Virtual bank ZA has partnered with online money transfer service Wise to offer low-cost and quick international money transfers to Hongkongers.
ZA Bank users will soon be able to make international money transfers from HKD to 14 currencies, including AUD, USD, GBP, CAD, SGD and more.
The transfers can be made via the ZA Bank app without having to switch apps or platforms.
Customers will have to pay a single, upfront fee comprising a Wise fee and a convenience fee which will be shown transparently.
50% of all transfers globally sent with Wise are completed instantly within 20 seconds and the ZA Bank app will notify its customers on their transfer’s progress.
In May this year, Wise had enabling Hongkongers to receive funds from abroad with just their mobile number via the Faster Payments System (FPS).
Wise is live with more than 50 bank and non-bank partners across the world, including Monzo in the UK, N26 in Germany, Shinhan Bank in South Korea and Aspire in Singapore.
Calvin Ng
Calvin Ng, Alternate Chief Executive and Co-Head of Retail Banking at ZA Bank said,
“We are delighted to partner with Wise, the UK-listed global tech company specialised in cross-border transactions, and become its first Hong Kong banking partner to launch this splendid experience.
We believe that the combined strengths of ZA Bank and Wise will bring users unrivalled service and convenience. We are looking forward to enriching our offerings in the era of ‘Banking 2.0’”.
Vinay Palathinkal
Vinay Palathinkal, Regional Head, Wise Platform said,
“We’re thrilled to have ZA Bank onboard as our first partner in Hong Kong, which would enable millions of more Hongkongers access faster, cheaper international transfers from HKD.
Wise and ZA Bank have a shared vision to change the status quo and provide a fairer, more transparent banking experience for everyone.”
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