PayMe from HSBC: Your Complete Guide

Aubrey Yung

PayMe from HSBC is a convenient way to send payments to friends, and make mobile payments to merchants both on and offline. All you’ll need to get started is a Hong Kong dollar bank account or card, a local phone number, and your valid Hong Kong ID card.

Check out our complete guide to registering and using PayMe from HSBC. And because PayMe can’t be used to send or receive foreign currency payments¹, we’ll also touch on smart ways to make low cost international transfers with Wise.

Open a Wise account for free😎

What is PayMe?

PayMe allows users within Hong Kong to make cashless payments using their mobile phones.² That means you can split a restaurant bill with friends more easily, and head out shopping without needing to carry your wallet everywhere. ³ If you choose to, you can have your payments shown to other PayMe users in your friends list, adding a social element to the tool. The amount you pay is masked, but any notes you add can be set to share if you want everyone to see what you’ve been spending on.

To send a payment to an individual you’ll only need their phone number, PayMe PayCode or link, and to pay a business you can scan the merchant’s PayMe code. It’s simple, and it’s available to anyone with a Hong Kong bank account or card and a local phone number. Best of all, there are no fees for the service - you just need to download the PayMe app, register your account and begin.

Can I transfer foreign currencies by PayMe?

PayMe is only available within Hong Kong. That means you can’t send or receive any foreign currencies with PayMe. It’s also good to know that to set up your PayMe account you’ll need a single currency HKD bank account, Visa or Mastercard. Multi-currency accounts, business accounts and cards from other network providers are not accepted.

If you’re looking for a safe and simple way to send a foreign currency payment, check out Wise. Like PayMe, Wise offers digital payments which can be set up online or using the Wise app, and delivered right into your recipient’s bank account. If you’re sending a payment in HKD, you can also use FPS to arrange the transfer using just your recipient’s phone number. Easy.

Wise currency conversion uses the real mid-market exchange rate with no markup or margin added. You just pay a low, transparent fee per transaction, which can work out far cheaper than using your regular bank.

Learn more about Wise HKD Payments with FPS💡

How to use PayMe

To register a PayMe account you’ll need to download the app and then enter your personal details. You’ll also need:

  • A Hong Kong based phone number
  • A valid Hong Kong ID card
  • A personal single currency HKD bank account from an eligible institution, or a HKD Visa or Mastercard

Once your account is set up, you may be asked to provide additional information such as your residential address, if you want to increase your transaction limits.

To make a payment using PayMe:

  1. Open the PayMe app and select Pay
  2. Find the friend you want to pay in your PayMe friends list - or add as a new friend for first time payments
  3. Enter the amount you want to pay and a note
  4. Choose the visibility of the payment - you can set to private or have the transaction note visible to your friends
  5. Verify the payment using your phone’s PIN or biometric log in steps

How do I receive a payment on PayMe?

Any PayMe payments you receive will be deposited into your PayMe account automatically. You can then use your PayMe account balance to make payments yourself, or withdraw it to your linked bank account.

If you’re expecting a payment from overseas, you’ll need to find a different solution as PayMe can only be used within Hong Kong. Check out the simple way to make Wise HKD Payments with just a mobile number, thanks to FPS, here.

How to use a PayMe code

One way to use PayMe is to use your PayMe PayCode. This is a system generated QR code which other users can scan or click to make a payment to you.

Merchants can also scan your QR for payment - but it’s important to note that there are different QR codes available for personal and business payments.

For personal payments, go to the Me tab to find your payCode. For business payments, swipe left from the home screen and select Pay a business.

How to use PayMe’s PayLink

If you have friends who don’t yet use PayMe, or who need to add you as a PayMe friend for the first time, send them your PayLink using an SMS or WhatsApp.

Once the link has been received, your friend can simply tap to open up PayMe and add you as a friend automatically. To make a payment they just have to enter the amount to send and they’re done.

How do I top up PayMe?

Topping up PayMe from your bank account or card is easy. Here’s how:

  1. Open the PayMe app and select Top up
  2. Enter the amount you want to top up
  3. Enter your PIN, and you’re done

Money should arrive in your PayMe account instantly, so you’re all ready to make your payment.

It’s also good to know that you shouldn’t be charged cash advance fees if you choose to link your credit card to PayMe. That can cut down your costs - although you’ll still be liable for interest and penalty charges if you don’t make your card repayments in full and on time.

PayMe Limit

When you use your PayMe account, you’ll find you have a few limits to be aware of:

  • PayMe top up limit
  • PayMe transfer limit
  • PayMe daily limit
  • PayMe credit card top up limit

These limits do change from time to time, and you can also check and adjust your own account settings by logging into your account taking the following steps:

  1. Select the Me tab
  2. Navigate to Transaction limits
  3. Click on Need higher limits?
  4. Follow the prompts to add more personal information, and increase your limits

At the time of writing you’ll be able to top up your account to a maximum of HKD1,000 a month using your credit card, and HKD50,000 a month using your linked bank account.⁴ The minimum top up from a bank account is HKD10.

PayMe from HSBC is a quick and convenient option for making local HKD payments to friends, family and merchants. By linking your bank account or card to PayMe you can transfer money or pay in stores using just your phone - so you’ll have no need to carry cash or cards if you don’t want to.

Try PayMe when you next want to pay back a friend for a coffee - and grab the Wise app for those times when you need to send and receive payments in foreign currencies. With fast, secure and cheap international transfers which use the real mid-market exchange rate, Wise is the smarter way to send and receive money in foreign currencies. See how much you can save with Wise today.

Open a free Wise account

Sources used in the article:
1 PayMe: FAQ
2 PayMe: Homepage
3 PayMe: Merchant List
4 The Standard: HSBC to lower PayMe top-up limit

Sources last checked on 14 July 2021.

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

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