Are you worried that local US dollar (&ldquo;USD&rdquo;) transfers in Hong Kong have some hidden fees? Concerned that the transfer process can be complicated? Relax! With ZA Bank, your local USD transfers can have 0 fees, and they can be faster and more flexible! 💚&nbsp;
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Why should I use ZA Bank for local USD bank transfers?
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1. You can complete a local USD transfer instruction in 3 steps.&nbsp;
 2. We&rsquo;re open for transfer instructions 24 x 71.
 3. There are zero handling fees2!
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How do I transfer USD?
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1. Log into the ZA Bank App and swipe up on the right button to reach the Transfer page.
 2. Tap on &ldquo;Account No.&rdquo; and fill in the local payee's information (Local USD transfers can only be made by entering bank account numbers).
 3. Select USD as the currency, enter the corresponding amount and swipe the button below to transfer.
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<img style="max-width:100%" style="max-width: 100%;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/a1e7a724-9c51-421a-936a-a339d6d18c4e/76b32e11-9e3f-4535-8d26-54f8567c5ffe/流程配图EN.png" alt="" width="679" height="360">
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Tips:
 If you want to transfer US dollars from another local bank in Hong Kong to ZA Bank, you can check your 'account number' by clicking on the profile picture in the top left corner in the ZA Bank App, and then make the transfer in other banks' app, online banking or branch.
<img style="max-width:100%" style="max-width: 100%;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/a1e7a724-9c51-421a-936a-a339d6d18c4e/a5bbfa95-365a-44ad-bbcb-6086925c53b8/流程配图 (8).png" alt="" width="679" height="360">
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1. All USD transfer instructions submitted outside of working hours (after 17:00 on weekdays and on non-working days) will be processed on the next working day.
2. ZA Bank does not charge for outward USD transfers. However, if you are transferring to a bank which is not in the list of 26 local banks below, your transfer will be processed by a correspondent bank, which will deduct its charges from your transfer amount. The actual charges are subject to the amount deducted by the correspondent bank. Please also note that some receiving banks may also charge for local USD inward transfers. For more details, please reach out to your receiving bank.
&bull; 003 Standard Chartered Bank (Hong Kong) Limited &bull; 004 The Hongkong and Shanghai Banking Corporation Limited &bull; 006 Citibank, N.A &bull; 007 JPMorgan Chase Bank, N.A. &bull; 009 China Construction Bank (Asia) Corporation Limited &bull; 012 Bank of China (Hong Kong) Limited &bull; 015 The Bank of East Asia, Ltd. &bull; 016 DBS Bank (Hong Kong) Limited &bull; 018 CITIC Bank International Limited &bull; 020 CMB Wing Lung Bank Limited &bull; 024 Hang Seng Bank Ltd. &bull; 025 Shanghai Commercial Bank Ltd. &bull; 027 Bank of Communications Co., Ltd. &bull; 039 Chiyu Banking Corporation Ltd. &bull; 040 Dah Sing Bank, Ltd &bull; 041 Chong Hing Bank Limited &bull; 043 Nanyang Commercial Bank, Ltd. &bull; 072 Industrial and Commercial Bank of China (Asia) Limited &bull; 185 DBS Bank Ltd, Hong Kong Branch &bull; 238 China Merchants Bank (Hong Kong Branch) &bull; 250 Citibank (Hong Kong) Limited &bull; 345 Shanghai Pudong Development Bank Co., Ltd. &bull; 353 China Minsheng Banking Corp., Ltd. &bull; 377 Industrial Bank Co., Ltd. &bull; 382 Bank of Communications (Hong Kong) Limited &bull; 395 Airstar Bank Limited

【ZA Bank】Guide to FREE USD local bank transfers

According to the latest statistics from the Hong Kong Interbank Clearing Limited, the number of new registrations for Faster Payment System (FPS) has set a new record, with a total of 16.216 million accounts registered by the end of February this year1. As Hong Kong's No.1 Digital Bank2, ZA Bank has always been committed to providing users with convenient financial services. Through this article, ZA Bank will help you quickly understand this efficient and secure payment method&mdash;FPS, allowing you to enjoy a better and more convenient payment experience.
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Part 1: What is FPS?
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FPS is an instant payment system launched by the Hong Kong Monetary Authority in 2018. It lets users make quick and secure interbank transfers using a mobile number, email address, FPS ID or QR code. Whether paying bills, transferring to friends, or conducting transactions with merchants, FPS offers great convenience. ZA Bank also supports FPS, allowing users to enjoy convenient and secure transfer services.
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Advantages of FPS &nbsp; &nbsp;
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<ul>
<li>Convenient: Requires a payee's mobile number, email address or FPS ID only</li>
<li>Cross bank/e-Wallet: Full connectivity among local banks and e-wallets</li>
<li>Instant transfer: Almost real-time fund settlement</li>
<li>Anytime, anywhere: 24 x 7 round-the-clock operation</li>
<li>Multiple currencies: Supports HKD and RMB</li>
</ul>
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Part 2: How to use FPS?
