FPS - Faster Payment System | FAQ | HSBC HK (2024)

FAQs

How fast is FPS payment? ›

In general, provided that both the sending and the receiving bank are direct participants of FPS, funds are available immediately upon transfer.

FPS (Faster Payment System) is a payment service platform that allows you to make instant payments to individuals and merchants. You can pay with FPS in Hong Kong dollar (HKD) or Renminbi (RMB) using HSBC HK App or HSBC Online Banking.

Faster Payments may occasionally take up to 2 hours to go through but this is uncommon. However, you should use these timeframes as a general estimate. Both BACS and Faster Payments are subject to internal checks, so you may get your funds later than expected.

If I want a payment to be sent today, is there a cut–off time? The Faster Payment service is available 24 hours a day, 7 days a week and 365 days a year*. If the payment cannot be made using the Faster Payment service you must make the payment by 8pm the night before the day you want the payment to be sent.

Drawbacks of Faster Payments

In such cases, other payment methods, such as CHAPS, may be more suitable. Like any payment system, there is a potential for errors to occur with Faster Payments. If an error occurs during the transaction, it can be difficult and time-consuming to rectify.

Once you process Faster Payments, you can't reverse them. This makes it hard to recover funds if an error or fraudulent transaction occurs.

The FPS enables their customers to make cross-bank/e-wallet payments easily, by entering the mobile phone number or the email address of the recipient, with funds available to the recipient almost immediately. The FPS operates on 24x7 basis and supports payments in the Hong Kong dollar and the renminbi.

The Faster Payments scheme has a £1,000,000 per transaction limit.

Current Fast Payments status is UP.

APP fraud – As money can be sent efficiently and quickly using Faster Payments, fraudsters can use a range of different tactics to get users to send money. Once the funds have been sent, it can be incredibly difficult to trace and return the funds as they can be moved out of the recipient account again so quickly.

How long does FPS transfer take? ›

When you send a Faster Payment, it'll arrive almost immediately, but sometimes in up to two hours, as long as the receiving bank or building society also uses the service and the amount is within the limit. You can make a payment in the Barclays app, in Online Banking, using Telephone Banking or in a branch.

Step 1: Open HSBC HK App and select 'FPS transfer'. Step 2: Select 'Scan to pay', then read and agree to the use of stored information (if you're using it for the first time). Step 3: Allow HSBC HK App to access your camera and scan the QR code of the merchant. Step 4: Review the HKD debit amount and exchange rate.

Payments from HSBC can take longer because they do extra checks on their side.

Paying via FPS is similar to paying by cash. The money will be transferred to the recipient account instantly.

Frame rate is the measurement of how quickly a number of frames appears within a second, which is why it's also called FPS (frames per second). Motion pictures, TV broadcasts, streaming video content, and even smartphones use the standard frame rate of 24fps.

Payments to customers at other banks

The time your payment is received will depend on when the other bank processes that payment. If you make a payment after 11:55pm, the money will be taken from your account as soon as you've made it. We'll then send the payment to the other bank shortly after 9am the next day.