Banks in Guangdong launched a cross-border remittance service earlier this month, allowing Hong Kong seniors receiving portable cash assistance to have their allowance deposited directly into mainland bank accounts, clearing a key barrier for Hong Kong retirees settling in the province.
Hong Kong’s Social Welfare Department (SWD) announced last week that eligible seniors may now receive assistance payments in Hong Kong dollars remitted directly into HKD accounts at designated mainland banks free of charge.
The schemes covered include the Comprehensive Social Security Assistance and the Old Age Allowance under the Guangdong and Fujian portable schemes. As of last week, payments can be disbursed to accounts at Industrial and Commercial Bank of China (ICBC) and Bank of China branches in Guangdong. Once seniors register their mainland accounts with the SWD or its designated agencies in Guangdong, their monthly allowances will be deposited automatically.
“The new initiative has effectively cleared the last hurdle for qualified Hong Kong elders to receive SAR government cash assistance cross-border,” the Guangzhou Branch of People’s Bank of China said in a statement.
Ho, a 75-year-old Hong Kong resident who settled in Zhongshan with his children a decade ago, opened an account through the dedicated green channel. He said allowances are now credited directly to his account and can be converted to yuan on his phone. “It is far more convenient for daily grocery shopping and medical visits,” he said. Previously, he had made trips back to Hong Kong every few months just to withdraw his allowances. He plans to return to the city shortly to complete registration for fund remittance.
According to data from the SAR’s Legislative Council last year, the number of Hong Kong seniors aged 65 and above residing in Guangdong for retirement had reached 99,600 by mid-2024, representing about 6 percent of Hong Kong’s senior population and roughly 40 percent of all Hong Kong residents living in the province. Over the past decade, the group has grown by 40.5 percent.
Guangzhou, Foshan, Zhongshan, Zhuhai, and Shenzhen are the most popular destinations, drawing Hong Kong retirees with convenient transportation, lower housing and living costs, and the gradual alignment of medical and elderly care policies between Guangdong and Hong Kong.
ICBC Guangdong Branch said it would expand its range of cross-border elderly care financial products and services for Hong Kong seniors residing in Guangdong.
Tanks to chinadaily.com.cn
Please visit:
Our Sponsor