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<ul>
<li style="font-size: 18px; font-weight: bold;">How do I register for FPS?</li>
</ul>
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If you haven&rsquo;t registered for FPS, you can register in the ZA Bank App first. The registration process is very easy. Just follow the instructions below, and you can complete it in a few easy steps. Once you have registered, you can use FPS to make transfers.
Steps 👇
<img style="max-width:100%" style="max-width: 100%;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/01908946-936e-4210-a9fe-320e83b1e0d9/3ab3fe0e-f5ad-4f6d-a4f1-71ff16f08274/EN.png" alt="" width="544" height="603">
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<li style="font-size: 18px; font-weight: bold;">How can I transfer using FPS?</li>
</ul>
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Making payments and receiving funds using FPS is very simple. Simply enter the payee's FPS information or scan the QR code to complete the transfer. The payee will receive the funds within seconds, providing an efficient and convenient experience.
To learn about the specific operation of transfer, you can refer to previous articles: <a href="https://blog.za.group/article/Transfer_Guidance" target="_blank" rel="noopener">https://blog.za.group/article/Transfer_Guidance</a>
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Part 3: Common Questions about Using FPS
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Q1: What should I do if I haven't received the money after the transfer? A1: If the payee has not received the funds after the transfer, please first check if the payee's information entered is correct via Activity or e-Advice. You can further ask the payee to check if his FPS receiving bank is indeed the bank account he intends to use to receive the funds. If all the above information is correct, we recommend contacting ZA Bank customer service, and we will assist you in resolving the issue.
Q2: What are the fees for FPS? As of date, ZA Bank does not charge any fees for transfers made by retail customers using FPS. You can use it with confidence and enjoy a zero-cost payment experience.
Q3: Is there a mobile app for FPS? FPS is not a standalone mobile app but is integrated into the banking system. To use FPS, you only need to download the ZA Bank App.
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If you encounter any issues while using it, you can also contact 24 x 7 online customer service via ZA Bank App anytime!
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1. For details, please refer to the statistics published by the Hong Kong Interbank Clearing Limited on 'FPS'.
2. As Hong Kong's first digital bank, as of 30 June 2024, ZA Bank has the highest number of users and deposits among the 8 digital banks in Hong Kong. Source: Mid-term performance reports of the 8 digital banks.

Instant transfers, zero fees! Your guide to using FPS

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We're thrilled to share that the Transfer function in the ZA Bank App has undergone a complete upgrade! Your transfer history with ZA Bank friends is now displayed in a dialogue-like format, making the transaction details clear and easy to understand. You can also react to transfers with emojis!
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Our user experience comes first for everything. The upgraded transfer function is no exception! Let's take a look at our three main features!
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<h2>Feature 1: An interactive transfer history that clearly lays out all transactions!</h2>
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Some of you may have encountered such a situation: You and your friend planned to go to a concert together. After refreshing the ticketing website page many times, you finally managed to get the tickets! A few months later, after the show, you remembered you needed to ask your friend to pay you back for the tickets. Your friend told you that he had transferred the money to your account on the day of the purchase.
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You opened your banking app to confirm if you had received the payment, but with so many transfer records accumulated over the months, you couldn't find your friend's transaction history, no matter how hard you looked. In the end, you had to give up and let it go...
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To solve this annoying situation, we have upgraded and launched an interactive history for ZA Bank friends, making it easy to see all transactions between you and your friends &ndash; just like a text conversation!
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If your friend is also a ZA Bank user, the ZA Bank App will automatically create a dedicated transfer History page for you conversationally, displaying transfer records, including the date and time. Want to check out the payment your friend transferred to you a few months ago? The new transfer history makes it easy to find!
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<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/1aec101c-2b03-4135-a81c-2a68959be5cf/46db769c-cccd-4e80-9ffb-844d55cfc3b8/02.png" alt="" width="802" height="930" />
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You can also view your cash transfers, cash or coupon lai see transfer history, and things like remarks, status, lai see covers, and many others!
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<h2>Feature 2: Send money and a "like" with just one app!</h2>
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When dining out with friends, if there is one person responsible for paying the entire bill, the following conversation usually appears in the chat group:
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"Tonight's dinner is HKD 100 per person."
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&nbsp;"Paid." "Sent to you with FPS."
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"🙏" "👍" "❤️"
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With the new Transfer function upgrade, when splitting the bill during meals, you and your friends no longer need to text each other via group chat that the money has been paid or received. This is because all transactions between you and your ZA Bank friends will be displayed in the transfer history, so you can easily see whether the payments have been made!
