Cross-Border Payment Connect: Instant HKD-CNY Remittance, Making Life Easier for Chinese Communities in Hong Kong and Mainland China

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You can use Cross-Border Payment Connect to achieve instant HKD-CNY remittance, enjoying second-level settlement and low fees. Whether you need to pay tuition, medical expenses, or family remittances, you can easily complete the process via mobile banking or online banking. Data shows that as of June 2025, southbound remittance transactions reached approximately 19,000, while northbound transactions reached about 6,900, with a large user base. You don’t need complicated procedures to efficiently and securely transfer funds, greatly enhancing the convenience of living between Mainland China and Hong Kong.

Key Highlights

• Cross-Border Payment Connect supports instant HKD and CNY remittances, with funds arriving in seconds, significantly reducing waiting time.
• The operation is simple and convenient, allowing users to complete cross-border transfers anytime via mobile banking or online banking without cumbersome procedures.
• Handling fees are low or even waived, helping users save on remittance costs, suitable for both individual and business needs.
• The service covers multiple banks in Mainland China and Hong Kong, supporting scenarios like tuition, medical expenses, and salary payments.
• The platform ensures fund security, provides arrival notifications, and will upgrade technology in the future to offer a faster and richer cross-border payment experience.

Cross-Border Payment Connect Service Introduction

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Service Definition

You can use Cross-Border Payment Connect to easily achieve instant remittances between Mainland China and Hong Kong. This service is jointly promoted by the People’s Bank of China and the Hong Kong Monetary Authority, aiming to provide convenient and secure cross-border fund transfers for residents and businesses in both regions. Since its launch on June 22, 2025, Cross-Border Payment Connect has been implemented in Shenzhen and Hong Kong. You only need to use channels like the China Merchants Bank App or Bank of China Hong Kong mobile banking to complete remittance operations. The first batch of supported Hong Kong banks includes Bank of China (Hong Kong), ICBC Asia, CCB Asia, Hang Seng Bank, HSBC, and Bank of East Asia. You can experience the advantages of second-level fund settlement, simple operations, and low costs.

Cross-Border Payment Connect allows you to complete cross-border transfers anytime, anywhere, without complicated procedures, greatly improving the efficiency of fund flows.

Target Users

Cross-Border Payment Connect serves a wide range of users. If you are a resident of Mainland China or Hong Kong, you can use this service. Specifically, it includes:

• Individual users: such as cross-border e-commerce consumers, outbound travelers, and international students. You can send money to family, pay tuition, or cover medical expenses.
• Business users: such as companies engaged in international trade or cross-border e-commerce merchants. You can use it to settle payments or distribute employee salaries.

When using the service, note that Hong Kong residents remitting to Mainland China must be Hong Kong identity holders, and Mainland China residents remitting to Hong Kong must be Mainland identity holders. Hong Kong residents have a daily remittance limit to Mainland China of HKD 10,000 (approximately USD 1,282, based on USD 1 ≈ HKD 7.8), with an annual limit of HKD 200,000 (approximately USD 25,641). Mainland China residents remitting to Hong Kong follow an annual foreign exchange purchase quota of USD 50,000.

Supported Scenarios

You can use Cross-Border Payment Connect in various scenarios, including:

1. Southbound cross-border remittances: You can remit funds from Hong Kong to Mainland China to meet family, living, or investment needs.
2. Tuition payments: You can send money for children studying in Hong Kong. For example, a user remitting CNY 10,000 (approximately USD 1,408, based on USD 1 ≈ CNY 7.1) to a Hong Kong student sees funds arrive instantly.
3. Medical payments: You can pay for medical expenses at institutions in Hong Kong or Mainland China, enjoying second-level settlement.
4. Salary and allowance payments: Businesses can use the service to distribute wages or subsidies to employees.

You can see that Cross-Border Payment Connect has enabled high-frequency and large-amount cross-border payments in scenarios like tuition and medical payments, greatly enhancing your lifestyle convenience.

