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On June 22, Cross-border Payment Connect was officially launched, further strengthening financial connectivity between the mainland and Hong Kong, and promoting cross-border use of RMB.
Hong Kong residents using Cross-border Payment Connect to remit money to mainland China have a daily limit of HK$10,000 per person and an annual limit of HK$200,000. This limit is independent of the current daily same-name remittance limit of RMB 80,000, with 24-hour service available daily. Hong Kong remitters can choose to send northbound remittances in Hong Kong dollars or RMB, while recipients receive payments in RMB.
Mainland China remittance limit is the current individual annual foreign exchange purchase facilitation quota of US$50,000, with service hours from 7 AM to 11 PM daily. Hong Kong recipients can choose to receive payments in Hong Kong dollars or RMB.
The first batch of mainland institutions participating in Cross-border Payment Connect includes: Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China Merchants Bank;
Hong Kong institutions include: Bank of China (Hong Kong), Bank of East Asia, China Construction Bank (Asia), Hang Seng Bank, HSBC, Industrial and Commercial Bank of China (Asia). The scope of participation will be gradually expanded in the future.
For available remittance services and products, please consult the participating institutions.