What is the difference between the three major ways of depositing Hong Kong bank cards? Worth collec

Bank transfer refers to the transfer service of funds between bank accounts and securities accounts, which can directly transfer funds from bank cards to securities accounts, and most brokerage firms also support direct withdrawal of funds from brokerage accounts to bank accounts.

Advantage:

It is the most convenient and fastest way to access funds without the need to send money through internet banking.

Shortcomings:

It is worth noting that CSD transfer is not applicable to all banks, and some banks will also charge a certain handling fee according to their own bank regulations if you use CSD transfer.

Therefore, there are limitations to the use of CSD transfer. Many Hong Kong stock brokers do not support CSD transfer, and most Hong Kong cards do not support CSD transfer.

FPS (Faster Payment System) is a fully bank-connected fast payment system launched by the Hong Kong Monetary Authority (HKMA) on September 17, 2018, which supports cross-platform payments or transfers from almost all banks and e-wallet operators in Hong Kong. It supports cross-platform payments or transfers from almost all banks and e-wallet operators in Hong Kong.

This method can be a bit cumbersome if you make a deposit for the first time, you need to submit a screenshot of the deposit, and the time required is relatively long. But after the first deposit, the subsequent operation is relatively simple, do not need to repeat the identification of user information (the first deposit operation has been saved), can be quickly to the account, and all brokers support this method of deposit.

Advantages:

1.More supportive banks, 21 banks in Hong Kong support FPS;

2.Convenient to transfer money, you only need to know one of the other party's FPS number, phone number and Email address, then you can transfer money directly through FPS;

3.Fast transfer, usually within 2 hours;

4.Fee-free, most of the transfers through FPS are fee-free;

5.No time limit, 7*24 hours available for transferring money.

Insufficient:

Although FPS is convenient, but there are limitations, each bank supports a different amount of transfer fast, such as Hong Kong Standard Chartered Bank 200,000 HKD / day; Hong Kong Minsheng Bank 150,000 HKD / day; Hong Kong CITIC Bank 50,000 HKD / day. Within this limit, Hong Kong local bank transfer, brokerage deposit are exempted from handling fees. Normal small amount transfer needs can be satisfied, if necessary, you can transfer more times as the transfer is free of charge.

EDDA Express Deposit is an efficient deposit method developed based on Fast Payment System (FPS). After completing the authorization of the bank account, the client can then initiate the deposit instruction directly through the brokerage platform, and the funds will be transferred from the designated bank account to the securities account quickly, with a speed of up to 5 minutes to arrive at the account.

Advantages:

1securities dealer platform to initiate deposit instructions, no

need for Internet banking operations, free of transfer credentials;

2.fast deposit through EDDA without any handling fee;

3.Support 5X24 hours deposit, 5 minutes fast to the account;

4.account authorization and each fund transfer requires both parties to verify the identity of the customer, the process in line with the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority norms.

Insufficient:

Currently there are only 7 brokers that support EDDA Express Deposit, namely, Watson Securities, Futura Securities, Huatai Securities, Yingli Securities, Zunjia Securities, Holland Finance, and Phillip Securities.