Key Advantages

Instant Settlement

When using Cross-Border Payment Connect, you can experience true second-level settlement. User Zheng Baoli once transferred funds from an ICBC account to a Bank of China (Hong Kong) account, and the money arrived within seconds without waiting. Traditional cross-border remittances typically take 2 to 3 business days, but Cross-Border Payment Connect significantly shortens this time. You only need to initiate the transfer via mobile or online banking, and the funds will directly enter the recipient’s account. Multiple users have reported that Cross-Border Payment Connect is not only fast but also simplifies the process, eliminating the need to fill out complex information. Bank of East Asia’s General Manager Chen Jungui stated that the bank’s cross-border payment transaction volume grew by 112% year-over-year in Q1 2025, indicating increasing user recognition of this efficient and convenient experience.

You can complete remittances anytime, anywhere, without worrying about delays, significantly improving the efficiency of cross-border fund flows.

Low Fees

When remitting through the Cross-Border Payment Connect platform, you can enjoy extremely low or even zero handling fees. User Ms. Wang tested transferring from a Bank of China card to a Hong Kong account, achieving instant settlement with no fees. Compared to traditional methods like WeChat international remittances, Cross-Border Payment Connect offers lower costs. You don’t need to worry about minimum transfer amount restrictions, as both small and large amounts benefit from the same low-cost service. For example, remitting USD 1,000 (based on USD 1 ≈ HKD 7.8) through a Hong Kong bank incurs no additional fees, saving significant costs. The platform reduces intermediary steps by directly connecting to payment infrastructure, further lowering remittance costs.

Flexible Currency Options

You can flexibly choose the settlement currency based on your needs. Cross-Border Payment Connect supports CNY and HKD, meeting your needs in scenarios like tuition, medical payments, or salary subsidies. The table below shows the flexibility of currency options:

You only need to enter the recipient’s phone number or account information in the “Cross-Border Payment Connect” function module of mobile banking to select the settlement currency. This allows you to flexibly switch currencies based on exchange rate changes and actual needs, improving fund utilization efficiency.

Fund Security and Arrival Notifications

When using Cross-Border Payment Connect, the platform ensures fund security through real-name authentication, risk management limits, and digital certificate verification. The platform has also obtained PCI DSS international standard certification, strictly protecting your account and funds. After each transaction, you will receive timely arrival notifications via app notifications, emails, and other methods. You only need to ensure your contact information is accurate to stay updated on fund status in real time.

Operation Process

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Mobile Banking Operations

You can easily handle Cross-Border Payment Connect remittances through mobile banking without visiting a bank branch. You need to prepare the following information and materials:

1. Recipient’s name, which must match the ID name, using Mandarin Pinyin or Pinyin consistent with the recipient’s account name.
2. Recipient’s complete ICBC multi-currency current account number or card number.
3. Full name of the receiving bank (e.g., Industrial and Commercial Bank of China) and the receiving bank’s SWIFT code.
4. Recipient’s contact phone number and address (in English).
5. Select the appropriate remittance route based on the currency and provide the relevant information to the overseas remitter.
6. If using MoneyGram’s direct-to-account service, register on the MoneyGram website, fill in the receiving country, payment options, and recipient details (including English name, phone number, 19-digit ICBC account number, address, occupation, gender, and transaction purpose), and obtain a 10-digit global remittance registration number (RRN) to share with the remitter.
7. If the remittance amount exceeds the equivalent of USD 3,000 (based on USD 1 ≈ CNY 7.1), confirm the transaction purpose via SMS.
8. Carry a valid ID when processing.

In the mobile banking app, go to the “Cross-Border Payment Connect” function module, follow the prompts to enter the recipient’s phone or account number, select the remittance currency (CNY or HKD), input the amount (e.g., USD 1,000, based on USD 1 ≈ HKD 7.8), and submit after verifying the information. The process is simple and can be completed anytime, anywhere, without waiting for banking hours.

Mobile banking operations make remittances between Mainland China and Hong Kong efficient and convenient, saving significant time and effort.

Online Banking Operations

You can also use online banking to process Cross-Border Payment Connect remittances. The online banking interface is clear, with the following steps:

1. Log in to online banking and go to the “Cross-Border Payment Connect” remittance page.
2. Enter detailed information, including recipient’s name, account number, bank details, and SWIFT/BIC code.
3. Input the remittance amount (e.g., USD 2,000, based on USD 1 ≈ HKD 7.8) and select the currency.
4. Upload supporting documents, such as contracts, invoices, or business background explanations (if required).
5. Confirm the legitimacy of the fund source to ensure traceability.
6. Submit the remittance application and verify via mobile SMS.