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After receiving a payment from your friend, you can also "like" their transfer directly on the history page so they know that the payment has been received!
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<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/1aec101c-2b03-4135-a81c-2a68959be5cf/c62da812-1a41-4f00-bc40-593573c9c4bd/03.png" alt="" width="802" height="930" />
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You can react to transfers using one of six unique emojis! Let's transfer with warmth and personality!
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<h2>Feature 3: Transfer money to your Frequent Payees with just one tap!</h2>
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For workers, lunchtime and having meals with colleagues may be the best thing during a hard day full of work. Do you need to transfer money to your colleagues every day? There is no need to search through a long list of payees anymore. Set your colleague as a frequent payee, and you can transfer money instantly once you enter the ZA Bank App's Transfer homepage.
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In this upgrade, we have added a Frequent Payee section on the Transfer homepage, allowing you to transfer money to your friends with just a few taps. The ZA Bank App automatically suggests frequent payees based on your recent transfer history.
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<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/1aec101c-2b03-4135-a81c-2a68959be5cf/c326790f-24a4-43f4-a1a0-a786a081e1b1/01.png" alt="" width="802" height="930" />
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You can also set your frequent payees by tapping the "star" icon on the payee page. You can have a maximum of 10 frequent payees!
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<h2>Want to use the 3 new features immediately? Pay attention to the following tips!</h2>
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Pro tips for a smoother experience:
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1. We've made it easier to identify your ZA Bank friends by adding a green ZA Bank Friend Identifier to their icons! If you do not want to show your ZA Bank Friend Identifier to other ZA Bank users, please first upgrade to the latest version of ZA Bank App. Afterwards, go to the App Homepage -&gt; Tap your icon -&gt; Tap the Settings menu -&gt; Tap ZA Bank Friend Identifier -&gt; Toggle the ZA Bank Friend Identifier off. Don't worry, turning it off won't affect your transfers!
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<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/1aec101c-2b03-4135-a81c-2a68959be5cf/91bd08f4-44b6-4e39-a8c8-1ac6beed0112/04.png" alt="" width="802" height="930" />
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2. If your payee is also a ZA Bank user, we recommend transferring money directly to their ZA Bank account. You can still transfer to their FPS default banks or institutions or other banks or institutions in the dropdown list.
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<img style="display: block; margin-left: auto; margin-right: auto;" src="https://cdn.zaticdn.com/if/ipage/prd/data/image/1aec101c-2b03-4135-a81c-2a68959be5cf/be4e100d-4565-411c-aeb7-b54d40c3c715/05.png" alt="" width="802" height="930" />
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Ready to unlock these new features? Upgrade your ZA Bank App to the latest version now!
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If you are not a ZA Bank user, sign up now and enjoy a brand-new banking experience with Hong Kong&rsquo;s No.1 Virtual Bank1!&nbsp;
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<div class="ipage_blog_static_html_content" style="text-align: center;"><a href="https://bank.za.group/en/web-half-open-account/hkoab?activityId=434ecabcb60742a8bc14019cada4e0267be94527049d240056c209a7a5887cbb&amp;utm_source=zablog&amp;utm_medium=website" target="_blank" rel="noopener">Sign Up Now</a></div>
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1&nbsp; &ldquo;No.1 Virtual Bank&rdquo; refers to ZA Bank&rsquo;s leading position derived from the total number of users, deposits and assets as of 30 June 2023 among the eight licensed virtual banks that provides digital banking services (Source: Interim reports of virtual banks).
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For ZA Bank users only: Upgraded transfer features!

【ZA Bank】For ZA Bank users only: Upgraded transfer features!

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Hong Kong&rsquo;s No.1 virtual bank1 ZA Bank and Wise have partnered together to offer low-cost and quick international money transfers for Hongkongers through ZA Remit. This partnership marks two firsts: ZA Bank is the first bank in Hong Kong to provide international money transfers with no exchange rate mark-ups or hidden fees, as well as Wise Platform&rsquo;s first neo-bank partner in East Asia with its launch in Hong Kong.&nbsp;
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As ZA Remit is powered by Wise Platform, ZA Bank users can make cheap, fast and transparent international money transfers from HKD to 14 currencies, including AUD, USD, GBP, CAD, SGD and more. This is different from the conventional way of sending money abroad through traditional financial institutions, which typically involves high charges and hidden fees. Indeed, an earlier study2&nbsp;found that a whopping 86% of Hong Kong respondents could not identify the true cost of sending money abroad.
