Money Transfer Service Allows Hong Kong Residents to Pay Bills in Guangdong

Money Transfer Service Allows Hong Kong Residents to Pay Bills in GuangdongHong Kong residents living in Guangdong Province can now pay their bills by transferring money from their Hong Kong bank to a specially appointed mainland account for special uses. Hong Kong residents will have to apply for a RMB automatic transferring service at a designated Hong Kong bank, can now pay property management fees, electric and water bills, consumption loans, insurance fees and mobile accounts in Guangdong using their Hong Kong bank cards.

Soon Guangdong residents can also pay their bills in Hong Kong using bank cards issued by mainland banks. The payment service can be used in Shenzhen but limited to paying for property management, golf club memberships and consumption loans. More payment schemes will be added soon in the future.

The service only allows a resident to pay no more than 80,000 yuan in a day. Experts hopes that the service will improve financial cooperation with Hong Kong and the mainland, by providing more convenience to people who frequently travels to Hong Kong and vice versa. So far only a few clients have availed of the service, still Hong Kong banks have high hopes that the service will develop further once awareness is increased.

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