Cross-Border FPS: A Guide for Instant HK-China Transfers

What is Cross-Border FPS?

"Cross-Border FPS" is an upgrade to Hong Kong’s existing Faster Payment System (FPS), designed to bridge the small-value payment gap between Hong Kong and the Mainland.

Service Overview: Connecting HK’s FPS with Mainland’s IBPS

At its core, Payment Connect links Hong Kong’s Faster Payment System (FPS) with Mainland China’s Internet Banking Payment System (IBPS).

Simply put, this service allows Hong Kong residents to use their familiar local mobile banking apps to transfer Renminbi (RMB) directly to Mainland bank accounts using the FPS interface.

Key Drivers: HKMA and PBOC

This convenient service is a major financial infrastructure project jointly promoted by the Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBOC). Deep cooperation between these two regulators ensures the safety, stability, and compliance of the service.

Core Function: Instant Cross-Border Payments

The primary goal is to provide secure, high-efficiency, and convenient real-time cross-border payments. It revolutionizes the old model where remittances took T+1 or T+2 (one to two business days), reducing transfer times to near-instant.

Cross-Border FPS vs. Traditional Remittance: Key Advantages

Compared to traditional bank telegraphic transfers (TT), Cross-Border FPS offers overwhelming benefits in four areas:

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How to Register and Enable Cross-Border FPS?

The process is simple and completed entirely within your Hong Kong mobile banking app.

Eligibility: What account do I need?

You must be a Hong Kong Identity Card (HKID) holder and have an account (HKD and/or RMB) with a participating Hong Kong bank. You do not need to open a new Mainland account yourself, though your recipient must have one.

Registration via Mobile/Online Banking

You don’t need a separate registration for "Cross-Border FPS." The function is embedded in your banking app. You may simply need to "activate" the service or set your transfer limits upon first use.

Example (using Hang Seng App):

• Log in to your Mobile Banking App.
  
• Select "Transfer & Pay."
  
• Go to the "Mainland & Overseas" tab and select "Payment Connect."
  
• Accept the Terms & Conditions and set your "Payment Connect Limit."
  

Critical Step: Binding a Mainland Recipient Account

Before transferring, you must add a recipient. You will need:

• Recipient’s Full Name (Must match their Mainland bank record—usually Pinyin).
  
• Mainland Bank Account Number.
  
• Mainland Bank Name (Must be a participating bank).
  

Sending payments via Mobile Number (Recommended)

If your recipient in the Mainland has already linked their Mainland mobile number to their bank account, you don't need to type in a long account number. Simply enter their mobile number and bank name, and the system handles the rest.

How to Transfer Money via FPS to the Mainland?

Step-by-Step for the Payer:

• Log in: Access your HK mobile banking app.
  
• Select Function: Navigate to "Transfer" > "Payment Connect."
  
• Choose Recipient: Select your bound recipient (via account number or mobile number).
  
• Enter Amount & Account:
  

• Enter the HKD amount you wish to send.
  
• The system will instantly display the RMB amount based on the current FX rate.
  
• Choose whether to debit your HKD or RMB account.
  

• State Purpose: Select a "Transfer Purpose" (e.g., Family Support, Personal Expenses) from the dropdown.
  
• Verify & Confirm: Double-check the recipient's name and the exchange rate.
  
• Completed: The funds should arrive in the Mainland account within minutes.
  

Fees, Exchange Rates, and Transfer Limits

Bank Fees ($0 Fee Promotion)

As of 2025, to promote the service, major participating banks (HSBC, BOC HK, Hang Seng, BEA, etc.) are offering $0 handling fees. While this may change after the promotional period, it is currently the most cost-effective way to send small amounts.

Transfer Limits

Because this is intended for personal "livelihood" payments, strict limits apply:

• Daily Limit: HK$10,000 per person.
  
• Annual Limit: HK$200,000 per person.
  
• Note: This limit is independent of the existing HK$80,000 daily limit for "Same-Name" RMB remittances to the Mainland.
  

Participating Banks

Initially, the service included 12 pilot banks (6 in HK, 6 in the Mainland).

Hong Kong Participating Banks:

• Bank of China (Hong Kong)
  
• Bank of East Asia (BEA)
  
• CCB (Asia)
  
• Hang Seng Bank
  
• HSBC
  
• ICBC (Asia)
  

Mainland Participating Banks:

• Agricultural Bank of China
  
• Bank of China
  
• Bank of Communications
  
• China Construction Bank (CCB)
  
• China Merchants Bank
  
• Industrial and Commercial Bank of China (ICBC)
  

Beyond FPS: Aspire for Business-Grade Global Transfers

While "Cross-Border FPS" is perfect for personal, small-value transfers to China, it isn't designed for business-scale operations or global reach.

Aspire serves as the professional B2B alternative for companies:

• One-Stop Global Receivables and Payments: Get your fully digital account approved as quickly as the same day. We support 130+ countries and over 40 currencies, with FX markups as low as 0.18% (up to 3x cheaper than traditional banks). Beyond built-in FPS (Free) and CHATS to ensure local payments and payroll are always on time, Aspire features a powerful Local Transfer Network. This allows you to receive and send funds overseas just like a local. Compared to traditional SWIFT wire transfers, local transfers bypass layers of intermediary bank fees and significantly shorten processing times, helping you save on remittance costs right from the source.
  
• One-Stop Expense Control: From Invoicing to Bill Pay, your workflow is fully automated. You can instantly issue controllable corporate cards and utilize "snap-and-claim" features that automatically categorize employee expenses. All transaction data syncs seamlessly with Xero, QuickBooks, and NetSuite. From payroll to reconciliation, solve all your administrative pain points on one platform.
  
• One-Stop Operational Rewards: Turn your expenses into returns! Earn unlimited 1% cashback on eligible spending, such as digital marketing and SaaS subscriptions. Your account also comes with business rewards valued at over USD 500,000, covering essential tools like Google Workspace and Slack, effectively rebating your operating costs from the start.
  

Open a free account today to experience a more flexible, intelligent corporate financial solution than traditional banking, and accelerate your business growth!