer”.

6

Read the terms and conditions for interbanks fund transfer instructions. Tap “Confirm” to proceed.

7

Transaction completed. You will receive a confirmation email and SMS for record.

FAQ of “Payment Connect”
  1. What types of remittance does our “Payment Connect” support?
Our “Payment Connect” supports real-time, two-way, small-value cross-boundary remittance between Mainland China and Hong Kong through a linkage between the Internet Banking Payment System (IBPS) and Faster Payment System (FPS).
  1. What currencies are supported under “Payment Connect”?
  Northbound
(from Hong Kong to Mainland China)		 Southbound
(from Mainland China to Hong Kong)
Debit currency Debit from CCB (Asia) in Hong Kong:
  • RMB (in the case if the customer already holds an RMB account)
  • HKD (convert HKD to RMB based on the foreign exchange rates of CCB (Asia))
 Debit from designated banks in Mainland China:
  • RMB
Credit currency Credit to designated banks in Mainland China:
  • RMB
 Credit to CCB (Asia) in Hong Kong:
  • RMB or HKD
  1. Any transfer limit on remitting funds to Mainland China through the “Payment Connect”?
Currently, P2P remittance to Mainland China without a specified purpose will be subject to a daily limit of HKD10,000 (or equivalent) and the annual limit of HKD200,000 (or equivalent).
  1. Will remittance to Mainland China under the “Payment Connect” be limited to same name transfer only?
No. “Payment Connect” supports P2P remittance from and to same name account(s) or non-same name account(s).
  1. Is there a fee for making use of the “Payment Connect”?
Currently, the fee for making use of the “Payment Connect” is waived, until our further notice.
  1. When will the funds arrive at the payee’s bank in Mainland China if a Northbound transfer request is submitted under the “Payment Connect”?
Funds are remitted on a real-time basis to Mainland China via the “Payment Connect”.
Key Features

7x24 real-time HKD and RMB fund transfer3 without service changes

Addressing Service registration and real-time fund transfer can be completed simply using mobile phone number or email address

Instant notification after any successful fund transfer to unregistered account4

Electronic direct-debit authorization (eDDA) set up (autopay setup) via Online Banking and Mobile Banking

QR Code Services allow you to scan payee’s QR code to make payment without entering payee’s information. You can also generate your own QR code using Mobile Banking to capture payment or fund transfer

Remarks:
  1. 7x24 real-time fund transfer service is only applicable to fund transfer amount of HKD/RMB 1 million or below.
  2. Except fund transfer to your own account in the Bank and the account you registered for fund transfer via our branches.
Benefits

Simple steps to complete fund transfer anytime anywhere

Bank account number is not required for fund transfer

Reduce paperwork and cheque issuance

Transaction notification enabled and end-to-end encryption to keep transaction secure

Scan and pay – it's quick, easy,
and convenient

Demonstration of FPS
1. Fund Transfer Setting
1

Log in to your mobile banking account and select “Transfer/Payment”. Tap the “Setting” button to set up personalized services.

2

Select “Small Value Fund Transfer Setting”.

3

Select “Register”. Turn on “Small Value Fund Transfer Settings” and fill in the “Daily Transfer Limit”. Tap “Next”. Enter the One-Time Password (OTP) which will be sent to your registered mobile number. Tap “Confirm” to complete the setup.

4

Select “FPS Setting” under “Transfer/FPS Setting & Query” to activate the Addressing Service. Turn on the relevant functions, choose the Linked Account, and tap “Next” to proceed.

5

Enter the One-Time Password (OTP) which will be sent to your registered mobile number. Review and confirm the selected instructions. Read and accept the Terms and Conditions for the Faster Payment System. Tap “Confirm” to complete the setting.

6

Your instruction has been successfully executed. You can now enjoy the FPS service.

2. How to complete Fund Transfer
1

Log in to your Mobile Banking account. Tap “FPS Transfer”.

2

Select an account number under “From Account”.

3

Choose a payee under “New Payee”, “Recent Payee”, “Registered CCB (Asia) Account”, or “Registered Other Local Bank Account”.

4

Review the “From Account” and “To Account” details. Tap “Next” to continue.

5

Fill in the “Transfer Amount” and “Message to Recipient”.

6

Read and accept the terms and conditions for the fund transfer instruction. Tap “Confirm” to proceed.

7

The transaction is completed. A confirmation email and SMS will be sent to you for your records.

3. Set up FPS with HKID number addressing
1

Log in to your Mobile Banking account. Select “Transfer/Payment”. Tap the “Setting” button to set up personalized services.

2

Tap “FPS Settings”. Select “HKID Number” from the options.

3

Activate the “HKID Number” button. Choose the “Linked Account”. Tap “Next” to continue.

4

Enter the One-Time Password (OTP) sent to your registered mobile number. Tap “Confirm” to validate.

5

Review and confirm the selected instructions. Read and accept the terms and conditions for the Faster Payment System. Tap “Confirm” to finalize the setup.

6

Instruction has been completed.

4. Cancel FPS with HKID number addressing
1

Log in to your Mobile Banking account. Select “Transfer/Payment”. Tap the “Setting” button to set up personalized services.

2

Tap “FPS Settings”. Select “HKID Number” from the menu.

3

Deactivate the “HKID Number” option. Tap “Next” to proceed.

4

Instruction has been completed.

Please Click Here for Terms and Conditions for Bank Services relating to Faster Payment System
Risk Disclosure

Currency Exchange
Currency exchange involves bid-ask spread.

Exchange Rate Risk
Currency exchange rates are affected by a wide range of factors, including national and international financial and economic conditions and political and natural events. The effect of normal market force may at times be countered by intervention by central banks and other bodies. At times, exchange rates, and price linked to such rates, may rise or fall rapidly. The fluctuations in the exchange rate of a foreign currency may result in losses in the event that you convert HKD to any foreign currency or vice versa.

RMB Currency Risk
RMB is currently not freely convertible and is subject to exchange controls and restrictions (which are subject to changes from time to time without notice). You should consider and understand the possible impact on your liquidity of RMB funds in advance. The fluctuation in the exchange rate of RMB may result in losses in the event that you convert RMB into other currencies. Onshore RMB and offshore RMB are traded in different and separate markets operating under different regulations and independent liquidity pool with different exchange rates. Their exchange rate movements may deviate significantly from each other.