Faster Payment System (FPS) Hong Kong: Your Complete Guide

FPS - the Faster Payment System - was launched in 2018 as a quick, secure way to make and receive real time payments in Hong Kong.¹ Unlike regular bank transfers, FPS Faster Payments are instant - and you only need to know your recipient’s email address or mobile phone number to get started. That means no unnecessary delays, and no need to dig out your bank details every time you want to get paid.

This guide covers all you need to know about FPS - including how Wise can help you save money when you send international FPS payments to recipients in Hong Kong.

Send HKD to FPS instantly🌍

📝 Table of contents
What is FPS? Can I transfer foreign currencies by FPS? How to register FPS? How to use FPS? How to pay by FPS? How to receive money via FPS? FPS QR Code Payment FPS Transfer Limit FAQ What is FPS Identifier (FPS ID)? Is FPS the same as PayMe? Can I use FPS for business?

What is FPS?

Set up by the Hong Kong Monetary Authority (HKMA), FPS is operated by Hong Kong Interbank Clearing Limited (HKICL). It’s a secure and simple way to make payments in Hong Kong dollars and renminbi, to people who hold eligible local bank or SVF accounts.²

To make a payment you’ll only need the recipient’s phone number or email. Not only is this far easier to remember than their full bank details, it’s also more secure than giving out your bank account number whenever you need to get paid. Arrange your FPS payment online using your mobile banking app, and the transfer will be processed instantly. That makes FPS faster payments a smart option if you need to repay a friend for lunch, contribute to a gift for a colleague, or send some money to a loved one.

FPS is also available to business customers so merchants can receive customer payments online and in person using the system.³

Can I transfer foreign currencies by FPS?

The HKMA FPS system can be used for payments in HKD and CNY.

If you’re expecting a HKD payment from someone overseas - or if you’re sending an international payment to an HKD denominated account, check out Wise.

Wise is the smarter way to send international transfers - with low, transparent fees and the real exchange rate. That can mean you save up to 8x compared to using your normal bank. Even better, Wise is also the first international payment provider to allow users to make more convenient HKD transfers using FPS. All you need is your recipient’s phone number or email to benefit from low cost cross border transfers from Wise.

Learn more

How to register FPS?

To get started you’ll first need to check if your bank or SVF offers faster payments. The exact registration process may vary depending on your own bank’s internal processes - but the basics will be the same across all institutions. You’ll be able to register your email address or phone number - or in some cases you can opt to register using your HKID number. Here’s how:⁴

Register for FPS with your email or mobile number

1. Log into your bank or SVF online banking or ewallet in the normal way
2. Select the account you want to use with FPS
3. Follow the onscreen prompts to link your email address or phone number
4. Confirm whether you want this account to be the default account used whenever you receive a payment
5. Verify your request using SMS or email, according to your bank’s verification process
6. Receive confirmation your account is now linked to your phone number or email

Register for FPS with your HKID number

1. Log into your bank or SVF online banking or ewallet in the normal way
2. Navigate to the FPS registration page
3. Select the option to enter your HKID number as an FPS proxy
4. Enter your HKID number
5. Select the account you want to use with FPS
6. Receive confirmation your account is now linked to your HKID number

It’s good to know that you’ll only be able to use your HKID number with institutions which already hold this information for other payment purposes. This is to protect your security as your HKID number is sensitive personal data. You’ll also only be able to register your HKID to one account, which can not be a joint account.

How to use FPS?

All registered now? Let’s get into the details - how to use FPS to make and receive payments. The good news is, it’s easy!

How to pay by FPS?

1. Log into your bank or SVP online banking or app
2. Open up the P2P service
3. Enter the mobile number or email address for the person you want to pay
4. Input the amount you want to send
5. Add a comment to help your recipient recognise the payment
6. Confirm the details are correct
7. You’ll see the recipient’s masked name - check this is correct
8. Click to confirm payment and you’re done

The exact process to make an FPS payment will vary slightly depending on your bank or SVF. However, using FPS is generally very easy and intuitive.

How to receive money via FPS?

Once you’ve registered for FPS you’ll be able to receive payments using FPS simply by giving the sender your linked email address or mobile phone number.

