The ZA Bank became the first Hong Kong bank to operate 100% through online portals, thanks to the initiative of the Hong Kong Monetary Authority to regulate as well as allow the operation of virtual banks. Virtual banks in Hong Kong are capable of providing different types of online banking services, including money transfer services. This means that you don’t need to go to a bank physically to complete your regular transactions. Apart from promoting financial inclusion, this will also help the busier people who face problems attending to the bank as per the limited hours. In this blog, we will discuss everything you need to know about ZA Bank Money transfers.
Eligibility Criteria to Open Account on ZA Bank?
This is one of the most important things you need to know about ZA Bank money transfer. Keep in mind that the eligibility will depend on the specific bank account you’re planning to open.
If you want to open a personal or individual account on ZA Bank, here are the important eligibility criteria you need to keep in mind:
- The applicant should be 18 years or above
- The applicant needs to have an HKID card.
- The candidate needs to have a valid phone number as well as a valid residential address proof
Also Read: LIV International Money Transfer
If you have plans to apply for a ZA bank money transfer business account, here are the things you need to keep in mind:
- The applicant should be a partnership, sole proprietorship, or limited company
- The business should be established in Hong Kong
- A copy of the business registration certificate, residential address proof, identity documents, and a form for opening the business account
- Proof of revenue
- FATCA documents
- CRS documents
Also Read: BBT International Wire Transfer
Inward Overseas Remittance to ZA Bank
With the help of the ZA banking app, you will be able to transfer CNY, HKD and USD into your ZA bank account. Here are the important steps you need to keep in mind:
- Make sure you copy the SWIFT code as well as the account number
- Copy the SWIFT code and bank account number of the receiver
- Open the mobile banking application of ZA bank
Transfer Duration from ZA Bank to Other Hong Kong Bank
After you process your transfer through the ZA bank, the specific amount of money will be sent to the receiver’s account within 2 working days. However, keep in mind that you can only transfer money from ZA bank to other eligible banks in Hong Kong.
If the transfer is failed by some specific conditions, the money will be refunded to the source account within 2 working days.
Supported ZA Bank Remittance Currencies
This is one of the most important pieces of information you need to know about ZA bank money transfers. The remit of ZA bank supports different currencies such as GBP, AUD, EUR, CAD, NZD, INR, JPY, THB, IDR, CNY, and PHP.
You need to consider alternative options if you have plans to transfer money internationally. Fortunately, there is a smart, secure, and extremely effective method like Fly Finance that will help you send money overseas.
Features and Prices to Know about ZA Bank Personal Account
If you’re 18 or above, you’re eligible to apply for a personal ZA bank money transfer account. However, keep in mind that you need a valid HKID card. You also need to submit residential address proof of Hong Kong as well as your phone number. You can download the ZA banking app and open your account within a few minutes.
But keep in mind that the overheads of the virtual banks will be different from that of a standard offline bank. In short, virtual banks are cheaper to use. But you still might need to pay a specific amount of fees. Here’s a table that would help you know more about the costs.
|Personal Customer Fees
|CHATS payment outward/inward
|Personal loan early settlement
|2% of the outstanding principal
|Deposit and early withdrawal
|HKD 200 (INR 2,091)
|HKD 300 (INR 3,137)+ 4% interest on the principal amount
Features and Prices to Know about ZA Bank Business Account
The ZA bank money transfer also provides business accounts to individuals. But keep in mind that the application is invite-only for now. This is because the eligibility criteria are limited for businesses that are incorporated or established in Hong Kong.
Also Read: Student Loan for New Zealand
In addition, the fees, as well as the features of the ZA bank business account, are different from the ZA bank personal account. This is the primary reason why you need to check the terms and conditions of both the personal and business account thoroughly if you have plans to open an account with ZA Bank. Here’s a table that would help you understand:
|ZA Bank Business Customer Fees
|Fees to open an account
|HKD 1,000 (INR 10K)
|Monthly rate for Internet banking
|HKD 100 (INR 1,045)
|Telegraphic transfer fees
|HKD 100 (INR 1,045)
Keep in mind that you can use your ZA card all across Hong Kong. However, the card won’t work if you have plans to use it overseas.
If you open your account with the help of a promo code initiated by the ZA bank itself, you will receive a reward of HKD 250 (INR 2.5k).
Opening a ZA bank account won’t take more than 5 minutes to open.
This is everything you needed to know about ZA Bank international transfer. Reach out to Fly Finance for finance-related concerns. Make sure you follow Leverage Edu for more study abroad related topics.