How to complete eDDA authorization for deposits? (HSBC Hong Kong)

Electronic Direct Debit Authorization (eDDA) is a value-added service of the Faster Payment System (FPS) launched by the Hong Kong Monetary Authority. Through this service, you can authorize Longbridge to transfer HKD funds from your designated Hong Kong bank account to your securities account. After completing the authorization and binding process, you can directly initiate deposit instructions through the Longbridge App, enabling quick direct debit and deposits. After reading this article, you will understand the operational process and related precautions of eDDA for HSBC Hong Kong.

1. eDDA setup process

Initiating eDDA via Longbridge App

eDDA is currently supported by the following banks: Minsheng Bank, Standard Chartered Bank, HSBC, Bank of China (Hong Kong), CITIC Bank, CMB Wing Lung Bank, Hang Seng Bank, Nanyang Commercial Bank, Industrial and Commercial Bank of China (Asia), and ZA Bank.

Step 1. Go to the Longbridge App > Portfolio > Deposit > HKD and select a Hong Kong bank card.

Step 2. In the Hong Kong bank card list, select the specific bank card for deposit and click eDDA to apply for authorization.

Note: An eDDA label to the right of the bank name indicates that the bank supports eDDA deposits. If there is no eDDA label, eDDA deposits are not supported.

Step 3. Confirm the bank authorization information and click Confirm authorization. The system will automatically detect whether your bank card is already linked.

If the bank card has been linked, you only need to confirm the card number and name, and then click Confirm authorization. If you spot any errors in the card number or name, you can modify them in Portfolio> More > Bank Accounts.

If the bank card is not yet linked, you need to fill in the bank account holder's name, remitting bank account number, and remitting account type, and then click Confirm authorization.

Note: The type of identity document and name order must be consistent with the information registered with the bank. Inconsistency will lead to authorization failure. If you are not sure, please call the remitting bank's customer service for confirmation.

Step 4. After successful submission, wait for bank authorization. You will receive a push notification and email upon successful authorization.

Note: The eDDA completion time varies by bank. Most banks provide authorization results in about 5 minutes, while some banks may take 1 working day. Please wait patiently.

Authorization via online banking

While it's recommended to use the Longbridge App for eDDA, you may opt for HSBC online banking platform if you encounter repeated failures in the App. To set up eDDA via HSBC online banking, follow these steps:

Step 1. Log in to HSBC Online Banking and select My banking > Autopay > Set up Autopay > Merchant name - Others - Bank account.

Step 2. Enter the following information when setting up the automatic transfer:

Account	Please select the appropriate account (HKD savings account or HKD current account) based on where your funds are held. Before initiating the transfer, ensure that your account has sufficient funds to avoid any service fees charged by the bank for failed transfers.
Beneficiary account	Select Others > Bank Account
Merchant bank account number	752027854001
Merchant name	Long Bridge HK Limited
Bill reference number	Enter your Longbridge account number, i.e., the payer number shown on the Longbridge authorization guide page.
Bank code and name	024-Hang Seng Bank Limited
Maximum amount	Enter an amount based on your needs. It is recommended that the input limit should not exceed HKD 100,000. If the amount exceeds HKD 100,000, you will need to download the automatic transfer authorization form, fill it out, and send it to the address specified in the form.
Expiry date	Please set it according to your needs. It is recommended not to set an expiry date.

Notes:
Please select the appropriate account (HKD savings account or HKD current account) based on where your funds are held. Before initiating the transfer, ensure that your account has sufficient funds to avoid any service fees charged by the bank for failed transfers.
If an error is reported, try filling in the bank code and bank name first before entering the merchant name.

Step 3. Tick the checkbox to agree to the relevant terms and conditions, and click Continue.

Step 4. Review and confirm that all the information is correct. Follow the steps provided by HSBC online banking to obtain the security code. Enter your transaction security code and click Confirm.

