Payment Connect - ICBC (Asia)
Payment Connect
ICBC (Asia), as one of the first banks to support “Payment Connect”, provides instant transfers service between personal accounts in Hong Kong and Chinese mainland available 7x24 hours, and completed swiftly and conveniently in just a few simple steps.
Features
7x24 hours instant transfer
Waiver of service fee
Transfer CNY to the Chinese mainland
Step-by-Step Instruction
Tips
Receiving Fund Methods
The “Payment Connect” supports two receiving fund methods:
- Via “Payee’s Chinese mainland Account No. and English/Pinyin account name” to receive fund
- Via “Payee’s registered Chinese mainland mobile number” to receive fund
Payee’s Name
- Please provide the payee’s name in English/Pinyin registered at the Chinese mainland receiving bank.
- Please ensure the account name is correct and that the “Cross-border payment collection service” is activated before using “Payment Connect”.
* For enquiry, please contact the Chinese mainland receiving bank.
Chinese Mainland Receiving Banks
Currently, the Chinese mainland banks that support “Payment Connect” transfer include: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of Communication, China Construction Bank, and China Merchants Bank
“Payment Connect” Transfer Limit
- Annual transfer limit is HK$200,000 or equivalent
- Daily transfer limit is HK$10,000 or equivalent
* These limits cannot be adjusted
FAQ
Ans: Transfer from Hong Kong to Chinese mainland via “Payment Connect” currently only supports CNY, other currencies such as HKD are not supported at this stage. If CNY amount was insufficient, you can use our “Currency Exchange” service to exchange sufficient CNY amount before initiating the transfer.
Ans: The “Payment Connect” daily transfer limit is HK$10,000 or equivalent, and the annual limit is HK$200,000 or equivalent, which will be exchanged into CNY amount based on our real-time exchange rate. Apart from transaction limits above, the “Payment Connect” service is also subject to your small-value fund transfer limit, unregistered and registered third-party account transfer limit. Please notice that for transactions successfully initiated but later rejected by the recipient bank, the deducted limit quota will typically not be restored.
Ans: “Payment connect” supports receiving fund via Chinese mainland bank account number with payee’s English/Pinyin account name, or payee’s registered Chinese mainland mobile number. Please notice that Chinese mainland mobile number should be registered with your Chinese mainland bank account and activate “Mobile number cross-boarder payment collection service”, otherwise the transfer may fail.
Ans: Currently, “Payment Connect” is only available on Mobile Banking for Hong Kong resident customers, while Internet Banking and other customers don’t have access to “Payment Connect” service. After logging into Mobile Banking, access “Payment Connect” service through “Transfer & Remittance > Mainland Transfer”. Our “e-Account Express” customers can also access “Payment Connect” through “e-Account Express > Inward Transfer”.
Ans: “Payment Connect” is only available to Hong Kong residents, including permanent residents and non-permanent residents. Besides, “Payment Connect” only supports personal account transfers, transferring funds to Chinese mainland merchants or institutions is not available for “Payment Connect” at this stage.
Ans: Under normal circumstances, funds transferred via “Payment Connect” will typically be credited to the recipient’s account within seconds.
Ans: Hong Kong resident “e-Account Express” customers can use “Payment Connect”, while customers with other identity documents can only use “Mainland Transfer” to transfer funds to Chinese mainland.
