How to transfer money to a Hong Kong card painlessly? The first step to globalized asset allocation!

Once you have a Hong Kong card, the first issue you face is how to transfer money to the Hong Kong card.

Having money in the Hong Kong card is the only way to truly use it.

It used to be quite complicated, requiring cross-border remittances, purchasing foreign exchange at mainland banks, and then transferring.

Now it’s much simpler. Mainland banks and Hong Kong banks have direct remittance channels called Cross-Border Payment Pass.

Find this Cross-Border Payment Pass feature in the mainland bank app, and you can quickly transfer money.

I tried it myself, and it was almost instant, with no fees.

Overall, it’s very convenient and smooth. Everyone can give it a try.

However, note that the Cross-Border Payment Pass also uses up your annual foreign exchange quota of $50,000 USD, and there is a daily limit of 10,000 HKD for remittances.

Of course, there are some more straightforward methods: for example, going directly to Hong Kong, withdrawing cash at ATMs with UnionPay cards, then depositing into the Hong Kong card; or physically bringing some cash to a Hong Kong branch for deposit.

But the most convenient way is still the Cross-Border Payment Pass.

Now that the year is ending, everyone can avoid wasting their foreign exchange quota this year by opening a Hong Kong card, then transferring part of RMB to the Hong Kong card, converting it into HKD or USD.

This can also be considered a simple first step in global asset allocation.

Once the Hong Kong card has funds, you can easily start with a savings deposit or fixed deposit, with an annual yield rate between 2% and 6%.

I still recommend ZhongAn Bank’s card; the app is very smooth, and you can directly enjoy savings deposits within the app. No need to visit a branch. (Use a referral code to get coupons: UMBB89)

Specific instructions for using the Cross-Border Payment Pass:

1️⃣ What is the Cross-Border Payment Pass?

Simply put, it’s an official direct remittance channel between mainland China and Hong Kong!

Instant到账: It really takes just a few seconds for the money to transfer!

Zero fees: During the pilot period, most banks offer free service, saving you money!

Easy operation: Just need the recipient’s phone number or bank account, no need to visit the bank or exchange currency in advance!

2️⃣ Which banks can use it?

Mainland China: Bank of China, Agricultural Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank

Hong Kong: Bank of China Hong Kong, HSBC, Hang Seng, East Asia, CCB Asia, ICBC Asia, ZhongAn (more banks are now available)

3️⃣ Limits and restrictions

Mainland to Hong Kong: Uses up your annual foreign exchange quota of $50,000 USD, with different daily limits per bank (e.g., CMB 30,000, ICBC 50,000).

Hong Kong to mainland: Up to 10,000 HKD per day, 200,000 HKD per year.

4️⃣ Step-by-step guide (example with CMB)

Open the mobile banking app, search for “Cross-Border Payment Pass” on the homepage.

Fill in the information: select “Hong Kong China” as the remittance region, and choose “Personal Travel” or “Living Expenses” as the purpose—pretty safe options.

Important! Select “HKD” as the currency to arrive. The exchange rate is similar to the counter rate, saving you the hassle of currency exchange, and it’s convenient for spending in Hong Kong!

Enter the amount, the system will automatically calculate how much HKD will arrive. Confirm and enter your password, and it’s done! The whole process takes less than a minute!

The Bank of China app works similarly; you can find it under “Outbound and Foreign Currency Services,” and just fill in “travel” as the reason for remittance.

5️⃣ Tips & pitfalls

How to choose the currency for arrival? Answer: First look at HKD! It’s more convenient for use in Hong Kong.

Is there a fee? Answer: Most are free now! But for example, CCB and HSBC are free until September 2025, so cherish this benefit!

Remittance failed? Answer: Check if the recipient’s FPS (Faster Payment System) account is properly linked.

Service hours? Answer: Not 24/7! Service hours are from 7 am to 11 pm. **$SD **$WAVES **$PSTAKE **