Hong Kong and the mainland have launched a cross-border payment system, allowing residents of both regions to make real-time cross-border transfers using their mobile phone numbers or bank accounts.
The cross-border payment system was initiated in a meeting this morning and will officially be implemented on June 22. Those with Hong Kong bank cards can experience it first.
The first batch of banks participating in the cross-border payment system includes:
Mainland: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank
Hong Kong: Bank of China Hong Kong, Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, ICBC (Asia)
Currently, there are limits on the amount for cross-border transfers: 300,000 yuan per year from the mainland to Hong Kong, and 200,000 yuan from Hong Kong to the mainland. The specific amounts should still refer to the regulations of each bank.
In the future, more banks are expected to participate in the cross-border payment system. For those applying for Hong Kong bank cards, it will still be beneficial. In the future, instead of using Wise, you can achieve real-time transfers and save on a lot of service fees.