Correspondent bank charge is the handling fee charged by corresponding banks for executing the remittance instruction. In general, correspondent bank charge is waived for remittance made to individual account in domicile currency , with amount below USD48,000 (or equivalent) per transaction to Australia, Canada, Euro Region Countries¹, Singapore, UK and US.
However, there are some exceptions where correspondent banks charges still apply:
Payment made by client with US/ Canada address
Payment made to payee’s account with a BIC/SWIFT code not on the list of The Association of Banks (ABS) in
Singapore: https://www.abs.org.sg/docs/library/swift_bic_codes.pdf
Other scenarios whereas the payment must transfer via SWIFT network
You can request the correspondent bank charges to be paid by yourself or the payee. If you request the correspondent bank charges to be paid by yourself, please select the “ME” charge option. A minimum of HKD$250 will be deducted from your account. If you request the correspondent bank charges to be paid by the
payee, please select the “ SPILT” charge option. Charges will be deducted from remittance amount directly by the recipient bank.
¹ Includes the following countries: : Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Republic of Ireland, Romania, Slovakia, Slovenia, Spain, Sweden and Switzerland.
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