In this paper, we demonstrate a high-sensitivity and real-time heterodyne coherent optical transceiver for intraplane satellite communication, without digital-to-analog converter (DAC) devices and an optical phase lock loop (OPLL). Based on the scheme, a real-time sensitivity of -49 dBm is achieved at 5 Gbps QPSK. Because DAC is not needed at the transmitter, as well as OPLL at the receiver, this reduces the system cost. Furthermore, the least required Rx ADC bit-width is also discussed. Through theoretical analysis and experimental results, our cost-effective transceiver satisfies the scenario and could be a promising component for future application.