BOC Hong Kong to launch instant remittance service
SingTao · 2 SOURCESabout 2 hours ago2 MIN
Summary
BOC Hong Kong said it will officially launch its new “BOC Instant Remittance” personal cross-border remittance service on September 27, offering round-the-clock transfers that take only minutes to complete. The bank also said it successfully completed its first pilot transactions on September 15, sending customer funds instantly to recipient bank accounts in the United States and Australia.
Key Points
- The new service is built through SWIFT and a banking-sector retail cross-border payments innovation project, and will provide 7x24-hour personal remittance service
- BOC Hong Kong said the service is designed to overcome traditional cross-border remittance limits in processing speed and cross-time-zone operations
- Acting as an intermediary bank in the project, BOC Hong Kong said it can connect incoming overseas remittances seamlessly with Hong Kong’s Faster Payment System.
- The bank said customers will be able to check remittance transaction status through mobile banking, improving transparency during the transfer process.
- BOC Hong Kong said it will gradually expand coverage beyond the United States and Australia to more overseas receiving destinations.
Why It Matters
For Hong Kong users who need to move money across time zones, the service could reduce waiting time and make transfer tracking easier through mobile banking. For the bank, the pilot with the United States and Australia is an early step toward broader overseas coverage and deeper international payments cooperation