Hong Kong wire transfers for business: TT fees, FPS and CHATS
Hong Kong companies use three rails: FPS for instant local payments, CHATS for large-value transfers and telegraphic transfers for overseas. The overseas leg is where fees and FX margins add up.
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- 2 min read
Google's suggestions for "Hong Kong international transfer" include "hong kong wire transfer" and "hong kong wire transfer limit". For a company, the rails are simple, and the cost sits almost entirely in the overseas leg.
Hong Kong's rails
| Rail | Use | Speed |
|---|---|---|
| FPS | Local HKD and RMB payments, salaries, small suppliers | Instant |
| CHATS | Large local payments in HKD, USD, EUR, RMB | Same day |
| Telegraphic transfer (SWIFT) | Overseas payments | Usually 1 to 3 business days |
Where the money goes on a TT
A Hong Kong trader pays a supplier in Thailand US$30,000 by telegraphic transfer. Costs come from three places:
- The sending bank's TT fee.
- An intermediary bank's fee, deducted on the way unless the payment is sent on OUR terms.
- The FX margin if the bank converts HKD to USD, or if the supplier's bank converts USD to THB.
The supplier may receive less than the invoice and ask for the difference.
How companies cut the cost
- Hold USD and pay USD costs from it instead of converting from HKD each time.
- Ask suppliers which currency they prefer, and compare paying in their currency.
- Use a local payout in the supplier's country where your provider has one. Local rails have no intermediary banks.
- Batch payments where your supplier terms allow it.
Receiving from abroad
Many Hong Kong banks charge a handling fee on incoming TTs. Buyers in the US or Europe can often pay more cheaply on their own local rail if you have local details there.
Paying into Hong Kong: the local rail
| What | Detail |
|---|---|
| Local rail | Faster Payment System (FPS) |
| Run by | Hong Kong Interbank Clearing Limited, under the HKMA |
| Settlement | Seconds, 24/7, in HKD or CNY |
Source: HKMA: Faster Payment System. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet pays out to 120+ countries on local rails where available, with fee and FX shown before you confirm, from $2 per payout on Starter to $0.50 on Scale. USD details come on Starter, EUR and GBP on Growth and HKD on Scale. Check our eligibility list for Hong Kong companies. Rivet is not a bank; regulated partner institutions hold the funds. See Swift transfer fees and time.
Questions people ask
How long does a telegraphic transfer from Hong Kong take?
Usually one to three business days, depending on the currency, the cut-off time and any intermediary banks.
Does FPS have a limit?
Each bank sets its own FPS limits for business accounts, often configurable in online banking. Check yours before a large payment.
What fees apply to incoming transfers?
Many Hong Kong banks charge a handling fee on incoming telegraphic transfers, and the sender's side may deduct intermediary fees before the money arrives.
Should I pay a mainland supplier in USD or CNY?
Ask the supplier. Many accept both; paying in CNY can avoid the supplier's conversion margin, which often shows up in the price.
Sources
Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.
More from Alexia M. →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.
- hong kong wire transfer
- telegraphic transfer
- fps
- chats
- hong kong money transfer
- business payments
