HSBC Hong Kong launches same day fund transfers

HSBC and Lu International have teamed up to allow free same day RTGS transfers (Image V2images / iStockPhoto)

HSBC has partnered with Lu International to reduce funds transfer time from 1-3 days to transfer within the same day. This exclusive service is only applicable to transfers made in Hong Kong for US Dollars or HK Dollars to their Lu-Global e-wallets.

These transfers can be made using Hong Kong-based bank accounts through Hong Kong’s domestic funds transfer system (Real Time Gross Settlement). It is also a more cost-effective method when compared to using telegraphic transfers (TT).

Clients can make transfers via their mobile banking apps remotely and conveniently. Instead of incurring a charge of US$25-50 for each transaction via TT, HSBC Hong Kong account holders can transfer funds into their Lu-Global accounts at zero cost.

For clients that have linked their Lu-Global accounts to other Hong Kong-based banks, fund transfer charges have been lowered significantly to be in line with domestic transfer rates. 

Kit Wong, CEO of Lu International, commented: “Our portfolio of clients are savvy and require flexibility in how they invest. It is a competitive market and we are continuously exploring new ways of enabling investors to invest flexibly and securely.”

Yvonne Yiu, head of Global Liquidity and Cash Management Hong Kong at HSBC, said:  “Across Asia, businesses are embracing emerging technologies to adapt to the expectations of tech-savvy consumers. At HSBC we are committed to developing and enhancing our solutions to best fit the versatile needs of all of our clients and recognize the critical role digital plays in the future of payments.”

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