HKD business accounts: FPS, CHATS and receiving Hong Kong dollars
Hong Kong is a trading hub, and HKD is linked to the dollar. With HKD details in your company's name, Hong Kong clients pay you on FPS in seconds.
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Hong Kong sits between mainland China and the rest of the world, and many trading companies, sourcing agents and agencies bill or pay there. "Hong Kong business bank account" is hard to get from abroad, because local banks usually want a presence and a meeting. HKD account details through a provider are the practical route.
How Hong Kong account details work
| Field | Format |
|---|---|
| Bank code | 3 digits |
| Branch code | 3 digits |
| Account number | Varies by bank |
| SWIFT code | For international wires |
The rails
| Rail | Run by | Timing | Used for |
|---|---|---|---|
| FPS (Faster Payment System) | HKMA, operated by Hong Kong Interbank Clearing | Seconds, 24/7 | Everyday HKD and CNY payments |
| CHATS | Hong Kong Interbank Clearing | Real-time, business hours | Large-value HKD, USD, EUR, CNY |
| International wires | Swift | 1 to 3 days | Payments into and out of Hong Kong |
FPS lets payers use a phone number, email or FPS ID instead of account details, and is now the default for most domestic payments.
The link to the dollar
Under the Linked Exchange Rate System, the HKMA keeps the Hong Kong dollar between 7.75 and 7.85 per US dollar. Converting between HKD and USD therefore carries little rate risk; the provider's margin is the main cost. See mid-market rate and FX markups.
Who uses HKD details
- Sourcing agents and trading companies paying and collecting in Hong Kong
- Agencies with Hong Kong clients who pay suppliers locally
- Companies buying from mainland suppliers through Hong Kong intermediaries. See how to pay suppliers in China.
Paying in Hong Kong
To pay a Hong Kong supplier you need the bank code, account number and account name, or their FPS ID. A local HKD payment avoids SWIFT fees and arrives quickly.
HKD on Rivet
Rivet's Scale plan adds local HKD account details in your company's name, beside USD, EUR, GBP and CAD, so Hong Kong clients pay you locally. On every plan you can pay Hong Kong accounts in HKD. See Bank accounts and Pricing.
Questions people ask
What is FPS in Hong Kong?
The Faster Payment System, launched by the Hong Kong Monetary Authority in 2018. It lets banks and stored-value facilities send HKD and CNY payments instantly, at any time, using an account number, phone number, email or FPS ID.
What is CHATS?
The Clearing House Automated Transfer System, Hong Kong's real-time gross settlement system for large-value payments. It settles in HKD, USD, EUR and CNY.
Is the Hong Kong dollar pegged to the US dollar?
Yes, through the Linked Exchange Rate System. The HKMA keeps the rate between 7.75 and 7.85 HKD per USD, so conversions between the two carry little rate risk.
Can a company outside Hong Kong open an HKD account?
Hong Kong banks often want a local presence and an in-person meeting. Several payment providers issue HKD account details to companies registered elsewhere, so Hong Kong clients can pay them locally.
Sources
Rashidatou writes Rivet's guides to how money moves between countries: the payment rails, what each one costs, and the account details a company needs to get paid in another currency. Every figure in Rashidatou's articles is traced to the scheme rulebook, the regulator or the provider's published price list, and those sources are listed at the end.
More from Rashidatou K. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
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- hong kong dollar account
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