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Here are some ZA Remit feature highlights below:
⚡ Speedy transfers - 50% of all transfers globally sent with Wise are completed instantly (within 20 seconds)3
⚖️ Fair market rates - Mid-market rate4&nbsp;is used with zero mark-ups
💰 Fees - A single, upfront fee is shown transparently to customers. This consists of a Wise fee and a Convenience fee5
🔎 Transparent - ZA Bank App will notify you about the transfer&rsquo;s progress so you know exactly where the money is
🛡️ Safe - Wise is regulated in every market they operate in, including in Hong Kong, while ZA Bank is a Hong Kong-licensed bank
📱 Hassle-free - Everything is done via ZA Bank App without switching to other apps / platforms
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<a href="https://zabank.onelink.me/GOK5?pid=ZaBank&amp;af_dp=zabank%3A%2F%2F&amp;af_xp=custom&amp;deep_link_value=zabank%3A%2F%2FgoRemit.Transfer.action%2Frn&amp;c=goRemit">Tap here to send money now</a>
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Calvin Ng, Alternate Chief Executive and Co-Head of Retail Banking at ZA Bank, said: &ldquo;We are delighted to partner with Wise, the UK-listed global tech company specialised in cross-border transactions, and become its first Hong Kong banking partner to launch this splendid experience. We always understand that high fees and low transparency are users&rsquo; common pain points in remittance. As the industry Game Changer, we successfully tackle these problems and now offer a hassle-free service to users, without worrying about any FX markup, hidden charges and transfer progress. &nbsp;We believe that the combined strengths of ZA Bank and Wise will bring users unrivalled service and convenience. We are looking forward to enriching our offerings in the era of &lsquo;Banking 2.0&rsquo;&rdquo;.
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Vinay Palathinkal, Regional Head, Wise Platform, said: &ldquo;Bringing Wise Platform to Hong Kong takes us another step closer to achieving our mission of making moving money faster, cheaper and more transparent for everyone, everywhere. We&rsquo;re thrilled to have ZA Bank onboard as our first partner in Hong Kong, which would enable millions of more Hongkongers access faster, cheaper international transfers from HKD.
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Palathinkal said: &ldquo;Though an email can travel around the world in a matter of seconds, moving money internationally is still incredibly cumbersome, slow and expensive. Wise and ZA Bank have a shared vision to change the status quo and provide a fairer, more transparent banking experience for everyone.&rdquo;
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Wise Platform lets businesses, banks and other financial institutions integrate the magic of Wise right into their own platforms via the Wise API to offer cheaper, faster, easier payments to their own customers. Globally, Wise Platform is live with more than 50 bank and non-bank partners across the world, including Monzo in the UK, N26 in Germany, Shinhan Bank in South Korea and Aspire in Singapore.&nbsp;
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<img src="https://cdn.zaticdn.com/if/ipage/prd/data/image/52983457-16bd-4fde-9f08-9c5df2266430/0d9d247c-699b-4849-8f39-5ca5dbd0f672/IMG_0651_retouch.png" alt="" width="1000" height="667" />
(From left) Calvin Ng, Alternate Chief Executive and Co-Head of Retail Banking, ZA Bank; Vinay Palathinkal, Regional Head, Wise Platform; and James Chan, Director, Retail Banking, ZA Bank.
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<a href="https://zabank.onelink.me/GOK5?pid=ZaBank&amp;af_dp=zabank%3A%2F%2F&amp;af_xp=custom&amp;deep_link_value=zabank%3A%2F%2FgoRemit.Transfer.action%2Frn&amp;c=goRemit">Tap here to send money now</a>
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1&ldquo;No.1&rdquo; is defined by ZA Bank&rsquo;s leading position in the virtual banking industry in terms of customer deposits, loans &amp; advances and number of users as of 30 June 2022. Source: Interim results announcements of eight virtual banks.
2Independent survey commissioned by Wise and conducted by Coleman Parkes Research. This took place between January 2022 to February 2022 with 1,000 consumers in Hong Kong.
<a href="https://wise.com/gb/blog/q3-2022-mission-update-speed" target="_blank" rel="noopener">3https://wise.com/gb/blog/q3-2022-mission-update-speed</a>
4Wise pulls the exchange rates from independent sources including Reuters, XE and Google to provide mid-market rates in real time, which is the midpoint between the buy and sell rates on the global currency markets.
5The fee charged is based on the currency route and transfer amount
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About Wise Wise is a global technology company, building the best way to move money around the world. With the Wise account people and businesses can hold more than 50 currencies, move money between countries and spend money abroad. Huge companies and banks use Wise technology too; an entirely new cross-border payments network that will one day power money without borders for everyone, everywhere. However you use the platform, Wise is on a mission to make your life easier and save you money.
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Co-founded by Taavet Hinrikus and Kristo K&auml;&auml;rmann, Wise launched in 2011 under its original name TransferWise. It is one of the world&rsquo;s fastest growing, profitable tech companies and is listed on the London Stock Exchange under the ticker, WISE.
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13 million people and businesses use Wise, which processes over &pound;9 billion in cross-border transactions every month, saving customers over &pound;1 billion a year.
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