Article first published at https://finvoke.0xv9.com/posts/transfer-money-from-mainland-china-to-hong-kong-for-free/
Question: Is it free to transfer money from mainland China to Hong Kong using the same name account?
Answer: Cross-border remittances between the two regions are generally not free. The sending bank will charge handling fees and telegraph fees, while the receiving bank will charge landing fees.
Although most cases involve fees, there are still a few ways to transfer money for free.
Chinese State-owned Banks#
Bank of China
Bank of China > Bank of China (Hong Kong): Wealth-level (assets above 1 million RMB) customers can enjoy free remittances to overseas accounts (including counter, online banking, mobile banking, etc., supporting free transfers to other banks, but unable to waive the landing fees charged by the recipient bank).
【Special case: From January 1, 2023, to December 31, 2023, using the Bank of China mobile banking app for cross-border remittances in common currencies (referring to currencies that do not require intermediate transfers, usually Hong Kong dollars/US dollars) is free. However, if the number of transactions and the amount exceed a certain limit, you cannot continue to use the mobile banking app for remittances, but there are no such restrictions when submitting documents at the counter.】 【Low threshold】
Bank of China (Hong Kong) does not charge landing fees for funds transferred with the same name, but charges 60 HKD landing fee for non-same name transfers.
【Same name recognition: "维基" (WEI JI) or "JI WEI" are considered the same name.】
Industrial and Commercial Bank of China
Industrial and Commercial Bank of China > ICBC (Asia): Most common same name transfers to various countries and regions worldwide are free (e.g., Mainland China, Hong Kong, Macau, United States, etc.), but ICBC (Asia) charges landing fees, such as 60 HKD landing fee for each cross-border remittance.
【Special case: I-class ICBC debit cards opened in the Greater Bay Area (refer to basic knowledge of bank cards in Mainland China) can remit Hong Kong dollars/US dollars to ICBC (Asia) accounts with the same name without a 60 HKD landing fee.】
Note that if you have had cards from other regions, you need to open a new I-class card in the Greater Bay Area, and you may need to cancel or downgrade your old card. New bank cards may be affected by the card suspension action in Mainland China, which sets a low limit or even prevents transfers. If you have previously held other ICBC debit cards (savings cards), you can directly apply for a new card through the mobile app, and this card replacement generally does not change the limit.
Others
The following banks charge fees:
China Construction Bank (CCB) (CCB Asia, including the Mainland-Hong Kong Stock Connect Dragon Card): No such free services, charges apply for same name transfers within the bank.
Bank of Communications (BOCOM) (Bank of Communications (Hong Kong)): No such free services, charges apply for same name transfers within the bank.
Chinese Large Joint-stock Banks#
Industrial Bank
Industrial Bank ★★★★★: Industrial Bank Hong Kong Branch does not provide general personal services and cannot facilitate same name transfers.
【Special case: From January 1, 2023, to December 31, 2023, for holders of Industrial Bank Universal Life Cards, remittances in Hong Kong dollars/US dollars to their own accounts at HSBC Hong Kong are free within the free transaction limit (30 free remittances per year, with commendable exchange rates and risk control by Industrial Bank!).】
Reason: Universal Life Cards of Industrial Bank waive handling fees and telegraph fees, and Industrial Bank acts as an intermediary for HSBC, which does not charge landing fees, allowing for a completely free transfer. 【Low threshold】
In addition, remittances in Hong Kong dollars from Industrial Bank Universal Life Cards to Bank of China (Hong Kong) may be free or may incur charges, depending on the specific transfer route. However, remittances to ZA or TSB are not free.
Note that new bank cards may be affected by the card suspension action in Mainland China, with low limits or even inability to transfer. If you have previously held other Industrial Bank debit cards (savings cards), you can directly apply for a Universal Life Card through the mobile app, and this card replacement generally does not change the limit.
Others
CITIC Bank > CITIC Bank International: No such free services, charges apply for same name transfers within the bank.
China Merchants Bank (CMB) > Wing Lung Bank: No such free services, charges apply for same name transfers within the bank.
Beijing Bank YUEXING International Card, reportedly free for transfers (from Beijing Bank to HSBC), but no relevant information from Beijing Bank was found.
Global Major Foreign Banks#
HSBC
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HSBC: Qualified Premier customers (with assets of 500,000 to 1 million RMB) or Qualified Employee Program Premier customers (meeting asset requirements) can enjoy free global transfers to same name accounts at HSBC. 【Although assets are required, considering the free global transfers, the threshold is still relatively low.】
Standard CharteredStandard Chartered: Qualified Priority customers (with assets of 500,000 to 1 million RMB) can enjoy free transfers between same name accounts at Standard Chartered.
Citibank
Citibank: Citigold customers (with assets of 1 to 1.5 million RMB) can enjoy free transfers between same name accounts at Citibank.
Local Foreign Banks in Hong Kong#
Hang Seng Bank
Hang Seng Bank: Qualified Preferred customers (with assets of 500,000 to 1 million RMB) can enjoy free transfers between same name accounts at Hang Seng Bank.
Bank of East Asia
Bank of East Asia ★★★: From January 1, 2023, to December 31, 2023, all customer types can enjoy free transfers in Hong Kong dollars/US dollars between same name accounts through online banking. **【Low threshold, but strict risk control, sometimes unable to remit, depending on the review process of the local branch】