Frequently Questions Asked
We are licensed and regulated by the Hong Kong Customs and Excise Department. Our team has more than 20 years of experience in authorized and regulated financial institutes. Each and every transaction will be submitted to the compliance team for review, ensuring total safety and transparency of your money.
We reserve the right to reject any order that appears to violate the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615 of Laws of Hong Kong), and any other legislations and regulations that are concerned with money laundering, terrorist financing, proliferation financing and financial sanctions.
There are some basic risks to be aware of before buying foreign currency. Foreign exchange market fluctuates from time to time, so we encourage all customers to conduct their own research to fully understand the risks associated with foreign currency exchange. Remember that our experienced account managers will provide the professional advice.
Any business or private client with the needs of foreign currencies. Our clients include:
- Law firms;
- Foreign property buyers;
- Small and medium sized businesses;
- Wholesalers and distributors;
- Importers and exporters
- Setup your Polar Pay account
- Upon the completion of the customer due diligence process and account activation, your account manager will provide you the most up-to-date information on your desired currency.
- If you decide to make a transfer, you can make a reservation with your account manager. Details of the recipient of your foreign currency payment are required.
- Instruct your bank to send the funds to the Polar Pay bank account.
- Upon the completion of transaction due diligence and the receipt of funds, the money changing / global remittance process begins immediately.
We start processing the money change / global remittance as soon as we receive the funds. Once we have processed them, it normally takes from a few hours to a few days, the delivery of funds may be affected by the currencies and target countries.
We comply with requirements of the AMLO and the guidelines of Hong Kong Customs and Excise Department, we shall ask for the identification document(s) and/ or other information / document(s) of our customers, reason for the transfer and the nature of the customer relationship with the beneficiary of the transaction. Please contact our account manager for details. All customer information and transaction data is stored in a secure and safe place at all times.