This Hong Kong based bank is a member of the HSBC Group and offers an array of financial products and solutions to its customers: but how accessible is it for those with international interests? We will be looking specifically at Hang Seng Bank's global money transfer services, determining how reliable and efficient the bank is for international payments.
Hang Seng Bank was founded in 1933 and celebrates its 88 years of service in Hong Kong. They are one of the most reliable home banks in the country with 290 service outlets for their 3.5 million loyal customers. They extend their services to Mainland China, Taipei, Macau, and Singapore; having Hang Seng Bank (China) Limited operating in 20 outlets in Mainland China. They are also a principal member of the HSBC Group, which holds 62.14% equity interest in the bank.
Hang Seng continues to impact the lives of their customers as shown through their awards. They are the recipient of Asiamoney’s Best Bank for SMEs and Best Bank Awards Hong Kong in 2017, 2018, and 2021. They also have received the Best Payment Bank from The Asian Bank for the 5th consecutive year in 2020.
Hang Seng Bank keeps their own exchange rate, which can be found on their website. As of August 28, 2021, 1 USD can be sold for 7.7720 HKD (Hong Kong Dollar). The exchange rates they show must be used only as a reference according to their website.
For customers planning to do an international money transfer with Hang Seng Bank, the country of the recipient account affects the amount of transfer fees incurred. Hang Seng divides the locations depending on their transfer fees policies.
If the customer decides to transfer money via a Hang Seng Branch or through phone banking, Hang Seng implements different transfer fees depending on the recipient account’s location:
For remittances to a beneficiary account with Hang Seng in Mainland China or Macau, the transfer fees cost 190 HKD per transfer.
For remittances to a beneficiary account with another bank in Hong Kong, Mainland China, Taiwan, or Macau, the transfer fees cost 220 HKD per transfer.
For remittances to a beneficiary account in other countries, the transfer fees cost 220 HKD per transfer if transferred in HKD or any domicile currencies. Transfers made in other currencies have a 260 HKD transfer fee per transfer instead.
If the customer uses Hang Seng Personal e-Banking, any of the three options will have a 65 HKD fee.
Hang Seng lists no other additional costs for any of their international money transfer options.
Hang Seng Bank holds the advantage of a fixed amount of fees regardless of total amount transferred per transfer compared to other banks or money transfer providers. CurrencyFair is one of the money transfer providers available in Hong Kong that provides good rates for their customers.
CurrencyFair charges 0.25% to 0.6% of the total amount a customer plans to send, depending on the day of the transaction, market rates, and the base and converted currency. They also add a 3 EUR (about 4.70 HKD) flat transfer fee per transaction. This payment policy might put the customer in an advantage for low amount transfers, but a customer might better opt for Hang Seng Bank for higher amount transfers since their transfer fees are fixed regardless of the total amount or the market exchange rate.
Hang Seng Bank customers who are interested in joining the bank may want to weigh their options. Here are some pros and cons for the Hang Seng Bank:
|Hang Seng Bank Bahamas Ltd||Bahamas||Nassau|
|Hang Seng Bank China Limited||China||Beijing|
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|Hang Seng Bank China Limited||China||Guangzhou|
|Hang Seng Bank China Limited||China||Hangzhou|
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|Hang Seng Bank China Limited||China||Nanjing|
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|Hang Seng Bank China Limited||China||Shanghai|
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|Hang Seng Bank China Limited||China||Shenzhen|
|Hang Seng Bank China Limited||China||Shunde|
|Hang Seng Bank China Limited||China||Tianjin|
|Hang Seng Bank China Limited||China||Xiamen|
|Hang Seng Bank China Limited||China||Zhongshan|
|Hang Seng Bank China Limited||China||Zhuhai|
|Hang Seng Bank Limited||Hong Kong||Hong Kong|
|Hang Seng Credit Limited||Hong Kong||Hong Kong|
|Hang Seng Securities Limited||Hong Kong||Hong Kong|
|Hang Seng Bank Limited Macau Branch||Macao||Macau|
|Hang Seng Asset Management Pte Ltd||Singapore||Singapore|
|Hang Seng Bank Limited Singapore Branch||Singapore||Singapore|
Customers can choose from either mobile account opening or eAppointment bank opening to open a bank account with Hang Seng Bank.
Mobile account opening can be done through the Hang Seng Personal Banking (their app). To do this, customers capture a photo of their HKID and they must be over 18 years old to continue. They will also provide details along with their selfie for further verification. Once cleared, they can start filling out their Personal e-Banking details to use their new account.
Opening through eAppointment requires customers to go to the Hang Seng Bank website to book an appointment to the nearest branch. Customers will receive an email or a SMS as confirmation of their branch appointment.
The appointment requires presence of the personal documents of the customer to open an account. The required documents are identification proof, such as Hong Kong Identity Cards or Certificate of Exemption issued by the Hong Kong government, and a residential address proof document with the customer’s name. Passports and valid proof of entry are required for foreigners.
Hang Seng Bank uses the Faster Payment System (FPS) for local and overseas personal money transfers. Customers can transfer with FPS using the website or their app, as long as they have their eBanking credentials. The amount sent will be instantly reflected on the recipient’s account if the transaction was made before the designated cut-off time. If not, the processing time takes another business day before it arrives.
Hang Seng Bank offers more perks for their customers both interested in personal and business banking. They offer different accounts, credit cards, loans, trading options, and insurances to suit their needs. They also endorse their cross-border banking system between Hong Kong and Mainland China. This system allows locals to travel between those two countries with ease and reliable banking services for their needs.
Customers can reach Hang Seng Bank in three ways: (1) through email, (2) through hotlines, and (3) through live chat option.
Reaching Hang Seng Bank through email can be done on their website where customers will be required to provide their personal information (e.g. email, account number, etc.).
Hang Seng Bank has 24/7 lost cards and automated phone banking hotlines. Other hotlines would only be available during their banking hours.
The live chat option can be accessed through the Hang Seng Bank Website. This option will connect customers to available customer agents to accommodate their concern. This option is only available during banking hours.
Yes. Hang Seng Bank can be used for international bank transfers. This can be done through any of their branches, their website, or mobile application. The transfer fees vary depending on the location of the recipient account, but the arrival of the sent money can happen in real-time or up to one business day.
Hang Seng Bank continues to show and maintain its strength in banking throughout their 88 years of existence in Hong Kong. Since then, they have widened their reach to Macau, Taiwan, and Mainland China. This allowed them to endorse cross-border banking to frequent travelers and locals to ease their banking life.
They offer affordable international transfer fees and fast processing times. They also offer different products for investment and insurance for both personal and business banking customers. The awards they continue to receive each year proves their top-notch performance as one of the best banks in Hong Kong.