How to set up eDDA? (HK)

What is eDDA?

Electronic Direct Debit Authorization (eDDA) allows you to make seamless deposits directly from your bank account to your Endowus account, enhancing the convenience and efficiency of managing your investments.

Which banks are supported for eDDA?

Endowus supports eDDA setups with 24 banks in Hong Kong, as detailed in the table below. Please note that eDDA can only be set up for individual bank accounts and not for joint or corporate accounts.

  Clearing Code Institution Name
1 003 STANDARD CHARTERED BANK (HONG KONG) LIMITED
2 004 HSBC
3 006, 250 CITIBANK N.A.
4 072 INDUSTRIAL AND COMMERCIAL BANK OF CHINA (ASIA) LTD
5 012, 014, 019, 026, 030,
031, 033, 036, 064, 070
BANK OF CHINA (HONG KONG) LIMITED
6 024 HANG SENG BANK LTD
7 009 CHINA CONSTRUCTION BANK (ASIA)
8 016, 185 DBS BANK (HONG KONG) LIMITED
9 018 CHINA CITIC BANK INTERNATIONAL LIMITED
10 020 CMB WING LUNG BANK LIMITED
11 025 SHANGHAI COMMERCIAL BANK LTD
12 028 PUBLIC BANK (HONG KONG) LIMITED
13 035 OCBC WING HANG BANK LIMITED
14 039 CHIYU BANKING CORPORATION LTD
15 043 NANYANG COMMERCIAL BANK LTD
16 071 UNITED OVERSEAS BANK LTD
17 128 FUBON BANK (HONG KONG) LIMITED
18 238 CHINA MERCHANTS BANK CO., LTD.
19 353 CHINA MINSHENG BANKING CORP., LTD.
20 387 ZA BANK LIMITED
21 388 LIVI VB LIMITED
22 389 MOX BANK LIMITED
23 390 WELAB BANK LIMITED
24 392 PING AN ONECONNECT BANK (HONG KONG) LIMITED

How do I set up eDDA?

For setting up eDDA for a bank account already verified with Endowus, a minimum deposit of HK$100 is required for setting up eDDA on a verified account.

Detailed steps as below:

1. From Invest|Redeem|Transfer page, choose eDDA

2. Choose the bank account that already verified with Endowus before.

3. Once done, you see the confirmation

4. You can track the eDDA setup status on My verified account

 

For setting up eDDA with a new bank account, an initial minimum deposit of HK$ 10,000 is required to verify your account. This amount can be withdrawn or invested later.

Detailed  steps as below:

1. From Invest|Redeem|Transfer page, choose eDDA
2. Click on down arrow in FROM, choose NEW BANK ACCOUNT

3. Once done, you see the confirmation

4. You can track the eDDA setup status on My verified account

Alternatively, you can setup new account from My verified account screen

How long does it take to set up eDDA?

  • HSBC Bank Accounts: The setup is almost instant.

  • Other Bank Accounts: It can take up to 5 business days.

Can I cancel eDDA or change the payment limits?

Endowus does not support cancellation of eDDA or adjustments to payment limits and expiry dates on its platform. However, you can manage these settings directly through your banking app.

Why might eDDA setup fail?

Common reasons include discrepancies between account holder details provided to Endowus and those registered with the bank, or attempting to set up eDDA for unsupported account types such as joint or corporate accounts.

One reason eDDA setup might fail is discrepancies between account holder's ID provided to Endowus and that registered with the bank. If you used your passport to register with the bank, you have to fill in your passport details to set up eDDA.

Another reason eDDA setup might fail (for HSBC bank accounts) is if the phone number is different between the one registered with Endowus and the bank. 

How does eDDA deposit work?

After setting up and verifying eDDA, you can make direct deposits from their bank account to Endowus without needing to use their bank's app. The process is swift, with deposits typically confirmed in less than a minute.

  • Minimum Deposit: HKD 100 per transaction

  • Maximum Deposit: HKD 1,000,000 per transaction, with no daily limit, subject to account balance.

Currently, we do not offer automatic debit for recurring investments. Meanwhile, to fund your investments, you are required to manually deposit funds through eDDA until the automatic debit feature becomes available soon.

Why might the deposit fail?

Deposits may fail if the eDDA mandate is cancelled or expired, or if the transaction exceeds the account's balance or the eDDA mandate limit.

Are there any fees?

While there are nominal charges for creating an eDDA mandate and for each deposit, Endowus currently absorbs these costs.

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