If you need to send money to Hong Kong, please take this advice into consideration – Don’t do it through the banks! Choose a Foreign Exchange (FX) company instead. Why? Because banks will charge you a lot more money and the payment will be held for almost a week. On bigger money transfers, FX companies will practice zero fees as well as same day delivery.
The Guide’s Topics:
- Best Way to Send Money to Hong Kong
- Best Company to Transfer Money from Hong Kong
- Today’s Hong Kong Dollar Rates
- Reasons to Move Funds into Hong Kong
- Regulation and Limitations
Best Company To Send Money To Hong Kong
* Expected Rates reflect our rate expectations based on our research. We do not guarantee accuracy. For some companies we used a range of rates because they offer wholesale rates for large trades and higher rates for small trades.
Supported Countries & Payment methods
TorFX is able to send money to Hong Kong for free from almost any country in the world, and with a minimum transfer amount of only €100, it makes it very accessible for anyone.
The company has great feedback from its customers, as you can see from their dedicated page on TrustPilot. Or you can simply check out the review we have written here to better understand their services.
WorldFirst provides a similar range of services, with the only difference being their minimum transfer amount – € 1,000. But this amount is usually is on the lower side of transfers made to Hong Kong.
Another important thing that we need to point out, is their mobile app. It is very user-friendly and helps you make money transfers in a matter of seconds and a few clicks.
Best Company to Send Money from Hong Kong
|Min. Transfer: £ / € 1,000.|
Transfer: Online or by Phone.
Why Them? 75,000+ Active Clients. 100+ Currencies Available. 98% Positive Client Feedback.
Supported Regions & Currencies
The Hong Kong dollar is a freely convertible currency and there are no restrictions on money transfers to or from Hong Kong. This means that money transfer operators can provide their services with ease to clients from all over the country.
Currencies: With WorldFirst you can rest assured that whichever destination you might have for your money, they can make it possible. You can easily send money from Hong Kong to the US, Canada, Australia, New Zealand or any other country, big or small.
Tip: If you need to make smaller transfers on a regular basis, we suggest using TransferWise because of their small and fixed fees. With WorldFirst, the benefits grow when the amount to be transferred grows.
Today’s Foreign Exchange Rates for HKD
Hong Kong dollar behaviour
The Hong Kong dollar is pegged to the US dollar. Extreme pressure could force a policy change, especially if the yuan weakens dramatically, although a break is more likely to be a political decision.
The Hong Kong dollar is managed through a currency peg with a fixed rate of HK$7.80 to one US dollar. The Hong Kong Monetary Authority (HKMA) acts to maintain stability and the currency is allowed to fluctuate within a tight HK$7.75-7.85 band.
If the currency threatens to move outside the strongest limit, the HKMA is obliged to sell Hong Kong dollars to provide support. If the weaker limit is tested, the HKMA has to buy Hong Kong dollars.
The HKMA has no control of short-term interest rates as they have to follow US dollar rates. This can cause major stresses for the Hong Kong economy if imported rates from the US are a mismatch for the domestic economy.
Hong Kong is extremely dependent on trade and trade links with the Chinese mainland economy are also of crucial importance. A strong US dollar undermines Hong Kong’s competitive position.
Any big move in the Chinese yuan would also put pressure on the peg and the Hong Kong currency is more vulnerable when the global economy is weak.
In theory, the HKMA can intervene in unlimited amounts to stop currency strengthening. There would be a limit to intervention to prevent weakness as currency reserves would eventually be exhausted.
Sending Money To Hong Kong Bank Account
The Hong Kong dollar is the thirteenth most traded currency in the world and it is used in both Hong Kong and Macau, as both regions are very close and have similar exchange rates.
Gambling: Gambling in China is officially illegal, with the exception of the state-run lotteries. But some regions like Hong Kong and Macau have similar legal systems to those of the European countries which formerly administered those regions (the UK and Portugal).
The Chinese population loves to gamble and the new growth of the country’s economy has led to bigger and bigger bets being run at a few regulated outlets. Please be aware that betting with a bookmaker and betting in a place other than a gambling establishment is illegal.
Thinking Of Relocating To Hong Kong?
If you consider moving to Hong Kong and live there as an expat, you may find the following information helpful.