The HSBC HK App has a built-in Mobile Security Key that generates security codes, replacing the need for a physical security device. This allows you to easily access mobile and online banking services and quickly confirm transactions. If you have not installed the App, scan the QR code below to download:

Step 5. Complete the authorization application.

2. Initiating a deposit via Longbridge

Step 1. After submitting the authorization application, you need to wait for approval from both the bank and Longbridge. Once the bank notifies that the authorization is effective, Longbridge will confirm the authorization details. Please initiate the deposit application only after the bank-side authorization is successful. Whether the authorization is successful depends on the notification from the bank. It usually takes 1–2 working days for the bank-side authorization to become effective.

Step 2. After the authorization takes effect, please go to the Longbridge App > Portfolio > Deposit > HKD to initiate a deposit.

Notes

1.Advantages of eDDA

Secure: Longbridge, in collaboration with banks, provides secure transfer services. The deep system integration between the broker and the bank requires mutual customer identity verification for each account authorization and fund transfer, complying with the regulations of the Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority.
Fast: Make deposits 24/5, with funds arriving in your account in 5 minutes.
Free: eDDA and subsequent deposits are free of charge.
Convenient: Deposit instructions can be initiated directly in the Longbridge App, eliminating the need to operate via the bank or upload the proof of remittance.
Wide-coverage: 8 Hong Kong banks are supported, including HSBC and Hang Seng Bank.

2.Arrival time

Longbridge does not impose any deposit limits. Please check whether your bank has any transfer limits.

Deposit initiation time	Expected arrival time
During Hong Kong stock trading days	Within 5 minutes
Other periods	Before 09:40 on the next Hong Kong stock trading day

Note: All arrival times will be postponed on Hong Kong market holidays. The times mentioned are in China Standard Time.

3.Transfer fee: The service is free. However, if your bank account lacks sufficient funds for a transfer, your bank may charge a service fee for the failed attempt. Before initiating a transfer, please ensure that your account has sufficient funds to avoid any service fees charged by the bank for failed transfers.

4.Once eDDA is set up for a bank card, you cannot directly delete it from the Longbridge App. You need to first revoke the eDDA before deleting the bank card.

5.Currently, revoking eDDA is not supported in the Longbridge App. You need to revoke the authorization via the corresponding bank's online banking platform.

6.Common reasons for authorization failure

Generally, if authorization fails, you need to check whether the authorization information is filled in correctly. This includes ensuring the type of identification document, card number, and the order of your name exactly match the information registered with your bank. For example, if your account is registered under your Hong Kong and Macao Travel Permit, ensure that your name order is consistent with the bank's records.
HSBC differentiates between savings accounts and current accounts. When filling in the card number, note that numbers ending in 888 or 833 typically indicate savings accounts, while those ending in 001 usually indicate current accounts. If you are unsure about your account information, check the number on your checkbook or contact your bank to confirm. Before initiating the transfer, ensure that your account has sufficient funds to avoid any service fees charged by the bank for failed transfers.

Precautions

You need to register important information such as a valid mobile phone number, email address, and up-to-date identity documents with your banks.
The name on the bank account used for the transfer must match the name on your Longbridge account. You cannot use another person's bank account for transfers. Any refund fees incurred due to non-compliance will be borne by you.
It takes time for the bank to process the transfer. Bank notifications stating "transfer initiated" do not indicate immediate receipt by Longbridge. Settlement and approval are required after the funds arrive in Longbridge. Banks and Longbridge do not process transfers during Hong Kong public holidays. Please allow sufficient time for processing.
Longbridge currently does not accept cash deposits.

Disclosures

The above guide screenshots are provided by users and are for reference only.

If there are any discrepancies between the screenshots and the actual interfaces, the actual bank interfaces shall prevail. Please confirm the content to be filled in with the bank. Longbridge shall not be held liable for any losses resulting from the use of this guide. For your convenience, this guide may contain links to third-party websites. Longbridge takes no responsibility for the content of any websites linked to or from this site.

Furthermore, Longbridge makes no warranty (either express or implied) regarding the accuracy, legality, reliability, or validity of the content of any other websites.