When operating, note the following common issues:

• Incorrect or mismatched recipient information may lead to transaction rejection by the bank.
• Unclear fund sources may trigger anti-money laundering or counter-terrorism financing reviews.
• Remittance amounts exceeding limits, such as daily cumulative remittances not exceeding CNY 1 million (approximately USD 14,084, based on USD 1 ≈ CNY 7.1).
• Failure to pass compliance reviews, especially for high-risk countries or unusual fund flows, may result in delays or rejections.
• Incomplete or non-compliant application materials may prevent smooth processing.
• System failures or human errors, especially during peak times or holidays, may cause operation failures.
• Foreign exchange policy restrictions, such as annual individual purchase quotas or destination country regulations.
• Rejection by the recipient bank due to frozen accounts, invalid information, or suspected activities, leading to returned or delayed funds.

When using online banking, ensure electronic payment functions are activated and comply with the bank’s limits and available balance restrictions. Remittance instructions cannot be revoked after submission, so verify all information carefully.

Online banking allows you to complete cross-border remittances from home, but ensure accurate information and complete materials to avoid losses due to errors.

Arrival Notifications

You can promptly learn the remittance results through various methods to ensure funds arrive safely:

1. You can check transaction details and arrival status via the transfer/directed account payment query function in mobile or online banking.
2. Online banking offers three query methods: by transaction number, by recipient/payer, or by amount/date. You can click the customer application number to view transfer details or the arrival query button to check the transaction status.
3. You can check remittance processing status anytime via the professional version of online banking, with banks typically providing feedback on the same or next business day, such as “sent” or returned for reasons.
4. Mobile SMS will notify you in real time about the remittance application’s progress, helping you stay updated.
5. If the remittance does not arrive on time, you can visit the account-opening branch with relevant information to request a cable inquiry.
6. You need to actively track the remittance status, as banks are not responsible for losses due to failure to check promptly.

Through these methods, you can stay updated on fund movements in real time, ensuring Cross-Border Payment Connect remittances are secure, transparent, and traceable.

The arrival notification function lets you track fund movements anytime, enhancing the security and transparency of cross-border remittances.

Policy Details

Remittance Limits

When using Cross-Border Payment Connect, you need to understand the limits for different remittance types. Whether you are an individual or a business user, the system sets single-transaction and annual caps. The table below shows the limits for major remittance types, with amounts in USD and common exchange rates (USD 1 ≈ CNY 7.1, USD 1 ≈ HKD 7.8):

When processing remittances, ensure the amount does not exceed these limits. Some banks may set more specific limits based on your identity and account type. You can check remaining limits in real time via mobile or online banking.

Friendly reminder: For large remittances, contact Hong Kong bank customer service in advance to avoid disruptions due to limit restrictions.

Fee Standards

When processing remittances via Cross-Border Payment Connect, the fee structure is clear and transparent. Fees are in CNY, converted to USD based on USD 1 ≈ CNY 7.1 for your reference:

When using electronic banking channels, you can often enjoy additional fee discounts. Some Hong Kong banks offer full fee waivers for VIP clients or specific cardholders. Check the bank’s website or customer service for the latest discount information before remitting.

Supported Banks

You can choose from multiple Mainland and Hong Kong banks when using Cross-Border Payment Connect. The People’s Bank of China announced the first batch of supported banks as follows:

You can process Cross-Border Payment Connect transactions at these Hong Kong banks. Some digital banks like ZA Bank, MOX Bank, and Airstar Bank have joined the list, but some services are not yet fully available. In the future, the range of participating banks will continue to expand, making it easier for you to choose the most suitable banking channel.

You don’t need to submit complex business background documents; simply process remittances via mobile or online banking, significantly improving efficiency.

