How does Global Payments system work?
Pay Out – Payables
- You need to transfer RMB10,000 to your supplier in China and you want to use HKD to buy RMB
- Get a rate from the Global Payments platform: https://www.shkfxd.com/deliver
- Accept the rate if you think it is good
- Assuming the exchange rate is 1.2193, you will need to pay HK$12,193.00 to buy RMB10,000
- Input the payee details
Your current bank eg: HSBC
Transfers HK$12,193 to SHKFX HSBC A/C.
SHK Forex Bank A/C at HSBC
The funds are cleared in the HSBC A/C on or before 12:00 noon
SHKFX will, in the normal course of events, transfer RMB10,000 to the designated payee account within 24 hours.
Pay In – Receivables
- Your customer wishes to pay you US$10,000 and you would like to receive it in HKD
pays US$10,000 to SHKFX overseas bank account.
Note: Ask your customer to include your or your company's name and Global Payments's account number in their reference field of their payment.
When SHKFX overseas bank account
acknowledges the funds are cleared, we will contact you and give you a rate at 7.7679 (for example).
Your bank account
In the normal course of events, HK$77,679 will be transferred to your designated bank account within 24 hours.
How long does it take?
On receipt of your cleared funds, money will be transferred to your designated account within 24 hours, in the normal course of events.
What if I enter the payee information incorrectly?
You need to call our 24-hour FX hotline at +852 3920 2720 to amend the details.
In which currencies can I make a transfer?
You can make transfers in HKD, USD, AUD, CAD, CHF, EUR, GPB, JPY, CNH, NZD, SGD, ZAR, DKK, NOK and / or SEK.
How secure is Global Payments?
Global Payments is able to set the process in two tiers – one for booking the FX rate only and the other for entering the payee details for companies that need two levels of authorization for staff booking of transactions.
For security reasons, every time a new payee is added or amended, you will receive a password via phone or email.
How much can I save?
It varies as it depends on the transfer amount and the FX rate that you get on that day.
You can save a lot over the long term since Global Payments not only offers better FX rates, it also charges no fees and no commissions.
Are there any restrictions?
As low as US$2,000 or equivalent. However, in order to get a favourable rate, we recommend you make the transaction at least US$10,000 each time. Even if the transferred amount is as low as US$2,000, you can save on the TT charges as Global Payments will bear the local and correspondent bank charges.
Which countries can I transfer money to or receive money from?
You can find out from eligible countries.
Global Payments can't accept money from China. Global Payments can help you transfer CNH from a corporate bank account in Hong Kong to a corporate bank account in China.
How soon will I need to honour the deal?
Global Payments will keep the rate you have booked for two days. After two days, if we have not received your funds, a reverse trade will need to be booked, as the original deal will have already been executed in the market. Any loss incurred from closing out the deal will need to be borne by you.
Can I cancel the trade after I book it?
Yes, you can cancel the trade but you have to bear any loss incurred from closing out the deal.
Can I book forward trades?
Yes, but you need to call our 24-hour FX hotline +852 3920 2720 to book a forward trade. A deposit of 5% of the sell amount of the trade must be deposited as collateral against the forward trade.
Are there any time restrictions on placing a deal?
You can log on to the Global Payments platform to book a deal from Monday morning (5am Summer time/6am winter time) to Saturday morning (5am Summer time/6am winter time).
Other frequently asked questions
How does SHKFX make money from Global Payments, as there are no fees, no commissions and better
Global Payments receives wholesale FX rates and applies a small margin to each of the rates.
How can Global Payments offer market-leading exchange rates?
Global Payments has built its business on slim margins (the wholesale FX rates) and high volumes of FX transactions.
Will the receiving bank impose higher administrative charges on the payee, as SHKFX does not
charge any commission or fee on Global Payments' trades?
No. SHKFX bears all correspondent bank fees.
Will SHKFX accept deposits?
No. SHKFX is not a bank and is not allowed to accept deposits.
Why do I need a reason for the transfer and the nature of my relationship with the beneficiary of
SHKFX is committed to comply with the anti-money laundering regulations enforced by the SFC.
How long does it take the correspondent bank to credit the amount to my designated account?
We have no involvement in or control over other banks' operations.
If I work in a bank / financial institution, do I need to get a consent letter from my employer?
Yes, you do need to get a consent letter from your employer as the Global Payments service is provided by Sun Hung Kai Forex Limited which is regulated by the SFC.
What is Common Reporting System (“CRS”)?
The CRS was developed by Organization of Economic Cooperation and Development (“OECD”), where financial institutions in participating jurisdictions are required to review and collect information that will enable them to identify tax residency of financial account holders and to provide relevant information to the local tax administration authorities on an annual basis. The Hong Kong government gazetted the Inland Revenue (Amendment) (No. 3) Ordinance 2016 on June 30, 2016 and CRS will be effective on January 1, 2017 in Hong Kong.
For more information, please refer to the below link which contained pamphlets issued by the Inland Revenue Department of Hong Kong.