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Cash Management

Frequently Asked Questions on Remittance Services

Outward Remittance

Cut-off Time
1 What is CHATS or TT cut-off time?
2 Can HKD & USD be paid via CHATS on Saturday?
3 Can USD be paid via CHATS on US holiday while HK is business day?
4 What is RMB's cut-off time?
5 What is China Remittance's cut-off time?
 
Charges
1 What is the bank charge for outward remittance?
2 Will there be any additional charge if the outward remittance details are in Chinese Characters?
3 What is the correspondent bank charge for USD if the charge is to be paid by the ordering customer, i.e. "OUR"?
4 What is the bank charge of beneficiary's bank?
5 How much is the bank charge for amending the information of CHATS or TT?
 
Currency
1 Can application in THB be accepted?
2 Can application in MYR be accepted?
3 Can application in RMB from corporate customer be accepted?
 
Others
1 What is IBAN for EUR?
2 When will the beneficiary receive the funds of an application for remitting a sum of USD to their account in the United States?
3 Why the beneficiary have not received the funds yet?
4 How soon will the customer be notified if an outward CHATS or TT cannot be effected or has returned?
5 How can I/we check if my/our fax application has been received and processed?

Inward Remittance

Cut-off Time
1 What is CHATS or TT cut-off time?
 
Charges
1 What is the bank charge for inward remittance?
 
Currency
1 Can inward remittance be made in RMB?
 
Others
1 What is the correspondent bank for receiving remittance in USD and EUR?
2 When can the funds of an incoming USD CHATS be credited to the customer's account?
3 How soon will an incoming TT be credited to the beneficiary's account?
4 How can I/we check for receipt of my/our remittance if needed?
5 Is there an inquiry function on the bank's internet banking for customer to check for receipt of inward remittance and the payment details?



 
Outward Remittance - Cut-off Time
1. What is CHATS or TT cut-off time?
 

The cut-off time for CHATS or TT is 5:00pm from Monday to Friday. Application submitted after the cut-off time will be processed on the following business day.

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2. Can HKD & USD be paid via CHATS on Saturday?
 

No, there is no CHATS service on Saturday after implementation of the 5-Day Clearing in HK.

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3. Can USD be paid via CHATS on US holiday while HK is business day?
 

Yes, USD can be paid via CHATS on US holiday while HK is business day.

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4. What is RMB's cut-off time?
 

The cut-off time for RMB CHATS is 5:00 pm whereas RMB TT is 2:00pm from Monday to Friday. Application submitted after the cut-off time will be processed on the following business day.

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5. What is China Remittance's cut-off time?
 

It is 2:00pm from Monday to Friday. Application submitted after the cut-off time will be processed on the following business day.

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Outward Remittance - Charges
1. What is the bank charge for outward remittance?
 

The bank charges are:

TT (Via braches): HKD100 (handling charge) + HKD100 (cable charges)
TT (Via IDEALTM): HKD100 (cable charges)
CHATS (Via braches): HKD160
CHATS (Via IDEALTM): HKD50

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2. Will there be any additional charge if the outward remittance details are in Chinese Characters?
 

Yes, an additional charge of HKD150 will be collected.

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3. What is the correspondent bank charge if the charge is to be paid by the ordering customer, i.e. "OUR"?
 

The correspondent bank charges are as follows:

  • USD

HKD150

  • EUR / GBP

HKD400

  • HKD & other currencies

HKD200

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4. What is the bank charge of beneficiary's bank?
 

Each bank has its own set of bank charges and is subject to change.

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5. How much is the bank charge for amending the information of CHATS or TT?
 

If the outgoing payment message for the application has not been sent out, there is no charge. Otherwise, it is HKD300 (including HKD200 for handling charge and HKD100 for cable fee).

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Outward Remittance - Currency
1. Can application in THB be accepted?
 

Yes, but the customer must provide payment details, e.g. Pay for export, Income from working in abroad, Money for loan, Money for investment, etc.

