Auto-Repayment FAQs

Here you'll find quick answers to common questions about  auto-repayment service.

1. What is auto-repayment?

When your account has a settled debit balance and available funds in other currencies, the system will automatically convert the currency to lower interest charges on your debit balance.

2. How do I enable auto-repayment service?

You can enable or disable this feature on App > Me > Settings > Account Preference > Auto-repayment.

3. When will auto-repayment be triggered?

If you have enabled auto-repayment, it will be triggered at 07:00 HKT and 16:15 HKT on Hong Kong business days when both of the following conditions are met:

• Your cash available for conversion in other currencies is equal to or more than HKD 100 or its equivalent
• The amount in arrears in your securities account is equal to or more than HKD 100 or its equivalent

However, if you initiate any currency conversion in the App before the times above, auto-repayment will not be triggered.

Note: If you hold short positions, the cash available for conversion is not reduced by short position margin, so the amount available for auto-repayment may exceed your withdrawable amount. For details, please refer to the Client Authorization and Acknowledgement Letter - Automatic Currency Exchange and Repayment Service.

4. What exchange rate will be used for my auto-repayment?

The prevailing exchange rate as of 07:00 HKT and 16:15 HKT on each business day will be used for auto-repayment. Please note that the exchange rate displayed is for reference only; you should refer to the actual converted amount after the transaction is completed.  

5. When exactly will my auto-repayment be triggered? 

Longbridge HongKong will confirm and process settlement and delivery for your security account. This applies if it meets the conditions of service or the conditions of the cash plus. The process is carried out on each business day, as defined in the "Client Agreement."

6. Where can I find the conversion record?

You can check your conversion record on App > Portfolio > More > Fund Details, or you may find more details of currency conversion in your daily statement.

7. How do I disable auto-repayment?

You can disable this feature on App > Me > Settings > Account Preference > Auto-repayment.

8. Why is my auto-repayment conversion amount higher than before?

When calculating the foreign currency amount available for repayment, the system no longer deducts short position margin. Clients holding short positions can therefore convert more funds to repay amounts in arrears, reducing interest on the arrears. The conversion amount is capped at the actual amount in arrears.

Disclosures

This article is for informational purposes only and does not constitute financial advice.