HSBC Hong Kong launches fund transfer service with Lu International partnership

It cuts transfer time from 1-3 days to within the same day.

HSBC Hong Kong has forged a partnership with wealth management firm Lu International (Singapore) Financial Asset Exchange Pte. Ltd. to roll out a fund transfer service for Hong Kong account holders.

Leveraging on Hong Kong’s domestic fund transfer system, the solution claims to cut the transfer time from 1-3 days to within the same day, according to a media statement.

Instead of incurring a charge of US$25-50 for each transaction via telegraphic transfers, HSBC Hong Kong account holders can transfer funds via their mobile banking apps into their Lu-Global accounts at zero cost.

Clients linking their Lu-Global accounts to other Hong Kong-based banks also have lower fund transfer charges to pay in line with domestic transfer rates.

“At HSBC we are committed to developing and enhancing our solutions to best fit the versatile needs of all of our clients and recognise the critical role digital plays in the future of payments. We are delighted LU International has chosen HSBC as a partner as it embarks on the next stage of its digital transformation journey,” Yvonne Yiu, head of global liquidity and cash management Hong Kong, HSBC, said in a statement.

Lu International is a member of Ping An Group.