Advantages Of Moving To Hong Kong:
- Personal Care is Affordable: Personal Care costs 47% less than the UK.
- High Level of English: Due to the British influence, Hong Kong has a very high level of English competency.
- Great for International Business Jobs: Hong Kong is one of the global financial capitals of the world. Expats have a plethora of opportunities to live, work, and be paid well there.
Disadvantages Of Moving To Hong Kong:
- Expensive Food: Food is only 1% less in cost than the UK.
- Expensive Housing: Housing is only 18% less than in the UK.
- Crowding: Hong Kong is quite small, thus there is not a great deal of space available for affordable expansion.
How expensive are HK banks?
Over the past few months, you’ve looked for a job back home in Australia. Just recently, you received and accepted an offer at a brokerage in Sydney. Now comes the annoying part – repatriating your assets to Australia. You could be lazy and move it from HSBC to your new ANZ account – but don’t. If you do this through HSBC Hong Kong, you’ll pay a rate of 5.6397 (current as of 8:20 pm GMT, April 1). If you’re moving 300,000 HKD, you’ll get 53,194 AUD on the other end, fees excluded. However, if you hire the services of an online money transfer provider, you’ll receive an average price of 5.5675. Because of this, you’ll get 53,884 AUD – often, that will be the total, as many companies charge no fee. With 700 extra AUD in your pocket, you’ll be able to treat your fellow traders at happy hour – cheers!
How to send money to Hong Kong For Cheap
An FX company is, without doubt, the best way to transfer money to Hong Kong. Why? They’re cheaper than banks and remittance companies. Additionally, they are also known to offer excellent exchange rates. And don’t forget: they’re fast!
FX companies are able to offer such fantastic rates because they carry out the majority of their business over the internet. Low overheads mean lower costs and the benefits are passed on to you, the customer. So how do they make their money if they aren’t charging outrageous fees? These brokers make their money on the currency exchange rate.
And as an added bonus, many people are starting to use these brokers when buying a house overseas because the fees are much lower than any bank and they provide the ability to set up recurrent international payments without additional fees.
Info you need in order to send money to Hong Kong
- Bank Name and Address
- Swift/BIC Code
- Account Number
- Receiver’s Complete Name
After you provide all the details listed above, the process is simple:
- You create a free account with the company.
- Receive a quote from one of the dealers – be it online or by the phone.
- Send the money to your account so you can fund the transfer.
- Get a confirmation from the company (usually the same dealer that gave you the quote) that the transaction is completed.
Our Company Recommendation:
- Send Money to Hong Kong: Companies that provide international money transfers to Hong Kong.
- Send Money from Hong Kong: Companies that take on Hongkongers.
Regulations and taxes when transferring money to and from Hong Kong
Hong Kong’s currency is the Hong Kong Dollar (HKD). The HKD is a fully convertible, free-floating currency, making transfers in and out of Hong Kong relatively simple.
The HKD has been pegged to the US dollar since 1983, which gives investors a sense of security. It is allowed to fluctuate between HK$7.75 and HK$7.85 per US$1.
The Hong Kong Monetary Authority
The Hong Kong Monetary Authority (HKMA) oversees payment systems, monitors the proper function of financial systems, and works to preserve price stability. Its oversight extends to monitoring the activity of all financial institutions.
It monitors Hong Kong’s foreign exchange reserves, the Exchange Fund.
There are no transfer restrictions on money going in and out of Hong Kong. Its open monetary policy has made it a trade centre. The exchange between HKD and US$ reached an average of $47.3bn per day in 2013.
Taxation on foreign income
Hong Kong residents are taxed on any foreign income. Non-residents are taxed only on income originating in Hong Kong. Double tax treaties are in place to avoid double-taxation.
Biggest banks in Hong Kong
- HKMA – Honk Kong Monetary Authority
- Bank of China
- Bank of East Asia
- Hang Seng Bank
Hong Kong is not a usual destination for money transfers coming from the European countries and this means that if you want to send money to Hong Kong, you will need to pay big fees..if you used your local banks. But the ever-growing finance sector has let the FX companies come and revolutionise the way we transfer money. We can now do it cheaply, quick and get a great currency exchange rate for our currencies. And this is available even for those that need to send money from Hong Kong abroad.