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Local HKD Bank Transfer using ACH

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  1. #1

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    Question Local HKD Bank Transfer using ACH

    So I'm using Transferwise for overseas payments using HKD. This is business related, so I'd like to pay from my company account (Standard Chartered Hong Kong), the problem is that DBS (account for TransferWise) will reject payments from my company account. I have not problems paying from my personal account (also Standard Chartered), but obviously it's not ideal to pay business expense through my personal account, and then get reimbursed from my company account (SCB to SCB transfer are fine).

    I've been asking mybank, TransferWise and Instarem (I've tried to use them too), but I keep getting vague answers, until TransferWise also told me ACH is not possible with HKD, only USD. But paying to USD come through a US bank so I'd get even more fees for international transfers. TransferWise to told to pay by "bank transfer", but there's no such simple option :O.

    Instead I have three options when making a payment: RTGS, ACH, Payroll. I'd like to avoid RTGS since it's 150 HKD for payment, and ACH fee is waived, so that's my preferred choice. The rejection reason is apparently the bank code. I have multiple choice for DBS bank code, with several "DBS 16" choices, so I'm very confused.


  2. #2

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    Quote Originally Posted by SymS
    I'd like to avoid RTGS since it's 150 HKD for payment
    What bank ? Most have waived this fee last year following FPS.
    Even HSBC.

  3. #3

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    I don't think TransferWise is set up to receive payments from local HK banks, at the local level. TransferWise works best if you have a US bank account and you can practically pay anyone globally. Deposits (transfers from TransferWise) to HK bank accounts are posted in less than 10 seconds too!

    For your case of sending money from HK to outside of HK, depending upon the dollar amount and destination you may consider to use Western Union.


  4. #4

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    Quote Originally Posted by jrkob
    What bank ? Most have waived this fee last year following FPS.
    Even HSBC.
    Standard Chartered.

  5. #5

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    TransferWise works for HKD to THB payment. I've done this through my personal account as explained above.


  6. #6

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    Quote Originally Posted by jrkob
    What bank ? Most have waived this fee last year following FPS.
    Even HSBC.
    I think it’s waived for personal accounts not for business accounts.
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  7. #7
    bdw
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    Quote Originally Posted by MandM!
    I don't think TransferWise is set up to receive payments from local HK banks, at the local level. TransferWise works best if you have a US bank account and you can practically pay anyone globally. Deposits (transfers from TransferWise) to HK bank accounts are posted in less than 10 seconds too!

    For your case of sending money from HK to outside of HK, depending upon the dollar amount and destination you may consider to use Western Union.
    This is not correct, both transferwise and Instarem accept local HKD payments. They both have accounts with DBS HK.

    Sorry I cannot answer the original question. I pay from my Standard Chartered local personal account to instarem all the time with no fees and no hassles, just a 'local transfer' using online banking. I would have guessed a business account can do a basic local transfer the same but I have no idea.

  8. #8

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    Quote Originally Posted by bdw
    This is not correct, both transferwise and Instarem accept local HKD payments. They both have accounts with DBS HK.

    Sorry I cannot answer the original question. I pay from my Standard Chartered local personal account to instarem all the time with no fees and no hassles, just a 'local transfer' using online banking. I would have guessed a business account can do a basic local transfer the same but I have no idea.
    Ok maybe the "home country" needs to be listed as Hong Kong then for local payments. For US accounts, it said would not accept HKD local incoming transfers.

  9. #9
    bdw
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    Quote Originally Posted by MandM!
    Ok maybe the "home country" needs to be listed as Hong Kong then for local payments. For US accounts, it said would not accept HKD local incoming transfers.
    Yes this makes sense. For Instarem, I have two separate accounts, one in HK that allows me to send HKD or USD from a local HK bank account, and another in Australia that allows me to send AUD from an Australian local bank account. Both accounts require verification, proof you own the bank account, etc. in HK, I verify with my HKID. In Aus, I verify with my Australian drivers license.
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  10. #10

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    Quote Originally Posted by bdw
    Yes this makes sense. For Instarem, I have two separate accounts, one in HK that allows me to send HKD or USD from a local HK bank account, and another in Australia that allows me to send AUD from an Australian local bank account. Both accounts require verification, proof you own the bank account, etc. in HK, I verify with my HKID. In Aus, I verify with my Australian drivers license.
    Can you send USD from HK bank account to local HK transferwise account?

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