ZA Bank Hong Kong International Transfer: Fees and Rates

ZA Bank is one of the first virtual banks in Hong Kong offering digital banking services, which means you can carry out all your transactions without visiting a physical branch. You can now enjoy faster, cheaper, and safer international money transfer services, with no FX mark-ups. ZA Bank mobile app is also integrated with Wise Platform's user-friendly APIs, allowing users to directly access this service on their phone after registering as a Wise user.

This guide will walk through everything you need to know about ZA Bank, including the fees and features. We’ll also take a look at how you can send and receive international money transfers with ZA Bank.

Table of contents

What is ZA Bank? What are the exchange rates for an international money transfer with ZA Bank? What are the fees for an international money transfer with ZA Bank? What are the limits for an international money transfer with ZA Bank? How long does it take to make an international money transfer with ZA Bank? How to make an international money transfer with ZA Bank? How to receive an international money transfer with ZA Bank?

What is ZA Bank?

ZA Bank Limited (“ZA Bank”) is one of the first batch of virtual banks in Hong Kong which was licensed by the Hong Kong Monetary Authority (“HKMA”) on 27 March 2019.

ZA Bank was established by ZhongAn Technologies International Group Limited (“ZA International”). With its “Community-Driven” approach, ZA Bank encourages users to directly contribute to its product development and design processes, helping the bank create innovative services that better serve the needs of Hong Kong customers.

What are the exchange rates for an international money transfer with ZA Bank?

The international money transfers service of ZA Bank is powered by Wise Platform. Therefore, with ZA Bank, users also get the mid-market exchange rates with zero exchange mark-ups and no hidden fee when they send money abroad.

Conventional banks, however, often set their rates with mark-ups, making it difficult for you to compare prices. If you're still relying on conventional banks to make your international money transfer, chances are you're also unaware of the extra charges and hidden fees that come with it. It's time to take control of your finances and explore better alternatives that offer transparency and fairness.

What are the fees for an international money transfer with ZA Bank?

Virtual banks don’t have the same overheads as regular banks - which can mean they’re much cheaper to use. However, there are still fees for some services, like international money transfers!

ZA Bank charges a Wise fee which is from 0.43% depending on the currency route, and a convenience fee of 0.25%.¹ The fees are upfront, and you will always receive the applicable fee quotes before you make any transactions.

What are the limits for an international money transfer with ZA Bank?

The amount you can transfer locally and overseas together are subject to the third-party transfer limit. In other words, your single remittance amount cannot exceed the daily available third-party transfer limit.

How long does it take to make an international money transfer with ZA Bank?

The transfer time will depend on the currency. When you get a quote, ZA Bank will give you an estimated time of arrival.

How to make an international money transfer with ZA Bank?

You can easily make an international money transfer by following these steps:

1. Open the ZA Bank App on your mobile device and navigate to the 'Transfer' page. Click on 'Global Transfer' to initiate the transfer process.
2. Fill in the remittance amount and other necessary information..
3. If you already have a Wise account, you can directly link it with your bank account. If you don't have a Wise account yet, ZA Bank will automatically create one for you.
4. Fill in the payee’s information.
5. Confirm the amount and other information. Sit back and wait!

How to receive an international money transfer with ZA Bank?

You can ask senders to send money to your ZA Bank accounts with Wise using your FPS ID, linked email address or mobile phone number.

Before your payer transfers any funds, always double-check with them that he/she has inputted the right transfer channel (Inward Overseas Remittance should be the right one), account number details, SWIFT code, and corresponding banks’ details.

ZA Bank's SWIFT Code: AABLHKHH

In case your payers have used the wrong SWIFT code to send money, he/she should contact the banks immediately to cancel the transaction. If it's too late to cancel, you might have to contact the recipient yourself and request that they return your money.

This service supports only HKD, RMB, and USD, for now!

Virtual banking like ZA Bank is a great option for people looking for convenient and secure ways to manage their money! While ZA Bank currently supports only a few currencies, with Wise, users can directly send money in over 50 currencies to over 70 countries at a low cost, with faster and safer transaction processing and no hidden fees.

Sources:

1 ZA Bank: International Money Transfer | Send Money Wisely With ZA Remit

Sources last checked on 28 Nov 2023