Personal Finance Money transfer

Standard Chartered Hong Kong Telegraphic Transfer: Everything you should know

Joao Marcos

09.09.20 (updated more than 1 year ago)

Read time 2 minutes

Visit the official Standard Chartered website for the latest fees, terms, and eligibility details.

Whether you want to make a one-off payment to someone overseas, or need to place regular telegraphic transfer (TT) payments, you’ll want to understand the potential charges.

TT payments can include several fees, such as your own bank, potential correspondent bank costs related to the SWIFT network, and exchange rate markups. This handy guide will cover all you need to know about the likely fees involved with sending money overseas with Standard Chartered, including the TT rate, transfer, and correspondent bank costs.

What are the fees for telegraphic transfers with Standard Chartered?

When you need to send money abroad, your regular bank is one option for processing the payment. Banks often process cross-border transactions using the SWIFT Network, which is a reliable method of moving money around the globe.

Under the SWIFT network, multiple banks can be involved in a single payment and may charge a fee for their part in the transaction. These fees are often called correspondent bank charges and can contribute to the overall cost of an international payment.

It is also common for banks to apply a markup to the exchange rate used for international payments.

Other TT fees when using Standard Chartered HK

When you place a transfer using Standard Chartered, you’ll be shown the exchange rate and fees which apply. As the charges vary according to the account type you hold, as well as the specific details of the transaction, it’s important to look carefully at the overall costs including correspondent bank fees and any exchange rate markup.

It’s good to know that there may be additional costs, on top of those listed above. Here are some to look out for.

Service	Standard Chartered HK Charge¹
Non-domicile currency transfer	HK$60 - HK$100 depending on the account type, in addition to fees listed above
Odd currency surcharge (including Suth Korean won, New Taiwan dollar, and other currencies)	HK$200
Chinese character coding	HK$150
Amendment, cancellation or refund	HK$250

Standard Chartered Hong Kong exchange rate

If you’re sending money to an account held in a foreign currency, you’ll need to convert the money as part of the transfer. With Standard Chartered, you’ll be shown the exchange rate which will apply to your specific transfer when you set up the payment.

Standard Chartered’s terms and conditions highlight that a markup of up to 3% may be added to some foreign currency transactions.

How long does a Standard Chartered TT transfer take?

The exact length of time it takes for your payment to arrive will depend on where you’re sending money, and how the recipient’s bank processes the payment. Payments which are sent using the SWIFT network typically take a few days, so you can expect your money to arrive in 3 to 5 business days. It’s also worth noting that there are cut off times which vary according to the type of payment. If your transfer request is received after cut off, or at a weekend, it will be processed on the next working day.

Which currencies and countries can you transfer money to?

Standard Chartered Hong Kong provides international payments in a range of currencies including CNY, USD, EUR, GBP, KRW, TWD, THB, FJD and MOP². To check if your currency is available, log into your online banking or call into a local Standard Chartered branch.

Standard Chartered Hong Kong contact - How to get in touch

If you have questions about your Standard Chartered TT payment, you can get in touch using these different options³:

Call into your local Standard Chartered branch for face to face support
Chat online via the Standard Chartered website contact page
Call on (852)2886-8888 for regular customers - or use the specialist numbers available online if you have priority banking

Sources used in the article:

Standard Chartered HK - Service Charges, pages 7 and 24
Standard Chartered HK - Telegraphic Transfers
Standard Chartered HK - Contact Us

Sources last checked on 09-September 2020.

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