How to use FPS for HK to Korea money transfer guide

To execute an HK to Korea transfer, use a remittance platform like Panda Remit that accepts FPS (Faster Payment System) as a funding method. Simply transfer HKD to the platform's FPS ID to initiate the transaction. This ensures seamless payment and allows funds to arrive in Korea in as little as 2 minutes.

Why Use FPS with Panda Remit for Korean Transfers?

While FPS is a local Hong Kong payment rail, it is the most efficient way to fund international remittances. By using FPS to pay Panda Remit, you bypass the slow processing times of traditional bank wires. As a licensed Money Service Operator (MSO) regulated by the Hong Kong Customs and Excise Department (License No. 20-01-02962), Panda Remit ensures your funds are handled with bank-grade security while offering exchange rates significantly better than traditional banks.

Comparison: Panda Remit vs. Traditional Banks & Competitors

When sending money from Hong Kong to Korea, speed and cost are critical. See how Panda Remit compares to local alternatives:

Step-by-Step: How to Use FPS for HK to Korea Money Transfer

Follow this 3-step guide to send Korean Won (KRW) instantly using your HK bank's FPS function.

Step 1: Initiate the Transfer on Panda Remit

Download the Panda Remit app or visit the website. Enter the amount of HKD you wish to send to see the real-time exchange rate for KRW. Our rates are often superior to banks, potentially saving you significant costs on large transfers.

Step 2: Select FPS as Your Payment Method

When prompted to pay, choose FPS (Faster Payment System). Panda Remit will generate a unique FPS ID or provide a registered phone number/email for the transaction. Ensure your account is verified; we operate under strict compliance standards to prevent fraud.

Step 3: Complete Payment via Your HK Bank App

Open your local Hong Kong bank app (e.g., HSBC, BOC, Hang Seng). Select "FPS Transfer," enter the Panda Remit FPS details provided in Step 2, and confirm the payment. Once we receive the HKD (usually instantly), we immediately process the payout to the recipient's Korean bank account, often arriving within 2 minutes.

Explore More on Hong Kong Remittance

To maximize your cross-border financial efficiency, consider reading more about remittance to Asian markets or checking the latest HKD to KRW exchange rate trends to time your transfers perfectly.

Frequently Asked Questions

Can I send FPS directly to a Korean bank account?

No, FPS is a local Hong Kong payment system. However, you can use Panda Remit as a bridge: pay us via FPS in Hong Kong, and we will pay out the equivalent KRW to the Korean bank account locally.

Is it safe to use Panda Remit for large transfers to Korea?

Yes, Panda Remit is highly secure as it is regulated by HK Customs and Excise as a licensed Money Service Operator (MSO). We employ bank-grade encryption to protect your data and funds.

What are the fees for using FPS with Panda Remit?

Using FPS to fund your transfer is typically free from your bank's side. Panda Remit charges a transparent, low handling fee that is significantly lower than traditional banks, and new users often enjoy zero-fee offers.

This guide is verified and published by the Panda Remit Global Compliance & Risk Control Team. We are committed to providing transparent, secure, and regulated remittance solutions for global users under our MSO (Money Service Operator) regulatory framework.