Looking to utilise the 'Bank Transfer' payment method to disburse salaries to employees each month?
Here are the three details that you will need from your employees for the Bank File to be dowloaded from Talenox:
Bank Account Number
This information is required to complete a transfer between Hong Kong banks. You will need to fill in these 3 details accurately to ensure that payment ends up in the correct bank account 👍🏻
Currently, we require all employees' Bank Code and Branch Code to be filled in accurately in their employee profiles - if not, the employee will not be included in the Bank File generated in the system.
A Hong Kong bank code is a 3-digit number assigned to a particular bank or financial institution in Hong Kong.
Whereas a Bank Code distinguishes each specific bank in Hong Kong, the Branch Code recognises a specific branch under a bank. Similarly, each branch code is a 3-digit number as well.
Account numbers are the employees bank account numbers that vary between 6 to 9 digits for banks in Hong Kong in general.
There is currently no standardised formatting for Account Numbers in Hong Kong - some include Branch codes as part of the account number as well.
You can refer to the following link to find out both Bank and Branch codes for your employees. 😁