Future Outlook

Service Upgrades

When using Cross-Border Payment Connect in the future, you will experience faster settlement speeds and a wider range of currency options. The platform plans to adopt tokenization and shared ledger technology, reducing traditional 1-to-3-day settlement cycles to minutes or even seconds. Ant International’s Whale platform is upgrading, leveraging blockchain and AI to support real-time multi-currency clearing and settlement. You can experience these conveniences at Hong Kong banks like HSBC and Standard Chartered. In the future, Cross-Border Payment Connect will expand tokenized deposits and digital asset integration to meet diverse needs for individuals and businesses. The Monetary Authority of Singapore also recognizes tokenized deposit technology for enhancing global fund liquidity and financial market efficiency. You will enjoy a more efficient and secure cross-border payment experience.

Through services like “FPS,” you can achieve second-level settlement, simplify operations, and reduce remittance costs. Some Hong Kong banks have waived handling fees to encourage active use of Cross-Border Payment Connect.

Scenario Expansion

You will see Cross-Border Payment Connect’s application scenarios continue to expand. The service will not only support individual-to-individual remittances but also cover tuition payments, medical expense payments, and cross-border salary distributions for institutions. You can pay tuition through Hong Kong banks, with amounts like USD 1,000 (based on USD 1 ≈ HKD 7.8) arriving instantly. In the future, the service will expand from Guangdong, Shenzhen, and Hainan to nationwide coverage. Banks also plan to launch exchange rate risk management tools, supply chain financial services, and multi-currency cross-border financing to enrich cross-border CNY products. You can experience new services like cross-border CNY bonds and derivatives at Hong Kong banks, enhancing international payment and investment capabilities. Cross-Border Payment Connect will also partner with more financial institutions, adding 10 Hong Kong banks, including digital banks, with some offering 7×24 services for anytime remittances.

You will benefit from broader service coverage and innovative financial products, making Cross-Border Payment Connect an efficient and convenient solution for both individual remittances and business fund flows.

You can use Cross-Border Payment Connect to easily achieve instant HKD-CNY transfers. The service supports multiple Hong Kong banks, offers wide coverage, and is easy to operate. You only need to enter the recipient’s phone number or bank account, and funds will arrive in seconds, saving the waiting time of traditional SWIFT remittances. Remittance fees are low, with some Hong Kong banks offering zero handling fees and a single-transaction limit of CNY 10,000 (approximately USD 1,408, based on USD 1 ≈ CNY 7.1). You can flexibly pay tuition, medical expenses, or salaries, improving fund utilization efficiency. It’s recommended to try the service based on your needs and stay updated on CNY internationalization and policy upgrades.

FAQ

Which Hong Kong banks does Cross-Border Payment Connect support?

You can process Cross-Border Payment Connect transactions at Bank of China (Hong Kong), Bank of East Asia, CCB Asia, Hang Seng Bank, HSBC, ICBC Asia, and other Hong Kong banks. Some digital banks like ZA Bank and MOX Bank have also joined the service.

How long does it take for a remittance to arrive?

When remitting through Cross-Border Payment Connect, funds typically arrive within seconds. You don’t need to wait 1 to 3 business days. The system will notify you of the arrival status in real time.

Are there minimum or maximum amount limits for remittances?

Your remittance per transaction has a minimum of USD 100 (based on USD 1 ≈ HKD 7.8) and a maximum of USD 50,000 (based on USD 1 ≈ HKD 7.8). The annual individual foreign exchange purchase limit is USD 50,000. You can check remaining limits in real time via mobile banking.

How are handling fees charged? Are there discounts?

When remitting, the handling fee is 1‰ of the amount, with a minimum of USD 7 and a maximum of USD 37 (based on USD 1 ≈ CNY 7.1). Some Hong Kong banks waive fees for VIP clients or specific cardholders.

How is fund security ensured?

Each remittance requires real-name authentication. The platform uses multiple risk control measures and international security certifications. You will receive arrival notifications to track fund movements in real time.

You have a detailed understanding of the advantages of Cross-border Payment Connect, including real-time transfers, low fees, and diverse use cases. However, this service is primarily for residents of Hong Kong and mainland China. For Chinese individuals living in other parts of the world, efficiently and affordably transferring funds to China remains a key challenge. Traditional wire transfers often come with high fees, long processing times, and opaque exchange rates, significantly impacting fund liquidity.

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