Government News
Banking insiders deny Hong Kong is restricting flow of funds 2022-09-23
Banking Insiders Deny Hong Kong Is Restricting Flow of Funds
Hong Kong banks are not curbing the amount of money that can be remitted into and out of the special administrative region, insiders at several Hong Kong lenders as well as account holders told Yicai Global, in response to rumors that the transfer of funds is being limited.
Hong Kong banks are capping outward remittances at HKD160,000 (USD20,000) per transaction, according to recent posts on social media. Larger amounts require prior approval, they said.
“This is false,” HSBC's relationship manager in Hong Kong told Yicai Global. “Just on Thursday customers remitted tens of millions of Hong Kong dollars, equivalent to millions of US dollars. Hong Kong remains a highly liberal international financial center.”
The daily online banking limit in Hong Kong is HKD1 million (USD127,400) and there are no restrictions on transfers, a source at UK lender Standard Chartered said. “We've always been that way, without restrictions. It is okay unless clients transfer funds in and then out in quick succession,” the person said.
“I have not heard this news, and Hong Kong banks allow unlimited inflows and outflows of funds,” another insider at a foreign bank told Yicai Global.
For over-the-counter transactions there is no daily limit, a staff member at Hong Kong's Hang Seng Bank said. For online banking, registered users can remit HKD1.5 million (USD191,100) a day and unregistered ones HKD400,000 (USD50,960). For remittances in Chinese yuan to the mainland, there is a maximum allowance of HKD80,000 (USD10,192) per day.
“I sent USD20,000 to HSBC Singapore from HSBC Hong Kong on Wednesday without any problems or further quota requirements,” said a Hong Kong resident surnamed Chen who banks with an overseas lender.
The free convertibility of the Hong Kong dollar and the unrestricted inward and outward transfer of funds are guaranteed by Basic Law, Paul Chan, Financial Secretary of the Special Administrative Region, said previously.
Source: Yicai
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