Published : 25/06/2025
Recently, the "Payment Connect" jointly launched by the Hong Kong Monetary Authority and the People's Bank of China was officially activated.
So, how exactly do you use the "Payment Connect"? What are the key points to pay attention to in the operation?
How to use the Payment Connect?
Before using the Payment Connect, the remitter needs to ensure that the mobile banking application is updated to the latest version. If you need to transfer money to a recipient in the Mainland, you first need to choose the type of payment account—either an HKD account or an RMB account.
If using an HKD account, the system will convert to RMB at the real-time exchange rate; if choosing an RMB account, the amount will be deducted directly from the account balance.
Next, enter the recipient's information. You can use the "mobile number" method by filling in the recipient's Mainland mobile number and the associated bank. You can either choose the "account" method to enter the recipient's bank name, complete account number, and the bank-registered English name.
When entering transaction details, you need to clearly input the remittance amount and the reason for remittance. Note that the remarks field must be completed in English. If remitting through an HKD account, be sure to confirm the real-time applicable exchange rate.
Before submitting, carefully verify all transaction information. Once confirmed correct, you can complete the operation.
Upon successful transaction, the payer will receive an immediate payment notification, and the funds are usually credited instantly, depending on the bank's processing.
How to process small-amount cross-border remittances?
Residents from both places can make small cross-border remittances through mobile numbers or bank account numbers. Personal remittances are categorised as northbound (Hong Kong to the Mainland) and southbound (Mainland to Hong Kong).
Personal payments related to daily life, such as tuition fees, medical expenses, and business disbursements like salary payments. Specific services are provided by designated banks.
The first batch of participating Mainland banks includes Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and China Merchants Bank.
Hong Kong banks include Bank of China (Hong Kong), The Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, and ICBC (Asia). In the future, the scope of financial institutions participating in the Payment Connect will gradually expand.