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2. Can application in MYR be accepted?
 

No, since exchange control is in place in Malaysia.

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3. Can application in RMB from corporate customer be accepted?
 

RMB Corporate Customer can perform Outward Remittance (CHATS / TT) in RMB. However, for Outward TT, the Mainland Authorities and banks are responsible for verifying whether transactions are in compliance with the relevant Mainland requirements.

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Outward Remittance - Others
1. What is IBAN for EUR?
 

IBAN stands for International Bank of Account Number. It consists of a two letter country code, followed by two check digits, and up to thirty alphanumeric characters for the domestic bank account number for the beneficiary. It is required for EUR payments to banks domiciled in the European Union/European Economic Area.

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2. When will the beneficiary receive the funds of an application for remitting a sum of USD to their account in the United States?
 

If the application is submitted before the cut-off time from Monday to Friday, the beneficiary will normally receive the funds within 2 business days.

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3. Why the beneficiary have not received the funds yet?
 

Please 1) provide the bank receipt to the beneficary for checking; 2) request the beneficiary to check for similar amount of funds received since the beneficiary's bank may deduct their bank charge from the amount before crediting; or 3) request the beneficiary to phone the beneficiary's bank to check the incoming funds. If the beneficiay still claim non-receipt of payment after a week, please inform us accordingly for sending an inquiry message to the beneficiary's bank to check the status on your behalf. The handling charge for the inquiry is HKD300 (including HKD200 for handling charge and HKD100 for cable fee).

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4. How soon will the customer be notified if an outward CHATS or TT cannot be effected or has returned?
 

In practice, the customer will be notified on the day the bank receives reply or returned funds from correspondent / beneficiary's bank.

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5. How can I/we check if my/our fax application has been received and processed?
 

Please contact our DBS Business Care at (852) 2290 8068 (Mon-Fri 9:00-18:00 / Sat 9:00-13:00).

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Inward Remittance - Cut-off Time
1. What is CHATS or TT cut-off time?
 

For CHATS, it is 6:00pm from Monday to Friday. As for TT, it is 5:00pm from Monday to Friday. It is subject to the value in payment message and the payment schedule of the bank.

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Inward Remittance - Charges
1. What is the bank charge for inward remittance?
 

The bank charges are
TT: HKD50
CHATS: HKD10

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Inward Remittance - Currency
1. Can inward remittance be made in RMB?
 

Inward remittance can be made in RMB to RMB Corporate Account and it is restricted to the following:
(a) For inward CHATS, the beneficiary should be a RMB Corporate Account; or
(b) For inward TT, the Mainland Authorities and banks are responsible for verifying whether transactions are in compliance with the relevant Mainland requirements.

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Inward Remittance - Others
1. What is the correspondent bank for receiving remittance in USD and EUR?
 
   
 
   
2. When can the funds of an incoming USD CHATS be credited to the customer's account?
 

It will usually be credited on the same day of receipt, unless the payment details (e.g. account number, account name) are unclear or incorrect.

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3. How soon will an incoming TT be credited to the beneficiary's account?
 

In practice, the TT will be credited to the beneficiary's account after receipt of the funds from the remitting bank is confirmed and any necessary checking is completed.

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4. How can I/we check for receipt of my/our remittance if needed?
 

Please contact our DBS Business Care at (852) 2290 8068 (Mon-Fri 9:00-18:00 / Sat 9:00-13:00).

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5. Is there an inquiry function on the bank's internet banking for customer to check for receipt of inward remittance and the payment details?
 

The function is available in IDEAL 2, an upgraded version to the existing Corporate Internet Banking System, for customer to check their inward remittance transactions with complete payment details online of the past three months.

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Should you have further queries, you can visit any of our Branches or contact our DBS Business Care at (852) 2290 8068 (Mon-Fri 9:00-18:00 / Sat 9:00-13:00).

 

 

 

 
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