What is FPS in Hong Kong?
FPS (the Faster Payment System) is Hong Kong's instant payment system, launched by the Hong Kong Monetary Authority on 17 September 2018, which moves Hong Kong dollars and renminbi between local accounts 24 hours a day, every day. It does not carry US dollars. Example (invented, for illustration only): on a Sunday evening, a Hong Kong trading company pays HK$18,000 to a local logistics firm by FPS, and the money arrives almost immediately, while a US$40,000 payment to a Hong Kong supplier waits for USD CHATS on Monday.
- The HKMA launched FPS on 17 September 2018, and it runs 24x7.
- FPS carries Hong Kong dollars and renminbi but not US dollars, so it is used for local costs rather than for most trade receipts.
- HSBC Hong Kong's August 2026 tariff lists inward FPS payments as waived, against HK$15 for an inward CHATS payment.
- Hong Kong's FPS is a different system from the UK's Faster Payments, even though both are often shortened to FPS.
How FPS works
FPS lets customers of Hong Kong banks send money to each other almost immediately, at any hour. It was launched by the Hong Kong Monetary Authority (HKMA) on 17 September 2018. It runs every day of the year, including weekends and public holidays, when the interbank system CHATS is closed.
Its currencies set its limits for a trading business. FPS carries Hong Kong dollars and renminbi. US dollar payments between Hong Kong banks go by USD CHATS on bank business days, and US dollar payments from abroad arrive by SWIFT.
| Rail | Currencies | Hours | Typical business use |
|---|---|---|---|
| FPS | HKD, RMB | 24x7 | Local costs, small supplier payments, payments outside banking hours |
| HKD CHATS | HKD | Bank business days | Large Hong Kong dollar payments |
| USD CHATS | USD | Bank business days | US dollar payments to or from other Hong Kong accounts |
| SWIFT | All | Bank business days in both countries | Receipts from buyers and payments to suppliers abroad |
Sources: Hong Kong Monetary Authority, Faster Payment System and Payment Systems pages. As published on 29 October 2026.
Banks publish their own charges. HSBC Hong Kong's commercial tariff of August 2026 lists inward FPS payments as waived and inward CHATS payments at HK$15, while each incoming SWIFT payment credited costs HK$65.
Where a business meets FPS
A Hong Kong company meets FPS every week: rent, local staff costs, small local suppliers and customer refunds in Hong Kong dollars. It also lets local customers pay outside banking hours, and the receiver sees the money almost immediately.
FPS is not a route for most international trade. A US buyer cannot reach FPS from a US bank account, and an invoice in US dollars cannot be paid over it. Exporters in Hong Kong therefore keep a US dollar account that receives SWIFT payments from abroad and USD CHATS payments from local partners, and use FPS only for Hong Kong dollar and renminbi flows. Our Hong Kong country guide sets out the account options.
Common mistakes with FPS
- Asking a buyer abroad to pay by FPS. FPS links local accounts only. A buyer outside Hong Kong pays by SWIFT.
- Quoting a US dollar price for an FPS payment. FPS carries Hong Kong dollars and renminbi only. Convert first, or use USD CHATS.
- Confusing Hong Kong FPS with UK Faster Payments. They are separate systems in different currencies. A UK sort code cannot receive a Hong Kong FPS payment.
- Using FPS for large trade settlements. For large Hong Kong dollar amounts on business days, HKD CHATS is the usual route between banks.
Related terms and how Helm handles it
FPS sits beside CHATS, Hong Kong's real-time system for larger interbank payments in four currencies. Its name is shared with the UK's Faster Payments, a different system for pounds. Renminbi sent from Hong Kong to the mainland continues on CNAPS.
Helm pays out to Hong Kong over CHATS as well as by international wire, and shows the fee for each route before you confirm. For a Hong Kong business, Helm also provides USD account details in the company's own name that receive ACH, Fedwire and SWIFT payments from US buyers.
Open a Helm account
USD, EUR and GBP accounts in your company's name, with a named account manager.
Open accountQuestions
What is FPS in Hong Kong?
FPS is the Faster Payment System, launched by the Hong Kong Monetary Authority on 17 September 2018. It moves Hong Kong dollars and renminbi between local accounts instantly, 24 hours a day.
Can I send US dollars by FPS?
No. FPS carries Hong Kong dollars and renminbi. US dollar payments between Hong Kong banks go by USD CHATS, and from abroad by SWIFT.
Is FPS the same as CHATS?
No. CHATS settles payments between banks on business days, in HKD, USD, EUR and RMB. FPS runs 24x7 for HKD and RMB.
Does FPS work on weekends?
Yes. FPS runs every day, including weekends and public holidays, when CHATS and SWIFT payments do not settle locally.
How much does an FPS payment cost?
Banks set their own fees. HSBC Hong Kong's August 2026 commercial tariff lists inward FPS payments as waived.
References
- Hong Kong Monetary Authority: Faster Payment System
- Hong Kong Monetary Authority: Payment Systems (HKD, USD, Euro and RMB CHATS)
- HSBC Hong Kong: Commercial Banking complete tariffs, August 2026
This guide is general information for businesses, not financial, legal or tax advice. Rules, fees and timings were checked against the sources listed on the review date and may change.