It’s worth noting that not all banks and SVFs support FPS payments, so double check with your own account before you get started. And if you’re expecting to receive a payment from abroad into your HKD account, have the person sending the payment use Wise to make the process easier and save on fees. Because Wise payments can be made using FPS ID you’ll only need to give the sender your mobile number or email - and they’ll also benefit from a low cost international payment which uses the real mid-market exchange rate. Win win.

FPS QR Code Payment

If your bank or SVF supports FPS QR payments, here’s what you need to do:

1. Create an FPS QR code using the app
2. Give it to the person making the payment for scanning
3. The payer will scan the QR code
4. Your details will automatically populate, and the payer can check they are correct
5. Payer enters the amount to pay and any additional message
6. Confirm payment - and you’re done

FPS Transfer Limit

Banks and SVFs set their own daily limits for FPS payments. Here are the details for some of the key providers in Hong Kong.

Provider	FPS daily limit
HSBC Hong Kong⁵	Personal customers can check, set and change their own daily FPS limits online Limits apply when making QR payments: Sending money to family and friends: HKD10,000 a day Sending money to merchants: HKD10,000 a day
Citibank⁶	Payments to registered payees: up to HKD1,000,000 a day Payments to non-registered payees: up to HKD10,000 a day You can set lower limits within the app if you prefer
BOCHK (Bank of China Hong Kong)⁷	Payments in HKD: HKD1,000,000 a day Payments in CNY: CNY500,000 a day
Standard Chartered⁸	Maximum aggregated payments: HKD200,000 a day
Hang Seng⁹	Self name accounts: unlimited Registered payees: HKD1,500,000 a day Non-registered payees: HKD400,000 a day Small value transfer: HKD10,000 a day
BEA¹⁰	HKD10,000 a day
DBS ¹¹	HKD10,000 a day
AlipayHK¹²	Limits may vary depending on the account verification level. Check the full details online - monthly limits may also apply to your account. Maximum daily transfer limits by account type: Unverified account: HKD3,000 Intermediate verified: HKD10,000 Advanced verified: HKD20,000
Oepay¹³	Limits may vary depending on the Octopus Wallet you hold. Check the full details online - monthly limits may also apply to your account. Maximum daily transfer limits by wallet type: Octopus Wallet Lite: HKD3,000 Octopus Wallet Plus: HKD6,000 Octopus Wallet Pro: HKD10,000

FAQ

What is FPS Identifier (FPS ID)?

An FPS identifier is a numeric code you can link to your bank or SVF account to allow you to receive FPS payments. Each FPS ID is generated by the FPS system and can only be linked to one bank account or SVF account.

At present FPS ID codes are 7 digits long, but changes are underway to start issuing 9 digit ID numbers instead as uptake of the FPS system increases. If you don’t have an FPS ID you can just use your linked phone number or email address as a proxy to receive payments.

Is FPS the same as PayMe?

FPS is not the same as PayMe. FPS was set up by HKMA and is run by HKICL, while PayMe is a system originally launched by HSBC. Both can be used for instant person to person payments in Hong Kong.

Can I use FPS for business?

FPS can be used as an easy way to pay and get paid by both individuals and business customers.

More and more people are using FPS as an easy way to send and receive payments in Hong Kong dollars. Use this guide as a starting point to get set up and move to a simpler way of splitting bills, sending money to loved ones and buying things in person and online.

And don’t forget - if you’re sending a payment to a HKD account from abroad you could save both time and money by using Wise. Get low cost international payments which use the mid-market exchange rate, using just your recipient's email, mobile number or FPS ID. Simple.

Sign up for free

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Sources used in the article:
1 HKICL: FPS
2 HKICL: How to use FPS (Consumer)
3 HKICL: How to use FPS (Merchants)
4 HKICL: Consumer Registration
5 HSBC HK: FPS: FAQ
6 Citibank: Faster Payment System (FPS)
7 BOCHK: Help - My setting
8 Standard Chartered Bank (HK): SC Pay (FPS)
9 Hang Seng Bank: FPS
10 Bank of East Asia: FAQ
11 DBS HK: FPS
12 AlipayHK: FAQ - Transfer and Remittance
13 Octopus Wallet: About

Sources last checked on 05 July 2021.