At OFX, we’re always looking for new ways to improve how we move people’s money around the world. It’s part of what sets us apart from our competitors, coupled with friendly, 24/7 customer support. This is why when the Hong Kong Monetary Authority (HKMA) introduced the Faster Payments System (FPS) earlier this year, we wanted to make sure our customers would be able to utilise this system to make transfers to OFX.
What is the Faster Payment System (FPS)?
The FPS is one of seven initiatives announced by the HKMA to prepare for a new era of smart banking. This system operates on an around-the-clock basis, connecting banks and stored-value facility (SVF) operators on the same platform. This essentially means your funds can now be transferred anytime, anywhere, across different banks and the funds are received almost immediately.
This system is now available for personal customers looking to make payments of Hong Kong Dollars (HKD) from a Hong Kong bank account to OFX, and the funds will be received within a fraction of the time.1
How does it work?
It’s much the same as making a regular transfer to OFX, only faster. If you’re in a rush and don’t have time to wait around for verification that your funds have been received, sending funds to OFX via FPS saves you a lot of time. Even better, there are no fees2 for customers sending a domestic transfer via FPS to OFX.
From your Hong Kong bank account, use the FPS facility to transfer HKD to the OFX account details provided when you lock in your rate. Then sit back and let OFX do the rest. Simple as that.
Never made a transfer? Here’s how.
Save on your transfer with OFX
As part of OFX’s commitment to embedding new ways of moving money into our processes, the FPS is a new and exciting way to get the most from your international money transfer. With this new system, you can make fast, real-time payments of HKD when transferring to OFX.
Like all transfers, it’s best to make sure you’re getting the best exchange rate, so the recipient is getting as much of the original value as possible. You can use OFX’s Currency Converter, or check out Market News to stay in the loop with exchange rate movements.
Ready to make faster transfers?
1For major currencies only. Provided that the funds are received by OFX between 9AM to 5PM (HK time) from Monday to Friday.
2Transfers are fee free for Personal customers sending funds via FPS to OFX. Corporate clients will be subjected to the FPS charges by their remittance bank.
IMPORTANT: The contents of this blog do not constitute financial advice and are provided for general information purposes only without taking into account the investment objectives, financial situation and particular needs of any particular person. OzForex Limited (trading as OFX) and its affiliated entities make no recommendation as to the merits of any financial strategy or product referred to in the blog. OFX makes no warranty, express or implied, concerning the suitability, completeness, quality or exactness of the information and models provided in this blog.
